Today, JD Vance spewed lies in Pennsylvania about the Trump administration’s economic record. In reality, Donald Trump’s billionaire-first agenda is already skyrocketing costs and hurting small businesses. Because of Trump’s chaotic trade war, the manufacturing sector lost 14,000 jobs in the last two months. The bottom line: Trump is tanking job growth and setting back working families all to fund another round of tax giveaways for his billionaire backers.

Thanks to Donald Trump’s erratic trade agenda, manufacturing is contracting nationally for the fourth month in a row. 

Bloomberg: “US factory activity contracted in June for a fourth consecutive month as orders and employment shrank at a faster pace, extending the malaise in manufacturing.

“The Institute for Supply Management’s manufacturing index edged up 0.5 point last month to 49, according to data released Tuesday. Readings below 50 indicate contraction. A measure of prices paid for raw materials showed slightly faster inflation.

“Bookings contracted by the most in three months and have been shrinking for the past five months, likely a reflection of higher tariffs and a general slowdown in the economy. An index of order backlogs fell 2.8 points, the most in a year, to 44.3. Backlogs have contracted a record 33 straight months.”

CNN: “President Donald Trump’s shock-and-awe tariff campaign is off to a slow start when it comes to reviving American manufacturing jobs.

“While it will take time for the full impact to play out, the early results suggest that not only have tariffs failed to inspire a hiring boom, but the chaotic policy rollout is paralyzing businesses. …

“Even as Trump spiked tariffs to levels unseen in nearly a century, the manufacturing sector lost a combined 14,000 net jobs in May and June, according to federal data.”

Trump’s billionaire-first agenda will make his tax scam permanent and fund another round of tax breaks for the ultra-wealthy on the backs of working families. 

Washington Post: “The boost to the national debt from President Donald Trump’s sweeping tax bill could add fresh fuel to inflation just as his tariff policies are already pushing prices up, mainstream economists are warning. …

“A spike in the national debt can be enough to boost inflation on its own, economists say. Every 1 percent increase in the national deficit as a share of GDP translates to price increases of roughly $300 to $1,250 per household over five years, according to estimates from the Budget Lab at Yale University.”

USA Today: “Low-income families would lose, wealthier ones would gain under GOP tax proposals” 

“In comparison, families with higher incomes would benefit from the extension of the 2017 tax cuts.”

NBC News: “Senate Republicans released a new budget blueprint Wednesday that would pave the way for … making President Donald Trump’s 2017 tax cuts permanent.”

REMINDER: Trump’s first term tax law left workers in the dust while filling the pockets of corporate executives. 

Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve. The downturn is a sore spot in an otherwise healthy U.S. economy and a potential weakness for President Trump, who promised to bring back blue-collar jobs.

“In contrast with steady growth in the larger economy, U.S. factory production shrank by 1.3 percent in the past year, the Federal Reserve reported.”

Yahoo Finance: “[A]s the impacts of the corporate tax cut passed late last year by the Trump administration begin to be seen across the economy, it is clear that the shareholder class will be the largest beneficiary of this overhaul to the tax code. This continues a theme we’ve seen since the election — shareholders winning.”

Center on Budget and Policy Priorities: “The 2017 tax law’s tilt to the top reflects several costly provisions that primarily benefit the most well-off…

“The centerpiece of the law was a deep, permanent cut in the corporate tax rate — from 35 percent to 21 percent — and a shift toward a territorial tax system, which exempts certain foreign income of multinational corporations from tax.”

The Hill: “President Trump’s promises to revive the struggling American manufacturing industry faces new headwinds as the automotive sector, the largest driver of manufacturing jobs, announces thousands of new layoffs.”