As 2025 draws to a close, commentators on Slate’s What Next podcast say the U.S. economy under President Donald Trump shows signs of losing momentum, even as prices remain high. They argue that tariffs and policy uncertainty are adding to economic pressures and complicating the Federal Reserve’s interest rate decisions.
At the end of 2025, the U.S. economy is being described by some analysts as slowing while inflation remains a concern. An episode of Slate’s What Next podcast examining President Donald Trump’s economic record at year’s end characterizes growth as decelerating against a backdrop of still‑elevated prices.
The discussion, as summarized in Slate’s show description, links Trump‑era tariffs and ongoing trade tensions to added strain on the economy. These policies, the episode suggests, have contributed to headwinds for businesses and consumers and have muddied the outlook for the coming year.
The podcast also highlights divisions within the Federal Reserve over the appropriate path for interest rates. Governors and regional Fed presidents are portrayed as weighing the risks of keeping borrowing costs high to tame inflation against the danger of tightening policy too far as growth cools.
While the episode notes that presidents have limited direct control over broad macroeconomic trends, it points out that Trump does wield tools that can influence conditions at the margins. Trade policy, regulatory choices and fiscal decisions are cited as areas where the White House could attempt to address some of the pressures facing households and firms.
The segment further underscores the gap that can open up between political messaging and economic reality, describing how Trump has sought to frame public perceptions of his stewardship of the economy even as many Americans continue to feel the pinch of higher prices. The show notes do not reproduce verbatim remarks, and a widely circulated quip about voters’ “lying bank accounts” does not appear in Slate’s materials and cannot be independently verified as a direct Trump quote.
Catherine Rampell, an economics commentator and columnist who appears as a guest on the episode, offers analysis of the trade‑offs between supporting growth and bringing inflation under control. Her remarks, as described by Slate, emphasize the difficulty of achieving both solid expansion and price stability at the same time.
Hosted by Mary Harris, the What Next installment focuses on the immediate challenges facing the economy rather than making detailed forecasts. It situates the late‑2025 data in the broader context of Trump’s economic agenda and the policy debates that will shape the next phase of the recovery.
