Squawk Pod – December 16, 2025

Episode Theme: House Majority Leader Scalise & November Jobs
Hosts & Panelists: Andrew Ross Sorkin, Melissa Lee, Steve Liesman, Katie Kramer, Alison Schrager, Natasha Sarin
Featured Guest: House Majority Leader Steve Scalise

Overview

This episode dives into three major themes:

• The state of U.S. healthcare policy: With House Majority Leader Steve Scalise discussing the fate of Obamacare subsidies and the GOP’s healthcare reform proposals.
• Economic and jobs reporting: A delayed, combined jobs report for October and November provides fodder for debate on employment, inflation, and Fed policy.
• Political sentiment: CNBC’s All America Survey details declining public approval of President Trump on inflation, cost of living, and the economy.

The hosts and guests deliver sharp analysis and candid reactions, tackling everything from the fate of EVs in the U.S. auto industry to what the numbers mean for the Federal Reserve and upcoming elections.

Key Discussion Points & Insights

1. Healthcare Reform & House Republican Proposals

[22:48–33:10]

• Steve Scalise introduces the Lower Premiums Act:
  • Aims to lower healthcare premiums for all Americans, not just those on Obamacare (~7% of the population).
  • Emphasizes expanding association health plans and facilitating use of health savings accounts (HSAs) for more competitive insurance options.
  • Claims the bill will allow employees to use employer contributions to shop for better, cheaper plans outside the traditional employer-offered insurance.

“We’re going to give people the options to buy different kinds of plans that are better for them. Lower costs, better coverage… We want to give people choices to get lower premiums.”
— Steve Scalise (24:13)

• On current market limitations:

  • Critiques lack of competition: “You turn on the TV, there are commercials with lizards… selling you options to get lower insurance. You don’t really have that in health insurance.” — Steve Scalise (01:19, 24:13)

• PBM (Pharmacy Benefit Manager) Reform:

  • Bill includes measures to reduce prescription drug costs.

• Legislative hurdles:

  • Bill faces uncertain future in the Senate; needs bipartisan support. Scalise criticizes Democrats’ adherence to Obamacare and “Obamacare or bust” attitude.

“It’s never easy when we have a two-seat majority. I’d love to say a lot of Democrats will join in, but for whatever reason, they are stuck in this Obamacare or bust mode.”
— Steve Scalise (11:46, 28:03)

• Broader affordability issues:
  • Scalise acknowledges Americans “feel strapped” despite some positive economic news, pledging that tax relief and housing reforms are on the way.

2. Political Sentiment & the Cost of Living

[13:40–22:25]

• CNBC All America Economic Survey:

  • Presented by Steve Liesman, the survey indicates:
    • President Trump’s approval on handling inflation/cost of living hit new lows, dropping from 37% to 31% approval, disapproval rising to 66% (13:51–15:51).
    • Even among core Trump constituencies (Republicans, blue-collar, rural voters), support on inflation has plummeted.
    • For the first time, a majority of Republicans (53%) rate the economy as “just fair or poor”—a notable shift.

• Democratic edge for Congress:

  • “Public now prefers a Democratically controlled Congress by 50 to 46%... biggest margin we've seen since 2020.” — Steve Liesman (01:37, 16:21)

• Tariffs and inflation:

  • Liesman and the hosts discuss how consumer perceptions of inflation, particularly related to tariffs, drive political sentiment more than technical economic measurements.

“People are seeing it at the checkout counter… 61% telling us they believe their wages are not keeping pace with inflation.”
— Steve Liesman (18:42)

• Policy prescriptions:

  • Liesman suggests lowering tariffs could quickly reduce inflation and improve public sentiment (17:12).

• Dissonance between economic reality and perception:

  • Debate over the psychological nature of affordability and caution against telling voters their experience is “wrong.”

“People know their economic reality better than almost anybody.”
— Steve Liesman (20:23)

3. EV Market Turmoil & U.S. Auto Industry

[02:02–08:26]

• Ford’s $20B EV Write-off:

  • Ford cancels or scales back ambitious all-EV plans, pivots to hybrids and more affordable/smaller EV models.
  • CEO Jim Farley: “High end EVs… just weren’t selling. We evaluated the market and we made the call.” (04:31)

• Role of policy:

  • Withdrawal of federal EV tax credits blamed for slumping sales.
  • Andrew Ross Sorkin questions whether automakers misjudged consumer demand, politics, or both.

“When you take a free market and you distort it in some way with policy changes that help create a new market, you run that risk.”
— Melissa Lee (05:47)

• Risks of losing competitive advantage:

  • Concerns that ending subsidies could mean “ceding the EV industry” globally, with only Tesla remaining strong in the U.S.
  • Discussion of whether U.S. is abandoning the future of the auto industry to other countries (06:12–07:09).

• Subsidies and market shaping:

  • Debate on whether government interventions in the market are justifiable or distortive, and if winding them down helps or harms U.S. competitiveness.

4. Jobs Report and Economic Outlook

[33:37–42:56]

• Combined October–November Report:

  • Unusual joint release due to the government shutdown.
  • November: 64,000 jobs added (better than expected), but unemployment ticks up to 4.6%—highest since September 2021 (34:11).

• Analysis from panelists:

  • Steve Liesman: Unemployment’s uptick might be linked to federal layoffs post-shutdown (35:11).
  • Mike Santoli: “One of the more palatable ways you can get the unemployment rate going to 4.6%… nothing in these numbers that I think is going to move the market really strongly.” (36:51)
  • Alison Schrager: Labor market is still a ‘mess’ and strong labor growth may keep inflation from falling too quickly (38:22).
  • Natasha Sarin: The shift to lower job growth may reflect immigration restrictions and economic policy uncertainty, such as tariffs—puts the Fed in a tight spot (39:03).
  • Broad consensus that both businesses and workers are in a “no hire, no fire” holding pattern due to unprecedented uncertainty (40:52–41:28).

• Impact of upcoming tax credits and policy:

  • Debate on how soon new tax policies will translate into real economic activity; skepticism about whether anticipated corporate investment will materialize (41:55–42:37).

Notable Quotes & Memorable Moments

• On the realities of inflation:

  “I guess I wouldn't be saying that affordability is a Democratic hoax. And I'm interested because it doesn't seem like that political position is playing very well. I wouldn't be saying that.”
  — Steve Liesman (16:55)

• On Americans feeling squeezed:

  “People still feel strapped… they go to the checkout line at the grocery store and they are paying more.”
  — Melissa Lee (31:25)

• On economic perception vs. data:

  “Not to tell people they're experiencing a different reality from the one they're telling us.”
  — Steve Liesman (20:14)

• On the Fed Chair selection:

  “People on Wall Street have told the President, do what you want… don’t mess with the Fed. Make sure that there’s somebody credible in there.”
  — Steve Liesman (21:02)

• On uncertainty and jobs:

  “We're in this like no hire, no fire moment in the economy or there's just a lot of uncertainty.”
  — Natasha Sarin (40:52)

Segment Timestamps

• Healthcare & Scalise Interview: 22:48–33:10
• Political Sentiment & Survey: 13:40–22:25
• EV Market/Auto Industry: 02:02–08:26
• Jobs Report & Panel Analysis: 33:37–42:56

Conclusion

This Squawk Pod episode offered a rapid-fire tour through America’s current policy and economic challenges: healthcare reform at a crossroads, a fretful public worried about inflation, a U.S. auto industry struggling with the EV transition, and a labor market in flux.
Throughout, the hosts and guests provide accessible explanations, tough questions, and frank commentary, painting a nuanced picture of the interplay between policies, markets, and public sentiment as the nation heads into a pivotal election year.