Here & Now Anytime Why Trump’s ‘golden age’ has tarnished the middle class
Feb 25, 2026
Jonathan Weil, Wall Street Journal reporter covering finance and AI-linked market risks. Justin Wolfers, University of Michigan economist who studies labor and policy. They talk about inflation’s true shape and how it hits middle-income families. They discuss who gained from recent tax changes. They unpack circular AI financing, its risks, and what it means for investors and transparency.
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Inflation Remains Noticeably Above Target
- Inflation is still elevated around 2.5%–3%, so many everyday prices keep rising even if a few items fall.
- Justin Wolfers ties recent grocery and egg price moves to post-pandemic dynamics and specific events like bird flu recovery.
Policy Choices Contribute To Higher Costs
- The administration's policy choices have contributed to ongoing price increases rather than a full turnaround.
- Wolfers notes tariffs and policy decisions as partial drivers of higher costs for lower-income households.
Raw Job Counts Mislead About Labor Health
- Headline job counts mislead because population growth usually raises the number of people working.
- Wolfers recommends focusing on unemployment and notes the rate drifted from ~4% to about 4.25–4.5%, creating a 'no hire, no fire' market.