David Pakman ShowLEFT

Powell warns of stagnant job growth and tariff-driven inflation

The video highlights Federal Reserve Chair Jerome Powell's warning that private sector job growth is essentially zero and the economy is not creating private sector jobs. The video also discusses inflation pressures rising due to tariffs and Middle East tensions, which could account for up to three-quarters of core inflation.

Mar 21, 2026

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Key Points

Powell says private sector job growth is basically zero

While job gains have remained low, the unemployment rate has been little changed in recent months, and inflation remains somewhat elevated

Powell attributed inflation to Trump's tariffs, saying "the inflation Americans have felt over the last year is mainly from the goods and tariffs"

The Federal Reserve chair refused to bow down to Trump's demands to cut interest rates, stating "the current stance of monetary policy is appropriate to promote progress toward our maximum employment and two percent inflation goals"

Powell used metaphors about tariffs and oil as translucent sheets creating an opaque economy that the Fed can no longer "look through"

Perspective

The David Pakman Show frames Powell's comments as a damning indictment of Trump's economic policies and leadership. The commentary emphasizes job stagnation, tariff-driven inflation, and institutional threats to Federal Reserve independence as major problems under the current administration, presenting Powell as delivering unwelcome economic realities that contradict administration talking points.