Fed drops jobs bomb as real bombs continue falling

The David Pakman Show - March 19, 2026

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Jerome Powell warned that private sector job growth under Donald Trump is essentially zero, contradicting promises of a jobs boom. Slow labor force growth keeps the economy stagnant but risky if conditions worsen. Inflation pressures are rising due to tariffs and Middle East tensions, which could account for up to three-quarters of core inflation.

Recent data makes the situation worse. The Producer Price Index rose 0.7 percent month over month and 3.4 percent annually, above forecasts. Core inflation also exceeded expectations. Even Fox News admitted the numbers were troubling. Analysts warn the economy could drift toward stagflation, with rising prices, weak growth, and falling markets, largely driven by Trump’s policies and the Iran conflict.

Trump’s handling of Iran continues to be chaotic. He threatened to attack Iran’s South Pars gas field if Iran hits Qatar, despite being angry at Israel for striking the same facility. His desperation combined with military power could be catastrophic.

Karoline Leavitt has struggled to defend the war. She now claims the main goal is destroying Iran’s ballistic missiles, even though they cannot reach the U.S. The administration’s lack of a plan to reopen the Strait of Hormuz shows a reactive and unprepared administration.

Senator Markwayne Mullin raised alarm at his Homeland Security confirmation hearing. Asked if he would follow the law or the president if ordered to do something illegal, he said, “The President would never ask me to do that.” This dodge avoids the real question and signals a willingness to prioritize loyalty over legality.

JD Vance’s campaign-style events highlight the administration’s struggles. At a mostly empty warehouse in Michigan, he claimed Americans are better off than people in other countries and blamed foreign “green energy scams” for hardships. The audience remained silent as rising prices continue to affect daily life.

Alexandria Ocasio-Cortez pointed out shifting justifications for Trump’s actions in Iran. Without an imminent threat, Trump likely violated U.S. law by bypassing Congress. Trump’s war objectives keep changing, suggesting the administration’s conduct could indeed be illegal.

Finally, JB Pritzker, Governor of Illinois, joins us in person to discuss immigration enforcement fears in Chicago, regulating crypto and prediction markets, and what agenda Democrats should pursue ahead of 2028.

On today’s bonus show:

Labor rights leader Cesar Chavez is accused of sexual abuse, Joe Kent is under FBI investigation after resigning in protest over the Iran war, a judge implies he'll stop construction of Trump's ballroom, and much more...

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