Podcast Summary: Deadline: White House
Episode: "A new all time low for Donald Trump"
Host: Nicolle Wallace, MS NOW
Date: December 12, 2025
Episode Overview
This episode dives into the precipitous decline in Donald Trump’s approval ratings on the economy—hitting an all-time low according to a new poll. Nicolle Wallace and a panel of political strategists and analysts explore Trump’s out-of-touch rhetoric about Americans “buying fewer pencils and dolls,” his gilded presidency, the widening chasm between economic messaging and lived experience, and the latest on the upcoming release of the Jeffrey Epstein files. The discussion is candid, incisive, and often laced with biting humor, with special guests including Tim Miller (The Bulwark), pollster Cornell Belcher, CNBC’s Ron Insana, Congressman Robert Garcia, and legal analyst Christy Greenberg.
Key Discussion Points & Insights
1. Trump’s Economic Messaging & Record Low Polls
[01:05 – 10:56]
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New Poll Numbers:
- Trump’s economic approval has dropped to 31%, the lowest of his presidency. Republican approval also plummeted (from 78% to 69% since March).
- Wallace notes: “It marks the lowest such approval in either his first or second term as president.” ([01:54])
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Out-of-Touch Advice:
- Trump, at a Pennsylvania rally, advised families to “just buy two or three dolls” and skip products like pencils for savings.
- Wallace and panelists mock this:
- “Who is buying 37 dolls? What kind of haunted asylum are you living in?” – Wallace ([01:36])
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Elite Optics:
- A viral photo of Trump’s Oval Office reportedly contained 37 gold items, highlighting his disconnect with everyday Americans struggling with cost of living.
- “An out of touch, literally gold-gilded president who outright refuses to recognize the economic reality for the vast majority of Americans...” – Wallace ([03:53])
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Analysis of Messaging Problems:
- Tim Miller: “He doesn’t really like being mocked...right now he’s being mocked on the issue that was core to his campaign, which was the economy…His message is fewer pencils…It’s mockable.” ([06:07])
- Cornell Belcher: The Oval Office photo symbolizes a “show” not resonating with “that mom in middle America, struggling to put groceries on the table.” ([08:53])
2. The Inflation Debate & Tariff Policies
[03:22 – 13:08]
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Expert Commentary:
- Fed Chair Jerome Powell cited Trump’s tariffs as a primary driver of inflation, contrary to Trump’s claims of improvement.
- Ron Insana: “If you get away from tariffs, inflation is in the low twos...it’s really tariffs that’s causing most of the inflation overshoot.” ([03:22])
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Economic Disparity / K-Shaped Recovery:
- Insana: Top 20% of wage earners prop up the economy, while many others are falling behind due to inflation—something Trump’s rhetoric fails to acknowledge. ([12:44])
- “You have a president...suggesting that it’s better than it really is, that inflation is coming down. It’s not, still stuck around 3%.” – Insana ([12:04])
3. Trump’s Isolation and Loss of “Contagious Wealth”
[13:08 – 15:59]
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Loss of Populist Touch:
- Wallace and Miller discuss how Trump’s economic prosperity narrative is now implausible, with former advisers (e.g., Bannon) sidelined.
- Miller: “The people who had the savvy to do it aren’t around him anymore…Trump himself and his policies have made it worse with the tariffs in particular.” ([13:54])
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The “Billionaire Bubble”:
- Trump's inner circle now consists mainly of fellow billionaires—alienating him further from average Americans.
4. Polling, Political Implications, and Democrats’ Opportunity
[15:59 – 18:10]
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Economic Numbers & Election Dynamics:
- Insana notes Trump’s job growth numbers “almost identical to Obama’s last three years.”
- Belcher: Among independents, Biden’s lead is vanishing: “Right now 80% of independents disapprove of the job the President’s doing on the economy. That has completely collapsed.” ([16:55])
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Democrats’ Electoral Edge:
- Democrats are overperforming in special elections; gerrymandering can’t shield Republicans from economic backlash.
- Wallace: “We’re looking at 11 to 20 point swings...that’s almost sort of wave-immune.” ([18:10])
5. Epstein Files: Scrutiny, Congressional Oversight, and Transparency Fears
[27:51 – 43:43]
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Upcoming Release & Concerns:
- Bipartisan mandate requires DOJ to release Epstein files; growing fears records are being tampered with to shield Trump or others from scrutiny.
- Congressman Robert Garcia insists on oversight: “There is great concern both in the Senate and in the House about any tampering of evidence, any redactions that could…go beyond what the law…allows.” ([30:30])
- Garcia stresses survivors and the public demand full, unedited transparency, hinting at whistleblowers within DOJ/FBI.
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Ensuring Accountability:
- Legal analyst Christy Greenberg recommends that Congress use digital audit trails to verify document redactions: “The digital footprint exists, it doesn’t lie…they should seek it.” ([42:22])
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Trump’s Deflection and “Hoax” Playbook:
- Wallace/Miller: Trump labels both the economy and Epstein scrutiny as “hoaxes,” but real lives and victims debunk the narrative.
- Miller: “You can’t call people’s grocery bill a hoax…You can’t call all of these women that have been…victims of Epstein and Maxwell hoaxes.” ([40:59])
6. ICE Detentions & DHS Hearings
[34:52 – 37:00]
- Garcia on DHS Hearings:
- Congressional testimony reveals US citizens, including veterans, wrongfully detained by ICE—raising alarms about civil rights abuses under current immigration enforcement.
- Garcia: “We held a hearing with the Senate and brought forward five United States citizens…all detained by ICE because…the color of their skin...It is horrific…” ([35:26])
Notable Quotes & Memorable Moments
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Trump’s Out-of-Touch Humor:
- “The guy who bedazzled this room in gold thinks your child has too many pencils at school.” – Cornell Belcher ([01:47])
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On Trump’s Gilded Presidency:
- “A literal, gold-gilded president…putting 37 gold things on literally one wall while he’s asking families to tighten their belts.” – Wallace ([03:53])
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On the End of Populism:
- “He had advisors that were better at reminding him that he should at least pretend to care…he can’t do that now.” – Tim Miller ([13:54])
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On Democratic Opportunity:
- “If the Democrats really wanted to make a point of this…he is the sole beneficiary of those trusts, which no president has ever done…they could run that commercial all day.” – Ron Insana ([27:25])
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On Epstein Files Transparency:
- “The only way to get to the actual truth is to get all the documents from the DOJ and then…all the banks…those two pieces are very important.” – Rep. Garcia ([33:52])
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On DOJ Oversight:
- “The digital footprint exists, it doesn’t lie, so they should seek it.” – Christy Greenberg ([42:22])
Timestamps for Important Segments
- Trump's Out-of-Touch Holiday Advice: [01:05] – [03:53]
- Fed on Trump Tariffs and Inflation: [03:22] – [04:00]
- Oval Office Gold Gilding/Elite Optics: [03:53] – [10:11]
- Declining Poll Numbers Analysis: [06:07] – [10:56]
- Democratic Political Opportunity: [15:59] – [18:10]
- Epstein Files & Congressional Oversight: [27:51] – [43:43]
- Wrongful ICE Detentions: [34:52] – [37:00]
- Transparency Solutions for Epstein Files: [42:22] – [43:24]
Tone & Style
- The conversation moved fluidly from humor and biting satire to earnest evaluations of economic pain and public trust.
- Energetic, slightly irreverent, and forthright with deep concern for policy impacts on everyday Americans.
- Frequent, sharp criticism of Trump’s disconnect and his administration’s treatment of both economic and legal accountability.
This episode of Deadline: White House provides an unsparing look at Trump’s faltering economic leadership, his tone-deaf responses to American hardship, and the perilously thin membrane protecting truth and accountability in government. Through candid discussion, biting wit, and substantive analysis, Wallace and her panel illuminate stark contrasts between presidential optics and public reality—while previewing the high-stakes battle over the Epstein files and government transparency.