Sep 8, 2018

Watergate echoes get louder for Trump's presidency

How Rachel Maddow's show might have looked c. 1973 (UPI via Getty Images)

President Trump's tenure has become marred in scandal and betrayal, as he suggests he may issue a Department of Justice order to find an anonymous dissenter among his aides.

Why it matters: The similarities between Watergate and the Trump presidency are becoming more and more clear. "The White House seethes with intrigue and backstabbing as aides hunt for the anonymous Deep (state) Throat among them. A president feels besieged by tormentors — Bob Woodward is driving him crazy — so he tends his version of an enemies list, wondering aloud if he should rid himself of his attorney general or the special prosecutor or both," AP's Cal Woodard and Nancy Benac write.

"For months, the Trump administration and its scandals have carried whiffs of Watergate and drawn comparisons to the characters and crimes of the Nixon era. But this week, history did not just repeat itself, it climbed out of the dustbin and returned in the flesh," they continue.

"Nearly every element in Trump's trouble has a Watergate parallel":

  • "Special prosecutor Robert Mueller is leading an independent investigation sparked by a break-in at the Democratic National Committee, the same target that opened the Watergate can of worms, though this time the burglary was digital and linked to Moscow, not the Oval Office."

Tim Naftali, a New York University historian who directed the Richard Nixon Presidential Library and Museum:

  • "This is a president who says things publicly that we know from the tapes that Nixon said privately."

Go deeper

HBCUs are missing from the discussion on venture capital's diversity

Illustration: Eniola Odetunde/Axios

Venture capital is beginning a belated conversation about its dearth of black investors and support of black founders, but hasn't yet turned its attention to the trivial participation of historically black colleges and universities (HBCUs) as limited partners in funds.

Why it matters: This increases educational and economic inequality, as the vast majority of VC profits go to limited partners.

Unemployment rate falls to 13.3% in May

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. unemployment rate fell to 13.3% in May, with 2.5 million jobs gained, the government said on Friday.

Why it matters: The far better-than-expected numbers show a surprising improvement in the job market, which has been devastated by the coronavirus pandemic.

The difficulty of calculating the real unemployment rate

Data: U.S. Department of Labor; Note: Initial traditional state claims from the weeks of May 23 and 30, continuing traditional claims from May 23. Initial PUA claims from May 16, 23, and 30, continuing PUA and other programs from May 16; Chart: Andrew Witherspoon/Axios

The shocking May jobs report — with a decline in the unemployment rate to 13.3% and more than 2 million jobs added — destroyed expectations of a much worse economic picture.

Why it matters: Traditional economic reports have failed to keep up with the devastation of the coronavirus pandemic and have made it nearly impossible for researchers to determine the state of the U.S. labor market or the economy.