A Father’s Day Shoutout | Stewardship Concepts Financial Advisors

Hi everyone, Noah here. Wishing you all a great Father’s Day weekend! A special shout-out to my dad, Norm, for being an incredible father. He’s a big fan of pickleball, always ready with a great dad joke, and has never stopped believing in me.

Let's dive into a two-minute look at the economy, an interesting story, and a financial planning secret.

📊 Economy – Jobs Beat Expectations, But Cracks Are Showing

Real GDP fell 0.2% in Q1 2025, the first drop since 2022, primarily driven by a surge in imports ahead of expected tariffs, which created the biggest trade drag since 1947. In Q2, GDP is expected to rebound to 3.8%, with exports adding 2 points. But the headline swings are mostly about trade volatility.

Looking deeper at core GDP, which includes consumer spending, business investment, and homebuilding, rose 2.5% in Q1 and is tracking at 1.9% in Q2. Slower, but still growing. The economy isn’t shrinking or booming, it’s growing steadily beneath the headlines.

🌍 Interesting Stories – Trump Says Immigration Crackdown Is Bad for Business

President Trump said this week that his immigration policies are hurting farms and hospitality businesses. He promised a more “common-sense” approach. Nearly half of farmworkers are undocumented, and employers fear losing key staff.

His remarks came after a wave of immigration raids sparked protests in cities like Los Angeles. We even saw protests in Spokane this past Wednesday, leading to 30 arrests. Economists warn that continued enforcement could slow U.S. economic growth. Meanwhile, industry groups are urging Congress to expand visa programs.

💡Financial Planning Secret – WEP Social Security Reduction Has Been Eliminated

The Windfall Elimination Provision, or WEP, used to reduce Social Security benefits for individuals who receive a pension from jobs that did not contribute to Social Security, such as many teachers and public employees. WEP changed the benefit formula, reducing monthly payments by up to $557 in 2025, depending on how many years a person contributed to Social Security-covered work.

Legislation repealing WEP was passed at the end of last year. This means that affected retirees will no longer have their Social Security benefits reduced due to a non-covered pension. Some may also receive retroactive payments going back to December 2023. We will have to see how long it takes for these changes to take effect.