Bill Maher, the well-known comedian and political commentator, has publicly reversed his earlier stance that President Donald Trump's tariffs would lead to an economic downturn. On his "Club Random" podcast, Maher owned up to his incorrect forecast that the tariffs would plunge the U.S. economy into a recession by July.
Speaking candidly, Maher recounted his agreement with the widespread belief that the tariffs would be detrimental to the economy in the short term. “I remember I, along with probably most people, were saying at the beginning, ‘Oh, you know, by the 4th of July’—somebody had a thing—how the economy was going to be tanked by then,” Maher said. "But that didn’t happen. Now, it could happen tomorrow. I’m just saying that’s reality.”
Despite the ongoing trade tensions and tariffs, Maher admitted that the predicted economic collapse had not materialized within the expected timeline. He noted the stock market's record highs, contradicting his earlier views on the potential impact of the tariffs, stating, “I don’t see a country in a depression at all. I see people out there just living their lives."
Maher's admission comes in the wake of recent economic data that suggests the U.S. economy is more robust than many had anticipated. On July 16, the Federal Reserve Board reported a slight increase in manufacturing output for June, building on gains from the previous month. This steady growth in manufacturing is a sign of enduring strength in a vital sector of the economy.
Furthermore, the number of new jobless claims has been on a downward trend, with the latest data showing a drop for the sixth consecutive week—a three-month low, according to Reuters. Consumer spending, a major driver of economic activity, also exceeded expectations. The U.S. Census Bureau reported that retail sales in June grew by 0.6 percent, surpassing analyst predictions.
These positive economic indicators stand in stark contrast to the worries many economists expressed earlier, fearing that the tariffs would lead to rising inflation, disrupted supply chains, and a general economic slowdown or contraction.
President Trump has consistently defended his tariff policy as a strategic move to shield American jobs and industries from unfair competition abroad. His administration contends that the tariffs are a means to secure advantageous trade deals. During Trump's second term, the administration has finalized several significant trade agreements with key partners, including the European Union, Japan, and the Philippines, marking progress in reshaping international trade relations.
Bill Maher's acknowledgment reflects a shift in the narrative surrounding the tariffs, challenging the initial consensus that they would harm the economy. Instead, current economic performance indicators point to a landscape of resilience and growth.
