Oct 3, 2026 · 16 min
Weak jobs data collides with California’s billionaire tax fight
Growing Black Unemployment, Taxing California Billionaires, New Supreme Court Cases
The episode connects a cooling labor market to high-stakes fights over taxation and the Supreme Court’s next major cases.
- 1September’s weak job growth and rising Black unemployment point to a low-hire, low-fire labor market before Election Day.
- 2California’s proposed one-time billionaire tax could raise tens of billions while risking an exodus of wealthy residents and businesses.
- 3The Supreme Court will weigh climate liability, gun restrictions, religious rights, deportation policy, and property seizures.
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Betsey Stevenson explains how a low-hire, low-fire labor market can weaken without producing dramatic layoffs, while racial disparities worsen.
The brief
The latest jobs report shows a labor market losing momentum: hiring is weak, unemployment is slightly higher, and Black workers face a sharper rise in joblessness.
Economist Betsey Stevenson describes a low-hire, low-fire economy, with women’s gains concentrated in health care and wage pressure offering clues before Election Day.
California’s proposed one-time tax on billionaire assets could generate tens of billions for public services, but opponents warn it could drive wealth and businesses away.
Marisa Lagos explains why the tax is also a political gamble for Governor Gavin Newsom and Democrats, as supporters frame it as an answer to inequality.
Carrie Johnson previews Supreme Court cases on climate liability, AR-15 bans, religious-school funding, third-country deportations, and an airplane seized under the Eighth Amendment.
Betsey Ayer Stevenson
Marisa Lagos
California
Supreme CourtListen to the full episode and explore every guest, topic, and moment on PodLume.