May 15, 2025
The Boston Globe recently published an article featuring research conducted by Mark Williams, Master Lecturer of Finance.
The study warns that Trump’s policies, tariffs, funding cuts, and immigration restriction, could cost Massachusetts 79,000 jobs and $13 billion in GDP by 2026. The state’s key sectors – higher ed, health care, biotech, and trade, are especially vulnerable, with major employers like Harvard and Mass General at risk.
“It’s an economic attack. Massachusetts is in greater jeopardy than most other states,” Williams adds.
Cuts to NIH funding alone could eliminate in 2026 14,000 jobs, while immigration and trade changes threaten tens of thousands more. The report urges state leaders to prepare for a potential recession and take legal and policy action to mitigate the damage.
Despite the grim outlook, the worst-case scenarios are not as dire as the 2008 recession. Still, Massachusetts is urged to aggressively respond to these harmful policies and protect its economy.
