6:50Former Treasury Secretary Larry Summers appears on “This Week With George Stephanopoulos” on Sunday, Aug. 3, 2025.ABC News
Former Treasury Secretary Larry Summers referred to President Donald Trump's unsubstantiated claim that the leading Bureau of Labor Statistics official distorted jobs report figures as "a ridiculous accusation" on Sunday.
In a discussion with "This Week" host George Stephanopoulos, Summers stated that one individual would not have the capacity to alter the figures.
"These statistics are compiled by teams of literally hundreds of individuals adhering to detailed protocols documented in manuals. There's no conceivable possibility that the head of the BLS could have skewed these numbers," Summers remarked.
He continued, "The figures align with what we're observing from various private sector sources. This represents an erosion of democratic norms leading to authoritarianism. It — dismissing statisticians is akin to threatening the leadership of newspapers. It corresponds with assaults on universities. It relates to attacks on law firms that represent clients the elected leader finds unpalatable. This is genuinely alarming behavior."
Trump criticized Erika McEntarfer, the now-former commissioner of Labor Statistics, following the release of some disappointing employment figures on Friday and the downward revision of earlier months’ reports, claiming he had terminated her for manipulating the data for political gain, yet offered no evidence to back his assertion.
Former Treasury Secretary Larry Summers appears on “This Week With George Stephanopoulos” on Sunday, Aug. 3, 2025.ABC News
"This is the identical Bureau of Labor Statistics that exaggerated the Jobs Growth in March 2024 by around 818,000 and, again, right before the 2024 Presidential Election, in August and September, by 112,000. These were unprecedented errors — No one can be that inaccurate? We need reliable Jobs Numbers," Trump posted on his social media platform.
Stephanopoulos inquired of Summers, "I suppose this dismissal of the BLS commissioner falls into the category of shocking yet not unexpected?"
"This surpasses anything Richard Nixon ever undertook," Summers remarked concerning Trump's firing of McEntarfer. "I'm surprised that other officials haven't responded by resigning, similar to how it occurred when Richard Nixon dismissed individuals unlawfully."
Here are additional highlights from Summers' interview
On Trump's criticism of Fed Chair Jerome Powell
Stephanopoulos: Adding to that uncertainty is the president's campaign against Jerome Powell, the leader of the Federal Reserve, calling him a 'moron,' as the president reportedly stated for not reducing interest rates to this point. What is the impact of that?
Summers: Look, I believe that this type of political criticism of the Fed is a misguided endeavor. The Fed doesn't heed such remarks. Therefore, short-term interest rates won't be affected as a result. The market, however, does take notice. Consequently, long-term interest rates will rise, making it more costly to purchase a home. This is detrimental to the economy rather than beneficial.
I think the president comprehends that. And what the president is doing is acknowledging that for various reasons, including his significant policies, the economy faces numerous risks, and he's attempting to establish a scapegoat if the economy performs poorly. That's the true intention behind this attack on Chairman Powell. It’s not genuinely about altering policy. There’s no realistic possibility of that happening to any meaningful extent.
On Friday's jobs report and interest rate cuts
Stephanopoulos: The jobs report released on Friday likely raises the chances that the Fed will reduce interest rates in September. What is
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