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Hi everyone
Usually, I don’t comment too much on current affairs on this substack. Still, Trump firing the Head of the BLS, Erika McEntarfer, because he didn’t like the labour market data, is extremely dangerous for investors everywhere.
If you have investments in the US, you should be highly concerned about this because having truthful data about the state of the US economy is the foundation on which these investments are built.
The US is not a banana republic, and the example of Erdogan firing the head of the statistics department of Turkey in 2022 because he didn’t like the data shows where such actions can lead: https://www.wsj.com/world/middle-east/turkeys-erdogan-fires-statistics-chief-after-record-inflation-11643456492
So please, everyone, sign up for the Friends of BLS campaign to put pressure on the US government to reinstate Erika McEntarfer and ensure the integrity of US economic data:
Please also forward this to investors and organisations and urge them to sign up. This is not about politics; this is an action that has been condemned by economists from the left and right, including the American Enterprise Institute: https://www.bloomberg.com/news/articles/2025-08-01/trump-says-he-ll-fire-labor-statistics-head-after-weak-jobs-data
just signed up
I have no time for Trump - but go and look at the track record for the BLS over the last couple of years - pretty much beat expectations every month and the quietly downgrade the previous months - its very poor