The Ezra Klein Show - Trump vs. the U.S. Economy

What is going on with the economy right now?

There are a lot of mixed signals. President Trump slashed taxes, but he’s also bringing in a lot of money through tariffs. Inflation is creeping up, but the stock market keeps rising. Eye-wateringly large investments are flowing to A.I., which could lead to an explosion of productivity but also mass job loss. And then Trump fired the head of the Bureau of Labor Statistics after a disappointing jobs report, raising concerns that the government’s data on the economy might get shakier.

Natasha Sarin is the president and a founder of the Budget Lab at Yale. She has been tracking these trends and modeling the potential economic effects of many of Trump’s policies. I invited her on the show to walk through what she is thinking about the economy.

Mentioned:

The Tariffs Kicked In. The Sky Didn’t Fall. Were the Economists Wrong?” by Jason Furman

Does the Stock Market Know Something We Don’t?” by Rogé Karma

Book Recommendations:

Showdown at Gucci Gulch by Alan Murray

Remarkably Bright Creatures by Shelby Van Pelt

The Undoing Project by Michael Lewis

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Kristin Lin, Jack McCordick, Marina King and Jan Kobal. Original music by Aman Sahota, Carole Sabouraud and Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Katharine Abraham, Skanda Amarnath, Kimberly Clausing, Kathryn Anne Edwards, Matthew Klein, and Claudia Sahm.

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The Daily Signal - The Daily Signal Presents “The “Signal Sitdown – How Modernity Betrayed Education | Dr. Matthew Spalding

 Should I even send my kids ⁠back to school⁠ at all? Parents at every level are asking this question, whether they're concerned about the exploding cost of higher education or the liberal takeover of the preschool classroom, because there is a disease running rampant through our education system.


Though Dr. Matthew Spalding, a Ph.D., is not a medical doctor, he has diagnosed this disease that has led to more parents questioning America’s educational institutions. As the dean of the Van Andel Graduate School of Government at Hillsdale College’s Washington, D.C., campus and a Gov. Ron DeSantis appointee to the New College of Florida Board of Trustees, Spalding continues to work on a cure. He joins ⁠“The Signal Sitdown”⁠ this week to discuss.


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The Daily - Chris Voss Says Trump’s Secret Weapon Is Empathy

The world-renowned negotiator on our “dealmaker in chief” and the benefit of approaching life as a deal waiting to be made.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

WSJ What’s News - What’s News in Markets: Intel Rallies, Amazon Delivers, Tapestry Plummets

What caused Intel’s share price to bounce back? And how did Amazon’s new same-day grocery delivery rollout affect its shares? Plus, how did a $160 million tariff hit cause turmoil for Tapestry? Host Liz Young discusses the biggest stock moves of the week and the news that drove them.

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WSJ Your Money Briefing - What’s News in Markets: Intel Rallies, Amazon Delivers, Tapestry Plummets

What caused Intel’s share price to bounce back? And how did Amazon’s new same-day grocery delivery rollout affect its shares? Plus, how did a $160 million tariff hit cause turmoil for Tapestry? Host Liz Young discusses the biggest stock moves of the week and the news that drove them.

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CoinDesk Podcast Network - BITCOIN SEASON 2: We’re in a Recession on TikTok, But Not in the Market

Stocks are soaring but TikTok is calling recession. The hosts examine viral recession indicators vs hard economic data to see if we're heading for downturn or if it's just vibes-based panic in 2025.


We’re diving deep into the disconnect between market performance and recession fears. They explore viral TikTok recession indicators, analyze Q2 earnings data, examine job market softening, and discuss whether we're actually heading into recession territory or if it's all just economic anxiety amplified by social media vibes.


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## Notes:

- 33% recession probability down from 45% in April

- S&P 500 earnings grew 11.8% year over year in Q2  

- Only 73,000 jobs added in July vs expectations

- May/June job numbers revised down by 258,000

- Energy sector earnings dropped 18-19% in Q2

- 92% probability of September Fed rate cut


Timestamps:

00:00 Start

00:32 Wen resesh bruv?

03:54 Recession Pop Music

10:48 White Lady Dasher

12:49 Data nerd time

24:56 Mag 7 earnings

26:49 Unemployment

31:34 Consumer credit 

33:44 What's a humble central bank to do?




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👋Bitcoin Season 2 is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!



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Everything Everywhere Daily - Joan of Arc (Encore)

In 1428, a young girl from the village of Domrémy, France, audaciously set out to meet the heir apparent to the French throne, the Dauphin, and told him what he had to do to defeat the English occupying her country. 

She claimed that she was told what to do by God. 

Against all odds, the Dauphin took her advice, and it worked. After a series of military victories, the Dauphin was crowned king, and the young girl went on to become one of the greatest heroes in French history. 

Learn more about Joan of Arc, her incredible story, and how it changed French history on this episode of Everything Everywhere Daily.

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The NewsWorthy - Special Edition: Kids & AI Companions – Friend or Faux?

AI is making its way into classrooms and even into kids’ social lives through AI “companions.” This episode explores what that means for learning, social skills, and academic integrity. We cover the risks of over-reliance, who’s responsible for oversight, and how educators can help students use AI without letting it do the thinking for them.

Join us again for our 10-minute daily news roundups every Mon-Fri! 

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For a limited time, Trade is giving 50% off a month of cold brew. That’s around 60 cups of cold brew, for 50% off when you go to drinktrade.com/newsworthy

 Save 20% Off Honeylove by going to honeylove.com/NEWSWORTHY! #honeylovepod

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CBS News Roundup - 08/16/2025 | Weekend Roundup

 On the "CBS News Weekend Roundup", host Allison Keyes gets the latest on President Trump's federal takeover of the police amid a crackdown on crime in the nation's capital from CBS's Scott MacFarlane and CBS's Linda Kenyon. We'll hear why the number of women working is declining in the nation. In the "Kaleidoscope with Allison Keyes" segment, a look at a case that could lead the Supreme Court to revisit its 2015 decision legalizing same sex marriage.

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Amicus With Dahlia Lithwick | Law, justice, and the courts - When Trump Hits New Jersey, This Lawyer Hits Back

Law firms, universities, and businesses are bending the knee to the Trump administration at the slightest threat. Amid this shocking cowardice, blue states have been a bastion of defiance against the president’s escalating power grabs—with attorneys general leading the way. Mark Joseph Stern talks with New Jersey Attorney General Matthew Platkin, who has been on the frontlines of this battle since Day One. 

Want more Amicus? Join Slate Plus to unlock weekly bonus episodes with exclusive legal analysis. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Amicus show page on Apple Podcasts and Spotify. Or, visit slate.com/amicusplus to get access wherever you listen.


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