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The NPR Politics Podcast

President Trump tries to refocus on the economy

13 Jan 2026

Transcription

Chapter 1: What is the main topic discussed in this episode?

0.352 - 13.967 Miles Parks

Hi, this is Brian in Madison, Wisconsin. I'm sitting in the hospital room with my 44-hour-old son while his mom gets some well-earned rest in between overnight feedings. This podcast was recorded at 1.08 p.m.

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14.167 - 15.549 Deepa Shivaram

on January 13, 2026.

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17.291 - 23.237 Miles Parks

Things may have changed by the time you hear this, but my wife and I will be tired. Okay, here's the show.

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29.528 - 30.89 Unknown

Got a real backseat baby.

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31.091 - 38.704 Deepa Shivaram

I know. That is awesome. I feel like I was going to say I remember it like it was yesterday, but actually I don't. Like I have totally blocked that period out completely.

38.845 - 43.212 Unknown

Oh, I love we have a timestamp for that. Like that little coup in the background.

43.233 - 44.054 Deepa Shivaram

I know. That was awesome.

44.074 - 44.795 Unknown

How perfect was that?

45.076 - 49.123 Deepa Shivaram

Hey there. It's the NPR Politics Podcast. I'm Myles Parks. I cover voting.

Chapter 2: What is President Trump's economic message in his upcoming Detroit speech?

283.711 - 288.161 Scott Horsley

So, you know, people aren't necessarily feeling like life is getting a whole lot more affordable.

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288.381 - 296.038 Deepa Shivaram

I definitely I had that moment yesterday. I opened up my gas bill and I was like, whoa, OK, that's where we're at right now.

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296.018 - 314.555 Scott Horsley

Yeah, it's interesting. I was talking with Mark Wolf, who heads the National Energy Assistance Directors Association. That's a lot of state offices that help low-income people with their energy bills. He told me that people didn't used to necessarily pay a lot of attention to what their monthly electric bill or heating bill was. They knew what the price of gasoline was.

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314.655 - 326.025 Scott Horsley

They knew what the price of eggs was. But these other prices, they just weren't all that salient. But now they know. They've seen these big spikes, and they can tell you how much they paid for electricity last month or how much they paid for natural gas to heat their homes.

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326.005 - 344.715 Deepa Shivaram

Well, it's so interesting now this speech, Deepa, in Detroit from President Trump. I'm curious about how he's thinking about this, because after the off-year elections that Democrats performed very well in November, I feel like that was kind of this blinking sign that said voters still really care about this affordability idea.

345.055 - 351.726 Deepa Shivaram

But as you mentioned, he just hasn't talked about it very much in the weeks and months following that. Why hasn't this been more of a focus for him?

351.706 - 366.065 Unknown

Yeah, I will say I think if he has talked about it, it's been in an inconsistent way, right? Like even if you scroll through his social media, like that's where he puts out a lot of announcements and news. Oftentimes the White House will be like, oh, the president, you know, it's not coming from the White House. It's coming from the president's social media feed.

366.085 - 381.164 Unknown

And even if you scroll through that, I mean, it's like every now and then there's like a sporadic like affordability like post in between a lot of other news. And I think it comes down to the fact that there are just a lot of other things the president would rather be talking about. And if he is going to talk about the economy, he wants to talk about how great the economy is.

381.404 - 398.26 Unknown

And if he is going to talk about the negative parts of the economy, he's going to talk about how it's Democrats' fault, how it was a poor economy left to him by the Biden administration, and how immigrants are the big problem behind the poor economy that people are supposedly feeling. And otherwise, the economy is great and nothing is wrong with it and we're thriving.

Chapter 3: How are voters reacting to Trump's approval ratings on the economy?

435.751 - 452.993 Unknown

But in terms of what voters are feeling, that message of like, hey, even though gas prices are lower, even though mortgage rates might have gone down, you're not feeling that in your pocketbook. And I just find it a really interesting thread because it's something that certainly the Biden administration really struggled to message on as well.

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452.973 - 468.252 Deepa Shivaram

Well, that's what I was thinking about is like I thought for sure coming out of the 2024 election that one of the takeaways broadly in the U.S. political system was that you can't tell voters the economy is good if they're not feeling it. And it does feel like I don't know. It does feel like it's still happening to some extent.

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468.272 - 484.395 Unknown

It does. And like to your point about the 2025 elections, you look at the gubernatorial races right in New Jersey and Virginia. where there was that acknowledgement from Democratic candidates where it was, hey, this president isn't following up on lowering costs like he promised. And we're acknowledging that like prices are high. Your energy bills are high.

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484.435 - 493.388 Unknown

Like there are things that are going on that are very valid problems. And the rhetoric that you hear from the president and even from the White House writ large, because, you know, he's got his social media.

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Chapter 4: What specific economic issues are impacting voters' perceptions?

493.408 - 503.932 Unknown

But then if you just look at the way the White House is messaging this and White House officials are messaging this, it's only talking about like the economy is great. And even yesterday, Press Secretary Caroline Leavitt was just like, it's only good things.

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504.333 - 512.342 Deepa Shivaram

Well, do you think, Scott, that there's going to be some moment where the tax refunds start coming in in a couple months and people's opinions about all of this stuff just change?

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512.609 - 535.528 Scott Horsley

You know, it's going to be very interesting to see how much those tax cuts really move the needle because we know from all the official forecasts that the lion's share of these tax cuts are going to upper income families and corporations. You know, people at the bottom rungs of the income ladder, and I say really the bottom rungs, really up until about the midpoint of the income ladder,

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535.981 - 558.681 Scott Horsley

The tax cuts really aren't all that much. And they're also, for many people, being offset by higher costs for health insurance, maybe a loss of Medicaid with some of the new requirements there. So it's not going to be an unalloyed win for a lot of families, including the ones who are most acutely affected by some of the affordability challenges we've talked about.

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558.661 - 581.074 Scott Horsley

Remember, a lot of what the tax bill passed last summer did was simply extend the tax cuts that were initially passed back in 2017. So I suppose it'll be a positive for people that their taxes won't be going up. But in most cases, they're not going to be going down a whole lot either. Now, for tipped workers, they might see a more meaningful decrease from the no tax on tips measure, for example.

581.054 - 598.59 Scott Horsley

Some Social Security recipients may get a little bit of a break. But I think most middle and lower income families are probably not going to see a huge windfall in their take-home pay. And so the political benefit and the economic benefit of those tax cuts may be kind of watered down.

598.672 - 613.211 Unknown

I do think it's interesting, too, because as that argument's happening, the White House is saying, like, you know, just wait till the spring, just hold on a little bit longer. You're going to see it soon. There's a lot of like littler announcements that the White House is making, right? Like they want to cap credit card interest rates.

613.291 - 625.51 Unknown

And the president says he's going to tackle that, although has not clarified how exactly that's going to happen. He doesn't really have the authority to do it. Credit card companies might not agree. Things like he's saying he's going to announce an affordable housing plan.

625.53 - 636.313 Unknown

There's a lot of rhetoric going out and a lot of different ideas and a lot of different thoughts, but not necessarily something like to Scott's point that people are going to see affecting their lives.

Chapter 5: What does the latest data reveal about the current state of the economy?

947.971 - 969.111 Scott Horsley

If the financial world thought that Trump really was going to be able to exercise control over the Fed, I think you would have seen a much bigger sell-off in the stock market and a bigger reaction in the bond market. The financial world believes that the Fed will conduct itself and set interest rate policy on its own lights and not be subject to political pressure.

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969.252 - 980.134 Scott Horsley

And if that sort of rock solid understanding is seriously monkeyed with, then you're going to see a very negative reaction in the financial market, I think.

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980.266 - 991.99 Unknown

It kind of sort of ties into the way the president approaches explaining people's negative feelings about the economy too because whenever he gets asked about that, he'll talk about how he inherited a terrible economy from Joe Biden.

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992.09 - 995.257 Scott Horsley

Which by the way, I just have to interject. Yeah, yeah. That's just not true.

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995.317 - 996.96 Unknown

Right, right. Right, right, right.

996.98 - 1011.488 Scott Horsley

To be clear. The U.S. economy was the envy of the world in 2024, as The Economist magazine said. Trump loves to say everything was terrible until I came in and then an enormous, wonderful renaissance happened. There's just very little objective evidence to back that up.

1011.468 - 1030.877 Unknown

Right. His claims that he inherited a terrible economy, I should say, and then immediately will kind of pivot to blaming Jerome Powell. He calls Jerome Powell too late. That's his nickname for him and interjects that thought as a way of saying, you know, if you're unhappy with the economy right now, like blame this person, blame this previous administration, etc., etc.,

1030.857 - 1047.027 Unknown

But, yeah, to you guys' point, I mean, this is something that's not new. Even though Trump told NBC he has nothing to do with this investigation, I mean, he certainly has not been shying away from criticizing Jerome Powell, posting about him on social media and even floating lawsuits against him.

1047.007 - 1064.732 Deepa Shivaram

And to the point of who's going to kind of win in this push and pull, I will say also that arguments are coming up in the next week or so at the Supreme Court over whether Trump has the authority to fire a member of the Federal Reserve, right? Lisa Cook. So that is going to be something we're obviously going to be watching as we get a sense of who's going to win this battle.

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