Topline:
A second Trump administration has the potential to reshape the economy in fundamental ways.
Why it matters: President-elect Donald Trump has promised to slap tariffs on imports, order large-scale deportation of immigrants and cut taxes and government regulations during his second term.
Read on... for more on how his policies might be enacted, and what they could mean for the U.S. economy.
A second Trump administration has the potential to reshape the economy in fundamental ways.
President-elect Donald Trump has promised to slap tariffs on imports, order large-scale deportation of immigrants and cut taxes and government regulations during his second term.
While it's not certain when or how those policies might be enacted, here's what they could mean for the U.S. economy.
There's a reason the stock market surged after Trump won the election. Investors expect a more business-friendly administration, including tax cuts.
During a new term, the former president wants to extend portions of the 2017 tax cut that are set to expire next year, and he has called for additional cuts in the corporate tax.
He has also floated the idea of exempting tipped income and Social Security benefits from federal taxes.
The ultimate size and shape of any tax cut may hinge on whether Republicans retain control of the House of Representatives. But the extension of most individual tax cuts, at a minimum, appears likely.
"Some additional tax cuts seem probable in our view, although the timing, size and specifics are highly uncertain," Wells Fargo economists Jay Bryson and Michael Pugliese wrote in a research note, adding that additional cuts could lead to somewhat faster economic growth in 2026 and 2027.
The economic stimulus from tax cuts would be partially offset, however, by Trump's proposed tariffs, which would raise costs for U.S. businesses and consumers and likely invite retaliation from U.S. trading partners.
Trump has proposed adding a tariff of 10% to 20% on all imports, with significantly higher levies on imports from China.
Forecasters at Pantheon Macroeconomics project that a 10% tariff would increase inflation by about 0.8 percentage points next year and impose an additional drag on U.S. manufacturers.
While Trump says tariffs would encourage businesses to set up shop in the U.S., economists are dubious. "It will remain much cheaper to source goods from overseas, given relatively high U.S. labor costs, limiting the reshoring boost," said Pantheon economist Samuel Tombs.
While tariffs would raise some additional revenue for the government, Trump's overall economic platform — including the proposed tax cuts — are expected to widen the federal deficit, adding to the government's borrowing costs.
The Committee for a Responsible Federal Budget estimates that Trump's fiscal policies would add an extra $7.75 trillion in government debt over the next decade.
The prospect of so much additional debt spooked bond investors, sending bond yields sharply higher Wednesday. Mortgage rates, which tend to follow the yield on 10-year Treasuries, are expected to climb as well.
Trump has called for mass deportation of immigrants who are in the U.S. illegally. During his first term in the White House, Trump also took steps to curtail legal immigration, and his advisers have drawn up plans to do so again, The Wall Street Journal reports.
Analysts at the Brookings Institution, the American Enterprise Institute and the Niskanen Center project that net migration to the U.S. could be sharply lower — even negative — during a second Trump administration, with unfortunate consequences for the U.S. economy.
Strict limits on immigration could choke off the supply of foreign-born workers who have been propping up the U.S. job market at a time when many baby boomers are retiring.
"There very well may be valid reasons to adopt such a policy," Bryson and Pugliese of Wells Fargo wrote. "But, side effects of a policy that restricts immigration and deports undocumented people likely would be upward pressures on labor costs and a detrimental effect on the nation's potential economic growth rate."
Inflation has cooled substantially, allowing the Federal Reserve to start cutting interest rates. But the central bank may proceed more cautiously if Trump's policies put more upward pressure on prices. The central bank is widely expected to lower its benchmark rate by a quarter percentage point on Thursday. But Pantheon's Tombs expects fewer rate cuts next year, as a result of Trump's election.
During his first term in the White House, Trump frequently urged the Fed to cut rates more aggressively, at times berating Fed Chair Jerome Powell, whom he had appointed. Powell's term expires in 2026, giving Trump the opportunity to nominate his successor. Trump could also replace Michael Barr as the Fed's top bank regulator when his term as vice chair of supervision expires that year.
The Fed is designed to be insulated from political pressure, so that it can make unpopular decisions when necessary to curb inflation. That independence is central to the Fed's credibility. Trump has routinely flouted that norm, however, suggesting that the president should have a say in monetary policy.
Congress has generally defended the Fed's independence, but that could change in a second Trump administration.
Copyright 2024 NPR
Topline:
Raul Malo, the leader of the country band The Mavericks and one of the most recognizable voices in roots music, died Monday night, according to a representative of the band. The guitarist and singer had been battling cancer.
Why it matters: Over a career that lasted four decades, The Mavericks lived up to the band's name, challenging expectations and following a roadmap crafted by Malo's expansive musical upbringing as the son of Cuban immigrants in Miami.
Why now: He was hospitalized last week, forcing him to miss tribute shows staged in his honor at the Ryman Auditorium over the weekend. He was 60 years old.
Raul Malo, the leader of the country band The Mavericks and one of the most recognizable voices in roots music, died Monday night, according to a representative of the band. The guitarist and singer had been battling cancer.
He was hospitalized last week, forcing him to miss tribute shows staged in his honor at the Ryman Auditorium over the weekend. He was 60 years old.
"No one embodied life and love, joy and passion, family, friends, music and adventure the way our beloved Raul did," read a statement released by his family.
Malo's group, The Mavericks, mourned the loss of their leader in a social post.
"Anyone with the pleasure of being in Raul's orbit knew that he was a force of human nature, with an infectious energy," the statement read. "Over a career of more than three decades entertaining millions around the globe, his towering creative contributions and unrivaled, generational talent created the kind of multicultural American music reaching far beyond America itself."
Over a career that lasted four decades, The Mavericks lived up to the band's name, challenging expectations and following a roadmap crafted by Malo's expansive musical upbringing as the son of Cuban immigrants in Miami.
"I grew up in a very musical household. There was all kinds of music around always," he told WHYY's Fresh Air in 1995. "We listened to everything from Hank Williams to Celia Cruz to Sam Cooke to Bobby Darin. It didn't matter."
In 1992, Malo told NPR that his widespread influences weren't always understood or appreciated in his South Florida hometown, but he said that his struggle to fit in taught him to trust his instincts. Malo had become the guitarist and lead singer for The Mavericks in 1989, alongside co-founders Robert Reynolds and Paul Deakin, and his roaring, sentimental voice defined the band's sound and remained its constant as the group's catalog moved from slow, tender ballads to full-throttle rock songs. In 1995, the band released its biggest hit with "All You Ever Do Is Bring Me Down," a swinging country song featuring an assist from Tex-Mex accordion legend Flaco Jimenez.
As the band grew in members and devoted listeners, The Mavericks continued to push the boundaries of American music, weaving a richly layered tapestry of textures and stories. With more than a dozen studio albums, The Mavericks collected praise and recognition from the Academy of Country Music, the Country Music Association and the Recording Academy. Although they took a hiatus for several years, Malo never stopped making music — and returned to his bandmates with renewed inspiration.
Following its 30th anniversary, the group released its first full-length Spanish album in 2020, aptly titled En Español. The record reimagined Latin standards and folklore-tinged popular tunes; it also made an implicit political statement about Latin music's contributions to American culture.
"In our own little way, if we could get somebody that perhaps is on the fence on issues and hears us singing in Spanish and perhaps reminds them of the beautiful cultures that make up what this country is trying to be and what it should be, so be it," Malo told NPR at the time. "Yeah, I'm OK with that."
The following year, the Americana Music Association recognized The Mavericks with the Trailblazer Award. In 2024, the band released its last studio album, Moon & Stars. The release coincided with news of Malo's cancer diagnosis, which he discussed openly with NPR's Ayesha Rascoe.
Before being hospitalized last week, Malo had been scheduled to perform with The Mavericks at a pair of tribute concerts held this past weekend at the legendary Ryman Auditorium in Nashville. Over 30 artists, including Patty Griffin, Jim Lauderdale and Steve Earle, still gathered to pay tribute to Malo, with some of the proceeds of the night going to the cancer prevention organization Stand Up To Cancer.
According to his spokesperson, though Malo was too ill to attend, the concert was streamed to his hospital room Friday night.
Copyright 2025 NPR
Topline:
The Los Angeles County Sheriff’s Department has mostly blocked efforts to investigate misconduct within its ranks, according to the county inspector general, who announced his retirement Tuesday after 12 years on the job.
Why now: In an open letter, Max Huntsman cited examples of how the county has thwarted his efforts to watchdog the department, which in the past has been plagued by accusations that deputies use excessive force and lie on the job. Huntsman said one example is former Sheriff Alex Villanueva’s misuse of criminal enforcement powers to discredit critics, such as opening an investigation into former County Supervisor Sheila Kuehl.
“My requests for investigation were rejected,” Huntsman’s letter reads. “Even after receiving an official subpoena, the Sheriff’s Department has failed to turn over records regarding the improper surveillance.”
He added: “Sometimes members of the public wonder if frightening new surveillance techniques will be used for improper purposes under the guise of criminal investigation. Sadly, the answer is yes.”
County response: Asked to respond, the Sheriff’s Department issued a statement saying it valued the office of the inspector general and all county oversight bodies and that it wished Huntsman and his family well in his retirement. The department said it “continues to make great strides in advancing the Department in a transparent manner.”
LAist also reached out to the county CEO and county counsel for comment, but they declined.
Read on ... for more information on Huntsman's letter.
The Los Angeles County Sheriff’s Department has mostly blocked efforts to investigate misconduct within its ranks, according to the county inspector general, who announced his retirement Tuesday after 12 years on the job.
In an open letter, Max Huntsman cited examples of how the county has thwarted his efforts to watchdog the department, which in the past has been plagued with accusations that deputies use excessive force and lie on the job.
Huntsman said one example is former Sheriff Alex Villanueva’s misuse of criminal enforcement powers to discredit critics, such as opening an investigation into former County Supervisor Sheila Kuehl.
Villanueva was sheriff from 2018 to 2022.
“My requests for investigation were rejected,” Huntsman’s letter reads. “Even after receiving an official subpoena, the Sheriff’s Department has failed to turn over records regarding the improper surveillance.”
He added: “Sometimes members of the public wonder if frightening new surveillance techniques will be used for improper purposes under the guise of criminal investigation. Sadly, the answer is yes.”
Before becoming inspector general in 2013, Huntsman, 60, was a deputy district attorney who specialized in public corruption. He told LAist on Tuesday that the inspector general job wasn’t something he wanted initially.
“I didn’t want to go work for politicians,” he said. “But the need to provide some kind of independent reporting and analysis was significant.”
The Sheriff’s Department issued a statement saying it valued the Office of the Inspector General and all county oversight bodies and that it wished Huntsman and his family well in his retirement.
The department said it “continues to make great strides in advancing the department in a transparent manner.”
LAist also reached out to the county CEO and county counsel for comment, but they declined.
In the letter, Huntsman says the state of California has come a long way in strengthening the power of local law enforcement oversight bodies, in part because of the 2020 murder of George Floyd by police in Minneapolis.
After widespread protests — and lobbying by Huntsman — the state provided authority to inspectors general to enforce subpoenas requiring law enforcement agencies to hand over documents and authorized external investigation of police misconduct, including deputy gang conduct.
The Sheriff’s Department — backed by county lawyers — has resisted.
“Los Angeles County may not follow those laws, but it will not be able to avoid them forever,” Huntsman wrote. “The county refuses to require the photographing of suspected gang tattoos in secretive groups that the undersheriff has identified as violating state law.”
“Just a few weeks ago, we requested some information regarding an investigation, and a pair of commanders refused to give it to us,” Huntsman said in an interview with LAist.
The Inspector General’s Office was created by the county Board of Supervisors in 2013 in response to a scandal that included former Sheriff Lee Baca covering up the abuses of jail inmates.
Baca went to federal prison.
Since then, the office has issued dozens of reports with recommendations for improving living conditions inside jails that some have described as “filthy,” stopping abuses of juveniles inside juvenile halls and providing shower privacy for inmates as part of the requirements under the Prison Rape Elimination Act.
“All of these abuses were reported by the Office of Inspector General and recommendations were ignored,” Huntsman wrote. Often, it took court orders to enact change.
“When we first blew the whistle on the torturous chaining of mentally ill prisoners to benches for 36 hours at a time, it was only a court order that ended the practice,” he wrote. “Time and time again, this pattern repeated itself.”
Huntsman wrote the county has permitted the Sheriff’s Department to block oversight and defunded the Office of Inspector General by removing a third of its staff.
“It's not surprising the county has driven out two successive chairs of the Sheriff Civilian Oversight Commission,” he wrote.
“Government always claims to value transparency and accountability, but shooting the messenger is still the most common response to criticism,” Huntsman wrote.
Huntsman told LAist on Tuesday that he was proud of his career as a public servant.
“I’ve really enjoyed the work and I’m sad to have it end,” he said.
It’s a sentiment he echoed in his letter, adding that despite the setbacks and roadblocks, he was proud of the people with whom he shared the office.
“It has been my honor to work with a talented, brave and tireless group of public servants to ensure that the public knows what its government is doing,” he wrote.
He noted the inspector general’s reports are fact-checked by the office and public.
“When government abuses occur, they are sometimes kept secret, but that is no longer the case for much of what is happening in Los Angeles County,” Huntsman wrote. “What you do about it is up to you.,”
Huntsman’s last day is Friday.
Topline:
The L.A City Council voted 12-3 today to implement a state law that will make it easier to clear some RVs from city streets.
The backstory: Last month, the council's Transportation Committee voted to bring a proposal before the council to implement a policy change that allows the city to impound and immediately destroy abandoned or inoperable RV's worth less than $4,000. The change is inspired by new state law AB 630 that was created to prevent previously impounded RV's from ending back up on the street.
The motion, authored by Councilmember Traci Park, reports that abandoned RV's pose as public and safety hazards.
What's next: Councilmember Nithya Raman requested that an implementation plan be presented to the council's public safety and housing and homelessness committees.
Go deeper: L.A. pushes policy to make it easier to remove RVs from city streets.
Topline:
The L.A City Council voted 12-3 today to implement a state law that will make it easier to clear some RVs from city streets.
The backstory: Last month, the council's Transportation Committee voted to bring a proposal forward to implement a policy change that allows the city to impound and immediately destroy abandoned or inoperable RVs worth less than $4,000. The change is inspired by new state law AB 630, which was created to prevent previously impounded RVs from ending back up on the street.
The motion, authored by Councilmember Traci Park, reports that abandoned RVs pose as public and safety hazards.
What's next: Councilmember Nithya Raman requested that an implementation plan be presented to the council's public safety and housing and homelessness committees.
Go deeper: L.A. pushes policy to make it easier to remove RVs from city streets.
Topline:
The Los Angeles County Board of Supervisors gave its final stamp of approval today to an ordinance requiring law enforcement to display visible identification and banning them from wearing face coverings when working in certain jurisdictions in L.A. County.
Where it applies: The ordinance will take effect in unincorporated parts of the county. Those include East Los Angeles, South Whittier and Ladera Heights, where a Home Depot has been a repeated target of immigration raids, according to various reports.
What the supervisors are saying: “What the federal government is doing is causing extreme fear and chaos and anxiety, particularly among our immigrant community,” said Supervisor Janice Hahn, who introduced the motion, in an interview with LAist before the final vote. “They don't know who's dragging them out of a car. They don't know who's throwing them to the ground at a car wash because they act like secret police.”
About the vote: Supervisor Lindsay Horvath was not present for the vote but coauthored the ordinance. Supervisor Kathryn Barger abstained. All other county supervisors voted to approve it.
The back and forth: California passed a similar law, the No Secret Police Act, earlier this year. The Trump administration already is suing the state of California over that law, calling it unconstitutional. For her part, Hahn said that the law is meant to protect residents' constitutional rights, and that legal challenges won’t affect the county’s position “until we're told by a court that it's unconstitutional.”
The timeline: The new law will go into effect in 30 days.
