What this means is that Trump has stolen an estimated $100mm from US taxpayers by avoiding the pending audit of his filed returns. www.bloomberg.com/news/article...

Blanche Strikes Deal With GOP Holdouts to Advance His Nomination

Holdout Republican senators are backing a deal with acting Attorney General Todd Blanche to formally rescind an order creating an “anti-weaponization fund” that could have paid $1.8 billion to Preside...

bloomberg.com

While Americans struggle with rising gas prices and inflation, big oil is making billions from the Iran War. Oil industry profits have more than doubled in just a year, reaching their third highest level in history.

PCE inflation last month was 3.7% — still almost double the Fed target — in stark contrast to Trump's promises. It was down from May given the brief lapse in the Iran War, but it will likely bounce back up in the next reading after Trump shredded his proposed peace deal.

GDP growth for Q2 came in lower than expected this morning: 1.5% (vs. the 2.1% economists predicted). Growth has averaged 1.9% under Trump — lower than the 2.4% during Biden's last year and the 3% Trump's Treasury Secretary has promised to deliver by the end of the year.

Inflation and interest rates were trending down before Trump launched his tariffs and the Iran War. Now prices are spiking, and the Fed is expected to hike rates this year. That means higher costs for Americans for gas, groceries, credit cards & mortgages. 📸: @morningjoe-msnow.bsky.social

Trump and Musk promised to shrink the deficit. Instead, it's projected to grow — to $2.5 trillion a year within a decade (in today's dollars). That's a heavier burden for taxpayers, and it pushes up interest rates on credit cards, mortgages and beyond. My @morningjoe-msnow.bsky.social Chart

Debt payments are rising not just because the debt is growing under Trump, but because the government has leaned on too much short-term borrowing. As it comes due, Washington must now lock in the higher rates the inflationary Iran War has created. My @morningjoe-msnow.bsky.social Chart

Adjusted for inflation, 30-year yields are near 3% — their highest since the series launched in 2010. That reflects the bond market's growing concern about the long-term fiscal health of the government, as the deficit and debt keep climbing under Trump. My @morningjoe-msnow.bsky.social Chart

Biden brought inflation down in his last year, and it stayed contained through Trump's first. Then Trump launched the Iran War — and inflation spiked. Core inflation is now 3.4% (headline over 4%), with relief not expected soon. My @morningjoe-msnow.bsky.social Chart

Trump promised to bring down rates. Before the Iran War, markets expected rate cuts of up to 0.75 points this year. The inflationary war flipped the calculus: now they're pricing in two rate HIKES by mid-2027. My @morningjoe-msnow.bsky.social Chart

Trump says he's the manufacturing president. But factory construction and manufacturing jobs actually peaked under Biden. 📸: @bloomberg.com TV

Trump promised to lower mortgage rates, but the 30-year rate remains stuck near 7%. The situation may get worse this year for homebuyers as analysts predict persistent inflation could lead the Fed to tighten monetary policy.

I previously reported that the growth rate and composition of Trump's wealth gain in office are unprecedented in recent history. Upon request, here is the data on the relative size of Trump's presidential windfall. The extent of his self-enrichment is even more striking.

Oil is back above $100, and gas is above $4. These numbers are brutal for inflation and Americans' pocketbooks. And there is no end in sight for their fundamental cause: Trump's war of choice in Iran.

Trump promised a manufacturing boom. Instead, we've lost 75,000 jobs and $60 billion in annual factory construction since he took office. 📸: @ms.now @morningjoe-msnow.bsky.social

Biden’s industrial agenda helped bring manufacturing construction to a peak of $250 billion. Under Trump, that investment rate has dropped dramatically, and the AI boom hasn’t been enough to catch up. My @morningjoe-msnow.bsky.social Chart

Manufacturing jobs grew under Biden to a peak of almost 13 million. Under Trump, they’ve declined despite his promises to “bring jobs back home.” My @morningjoe-msnow.bsky.social Chart

Trump’s tariffs haven’t just hurt American business. They’re about to be a growing drain on public finances as the government pays back tariffs ruled illegal by the Supreme Court. My @morningjoe-msnow.bsky.social Chart

Musk and Trump took a hatchet to the federal government, claiming they would save $2 trillion in taxpayer money. Thousands lost jobs. Even more lost essential services. But the cuts only saved 2% of their original claims. My @morningjoe-msnow.bsky.social Chart

Under Trump, the debt held by the federal government has surpassed 100% of GDP. By 2030, it’ll shoot pass its all-time record from WWII. My @morningjoe-msnow.bsky.social Chart

Trump’s draconian cuts to health care, education, and foreign aid were rationalized on balancing the budget. Yet thanks to his tax cuts for the rich, the deficit is on track to hit almost 7% of GDP by 2036. My @morningjoe-msnow.bsky.social Chart

Trump's $4 billion Presidential windfall is unprecedented in scale & source. Obama's wealth grew from royalties from books written before office, and Bush's largely came from a sports‑team stake from over a decade prior. Trump's new billions are from deals made in office.

Trump claimed his tariffs would bring about a golden age of American manufacturing. Yet since his re-election, we've lost 75,000 manufacturing jobs. Over the same time period, Biden had created 625,000.

President Trump used to brag about all the money we were making from tariff revenue. Last month, that trend flipped to a $26 billion loss as the government started paying back the tariffs the Supreme Court ruled illegal. The refund bill is just getting started.

Under Trump, U.S. federal debt has surpassed 100% of GDP for the first time since WWII. And it's on track to beat that all-time record by 2030.

Americans are still struggling to pay higher gas prices (up 31% since before the war). Big oil, on the other hand, is raking in record profits—double or triple of what they made during the same period last year. 📸: @msnowreports.bsky.social @morningjoe-msnow.bsky.social

Oil prices are back up, but even more concerning, the market expects them to remain above pre-war levels for months if not years. A peace deal still seems distant, and if it happens, it will take months to rebuild export capacity. My @morningjoe-msnow.bsky.social Chart

The Strait of Hormuz is closed again -- before it ever fully reopened. That is bad news for oil prices and inflation as a huge portion of global oil supply is stuck in the Gulf. My @morningjoe-msnow.bsky.social Chart

The major winner from the Iran War financially has been big oil. Those stocks are up almost 28% this year – 3x the S&P and over 20x wage growth. My @morningjoe-msnow.bsky.social Chart

Oil and gas prices fell with the signing of the MoU, but they are back up again. Today, oil is 18% above pre-war levels while gas is 31% higher. My @morningjoe-msnow.bsky.social Chart