The president shares his thoughts on the economy

Summary

Marketplace Morning Report – December 18, 2025

Episode Title: The president shares his thoughts on the economy
Host: David Brancaccio
Reporters and Guests: Nancy Marshall Genser, John Breault
Main Theme: Analyzing President Trump's recent speech on the economy, a look at inflation data, advice for avoiding online shopping scams, and news of a high-profile business merger.

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Episode Overview

This episode dives into President Trump's recent address on the U.S. economy, critically assessing his claims about gas prices, wages, and tax cuts. The show explains new Consumer Price Index data clouded by this fall’s government shutdown and highlights escalated risks of AI-driven shopping scams. It wraps up with breaking business news about a merger between Trump’s media company and a fusion energy firm.

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Key Segments & Insights

1. President Trump’s Economic Speech: Fact-Checking & Analysis

[01:31 – 03:28]

Key Points:

• President Trump claimed to have inherited an economic “mess” from Biden and touted “historic improvements” over his 11 months in office.
• While he stated gas prices are now under $2.50/gallon in much of the country, the true national average per AAA is nearly $2.90/gallon.
• He claimed, “For the first time in years, wages are rising much faster than inflation,” but while wages are up, they're only marginally ahead of inflation and growing slower than earlier in his term (now 3.5% vs. 4% previously).
• Trump championed new tax policies—no taxes on tips, overtime, or Social Security for seniors, allegedly saving many families $11,000–$20,000 per year.

Quotes/Attributions:

• Nancy Marshall Genser [02:25]:

  “It is true that wages are up, but they're not that much higher than inflation, and they're growing more slowly.”

• Nancy Marshall Genser [03:00]:

  “It's true there are new tax breaks for tips and overtime, but seniors will still pay taxes on Social Security. There is a new temporary $6,000 deduction for them, though… Higher income households will generally benefit more from the tax cuts.”

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2. Unusual Inflation Data & The Impact of the Shutdown

[03:28 – 04:25]

Key Points:

• Latest Consumer Price Index (CPI) shows prices up 2.7% year-over-year through November (formerly 3%).
• No October CPI data—the government shutdown thwarted data collection.
• Government shutdown likely caused “distortions” and “anomalies,” such as energy prices reported up 4.2% despite a 7% gasoline price drop.
• Brancaccio: “Energy prices are more than gas prices, but still…”—raising skepticism about the numbers' reliability.

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3. Holiday Shopping Scams in the Age of AI

[06:11 – 09:28]

Interview with John Breault, National Consumers League

Key Points:

• AI tools now make it easier for scammers to create realistic, fraudulent websites full of fake products.
• Holiday season increases consumer distraction and risk.
• Major social platforms, especially Meta, are inundated with scam ads:

  “Some of the biggest platforms ... are not doing everything they can to protect consumers… on meta, there are 15 billion scam ads being presented to users every day.” – John Breault [07:25]

• Credit cards offer built-in fraud protection—using gift cards, payment apps, or cryptocurrency increases scam risk.
• Advice for safer shopping:
  • Shop at sites you trust/have used before.
  • Use reverse image search to verify products.
  • Prefer payment methods that allow for transaction disputes.

Notable Quotes:

• John Breault [07:46]:

  “You could be looking up, oh, that looks like a nice cable knit sweater for a cold winter day. And it turns out it's a thin little cotton thing with the texture applied using AI Photoshop.”

• John Breault [08:02]:

  “For most people, that’s going to mean your credit or debit card... If that cable knit sweater ends up being a paper thin T-shirt... you can dispute that transaction with your credit card company and be made whole. That won’t happen if you’re paying with a gift card or via a peer to peer app... or cryptocurrency.”

• John Breault [08:44]:

  “Do your best to buy it from places that you've had successful transactions with in the past… But at the end of the day, I think the best way to protect yourself and reduce your risk is to be paying in a way that you can reverse that transaction if it turns out to be bad.”

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4. Breaking Business News: Trump Media & Fusion Energy Merger

[09:31 – End]

Key Points:

• President Trump's media conglomerate (behind Truth Social) is merging with TAE Technologies, a California-based fusion power company (backed by Google & Chevron).
• The new company will be valued at $6 billion.
• Fusion power is not yet a practical energy source; proposed use is to power AI data centers, not “green” energy.
• Trump Media’s stock (DJT) surged nearly 28% after the announcement.

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Notable Quotes & Memorable Moments

• On wage growth & inflation:
  Nancy Marshall Genser [02:25]:

  “It is true that wages are up, but they're not that much higher than inflation, and they're growing more slowly.”

• On scam risk:
  John Breault [08:02]:

  “If that cable knit sweater ends up being a paper thin T-shirt almost that you get, you can dispute that transaction with your credit card company and be made whole. That won’t happen if you’re paying with a gift card or via ... cryptocurrency.”

• On fusion merger’s ambition:
  David Brancaccio [09:31]:

  “Fusion power at scale is an aspiration and not yet practical. The pitch here isn’t green Power. It’s to power AI data centers.”

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Segment Timestamps

• President Trump’s speech and fact-check: 01:31 – 03:28
• Consumer Price Index update & shutdown impact: 03:28 – 04:25
• AI and online shopping scams interview: 06:11 – 09:28
• Trump media & fusion company merger news: 09:31 – End

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Tone & Delivery

The episode maintains Marketplace’s signature clear-eyed, slightly wry, and economically literate tone, with a focus on verification, nuance, and practical takeaways for listeners navigating changing headlines and risks.

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For Listeners

Expect critical context behind headline numbers, practical advice for staying safe online, and a heads-up on unusual business alliances—all delivered with Marketplace’s trademark clarity.

Transcript

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[David Brancaccio]

The holiday gift you just paid for is the figment of an AI's imagination. I'm David Brancaccio in Los Angeles. First, in his 19 minute speech to the country last night, President Trump shared a view on the economy that was at turns accurate and misleading or wrong. Marketplace's Nancy Marshall Genser takes a look.

[Nancy Marshall Genser]

President Trump said last night he had inherited a mess from former President Biden. Trump claimed he'd made historic improvements to the lives of Americans over the past 11 months. The president said gas prices are down, which is true, but not as much as he claims. Trump says gas is now under $2.50 a gallon in much of the country. Actually, according to AAA, the average price is almost $2.90 a gallon. President Trump also talked about how much money Americans have and for the first.

Time in years, wages are rising much faster than inflation.

It is true that wages are up, but they're not that much higher than inflation and they're growing more slowly. Wages were rising about 4% at the start of Trump's current term. Now they're increasing at 3.5%. President Trump also talked about the tax cuts in the big tax and spending bill Congress passed in July next no.

Tax on tips, no tax on overtime, and no tax on Social Security for our great seniors. Under these cuts, many families will be saving between 11,000 and $20,000 a year.

It's true there are new tax breaks for tips and overtime, but seniors will still pay taxes on Social Security. There is a new temporary $6,000 deduction for them, though. As far as the tax savings goes, the Center Right Tax foundation says the average will be 300 to $1,000 higher than in a typical year. Higher income households will generally benefit more from the tax cuts. I'm Nancy Marshall Genser for Marketplace.

[David Brancaccio]

Now, we got a peculiar consumer price index this morning showing prices up 2.7% in the year through November, less than the 3% registered in the year through September. Where was October? The government shutdown canceled that one. But the shutdown and a shortened survey period could have brought with that some distortions and are a number of anomalies, including the finding today that energy prices went up 4.2% in a year when gasoline prices were actually down 7%. Energy prices are more than gas prices, but still.

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[David Brancaccio]

To keep from getting ripped off when buying online, many of us have trained ourselves to look for telltale signs of sketchiness, like the corporate stock product photo instead of the actual used item itself. But artificial intelligence is allowing scammers to create entire fake sites full of fake products ripe for the picking. At this distracted time of year where the culture pressures us to get something, anything. For Aunt Lisa to help us all turn up the vigilance level in the face of new technology, let's consult John Breault. He's VP of Public Policy, Telecommunications and Fraud at the National Consumers League. Welcome.

[John Breault]

Thanks so much for having me on, David.

[David Brancaccio]

I remember thinking that an entry level sitar might be a fun gift for a guitar playing kid. Now I ordered it, it never showed, but ebay at that time was great about it, got me reimbursed. But if you're on some brand X site, I mean, forget about it.

[John Breault]

Yeah, I mean, I think these scam websites that consumers are setting up with the help of AI are a huge problem. And you know, even if you set up a great looking website, you still have to advertise it and get people to come to it. Unfortunately, what we've seen from some recent reporting is that some of the biggest platforms out there that are hosting these ads are not doing everything they can to protect consumers. There's a recent Reuters investigation that said that on meta There are 15 billion scam ads being presented to users every day. And that's on top of the 22 billion organic scam attempts.

[David Brancaccio]

Let's just talk about this. I mean like you could be looking up, oh, that looks like a nice cable knit sweater for a cold winter day. And it turns out it's a thin little cotton thing with the texture applied using AI Photoshop.

[John Breault]

Well, I think that, you know, those are very prevalent, particularly around the holidays. And I think that's why it's so important that when consumers are buying products online that they rely on payment mechanisms that are safer. So for most people, that's going to mean your credit or debit card. Because if that cable knit sweater ends up being a paper thin T shirt almost that you get, you can dispute that transaction with your credit card company and be made whole. That won't happen if you're paying with a gift card or via a peer to peer app like Cash app or through cryptocurrency.

[David Brancaccio]

I mean, if you're on form, you're focused, you're rested, you're caffeinated, you might stand a chance to spot this.

[John Breault]

I would say that at the end of the day when you're going to put down your credit card to buy something, you should do your best to buy it from places that you've had successful transactions with in the past. So rather than going with that fly by night website that you just saw an ad for on TikTok or on Instagram or see if that same product appears on other platforms, do a reverse image search on Google to see if it shows up on legitimate shopping sites. But at the end of the day, I think the best way to protect yourself and reduce your risk is to be paying in a way that you can reverse that transaction if it turns out to be bad.

[David Brancaccio]

John Breault is VP of Public Policy, Telecommunications and Fraud at the National Consumers League. Thank you so much.

[John Breault]

My pleasure. Thanks so much.

[David Brancaccio]

And there's news this morning. President Trump's media company is merging with a California firm working to develop Fusion Power. The combination of the company behind Trump's Truth Social and TAE Technologies, a venture backed by Google and Chevron, will create a combined firm worth $6 billion. Fusion power at scale is an aspiration and not yet practical. The pitch here isn't green Power. It's to power AI data centers. Stock in Trump media ticker symbol DJT is up nearly 28%. Now it's the Marketplace Morning Report from APM American Public Media. As we head toward the end of the year, Marketplace is here to help you make sense of the economy, what's happening, why it matters, and how it affects you. If this reporting has been valuable to you in 2025, consider becoming a Marketplace investor. Your support powers independent journalism that cuts through the noise and delivers clarity when it counts. Donate [e-mail] or click the link in the show notes.