Attention to the Unseen

Stuart Anderson writes: Government data show the Trump administration’s immigration policies reducing the number of foreign-born workers did not help U.S.-born workers in 2025. The latest data indicate a substantial drop in foreign-born workers did not translate into better labor market outcomes for U.S.-born workers or encourage more workers to enter the labor force. The U.S.-born unemployment rate increased over the past 12 months. Trump officials, including White House Deputy Chief of Staff Stephen Miller, predicted fewer immigrant workers would…

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Rogé Karma writes: So, about all that Venezuelan oil. Although President Trump has declared that America’s oil companies will soon “go in” to Venezuela and “spend billions of dollars” to rebuild that country’s petroleum industry, the administration is making two huge assumptions. First, that unleashing Venezuelan oil would yield lower energy prices for American consumers and giant profits for American companies. Second, that unlike previous administrations, which got bogged down for decades in failed nation building in Iraq and Afghanistan,…

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The New York Times reports: The European Union, overcoming deep dissension among its members, gave the green light to a sweeping trade pact with four South American countries on Friday that would create one of the largest free-trade zones in the world, connecting markets with more than 700 million people. The agreement offers a stark contrast to the amped-up aggression on display this week from the Trump administration. As Europe worked to extend an era of economic collaboration, the United…

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Dean Baker writes: It’s clear to all but the determinedly ignorant that Europe and the United States under Donald Trump are no longer allies. Trump is prepared to go to war to extend his racist vision of the world. Trump is not using euphemisms or code words; he wants white power and as long as European countries are open to immigrants from Asia, Africa, and Latin America, they will be on his enemies list. The prospect of a hostile United…

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The Wall Street Journal reports: Investors appeared to like the idea that Venezuela could become a new frontier for U.S. oil companies, or a bigger one for Chevron. Chevron’s shares rose about 5% Monday. Exxon Mobil’s shares rose about 2%; ConocoPhillips was up almost 3%. For now, Chevron has no plans to increase spending or boost production significantly, people familiar with the matter said. The Houston oil giant is wary of committing new capital there until the country is more…

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Judd Legum writes: This June, when Trump sought funds to bankroll a primary challenger to Thomas Massie (R-KY), who raised Trump’s ire by supporting the release of the Epstein Files, Singer contributed $1 million, the largest contribution. Since Trump was first elected in 2016, Singer has met personally with Trump at least four times. “Paul just left and he’s given us his total support,” Trump declared after meeting with Singer at the White House in February 2017. “I want to…

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Reuters reports: Venezuela is unlikely to see any meaningful boost to crude output for years even if U.S. oil majors do invest the billions of dollars in the country that President Donald Trump promised just hours following Nicolás Maduro’s capture by U.S. forces. The South American country may have the world’s largest estimated oil reserves, but output has plummeted over the past decades amid mismanagement and a lack of investment from foreign firms after Venezuela nationalized oil operations in the…

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The Wall Street Journal reports: For months, the U.S. sold its pressure campaign against Venezuela as a way to curtail drug trafficking. Now, it’s about getting American energy companies access to one of the world’s largest oil bounties. The Trump administration’s move to oust Venezuelan strongman Nicolás Maduro in a surprise military operation early Saturday will pave the way for U.S. oil companies to regain a foothold in the South American nation, President Trump said at a Mar-a-Lago press conference….

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The Washington Post reports: President Donald Trump and White House leaders say that American workers are winning because of his immigration crackdown. But the data doesn’t back that up. Since the summer, Trump officials have been trumpeting the idea that job creation is booming for U.S.-born workers. Trump said so, too, during a prime-time address last month aimed at assuaging Americans’ concerns about the economy. “In the year before my election, all net creation of jobs was going to foreign…

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Wired reports: 2026 will be the year when US dollar dilution—the quiet erosion of its global dominance as countries trade and pay in alternatives—starts to build momentum. The more Washington uses the dollar as a weapon, the more the world builds ways to circumvent it. America’s share of global trade has fallen from one-third in 2000 to just one-quarter today. As emerging economies trade more with each other, the dollar is less central to the flow of goods. Indian and…

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The New York Times reports: Billionaires including Peter Thiel, the tech venture capitalist, and Larry Page, a co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking. Mr. Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an…

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Business Insider reports: Bankruptcies aren’t just rising — they’re suddenly everywhere. From billion-dollar giants to mom-and-pop shops to everyday individuals, bankruptcies are piling up across the US this year, with large corporate bankruptcies already hitting their highest level in 15 years. The surge in bankruptcies highlights the growing financial pressures facing consumers and companies as costs climb amid a tougher borrowing environment. “Rising costs, tighter credit conditions, and ongoing geopolitical volatility continue to exert pressure on households and businesses already…

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