Mark Levin Podcast — Episode Summary

Podcast: Mark Levin Podcast
Episode: Economic Numbers Don't Lie: Trump's Policies in Focus
Air Date: December 24, 2025
Host: Ben Ferguson (filling in for Mark Levin)
Theme: Dissecting new economic data, evaluating Donald Trump's economic policies, challenging media narratives, and discussing broader government issues.

Episode Overview

This episode zeroes in on the recent release of strong U.S. economic numbers, sparking a detailed debate on the effectiveness of President Donald Trump's economic and trade policies. Ben Ferguson, guest-hosting for Mark Levin, contrasts the ‘Trump economic golden age’ with the prior Biden administration, challenges criticisms from the mainstream media, and fields opinions and experiences from a range of callers. The conversation encompasses tariffs, tax policy, inflation, shifting voter trends, government waste, and related cultural and political battlegrounds.

Key Discussion Points & Insights

1. Economic Data & Trump’s Policies (00:43, 05:52, 13:17)

• Strong Q3 GDP Numbers:
  • Q3 GDP growth was 4.3%, surpassing expectations (predicted 3.2%–3.8%).
  • Consumer spending rose at a 3.5% annual rate.
  • Exports and business investments improved substantially.
• Trump's Reaction:
  • Trump credited tariffs and tax policies for driving better-than-expected economic outcomes:

    “The Trump economic golden age is full steam ahead...there is no inflation and great national security.” (04:30, referencing Trump’s statement)

• Inflation Status:
  • The Federal Reserve’s preferred measure, PCE, at 2.8–2.9%—above the Fed’s target but lower than during the Biden years.
  • Ferguson argues the decline in inflation is due to "supply-side effects," not artificial government stimulus.

Notable Quote:

“If you see growth because the government is sending checks to everybody and the Fed is printing money, then that’s going to cause inflation. But if you feel growth because of supply side effects, you can get the growth without the inflation, and that’s something that we’re seeing right now.”
— Kevin Hassett, White House NEC Director, (08:05)

2. Media Critique & Narrative Clash (09:37, 25:22, 29:10)

• Mainstream Media Accusations:
  The mainstream media is criticized for ignoring or misrepresenting economic gains, pushing a narrative of "doom and gloom" despite positive data.
• Fact-Checking Economic Coverage:
  Ferguson repeatedly points out media errors, including a recent New York Times article projecting bad economic news that didn’t materialize:

  “The New York Times...was an embarrassment. How wrong it was on the numbers that just came out. And they’re not going to retract the story.” (28:15)

• Media’s Reluctance to Credit Trump:
  Listeners and the host agree that many in the media and Democratic leadership "would rather see Americans suffer" than give Trump credit for economic improvements.

Notable Quote:

“It’s like, for real, whose side are you on?...You hate Trump so much that you want Americans to suffer, so that you can then say this is Donald Trump’s fault because you care more about power than the American people succeeding.”
— Ben Ferguson (66:00)

3. Tariffs and Policy Impacts (05:52, 23:29, 24:28)

• Tariffs:
  Trump and supporters claim tariffs rebalance trade, boost domestic manufacturing, and are responsible for robust economic momentum.
  • Detractors argue tariffs impact small businesses, as voiced by some callers.

Memorable Moment:

• Ferguson fact-checks a caller’s complaint about skyrocketing tomato prices, showing data that countered the claim (110:21–112:44), highlighting tension between anecdotal business struggles and macroeconomic data.

4. Government Waste & Fraud: Rand Paul’s Festivus Report (16:19, 39:30, 50:11)

• Examples of Wasteful Spending:
  Investigating federal dollars spent on everything from animal experiments, TikTok campaigns, and EV infrastructure, to fraudulent Medicaid billing in Minnesota ($9+ billion).
• Listener Frustration:
  Ferguson and callers express outrage at “$1.2 trillion in interest on the debt” and detailed examples of misused tax dollars.

Notable Quote:

“We borrow over $272 million every hour…over $75,000 every second. That is insane.”
— Ben Ferguson (16:19)

5. Voter Registration & Political Momentum (73:32)

• Shift in Pennsylvania:
  Noted Republican net gain of over 12,000 voters in a single week; dramatic erosion of Democratic voter advantage since 2016.
  • Tied to perceived economic gains and Trump’s influence.
• Prediction:
  Ferguson argues that despite “mainstream media” narratives of GOP losing momentum, facts indicate surges for the right in swing states.

6. Caller Engagement: Real-Life Reflections (20:58–28:01, 32:55–38:49, 55:26–69:34, 108:21–112:44)

• Support and Skepticism:
  Callers express both strong support and skepticism about whether positive macro numbers are being felt by average Americans. Issues discussed include health insurance costs, job market realities, business struggles, and conflicting data interpretations.
• Consensus:
  Most callers feel the country is on a healthier economic track under Trump, though some want faster or more visible “trickle down” effects.

7. Law Enforcement, Immigration, and Sanctuary Cities (15:46, 79:00–86:30)

• ICE & "White Supremacy" Accusations:
  Discussion of Minnesota Governor Tim Walz accusing federal immigration enforcement of "white supremacy," prompting criticism for conflating law enforcement with racism.
• Trump’s National Guard Plan Blocked:
  Ferguson covers Supreme Court decision blocking Trump from federalizing Illinois National Guard to support ICE—a point used to illustrate ongoing resistance to Trump’s policies from courts and Democratic officials.

8. Gas Prices & Holiday Economic Relief (91:51–96:33)

• Falling Gas & Energy Costs:
  Referencing Trump’s goal for “sub-$2 gas” and local news coverage of lowest holiday season gas prices since 2020.
  • Host underscores real consumer relief at the pump, arguing against media’s preferred narrative of economic hardship.

Notable Quote:

“Electricity is coming down, and when that comes down, everything comes down.”
— Donald Trump, replayed by Ben Ferguson (93:08)

Notable Quotes & Timestamps

• Kevin Hassett:
  “We’re getting growth without inflation, which is really proving both Reagan and Trump correct.” (08:30)
• Ben Ferguson:
  “What the President has stopped. And then what the President is doing right now is amazing. He has stopped Biden inflation that got out of control and is now turning around in 11 months.” (09:37)
• Caller Tim (Arkansas):
  “We were on a runaway train headed off a cliff and you don’t stop or turn a train on a dime. People are going to have to be patient...” (24:28)
• Donald Trump (replayed):
  “We’re now at about $2.50 a gallon. We’re going to be, I think at $2 a gallon. We could even crack that at some point. I’d love to do it.” (92:09)
• Caller Chris (NY):
  “We just need to feel it. And I don’t know if it’s going to take time or what, but...I like what he’s doing, but I think he just needs to look to the average person and what they’re going through.” (67:57)
• Call-in Section:
  Multiple timestamps (20:58–28:01, 32:55–38:49) include robust conversations between Ferguson and skeptical or supportive callers—highlighting America’s divided response to current economic policy.

Timestamps of Important Segments

• Opening & Economic Overview: 00:43–05:52
• GDP/Inflation Data & White House Analysis: 05:52–09:37
• Media Critique/Coverage of Numbers: 09:37–12:13
• Tariffs & Tax Policy (Callers Discuss): 20:58–25:19
• Government Waste/Fraud Segments: 16:19, 39:30, 50:11
• Voter Registration Shift/Politics: 73:32
• Gas Price Relief: 91:51–96:33
• Call-In Debates (food prices, jobs): 108:21–112:44

Episode Tone and Language

• Direct, passionate, combative: Consistent with Levin’s and Ferguson’s signature style.
• Mocking and critical of progressive/Democratic figures and mainstream media.
• Supportive of Trump; frames economic discussion in stark, often emotional contrasts.

Memorable Moments

• Ben Ferguson’s on-air fact-check of a caller’s claim about doubling tomato prices, using supplier data (110:21–112:44)
• Replaying and discussing local news coverage of gas price drops in Alabama, Ohio, and Arizona (93:33–95:27)
• Emotional calls from supporters and skeptics alike, illustrating real-world effects and perceptions of macroeconomic trends

In summary:
This episode robustly defends Trump’s economic stewardship using fresh data and spirited debate with listeners, juxtaposed with critiques of media coverage and Democratic resistance. Economic policy, tariffs, inflation, government waste, and shifting voter registration form the central themes, all discussed in an urgent and combative tone reflecting the ongoing political and cultural moment.