Rep. Don Bacon (Neb.), a average Republican, mentioned he’s involved in regards to the U.S. financial system, noting his state noticed a 6 p.c annual drop in actual gross home product (GDP) within the first quarter of 2025.
In an interview with CNN’s Phil Mattingly, Bacon pointed to the current jobs knowledge and the most recent spherical of tariffs as purpose for his pessimism in regards to the financial system.
“From my vantage point here in Nebraska, we’re seeing a bit of a troubled economic mess — or, right now, it’s a troubled time,” Bacon mentioned.
“In Nebraska, the GDP here has decreased by 6 percent over the last year, and it’s all about trade. It’s all about getting corn and soybeans out the door,” Bacon continued. “So, what I hear with, you know, weak jobs numbers, we’re sort of seeing that in Nebraska right now.”
The Commerce Division’s Bureau of Financial Evaluation launched a report in late June displaying actual GDP within the first quarter of 2025 decreased in 39 states, with Nebraska and Iowa displaying the biggest decline, with annual charges of -6.1 p.c. Declines in agriculture contributed most importantly to the drop.
Bacon, one among three Home Republicans reelected in districts that voted for former Vice President Kamala Harris in 2024, has criticized President Trump’s commerce coverage prior to now.
He once more expressed his assist at no cost and truthful commerce, saying, “Free trade provides the best products at the best price, in the most efficient manner,” whereas including that, in circumstances the place “it’s not fair trade, the president should try to correct that.”
“But doing tariffs against 80 different countries, I have a hard time accepting that as a sound strategy,” Bacon continued. “I think in the end the American consumer would be paying a lot more for the price of their goods. And we’re already starting to see that because in the end, tariffs are a tax on consumers.”
The lawmaker, who’s retiring on the finish of his time period, mentioned he’s listening to from Fortune 500 firms and agriculture producers saying “we’re losing a share of the market right now,” which he mentioned goes to have an effect on jobs numbers and is already having a small impact on inflation, which Bacon expects to extend.
“But if the president sticks with these numbers, I think, over time, these 25 percent tariffs will be represented in the goods we buy from these countries. And so I’m concerned about the strength of our economy,” he mentioned.
