E.J. Antoni

So what was growing in January of 2025?

Just the government.

The government, the public sector was adding jobs.

The private sector was losing them.

Now, fast forward a year to today.

What's going on in the labor market?

Exactly the opposite.

In short, the government is losing jobs.

Trump has succeeded in axing something like 10% of the federal workforce, over 350

thousand bureaucrats are gone you have to go all the way back vince to 1966 a full six decades ago to find a time when there were fewer federal bureaucrats than we have today so phenomenal progress there that means all the net job growth we have had over the last year is in the productive private sector not the unproductive public sector and on top of not only where the jobs being created but who are getting the jobs

in biden's last year in office which i think is very telling because at that point all of his policies were really having a strong effect the annual change in job growth was going almost exclusively no matter which month you look at to foreign-born workers not native-born americans again fast forward one year and trump has flipped the script and now the the annual change in terms of employment among uh

foreign-born workers is actually negative.

And it is exclusively on net Americans, native-born Americans who are getting jobs.

Their employment level has gone up over 800,000 since Trump took office.

Oh, absolutely, Vince.

You're 100% right.

And the dynamic here is essentially that if you have a private sector worker paying taxes, they're not paying taxes on their full salary, right?

It's only a portion, although sometimes it feels like a lot more.

It's a portion of their salary that goes to the federal government in taxes.

But of that portion, there are a lot of other demands on the taxpayer dollar.