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pkwsj.bsky.social
Writing about the U.S. economy for The Wall Street Journal. Currently based in Washington. Previously CDMX, São Paulo, Rio. Tips to [email protected] or Signal/WhatsApp +1-202-808-4258 https://www.wsj.com/news/author/paul-kiernan
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The Trump administration has returned 23 Salvadorans accused of being gang members. One is César Humberto López, an MS-13 leader who had been expected to testify in federal court about a back-channel alliance with the Bukele administration. www.wsj.com/world/americ...

Some $148 million of $TRUMP was purchased by investors to win spots at the dinner, according to Inca Digital. The memecoin’s price is down ~80% from January peak. A small number of traders made millions, while hundreds of thousands of smaller investors have lost money. www.wsj.com/finance/curr...

Treasury auctions are like the plumbing of a toilet: You only pay attention when something goes wrong, writes James Mackintosh www.wsj.com/finance/inve...

Disney notified 45 “cast members” who are Venezuelan workers who lost their temporary protected status that they are on leave without pay after the Supreme Court upheld the Trump administration’s termination of their legal status — the first major company to do so.

*cheeky* Time for some game theory. I think it’s possible that at least 2 of the Republicans on the Court would happily apply unitary executive theory even to the Fed. So what if the 3 Democrats simply said, in writing, “If you do this, when the Fed is before us, we will apply this as precedent.”

Fiscal deficits aren’t a problem until they are. www.wsj.com/finance/inve...

The invitation to the press conference was titled “Migrant Flight to South Sudan.” www.wsj.com/politics/pol...

I am just going to start auto-deleting emails from congressional press offices with the word “slams” or “blasts” in the subject line.

After several minutes of parsing the statute aloud during the hearing with Warren, Long wouldn’t exactly say that the president requesting revocation of tax-exempt status is illegal. Warren said Long shouldn’t be within 1,000 miles of the IRS commissioner’s office. www.wsj.com/politics/pol...

President Trump’s mass-deportation push has instilled widespread fear among migrants, but so far it hasn’t stopped many from showing up for work. “What alternative do we have?” one man told me. www.wsj.com/us-news/us-m...

One of the relatively small number of law/finreg experts who actively study crypto markets but are not bought by the crypto industry👇

Private funds’ (private equity, hedge funds, etc.) assets have tripled in the past decade to $31 trillion. SEC Chair Paul Atkins said he wants the agency to consider expanding retail investors’ access this market, which offers much less disclosure than public markets. www.wsj.com/finance/inve...

Republicans say charts like this are wrong because tax cuts, deregulation and increased oil-and-gas production will accelerate economic growth so much that extra tax revenue covers the costs. They don’t seem to be factoring in Trump’s tariffs and immigration crackdown. www.wsj.com/politics/pol...

Exclusive: Federal prosecutors across the country may soon be able to indict members of Congress without approval from lawyers in the Justice Department. If adopted, the changes would remove a layer of review intended to ensure that cases against public officials are not politically motivated.

President Trump is at risk of shrinking the Republican coalition that he broadened to win the 2024 election www.wsj.com/politics/ele...

Meanwhile US policymakers are trying to yank incentives for electric-vehicle development. www.wsj.com/business/ene...

“We do not believe that material multi-year reductions in mandatory spending and deficits will result from current fiscal proposals under consideration,” Moody’s said. www.wsj.com/economy/cent...

Since January, more than three dozen employees and associates of Musk and fellow tech titans Peter Thiel, Marc Andreessen and Palmer Luckey have been tapped for roles at federal agencies critical to their businesses, a Wall Street Journal analysis found. www.wsj.com/politics/tec...

*MICHIGAN CONSUMER SENTIMENT AT 50.8, SECOND LOWEST ON RECORD

In the Republican tax bill, President Trump’s priorities are overshadowing the “pro-growth” agenda traditionally favored by the GOP. www.wsj.com/economy/trum...

Meta’s 32-strike rule: Advertisers may accrue between eight and 32 automated “strikes” for financial fraud before the company bans their accounts, according to a document reviewed by WSJ. Meta says it “does not owe a duty to users” to address fraud on its platforms. www.wsj.com/tech/meta-fr...

FEMA chief David Richardson said in a recent staff meeting that “clarifying the intent of the president,” who has called for terminating the agency, was a challenge in preparing for hurricane season. “I feel a little bit like Bubba from Forrest Gump,” he said. www.wsj.com/politics/pol...

Wealthy Americans have lower rates of chronic diseases and live longer than their low-income counterparts. But the wealthiest Americans still have mortality rates comparable to the poorest Northern and Western Europeans. www.wsj.com/health/welln...

Hard economic data continue to show basically nothing amiss, despite astronomical policy uncertainty, rising inflation expectations and growth concerns in the soft (survey-based) indicators. www.wsj.com/livecoverage...

It’s easy to forget that just 18 months ago, Silicon Valley was insisting that totally normal people would wear these ridiculous VR headsets. Billions of dollars went poof. A case study for why insanely profitable companies should sometimes just boost their dividend. www.wsj.com/tech/they-pa...

Israeli military strikes killed at least 60 people in Gaza on Thursday, Palestinian medics say, as the U.S. and Arab mediators push for a ceasefire deal and President Trump visits the Middle East.

The highway trust fund, long funded by a gasoline tax, is running out of cash. In 2021, Democrats discussed raising the gas tax, but the Biden White House objected. Now Republicans want to impose annual fees of $100 for hybrid cars and $250 for electric vehicles. www.wsj.com/politics/pol...

The CFPB waived requirements that Toyota Motor Credit Corp pay tens of millions of dollars in refunds and redress to consumers. Thousands of borrowers had complained that dealers lied about "add-on" products (protection for things like damage, theft or out-of-warranty coverage) being mandatory.

“If I multiply my material needs, then I spend time in my life tending to them,” former Uruguayan President José “Pepe” Mujica told the WSJ in 2020. “If I live with simplicity, I have more time to nurture my relationships and passions. That is called freedom.” www.wsj.com/world/americ...

“This is my country,” said Maritz Grobler, an Afrikaner who owns 1,000 acres where he farms corn, beans, cattle and sunflowers. “South Africans on the ground will be able to move forward together if politicians get out of the way and go do their bloody jobs.” www.wsj.com/world/africa...

White House spokeswoman Karoline Leavitt said Friday that it was “ridiculous” to suggest “that President Trump is doing anything for his own benefit,” and that he was re-elected because Americans trust “he acts in the best interest of our country.” www.wsj.com/world/middle...

U.S., China Agree to Large Tariff Cuts; Global Markets Rally www.wsj.com/livecoverage...

At night, a mix of hungry men and opportunistic gangsters roam the streets looking for places to loot. In the absence of authorities, armed vigilantes chase down and beat up suspected thieves. He worries about break-ins, because he has a bag of flour in his home. www.wsj.com/world/middle...

The higher the top tax rate goes, the easier it could be for Republicans to avoid deep Medicaid cuts and reduce other taxes. It could also help counter Democrats’ charges that the GOP wants to cut the social safety net to pay for tax reductions for the rich. www.wsj.com/politics/pol...

A tiny country of unfathomable riches has been unable to sustain the basic functions of a state without running a perilous deficit. www.wsj.com/world/europe...

Martin has been among the most vocal advocates for Trump supporters who rioted at the Capitol on Jan. 6, 2021. He served on the board of the Patriot Freedom Project, a group that supported Jan. 6 defendants and led efforts to overturn Trump’s 2020 election loss. www.wsj.com/politics/pol...

The Fed may soon have to choose between stagflation and recession. www.wsj.com/economy/cent...

Buy American? No Thanks, Europe Says, as Tariff Backlash Grows. www.nytimes.com/2025/05/05/b...

Under Barack Obama the illegally present population of the US was very likely shrinking, as older Mexicans returned home. More generally, a pretty high share of irregular immigrants are not trying to establish lives in a new country; they're trying to save up quick to jump social class at home

The Trump administration will offer a $1,000 stipend and travel assistance to migrants who elect to voluntarily 'self deport' from the US, the Department of Homeland Security said reut.rs/43alobE

The Trump administration will put millions of defaulted student-loan borrowers into collections starting Monday and is threatening to confiscate their wages and federal benefits www.wsj.com/personal-fin...

A look around the recent auto show in Shanghai showed that local automakers have mostly stopped introducing new gasoline-powered models. In the U.S., by contrast, the traditional gasoline engine still powers about eight in 10 new vehicles. www.wsj.com/business/aut...

There is enough arsenic left over from this Canadian gold mine to kill 1.7 trillion people. It’s stored underground but above the water table. Perpetual human intervention is required to prevent the poison from escaping. Indigenous call it “Nahga,” the monster. www.wsj.com/world/canada...

Some small and midsize U.S. manufacturers are seeing an uptick in orders from companies looking to avoid new tariffs. But many are reluctant to hire more workers or expand production lines without knowing if the tariffs will stick around. www.wsj.com/economy/trad...

Some Republican states are turning down federal money for poor kids to prove a point. “I don’t like summers,” Iowa school staffer Karen Stover said, “because I know they’re hungry, and there’s nothing I can do about it.” www.wsj.com/politics/pol...

Investors who are taking comfort in cash these days shouldn’t feel too complacent. Their broker may be charging an arm and a leg for the privilege. www.wsj.com/finance/inve...

I don't believe I've seen a company confess to bribery in an SEC filing before but I do tell my students, the securities laws don't care about your crimes as long as you're honest about them.