The NPR Politics Podcast Year In Review: Trump's Economy
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Dec 23, 2025 
Scott Horsley, NPR's chief economics correspondent, dives into the complexities of Trump's economy. He highlights the disconnect between favorable macroeconomic indicators and the public’s struggles with inflation and stagnant wages. The discussion touches on how tariffs disproportionately affect lower-income households and the wealthy's gains from stock market surges. Scott explains Trump’s tariff policies, emphasizing how they raise costs for consumers while attempting to bolster U.S. manufacturing, a promise that remains largely unfulfilled.
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Positive Stats vs. Lived Experience
- The White House touts positive stats while downplaying costs that hit households directly.
- Polls show consumer confidence fell because lived prices matter more than macro indicators.
Aggregate Strength Masks Worker Strain
- GDP and investment look solid but wages have slowed and housing and jobs show weakness.
- Many workers feel they're treading water despite aggregate indicators appearing OK.
Wage Gains Are Uneven
- Macroeconomic averages hide distributional differences in wage gains.
- Bank of America data shows higher-income workers gained more pay than middle and low earners.