November 21, 2025 • 13 mins
-
Opening Context
- The famous phrase: “It’s the economy, stupid” stresses the importance of economic perception in politics.
- Dissatisfaction with the economy often leads to blame on the sitting president.
-
Criticism of Biden Administration
- Claims Biden’s tenure caused high inflation (up to 9%) and wage decline (approx. $3,000 loss in take-home pay).
- Biden favored policies benefiting foreign-born workers and illegal immigration, harming American workers.
-
Trump Administration Achievements
- Jobs Report: September added 119,000 new jobs, more than double expectations.
- Construction Jobs: Surged by 19,000—the largest monthly gain in a year.
- Wages: Up 3.8% year-over-year; real wages projected to increase $1,200 annually.
- Inflation: Claimed to be under control compared to Biden era.
- Private Sector Growth: Most jobs went to native-born citizens.
-
Foreign Investment Surge
- Lists massive investments from countries and corporations (UAE, Qatar, Japan, Apple, EU firms, Saudi Arabia, SoftBank, Nvidia, etc.).
- Total U.S. and foreign investment cited as $9 trillion.
- Highlights Trump’s “America First” policy requiring companies to invest domestically.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
It speaks volumes that tomorrow we have a communist coming
to the White House, because that's who the Democrat Party
elected as the mayor of the largest city in the country.
I think it's very telling, but I also think it
speaks to the fact that President Trump is willing to
meet with anyone and talk to anyone and to try
to do what's right on behalf of the American people,
(00:21):
whether they live in to Louse States or rest States.
Speaker 2 (00:24):
You're listening to the forty seven Morning Update with Ben ferguson.
Speaker 3 (00:28):
Good Friday morning. Nice to have you with us on
the forty seven Morning Update, and we've got one big
story for you, and it deals with the economy. Massive
job growth that was unexpected by the experts and the
media completely silent on it. This is they're also trying
to claim that Donald Trump's economy is a disaster. Well,
the numbers don't back that up at all. And I'm
(00:50):
going to give you all of what the President had
to say at the White House on this as well
in just a moment. But first I want to tell
you about an incredible opportunity from Hills College that's not
going to cost you a single dime to take some
of the greatest courses about this country. There's so much
confusion in the world today and it can be hard
to find clarity and truth, and that is where the
(01:13):
new Hillsdale College miniseries on Colonial America offers a powerful
reminder that the first Americans were searching for the same
things they believe. That faith and reason revealed God's design
for the world, and the understanding became the foundation of
the courage and freedom. It's a stirring look at the
ideas that still hold us together today, and the new
(01:36):
Hillsdale College Miniseries on Colonial America offers a fresh way
to think about Thanksgiving beyond the food and the political debates.
It reminds us what we should truly be thankful for
our freedom, our prosperity, and our faith. The first Americans
built all of that from nothing, and their story is
told here with unmatched depth and inspiration. So I want
(02:01):
you to go right now to Hillsdale dot edu slash
Morning Update to enroll. There's no cost and it's easy
to get started. That's Hillsdale dot edu slash Morning Update
to enroll for free and get this incredible class. There's
also more than forty other free online courses that we're
(02:25):
offering you right now. Courses on C. S. Lewis. The
story is in the Book of Genesis, the rise and
Fall of the Roman Republic, and you can even go
deeper on American founding and the Constitution, all for free.
Go to Hillsdale dot edu slash Morning Update to enroll
for free right now. That's Hillsdale dot edu slash Morning Update.
(02:47):
It is the forty seven Morning Update and it starts
right now.
Speaker 2 (02:50):
Story number one.
Speaker 3 (02:51):
There's an old saying in politics, it's the economy stupid.
It's an important one because if Americans feel like the
economy is not going in the right direction, they almost
always blame whoever is in charge of the country, the
president of the United States of America. Well, there are
a lot of Americans right now that are not happy
where pricing is and where the economy is. It's part
(03:13):
of the reason why President Donald Trump was elected president.
But Democrats are seizing this moment to now say that
Donald Trump's economy is a disaster. The Trump White House,
they're fighting back and working to fix what they describe
as the affordability crisis and proving that they're making significant
progress in this area after Americans suffered under bidenflation for years.
(03:39):
The White House Press Secretary of Caroline Levitt pointing out
during Thursday's press briefing just how bad things were, saying, quote,
these gains came after the summer passage of President Trump's
historic tax cuts and multiple big trade deals with countries
around the world. In particular, construction jobs have surged by
nineteen thousands, up to the largest monthly game in a year.
(04:04):
She also pointed out that most of this growth came
from private sector, and native born citizens are getting these
jobs rather than foreign born workers. This, Levitt pointed out
as the opposite of what we saw under the Biden administration.
She also reminded Americans of this that inflation also remains
(04:26):
under control and wages are up three point eight percent
over the year for American workers because of President Trump's
pro growth policies. In fact oral, wages are at a
pace to increase roughly one thousand, two hundred dollars for
the average worker this year alone under President Donald Trump. Now,
(04:47):
if the economy is in such bad shape, how is
it that wages are going up like this? Now, There's
no doubt that a lot of the money we're making
now is going to goods and services that are high price.
The President also working on that, saying, quote, what we're
doing this is a complete reversal when we saw inflation
(05:09):
skyrocket to nine percent, causing private sector workers to see
their wages decline by approximately three thousand dollars, while Americans
are still suffering the consequences of the four years of
economic disaster the Biden administration. The White House Press Secretary
said Donald Trump is making significant progress to fix this
(05:30):
and he will not stop working until he solves it.
As the President recently stated he is never satisfied.
Speaker 1 (05:37):
In economic news, the September jobs report showed the American
economy remains strong, with one hundred and nineteen thousand new
jobs added, more than double expectations. These gains came after
the summer passage of President Trump's historic tax cuts and
multiple big trade deals with countries around the world. In particular,
(05:59):
construction surge by nineteen thousand in September, the largest monthly
gain in a year. Nearly all of this solid monthly
job growth came from the private sector and went to
Americans rather than foreign born workers, the opposite of what
we saw under the previous administration. Inflation also remains under
(06:19):
control and wages are up by three point eight percent
over the year for American workers because of President Trump's
pro growth policies. In fact, real wages are on pace
to increase roughly twelve hundred dollars for the average worker
this year under President Trump. This is a complete reversal
of the failed Biden era, when we saw inflation's skyrocket
(06:42):
to nine percent, causing private sector workers to see their
wages decline by approximately three thousand dollars. We know that
Americans are still hurting from the four decade high inflation
caused by Joe Biden and the Democrats, but President Trump
is making significant progress to fix this and he will
not stop working until he solves it. As the President
(07:04):
recently stated, he is never satisfied.
Speaker 3 (07:08):
The White House Press Secretary wasn't the only one talking
about the positives and the economy. Vice President j. D.
Vance also pointing to the economic realities of Yes, things
are bad in some categories because of what happened over
the last four years, but the Biden administration didn't ruin America,
and Donald Trump is fixing it as fast as he
(07:29):
possibly can. Here's what the Vice President had to say
in a Breitbart News event on Thursday.
Speaker 4 (07:35):
Vice President, the big news this morning has new jobs
numbers blew away expectations huge from the September numbers, so
these were delayed because of the government shut down. More
than double one hundred nineteen thousand new jobs. And then
also there's some interesting stuff in the wages numbers there
as well. This shows wages on the rise. Your thoughts
on the jobs numbers.
Speaker 5 (07:52):
Okay, so a huge jobs report, and I assume the
market is going crazy right now, probably just opened, because
what the shows is that the economic policies are actually
working and you've got one hundred nineteen thousand new jobs.
Economists thought that we would have about fifty thousand new jobs,
but that's actually just the headline number. If you look
below the surface, I think the numbers are actually better.
So Number one, wages continue to weigh out pace inflation.
(08:15):
If you go back to the three years of the
Biden administration, the average American worker actually lost about three
thousand dollars of take home pay. In the first ten
months of the Trump economy, We've increased take home pay
by about twelve hundred dollars, adjusting for inflation. So that's
a huge, huge thing, and this job's report confirms that.
Speaker 3 (08:33):
So if you go back to the lie being told
by the media that things are terrible, they weren't freaking
out when that workers lost about three thousand dollars of
take home pay under the Biden administration. In the first
ten months of the Trump economy, you've got wage increases,
a take home pay of about one two hundred dollars.
(08:53):
That is a massive forty two one hundred dollars swing. Now,
I also so highlighted the private sectors driving this economy growth,
and the jobs are going to native born citizens rather
than foreign workers. It's a drastic change from the reality
under the Biden administration. And what happened under the Biden
(09:15):
administration is to the extent that there was any job
growth at all. If you look at the data, JD.
Van said, almost all of the net job creation in
the United States under the Biden administration went to foreign
born workers. Now, of course, some of those people are
illegal immigrants in the United States of America, he continued,
(09:35):
but that meant a lot of the job creation was
actually going to legal aliens who shouldn't have been in
our country. Senator Bernie Marino, Republican from Ohio, also pointed
out the fact that the influx of foreign workers imported
by the Biden administration really hurt American workers, and Americans
are remember the damage that was inflicted upon the country
(09:57):
under the Biden administration, and it cannot be done done
what they did to this country in a matter of months,
surging this country with up to twenty million illegal immigrants.
He also urged Republicans to respond with urgency, saying these
realities coincide with the Trump administration celebrating the strides made
in the affordability crisis since Donald Trump took office in January.
(10:21):
That includes falling gas prices which reach record highs under
Joe Biden, as well as dipping mortgage rates, falling inflation,
and boose and take home pay. Those victories do not
even include what the Trump administration has achieved through trade
deals and historic investments secured by the president, all of
(10:43):
which the President has been talking about his steps in
the right direction. What the media should be calling this
is the Trump Effect. Since President Donald Trump returned to office,
it's very clear that his America First economic policies have
sparked trillions of dollars in new investments in US manufacturing, technology,
(11:05):
and infrastructure. Total US and foreign investment is now at
nine trillion dollars. Where's the money coming from? The UAE
putting in foreign investments of one point four trillion into
manufacturing and industry, technology, aerospace as well, Katar putting one
point two trillion into America again in manufacturing, an industry
(11:28):
sector with technology and manufacturing being the main point. Japan
one trillion into auto plants in US steel, Apple six
hundred billion into technology and manufacturing as well. EU firms
putting in general investment of six hundred billion, Saudi Arabia
putting in six hundred billion and now saying it's going
(11:49):
to go to one trillion dollars again in technology and manufacturing,
Soft Bank, Open AI and Oracle five hundred billion all
A AI infrastructure projects, Navidia a half a trillion dollars
in AI infrastructure and supercomputers, India investing a half a
(12:09):
billion and mutual trade expansion South Korea four hundred and
fifty billion US energy products, Micron two hundred billion semiconductor
manufacturing and research and development, IBM one hundred and fifty
billion of growth and manufacturing operations in the US, Pfizer
(12:30):
seventy billion into research, development and capital projects, and Google
sixty eight billion for AI infrastructure, electrician grants, hydropower facilities,
just to name a few. There are countless investments. I
could go on and on with Johnson Johnson, Astrozeneca, Bristol Myers, Squib, Amazon, Hondai, Eli, Lilly.
(12:55):
The list is long. But what did the President do here?
He made it. If you want to do business in America,
you need to invest in America. You can't just export
or import. You must be a real player in this country.
And that is exactly why the President has made it
possible through his leadership for the USC a surge of
(13:16):
private and foreign investments that are fueling job growth, innovation,
and opportunity across every corner of the country. So yet again,
President making good on a promise, even though the media
is trying to tell you that everything's terrible in America,
and the reality is we're moving in the right direction.
Speaker 2 (13:37):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news also subscribe to the Ben Ferguson podcast,
and we will see you back here tomorrow
It speaks volumes that tomorrow we have a communist coming
to the White House, because that's who the Democrat Party
elected as the mayor of the largest city in the country.
I think it's very telling, but I also think it
speaks to the fact that President Trump is willing to
meet with anyone and talk to anyone and to try
to do what's right on behalf of the American people,
(00:21):
whether they live in to Louse States or rest States.
Speaker 2 (00:24):
You're listening to the forty seven Morning Update with Ben ferguson.
Speaker 3 (00:28):
Good Friday morning. Nice to have you with us on
the forty seven Morning Update, and we've got one big
story for you, and it deals with the economy. Massive
job growth that was unexpected by the experts and the
media completely silent on it. This is they're also trying
to claim that Donald Trump's economy is a disaster. Well,
the numbers don't back that up at all. And I'm
(00:50):
going to give you all of what the President had
to say at the White House on this as well
in just a moment. But first I want to tell
you about an incredible opportunity from Hills College that's not
going to cost you a single dime to take some
of the greatest courses about this country. There's so much
confusion in the world today and it can be hard
to find clarity and truth, and that is where the
(01:13):
new Hillsdale College miniseries on Colonial America offers a powerful
reminder that the first Americans were searching for the same
things they believe. That faith and reason revealed God's design
for the world, and the understanding became the foundation of
the courage and freedom. It's a stirring look at the
ideas that still hold us together today, and the new
(01:36):
Hillsdale College Miniseries on Colonial America offers a fresh way
to think about Thanksgiving beyond the food and the political debates.
It reminds us what we should truly be thankful for
our freedom, our prosperity, and our faith. The first Americans
built all of that from nothing, and their story is
told here with unmatched depth and inspiration. So I want
(02:01):
you to go right now to Hillsdale dot edu slash
Morning Update to enroll. There's no cost and it's easy
to get started. That's Hillsdale dot edu slash Morning Update
to enroll for free and get this incredible class. There's
also more than forty other free online courses that we're
(02:25):
offering you right now. Courses on C. S. Lewis. The
story is in the Book of Genesis, the rise and
Fall of the Roman Republic, and you can even go
deeper on American founding and the Constitution, all for free.
Go to Hillsdale dot edu slash Morning Update to enroll
for free right now. That's Hillsdale dot edu slash Morning Update.
(02:47):
It is the forty seven Morning Update and it starts
right now.
Speaker 2 (02:50):
Story number one.
Speaker 3 (02:51):
There's an old saying in politics, it's the economy stupid.
It's an important one because if Americans feel like the
economy is not going in the right direction, they almost
always blame whoever is in charge of the country, the
president of the United States of America. Well, there are
a lot of Americans right now that are not happy
where pricing is and where the economy is. It's part
(03:13):
of the reason why President Donald Trump was elected president.
But Democrats are seizing this moment to now say that
Donald Trump's economy is a disaster. The Trump White House,
they're fighting back and working to fix what they describe
as the affordability crisis and proving that they're making significant
progress in this area after Americans suffered under bidenflation for years.
(03:39):
The White House Press Secretary of Caroline Levitt pointing out
during Thursday's press briefing just how bad things were, saying, quote,
these gains came after the summer passage of President Trump's
historic tax cuts and multiple big trade deals with countries
around the world. In particular, construction jobs have surged by
nineteen thousands, up to the largest monthly game in a year.
(04:04):
She also pointed out that most of this growth came
from private sector, and native born citizens are getting these
jobs rather than foreign born workers. This, Levitt pointed out
as the opposite of what we saw under the Biden administration.
She also reminded Americans of this that inflation also remains
(04:26):
under control and wages are up three point eight percent
over the year for American workers because of President Trump's
pro growth policies. In fact oral, wages are at a
pace to increase roughly one thousand, two hundred dollars for
the average worker this year alone under President Donald Trump. Now,
(04:47):
if the economy is in such bad shape, how is
it that wages are going up like this? Now, There's
no doubt that a lot of the money we're making
now is going to goods and services that are high price.
The President also working on that, saying, quote, what we're
doing this is a complete reversal when we saw inflation
(05:09):
skyrocket to nine percent, causing private sector workers to see
their wages decline by approximately three thousand dollars, while Americans
are still suffering the consequences of the four years of
economic disaster the Biden administration. The White House Press Secretary
said Donald Trump is making significant progress to fix this
(05:30):
and he will not stop working until he solves it.
As the President recently stated he is never satisfied.
Speaker 1 (05:37):
In economic news, the September jobs report showed the American
economy remains strong, with one hundred and nineteen thousand new
jobs added, more than double expectations. These gains came after
the summer passage of President Trump's historic tax cuts and
multiple big trade deals with countries around the world. In particular,
(05:59):
construction surge by nineteen thousand in September, the largest monthly
gain in a year. Nearly all of this solid monthly
job growth came from the private sector and went to
Americans rather than foreign born workers, the opposite of what
we saw under the previous administration. Inflation also remains under
(06:19):
control and wages are up by three point eight percent
over the year for American workers because of President Trump's
pro growth policies. In fact, real wages are on pace
to increase roughly twelve hundred dollars for the average worker
this year under President Trump. This is a complete reversal
of the failed Biden era, when we saw inflation's skyrocket
(06:42):
to nine percent, causing private sector workers to see their
wages decline by approximately three thousand dollars. We know that
Americans are still hurting from the four decade high inflation
caused by Joe Biden and the Democrats, but President Trump
is making significant progress to fix this and he will
not stop working until he solves it. As the President
(07:04):
recently stated, he is never satisfied.
Speaker 3 (07:08):
The White House Press Secretary wasn't the only one talking
about the positives and the economy. Vice President j. D.
Vance also pointing to the economic realities of Yes, things
are bad in some categories because of what happened over
the last four years, but the Biden administration didn't ruin America,
and Donald Trump is fixing it as fast as he
(07:29):
possibly can. Here's what the Vice President had to say
in a Breitbart News event on Thursday.
Speaker 4 (07:35):
Vice President, the big news this morning has new jobs
numbers blew away expectations huge from the September numbers, so
these were delayed because of the government shut down. More
than double one hundred nineteen thousand new jobs. And then
also there's some interesting stuff in the wages numbers there
as well. This shows wages on the rise. Your thoughts
on the jobs numbers.
Speaker 5 (07:52):
Okay, so a huge jobs report, and I assume the
market is going crazy right now, probably just opened, because
what the shows is that the economic policies are actually
working and you've got one hundred nineteen thousand new jobs.
Economists thought that we would have about fifty thousand new jobs,
but that's actually just the headline number. If you look
below the surface, I think the numbers are actually better.
So Number one, wages continue to weigh out pace inflation.
(08:15):
If you go back to the three years of the
Biden administration, the average American worker actually lost about three
thousand dollars of take home pay. In the first ten
months of the Trump economy, We've increased take home pay
by about twelve hundred dollars, adjusting for inflation. So that's
a huge, huge thing, and this job's report confirms that.
Speaker 3 (08:33):
So if you go back to the lie being told
by the media that things are terrible, they weren't freaking
out when that workers lost about three thousand dollars of
take home pay under the Biden administration. In the first
ten months of the Trump economy, you've got wage increases,
a take home pay of about one two hundred dollars.
(08:53):
That is a massive forty two one hundred dollars swing. Now,
I also so highlighted the private sectors driving this economy growth,
and the jobs are going to native born citizens rather
than foreign workers. It's a drastic change from the reality
under the Biden administration. And what happened under the Biden
(09:15):
administration is to the extent that there was any job
growth at all. If you look at the data, JD.
Van said, almost all of the net job creation in
the United States under the Biden administration went to foreign
born workers. Now, of course, some of those people are
illegal immigrants in the United States of America, he continued,
(09:35):
but that meant a lot of the job creation was
actually going to legal aliens who shouldn't have been in
our country. Senator Bernie Marino, Republican from Ohio, also pointed
out the fact that the influx of foreign workers imported
by the Biden administration really hurt American workers, and Americans
are remember the damage that was inflicted upon the country
(09:57):
under the Biden administration, and it cannot be done done
what they did to this country in a matter of months,
surging this country with up to twenty million illegal immigrants.
He also urged Republicans to respond with urgency, saying these
realities coincide with the Trump administration celebrating the strides made
in the affordability crisis since Donald Trump took office in January.
(10:21):
That includes falling gas prices which reach record highs under
Joe Biden, as well as dipping mortgage rates, falling inflation,
and boose and take home pay. Those victories do not
even include what the Trump administration has achieved through trade
deals and historic investments secured by the president, all of
(10:43):
which the President has been talking about his steps in
the right direction. What the media should be calling this
is the Trump Effect. Since President Donald Trump returned to office,
it's very clear that his America First economic policies have
sparked trillions of dollars in new investments in US manufacturing, technology,
(11:05):
and infrastructure. Total US and foreign investment is now at
nine trillion dollars. Where's the money coming from? The UAE
putting in foreign investments of one point four trillion into
manufacturing and industry, technology, aerospace as well, Katar putting one
point two trillion into America again in manufacturing, an industry
(11:28):
sector with technology and manufacturing being the main point. Japan
one trillion into auto plants in US steel, Apple six
hundred billion into technology and manufacturing as well. EU firms
putting in general investment of six hundred billion, Saudi Arabia
putting in six hundred billion and now saying it's going
(11:49):
to go to one trillion dollars again in technology and manufacturing,
Soft Bank, Open AI and Oracle five hundred billion all
A AI infrastructure projects, Navidia a half a trillion dollars
in AI infrastructure and supercomputers, India investing a half a
(12:09):
billion and mutual trade expansion South Korea four hundred and
fifty billion US energy products, Micron two hundred billion semiconductor
manufacturing and research and development, IBM one hundred and fifty
billion of growth and manufacturing operations in the US, Pfizer
(12:30):
seventy billion into research, development and capital projects, and Google
sixty eight billion for AI infrastructure, electrician grants, hydropower facilities,
just to name a few. There are countless investments. I
could go on and on with Johnson Johnson, Astrozeneca, Bristol Myers, Squib, Amazon, Hondai, Eli, Lilly.
(12:55):
The list is long. But what did the President do here?
He made it. If you want to do business in America,
you need to invest in America. You can't just export
or import. You must be a real player in this country.
And that is exactly why the President has made it
possible through his leadership for the USC a surge of
(13:16):
private and foreign investments that are fueling job growth, innovation,
and opportunity across every corner of the country. So yet again,
President making good on a promise, even though the media
is trying to tell you that everything's terrible in America,
and the reality is we're moving in the right direction.
Speaker 2 (13:37):
Thank you for listening to the forty seven Morning Update
with Ben Ferguson. Please make sure you hit subscribe wherever
you're listening to this podcast right now and for more
in depth news also subscribe to the Ben Ferguson podcast,
and we will see you back here tomorrow
Host
Ben Ferguson
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