If the Numbers Don’t Fit the Narrative, Change the Numbers

President Donald Trump’s abrupt firing of Bureau of Labor Statistics (BLS) Commissioner Erika McEntarfer on August 1, 2025, and his nomination of E.J. Antoni, a Heritage Foundation economist, have ignited fierce debate about the politicization of economic data. The move followed a July jobs report showing a mere 73,000 jobs added, far below expectations, with downward revisions of 258,000 jobs for May and June. Trump, without evidence, labeled the data “phony” and “rigged” to undermine his administration, accusing McEntarfer, a Biden appointee with over 20 years of federal experience, of manipulating figures.

This decision comes amid escalating pressures on the U.S. economy, where the national debt has surpassed $37 trillion, with annual interest payments exceeding $1 trillion as of fiscal year-to-date 2025. The average interest rate on federal debt stands at 3.352%, making refinancing increasingly burdensome. Trump has repeatedly called for aggressive interest rate cuts by the Federal Reserve, advocating for rates as low as 1%, to ease the debt burden and facilitate cheaper borrowing. However, current economic indicators, including robust job growth prior to July, do not justify such drastic reductions, as inflation remains a concern

While Trump won’t explicitly admit it, a recession could align with this agenda by forcing the Fed’s hand on rate cuts, allowing the administration to refinance spiraling debt at lower costs. Yet, with data not supporting a downturn, installing an insider at the BLS could ensure numbers reflect the needed narrative of economic weakness.

Antoni, nominated to replace McEntarfer, was present outside the Capitol on January 6, 2021, amid the rioting crowd, though the White House describes him as a “bystander.” A Project 2025 contributor, he has criticized BLS methodologies and suggested suspending monthly job reports. His appointment, awaiting Senate confirmation, raises concerns about the BLS’s independence, as economists warn that such actions threaten the credibility of data relied upon by global markets, businesses, and policymakers.

Former BLS Commissioner William Beach, a Trump appointee, called the firing “groundless,” arguing it sets a dangerous precedent. Critics, including economists and Democratic lawmakers, fear this reflects a broader strategy to align federal statistics with Trump’s narrative, eroding trust in a nonpartisan institution. The dismissal of a seasoned labor economist for a loyalist with ties to controversial events signals a troubling shift toward prioritizing political agendas over objective data, potentially destabilizing economic decision-making worldwide.

Got a question about this article? Ask the Team at MPC

ASK A QUESTION

GENERAL ADVICE WARNING:
Recommendations and reports managed and presented by MPC Markets Pty Ltd (ABN 33 668 234 562), as a Corporate Authorised Representative of LeMessurier Securities Pty Ltd (ABN 43 111 931 849) (LemSec), holder of Australian Financial Services Licence No. 296877, offers insights and analyses formulated in good faith and

Opinions and recommendations made by MPC Markets are GENERAL ADVICE ONLY and DO NOT TAKE INTO ACCOUNT YOUR PERSONAL CIRCUMSTANCES, always consult a financial professional before making any decisions.

Scroll to Top