Legal AF by MeidasTouch - Trump Hit with Instant Karma for Awful Plan

Episode Date: August 3, 2025

Trump-enomics may have just crashed the economy, as new revised job numbers show that Trump and his economic team have been lying to the American people about job growth— with new numbers showing that almost 260,000 LESS jobs were created by Trump in May and June than he previously reported. And Manufacturing supply chain managers have stopped buying inventory. Trump response: call for a Federal Reserve coup to take over the Fed, and cut rates, yet another Coup-moment for Trump. Michael Popok puts on his Wall Street hat to report. Mudwtr: Start your new morning ritual & get up to 43% OFF your @MUDWTR by going to https://mudwtr.com/LEGALAF #mudwtrpod Visit https://meidasplus.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices

Bottom just fell out of Donald Trump's Trumponomics. And everything I'm going to report on right now, the terrible job numbers, the revision down, the loss of about 258,000 jobs over the last two months, 258,000 jobs that Donald Trump reported that we had that we didn't really have, the slowdown in manufacturing, the consumer price index going up. This is all the reasons that the Federal Reserve

refuses to move interest rates. And now Wall Street is responding. But the big takeaway, the big blockbuster report here right now on the Midas Touch Network and Legal AF, as I put on my Wall Street superpowers once again, is the terrible retrograde job numbers. We thought off of the April Rose Garden, whatever's left of the Rose Garden announcement of tariffs

that there was gonna be no immediate impact on the economy. Well, I'm sorry, Mr. Trump and Trumponomics, there is. Get this headline. In June, Donald Trump and his statisticians reported that there was 147,000 new jobs made in June. You want to know the real number? 14,000. In May, he reported another 144,000 jobs created. The real number? 19,000.

When you wipe away the over 258,000 jobs that just disappeared from the statistics, this is the reason that suppliers and manufacturers are so worried and have stopped buying. That sound you hear is not a sucking sound. It's the economy starting to stall out. Now we're getting the big picture in the last six months, five months in a row, five months in a row, job picture has been terrible. We're now at the lowest numbers,

lowest levels of jobs since 2020. What happened then? Oh, right, COVID under Donald Trump and how he mismanaged it. This is now, we're seeing that combined. This is all crashing waves. The crashing waves of the tariffs. They're all happy about announcing, we got 90 tariffs.

That is not helping your Trumponomics. It's hurting Americans. Because what the Fed is tracking is that consumer price index is going up. It already went up 3% since last year. Meaning if you went to the supermarket and you were, you'd be 3% short if you brought the same money to buy your goods, your groceries, then now. And who's going to come up with that 3%?

The supermarket? Go back to the car and see what kind of change you have in the seats of your car. That's what Donald Trump wants you to do. But the job picture is so devastating to Donald Trump's economics and what he's trying to push down the throat of America. I mean, it's one thing to say, hey, think of this number.

Think of a Democrat had lost 258,000 jobs over the course of two months. We are more than five months in a row, all since the Trump administration. I mean, that's the Trump administration of seeing effectively job loss. And what is Donald Trump's reaction? He calls Powell a stubborn moron,

his words, who won't drop rates. And then he calls for a coup. He wants the other 11 or 12 members of the Federal Reserve, he's only got two appointees, to take over the Federal Reserve Open Markets Committee and cut rates. He's calling for a coup. Of course, he always wants coups.

He loves coups. He tried it on Jan 6th. He's supporting Brazil and Bolsonaro Who's a president who's gonna be convicted of a coup? He's trying to bail him out if there's something about Donald Trump and convicted or indicted sex traffickers and Coup leaders that he just finds affinity with birds of a feather But he can't run away from the stubborn little facts of his job numbers. Can I share a little secret with you?

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either because they got to see the job numbers and knew that the job numbers that Donald Trump was promoting were fake and phony. Let me put this in perspective. Democrats and Democratic presidents make more jobs than Republicans. I know people think in polling that it's the Republicans because I don't know why.

They hang out at country clubs. They're going to make more jobs historically, whether you look at Clinton, Obama, Biden. Even going further back, they make more jobs than Reagan, Bush and Trump. Just add up the numbers. They've always made more jobs. And that is a better indicia of the health of an economy than the stock market, which is based on the, let's be frank, the magical thinking of brokers and traders, sometimes with no fundamental economics behind it to set prices. How do you explain meme stocks? Everybody's trying to buy Krispy Kreme today.

Everybody bought GameStop. Why? Everybody bought, why? Because they're gonna pump up the price, pump up the value on Reddit and other social media sites, in order to squeeze a squeeze strategy. pump up the value on Reddit and other social media sites in order to squeeze a squeeze strategy. That shows you that the stock market cannot be relied on

to show you the health of an economy. There's a reason Donald Trump doesn't call it Trumponomics and we do, because it's failing. And the tariffs haven't even been baked into the job numbers. We just got the Institute of Supply Management. See, we have to go to independent institutes to give us accurate data about this economy

under Donald Trump because his labor secretary and his commerce secretary are cooking the books on the numbers and they're not providing accurate numbers. They're trying to smooth and manage the numbers around the economy. So we've got to go to independent entities like the Institute of Supply Management, who says that the managers who buy inventory

are slowing up for the fifth consecutive month. They're slowing up on their buying. That's a bad thing. When purchasing managers, sphincters clothes, that means the economy is rolling backwards. And we're seeing that data. I mean, I've already reported that one of the main indicia of a recession, which is a reduction in consumer spending, when that happens, and we are in that now, consumer discretionary spending is down. In 60 years, it's always predicted that we're either in a recession once you look back on it or that we're about to enter one.

And Donald Trump still talks about the illusory, magical thinking, unenforceable trade deals, which are about to get struck down unenforceable trade deals, which are about to get struck down all his trade deals, all his tariffs by the Federal Circuit Court of Appeals because they're unconstitutional and illegal because he doesn't have the power to do it. Only Congress has the power.

So wipe all that out and all that money that he collected and brought into the treasury, the $50 billion in tariffs paid by American importers. That's the other thing that never gets talked about. It's not China and the 90 countries that are paying the tax. It's the importer. The importer who's on the American side is paying the tax. So either that person tries to figure out a way

to share the burden so it doesn't get just passed on directly to the consumer, or it gets passed on directly to the consumer. Ford Motor Company, which builds most of its product here in America is the number one company in America that's being hurt by the tariffs because they've got to get parts from overseas. And so they got to pay the 15, 18, 50% tariffs on certain core products, core supplies

to build a car in America. So they tell where the only American car company making cars primarily in America, and they're going to have to pass along the pricing to the consumer, making them competitively disadvantaged. Donald Trump's going to put Ford Motor Company out of business with his tariff scheme. So job numbers are the canary in the coal mine.

The fact that they are in retrograde, we're back to 2020 in job growth. While prices go up, you put the two things together, a sputtering economy, rising prices. What do you call that? Stagflation. Stagnant economy, inflation, stagflation. Now the central bank may have to get us out of this mess come September with some rate cuts, but for right now, this is the economy that Donald Trump created. He made this suit, he measured it, and he's got to wear it. Unfortunately, we got to wear it with him. So I'm going to continue to follow everything that's going on in the economy at the intersection of law and politics because it matters as Donald Trump continues to lie to us

about the statistics showing that his economy is an out and out failure. You're on Midas Touch and Legal AF. Take a minute, hit the subscribe button for Midas Touch. Do the exact same thing for Legal AF YouTube channel. I mean, as I joked recently, if 10% of the people that watch my videos and my content every week on Midas and on Legal AF, just hit the subscribe button, we could stop asking people to subscribe. But in the meantime, I got to ask you,

hit the subscribe button. We have no paywall, no outside investors, no corporate parent. You, me, our audience, this is it and the Midas Touch Network. So until my next report on Legal AF and otherwise, this is Michael Popock. In collaboration with the Midas Touch Network, we just launched the Legal AF YouTube channel. Help us build this pro-democracy channel where I'll be curating the top stories, the intersection of law and politics. Go to YouTube to the world.