The 47 Morning Update with Ben Ferguson

Episode: America’s Economy Rebuilding after Biden Disaster as Trump Promises Stronger, Better Than Ever
Date: November 18, 2025

Episode Overview

In this episode, Ben Ferguson dives into the state of the American economy under President Trump’s second term, emphasizing the administration’s achievements in reversing what is described as economic mismanagement under President Biden. Ferguson analyzes economic statistics, highlights recent policy wins, and shares direct quotes from President Trump during the McDonald’s Impact Summit 2025 — all to counter what he frames as false narratives spread by Democrats and the mainstream media regarding the Trump administration’s economic performance.

Key Discussion Points & Insights

1. Setting the Record Straight: Trump’s Economic Turnaround

• Ben opens with a discussion about how Democrats and the media portray the Trump economy as disastrous, countering:

  “Well, we’ve got the receipts and they couldn’t be further from the truth...” (03:25)

• Ferguson extolls the administration for economic recovery after “years of mismanagement under Joe Biden,” pinpointing Biden-era inflation, out-of-control spending, and the Democrats’ inaccurate claims about “transitory” inflation (03:46–04:40).

2. Inflation and Real Wages

• The host explains that Trump’s administration has worked to “tame Biden’s inflation crisis,” with new statistics:
  • Biden’s Term: Inflation averaged nearly 5%, peaking at 9.1%
  • Trump’s Second Term: Average inflation now at 2.7%, first overall price declines in several product categories since 2020 (04:43–05:18)
  • Real wage gains: "America's real wages have grown by nearly $700 and are on track to increase by nearly $1,200 after [Trump’s] first full year in office.” (05:32)

3. Gas, Groceries, and Housing: “Affordability” as a Core Promise

• Under Biden: Gas prices hit historic highs, even after strategic oil reserve sales.
• Under Trump: “[The] lowest average gas price in more than four years … on track to spend the lowest amount of their disposable income on gas in the last two decades ...” (06:10–06:31)
• Many grocery staples are finally seeing price declines — “eggs, butter, ice cream, fresh fruit, cereal…” (06:49–07:07)
• Housing: Average 30-year fixed mortgage rate is now 12% lower than when Trump took office, lowest shelter cost change in four years (07:11–07:42)

4. Deregulation and Tax Cuts: Money Back in Your Pocket

• Trump rolled back Biden-era appliance standards and signed sweeping tax cuts:

  • “No tax on tips, no tax on overtime, and no tax on Social Security,” benefiting American families and raising take-home pay (08:16–08:33)

• Estimated family savings: $2,100 per family of four, with up to $13,300 more take-home pay and $11,600 higher wages attributed to new policies (08:43–09:15)

5. President Trump Speaks: Direct Quotes from the McDonald's Impact Summit

• On Tax Cuts:

  “While Democrats wanted to give Americans the largest tax hike in history, in July, I proudly gave you the largest tax cuts in American history and signed the one big beautiful bill... no tax on tips, no tax on overtime, and no tax on Social Security for our great seniors. That is a big deal.”
  (11:52, President Trump as quoted by the co-host)

• On Economic Pledge:

  “In my first term, we built the greatest economy in the history of the world. And now we’re doing it again. But this time... much stronger, much better. I think it’s going to be something that nobody has ever seen before. My pledge … I will not rest until you are richer, stronger, more successful, happier, until you’ve gotten a piece of the American dream…”
  (12:32, President Trump as quoted by the co-host)

6. Jobs and Investment Surge

• Companies have invested “trillions” in the U.S. since Trump’s return, creating hundreds of thousands of new jobs in onshoring moves (13:25–14:30)

• 1.9 million more American-born workers are employed compared to when Trump took office. “The US has more people working now than at any time in the history of our country.” (14:37–15:16)

Notable Quote:

“We have over $17 trillion being invested in our country in nine months. It's now just about ready to crack 18. And by the end of one year, we will have about 20 to 21 trillion dollars invested in our country. That’s more by 10 times the highest amount ever invested in any country ever before... If they got elected, they would have been at minus 10 because people were moving out of the country in record numbers.”
(16:22, President Trump as quoted by the co-host)

7. Trade Deals & Tariff Policies

• Highlights new trade deals with Switzerland, tariff exemptions on select agriculture products, and recent executive orders intended to bolster American exports (15:16–16:22)
• Trump claims tariff revenues are being used to reinvest in the U.S. economy and that these policies are reversing trends of offshoring seen under Biden

Memorable Quotes & Timestamps

• “We’ve got the receipts and they couldn’t be further from the truth...”
  — Ben Ferguson, (03:25)

• “Under President Trump’s second term, inflation has dropped to an average of just 2.7%...the first overall price declines since 2020 in several different categories.”
  — Ben Ferguson, (04:53)

• “While Democrats wanted to give Americans the largest tax hike in history, in July, I proudly gave you the largest tax cuts in American history and signed the one big beautiful bill...no tax on tips, no tax on overtime, and no tax on Social Security for our great seniors.”
  — President Trump (as quoted), (11:52)

• “In my first term, we built the greatest economy in the history of the world. And now we’re doing it again. But this time...much stronger, much better.”
  — President Trump (as quoted), (12:32)

• “We’re making tremendous progress. 1.9 million more American born workers are employed today than when I took office. Think of that… And we have the strongest borders in the history of our country.”
  — President Trump (as quoted), (14:42)

• “We have over $17 trillion being invested in our country in nine months. It’s now just about ready to crack 18...by the end of one year, we will have about 20 to 21 trillion dollars invested in our country...”
  — President Trump (as quoted), (16:22)

Notable Moments & Commentary

• Ben’s enthusiastic endorsement of Hillsdale College’s free Constitution course (05:00–06:00)
• Regular callbacks to “the facts,” a motif used to counter mainstream criticism
• Playful co-host banter about “shouting at people about trade” sets an energetic, combative tone early on (03:06)

Timestamps for Key Segments

• 03:25–04:40 — Opening analysis, media narrative, and Trump administration’s focus
• 04:43–07:42 — Detailed breakdown of inflation, wages, gas, groceries, housing
• 08:16–09:15 — Deregulation, tax cuts, and financial impacts for families
• 11:52–12:32 — President Trump’s direct address: tax cuts and economic promises
• 13:25–15:16 — Investments, jobs created, record-low unemployment
• 15:16–16:22 — Trade deals, tariffs, and global manufacturing shifts
• 16:22–17:51 — Massive private investment numbers and implications

Conclusion

Ben Ferguson’s episode frames the Trump administration’s economic performance as an unequivocal success, focused on reversing Biden-era inflation, cutting taxes, and making American households “richer, stronger, more successful.” Pulling quotes directly from President Trump, Ferguson directly rebuts the narrative put forth by political opponents and mainstream media, highlighting specific gains in inflation, wages, job numbers, and major private investments. The episode maintains a confident, combative tone and provides statistical evidence and administration talking points to energize the conservative audience going into the next election cycle.