The Bulwark Podcast Catherine Rampell and Michael Steinberger: Trump Wants to Cook the Books
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Dec 17, 2025 
Catherine Rampell, an economics editor at The Bulwark, critiques the administration's data manipulation and its impacts on labor markets and inflation. She highlights the rising concerns around statistical cuts and distorted economics as job losses mount. Michael Steinberger, author of 'The Philosopher in the Valley,' dives into Palantir's controversial role in surveillance and political influence, discussing its roots in counterterrorism and ties to ICE. Their engaging conversation reveals the intersection of technology, policy, and ethics in today's society.
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Jobs Data Likely Overstates Strength
- The jobs report likely overstates job additions by about 60,000 according to Fed staff, so recent weak numbers may mask deeper weakness.
- Measurement issues around survey nonresponse during firm closures make the economy look better than it is.
Tariffs Fuel Stagflation Tension
- Tariffs both raise prices and weigh on investment, creating simultaneous inflation and stagnation risks — i.e., stagflation.
- That makes the Fed's job impossibly conflicted between fighting inflation and supporting employment.
Don't Rely On Tariff-Funded Handouts
- Expect Trump to pitch direct rebate checks funded by tariff revenue as a quick political fix for affordability complaints.
- Remember tariff revenue is not a reliable or permanent funding source and legal challenges may force refunds to companies.