Marketplace Morning Report — “Retiring Just on Social Security”

Date: November 25, 2025
Host: David Brancaccio
Main Theme:
This episode examines the challenges faced by retirees relying solely on Social Security, illustrated by the story of James Chavis of Durham, NC. It also covers recent economic updates, including delayed retail sales data and its implications for consumer spending leading into the holiday season.

Key Discussion Points & Insights

1. Consumer Watchdogs and the CFPB’s “Humility Pledge”

Timestamps: [00:52] – [02:13]

• The Consumer Financial Protection Bureau (CFPB) announced that its bank examiners will begin reciting a “humility pledge” to financial institutions before conducting reviews.
• The pledge focuses on:
  • Addressing pressing threats to consumers, especially service members and veterans.
  • Avoiding duplication with state and other regulators.
  • Providing advance notice of upcoming exams.
• Union Response: CFPB’s own union members countered, saying advance notice is already standard and highlighted their past successes, such as forcing banks to return money to consumers (e.g., the Wells Fargo fake account scandal).
• Notable Quote:
  • Nancy Marshall Genzer:
    • “CFPB examiners have forced banks to return money to consumers and help discover scams like the fake bank accounts Wells Fargo employees opened in customers’ names.” [01:40]
• Uncertainty clouds the agency’s future, with OMB Director Russell Vogt reportedly halting CFPB bank exams and threatening to shut down the agency next year.
• Tone: Straightforward, cautious skepticism over the efficacy of the new pledge.

2. Retail Sales Data & Consumer Health

Timestamps: [02:13] – [04:17]

• Discussion with Lauren Seidel Baker (ITR Economics):
  • Latest (delayed) retail sales data—though not recent—still shows the consumer sector is “spending.”
  • There's an emerging divide: lower income households are feeling squeezed, while middle and upper incomes are “a little bit more comfortable at the moment.”
  • Persistent inflation continues to impact real spending.
  • Holiday Shopping Outlook: Pre-Black Friday shopping has kicked off, but spending increases may be due to higher prices rather than increased volume.
  • Notable Quotes:
    • David Brancaccio (humorous tone): “From prehistory, when dinosaurs ruled the earth…we get today’s long delayed retail sales report…” [02:30]
    • Lauren Seidel Baker: “Really what this tells us is that the bottom didn’t fall out from under the economy at this… the consumer is still out there spending.” [02:46]
    • Lauren Seidel Baker: “We’re spending more because things simply cost more this year.” [03:57]
• Tone: Analytical with light humor to address economic uncertainty.

3. Living on Social Security: James Chavis’s Story

Timestamps: [05:21] – [07:58]

• Profile: James Chavis, 71, Durham community activist, former Social Security disability recipient (since 1998), now retired and reliant on Social Security income.
• Daily Reality:
  • Receives ~$1,200/month; struggles with basic expenses, especially healthcare.
  • “No room for anything superfluous or fun.” [06:41]
  • Living “paycheck to paycheck”—he can’t splurge like people with additional income.
• Poverty Statistics: Without Social Security, over 37% of older Americans would live below the poverty line; still, 10% of older adults do so even with benefits.
• Cost of Living Adjustments:
  • Upcoming Social Security COLA: 2.8% increase in January, barely enough to keep up with rent and basic needs.
  • “You got to start in January making sure you put aside some money to start for that increase in rent.” [07:22, James Chavis]
• A Message to Younger Generations:
  • Urges youth to value and contribute to Social Security.
  • “That money comes out before you even touch it.” [07:44]
  • Appreciates historic establishment: “It as a great thing that they started back there then.” [07:54]
• Notable Quotes:
  • James Chavis: “It’s nothing fun to spend your money on when you ain’t got nothing to spend on when you got to watch every penny.” [06:41]
  • James Chavis: “Folks on Social Security that does not have another income live from check to check, and they cannot splurge like other folks think they can.” [06:52]
• Tone: Empathetic, matter-of-fact reflection on economic hardship.

Notable Quotes & Memorable Moments

• David Brancaccio, on older sales data:

  • “[W]hen dinosaurs ruled the earth and the power of fire had not yet been harnessed, we get today’s long delayed retail sales report...” [02:30]

• Lauren Seidel Baker:

  • “The bottom didn’t fall out from under the economy at this. Some of the numbers maybe didn’t quite reach consensus, but these are still decent.” [02:49]

• James Chavis, on retirement reality:

  • “No, it’s not enough.” [06:19]
  • “It’s nothing fun to spend your money on when you ain’t got nothing to spend on when you got to watch every penny.” [06:41]
  • “Folks on Social Security that does not have another income live from check to check, and they cannot splurge like other folks think they can.” [06:52]
  • “So you got to, you got to start in January, making sure you put aside some money to start for that increase in rent.” [07:22]
  • “That money comes out before you even touch it... as a great thing that they started back there then.” [07:44–07:54]

Important Timestamps

• CFPB Humility Pledge: [00:52] – [02:13]
• Retail Sales & Holiday Outlook: [02:13] – [04:17]
• Living on Social Security – James Chavis’s Experience: [05:21] – [07:58]

Summary

This episode of Marketplace Morning Report provides a snapshot of current economic challenges as seen through two lenses:

• The macro view of persistent inflation and uneven economic recovery, explored through expert economic analysis and government data.
• The micro view of individual hardship, as experienced by James Chavis, whose fixed Social Security income is a precarious lifeline with which he navigates poverty, rising costs, and a lack of financial margin.

The tone remains professional yet empathetic, inviting listeners to consider not only the numbers but the human stories behind them.