Trump-loving company suffering under his economy because of the A-word



When Homes Depot suffers its state headquarters feels the pain — and swing state Georgia is definitely taking notice of the 800 jobs the company reported lost in January.

Now the Atlanta Journal Constitution reports the company, whose founders are supporters of President Donald Trump, are reeling from a 4.4 percent net earnings decline from $14.8 billion in fiscal year 2024, thanks to the president’s sputtering housing industry.

“The current mortgage rate environment and significant increase in home prices since 2019 have impacted housing affordability,” Home Depot Chief Financial Officer Richard McPhail said during a conference call with investors on Tuesday. “Housing turnover has remained at historical lows since 2023, which has significantly reduced demand for projects and other purchases associated with buying and selling a home.”

“Our customers also tell us they have concerns over general economic uncertainty, including inflation, growing job concerns and higher financing costs,” McPhail continued, adding that the company also anticipated “these pressures will persist … as we look ahead to fiscal 2026.”

Despite Trump making hearty individual tax returns a selling point for his Big Beautiful bill last year, CEO Ted Decker said the company “is not counting on a lot of support from tax stimulus,” because consumers will instead use the money to “pay down debt or to put toward savings.”

Decker said Home Depot customers are foregoing major investments in their house because they want to move to new homes but are trapped in their current home by the Trump economy.

“Our customers are telling us that they’re not investing, certainly in large projects, and that has everything to do with consumer confidence and sentiment, jobs picture, overall price levels and affordability in the economy,” said Decker.

The AJC also reports that company execs are still trying to wrap their heads around the impact of Trump’s recent tariff turmoil. The U.S. Supreme Court ruled Friday that it was illegal for Trump to impose tariffs under an emergency powers law without congressional approval, but Trump retaliated by announcing he would impose a 15 percent global tariff under a separate law.

“We’re still analyzing the impacts of those decisions,” said Billy Bastek, Home Depot’s executive vice president of merchandising.

Last July, The White House boasted that Home Depot co-founder Ken Langone has “never been more excited about the future of America” than he is under Trump.” In an interview on CNBC, Langone even praised Trump’s economic policies.

“No. 1, like it or not, this guy [Trump] is getting things done,” said Langone. “… He’s acting presidential. I’m impressed with the people he’s got around him.”

Last year, Langone also praised Trump’s Big Beautiful Bill, claiming he was “worried about inflation and the deficit, but I think it might trigger such significant economic growth that we could see tax revenues going up through the profitability bracket.”



from Alternet.org https://ift.tt/8VW0HzQ
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