Impolitic with John Heilemann Jason Furman: Jerome Powell, Resistance Hero
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Jan 16, 2026 
In this engaging discussion, Harvard economist Jason Furman, former chair of the Council of Economic Advisers, dives into the state of the U.S. economy as Trump begins his second term. He meticulously fact-checks Trump's economic claims, revealing the realities behind wage growth and tariffs. Furman explores the political ramifications of Jerome Powell's stance against Trump’s attacks on the Fed, highlighting the unusual bipartisan support for Powell. The conversation also touches on global concerns ahead of Davos and critiques Trump's housing and healthcare proposals.
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Economy Is Resilient But Messy
- The U.S. economy in early 2026 is resilient with momentum despite Trump overstating successes.
- Many indicators (GDP, inflation, jobs) are mixed, leaving politics separate from macro strength.
Wage Gains Are Real But Small
- Real wages rose modestly about 1.1% over prices, equating to roughly $600 annually.
- Trump's claimed multi-thousand dollar gains were exaggerated by several-fold.
Grocery Inflation Fuels Affordability Anger
- Grocery prices are rising faster than pre-pandemic trends and drive affordability pain.
- Trump overpromised he could lower price levels and is falling short politically and economically.