The episode kicks off with a withering look at the “Big Beautiful Bill,” a deficit-busting tax cut that showers the rich while hacking away at Medicaid for the poorest Americans. Then, a trip to Minnesota’s Iron Range, where Bethany McLean discusses the bitter fight over Nippon Steel’s bid to buy U.S. Steel—and the awkward dance between union leadership and the workers they claim to represent. It’s a story about how economic reality collides with political theater, and why Democrats keep misreading the mood in places that once anchored their coalition. And in the Spiel, a reminder that no amount of spectacle can disguise the trade-offs hiding in plain sight of that big, beautiful boondoggle.

Produced by Corey Wara

Production Coordinator Ashley Khan

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