In the year since Donald Trump’s “liberation day” in April 2024—on which he began raising import taxes on Americans —1.2 fewer Americans are now working, and inflation-adjusted hourly earnings are still below where they were in 2021. Meanwhile, total manufacturing employment has fallen back to 2022 levels. As price inflation increases, thanks to the Trump administration’s elective war on Iran, the increasing cost of living, combined with this stagnating job market, will ensure further economic hardship for many Americans, especially those younger workers who were not able to buy up assets