The Ben Shapiro Show, Ep. 2323

Title: What The HELL Is Going On With The Economy?!
Date: November 21, 2025
Host: Ben Shapiro
Guest: Stephen Moore (Former Trump Economic Advisor)

Episode Overview

In this episode, Ben Shapiro takes a deep dive into the current U.S. economic landscape, dissecting confusing market trends, the AI-driven tech boom (and possible bubble), housing affordability, inflation, and political narratives surrounding these issues. Later, Stephen Moore joins for a frank discussion on inflation, interest rates, economic optimism, and the transformative impact of AI. The episode also explores recent polling on American attitudes, current political controversies, and a spotlight on key upcoming Senate races.

1. State of the Economy: Bubbles, Booms & Confusion

Ben opens by expressing widespread uncertainty about the economy’s direction, noting volatile stock market behavior and public anxiety about AI-fueled growth:

• Stock Market Volatility:

  • Cites Nvidia’s wild swings—despite huge profits, stock fell due to fears of an AI bubble.
  • [02:21] Ben: "So they reported an actual profit of something like 62 billion dollars, and they ended up down on the day. Why? Because people are expecting there is, in fact, an AI bubble."

• AI as a Double-Edged Sword:

  • AI may be transformative, but this doesn't preclude a speculative bubble, referencing past tech booms (cars, Internet).
  • [03:25] Ben: “The stock market bubble of 2000 did not mean the Internet wasn’t important... And that’s also true with regard to AI.”

• Investment Level in AI:

  • Outlines staggering planned investments, such as Stargate ($500 billion), and Goldman Sachs’ estimate of circular deals representing 15% of Nvidia sales.
  • Fears of overinvestment without clear routes to monetization.

Notable Quote:
"[We] don't know which way [the AI economy] is going, which is why people are freaking out." – Ben [04:17]

2. Economic Anxiety and Technological Change

Ben zooms out, comparing today’s worries with historical disruptions:

• Job Dislocation:
  • Acknowledges real anxiety, but argues technology has always created unforeseen roles.
  • Uses Amazon’s evolution as an example of job shifts nobody foresaw in the 1990s.

Notable Quote:
“It also means that there is, with technological change, significant job dislocation, people losing the kind of jobs they've historically held, and then they have to find new jobs, retrain.” – Ben [06:38]

3. Housing, Inflation, and Regional Realities

• Housing Myths & Realities:

  • Dispels narrative that all housing is unaffordable; points to price declines in some cities (Austin, Miami, Dallas, Atlanta).
  • Emphasizes impact of local regulation, population shifts, and demand.
  • [12:30] Ben: “Nationally, US home values have actually remained mostly flat over the last year. The United States is not homogeneous.”

• Inflation Causes:

  • Singles out pandemic-era government spending—and subsequent stimulus under Biden—as primary drivers.
  • Quotes Milton Friedman: “Inflation is anywhere and everywhere a monetary phenomenon.” [13:49]

4. Political Messaging and Blame Games

Ben critiques how politicians oversimplify causes and solutions:

• Republican Messaging:

  • Blames regulatory overreach, but warns against downplaying real economic angst.
  • “It may be true that much of what is being distributed about the economy is fake news. The dyspepsia is not fake news by the polling data, it’s just fake news.” – Ben [15:05]

• Democratic Messaging:

  • Mocks linking housing affordability solely to climate change.
  • [20:32] Hakeem Jeffries: “We know that homeownership has always been central to the great American dream. So it’s incredibly important we deal with the climate crisis because there is only one Earth…”

• Immigration as a Scapegoat:

  • Criticizes attributing every issue (high rent, grocery costs, crime) to illegal immigration as overly simplistic.
  • “Many problems may have one factor that is a simple answer, but that is not the only factor. And pretending that it is, is likely to result in again, fruitless promises.” – Ben [19:12]

5. Big Government vs. Free Market Solutions

• Ben's View:
  • Government short-term fixes (spending, subsidies) give a "sugar high" but worsen longer-term issues.
  • Recommends deregulation and letting free markets work: “When it comes to the economy, the best thing the government can do is get the hell out of the way.” [21:00]

6. Interview: Stephen Moore on the Economy

[24:03]
Ben welcomes Stephen Moore, former Trump economic advisor, who offers an upbeat but realistic assessment:

Moore’s Core Points

• Optimism for Young People:

  • “Stop whining. This is the greatest time ever in the history of the world...” [24:33]
  • Asserts plentiful job opportunities compared to his youth in the '70s and '80s.

• Inflation Blame:

  • Cites a study showing that 87.5% of inflation since the start of COVID occurred during Biden years.
  • Lays high healthcare costs squarely on Obamacare:
    • “Obamacare has led to a doubling, to tripling of health care prices in the last fifteen years. Thanks a lot, Barack.” [27:29]

• Interest Rates – A Supply-Side View:

  • Moore: Fed does not control long-term rates; inflation expectations and supply/demand for credit do.
  • Argues for focusing on growing economic output, not Fed tinkering.
  • [31:16] Moore/Ben:
    • Moore: “The way you bring down prices is to produce more and get people working.”
    • Ben: “If the economy produces more apples, what happens to the price of apples? Price drops, they go down.”

• AI & Bubble Anxiety:

  • Excitement for coming transformation—likens automation to past agricultural and industrial shifts.
  • Notes dangers if education system fails to adapt:
    • “Graduating with political science degrees, psychology degrees, and ethnic study degrees... there’s not a big demand for that right now.” [36:46]

• Advice to Young People:

  • “The younger you start working, Ben, the more successful you will be in your life.” [25:20 & repeated at 36:46]

7. Polling: Where Americans Agree and Split

Ben reviews new Gallup data:

• Consensus Issues:

  • 80%: Favor compromise in politics to get results.
  • 83%: Political violence is never justified.
  • 84%: Diversity (races, religions, cultures) makes America stronger.
  • 88%: There are facts, and there are opinions.

• Division:

  • Pacing of Cultural Change: 49% say change is too fast, 49% say just right.
  • Responsibility for Basic Needs: 50-50 split—individual vs. government.

• Strategic Takeaway:

  • “Americans are an incremental people. We are not a radical change people.” [48:34]
  • Both radical acceleration (left) and deceleration (far right) are electorally unpopular.

8. Political Segments & Controversies

Controversy Over Military Obedience Videos

• Democrats release a video reminding military personnel to resist illegal orders—implying distrust of Trump; Trump responds by calling their actions “seditious behavior punishable by death.”

• Ben’s Take:

  • (Eye-rolling) “This whole controversy is incredibly stupid. Democrats put out there something inflammatory. President Trump bit on the inflammatory thing and said something even more inflammatory. And now everybody is just taking their various sides and complaining about it.” [54:10]

Cheney Funeral Invitation Drama

• Ben sides with respecting family wishes over politicians’ entitlement to funeral invitations.

Senate Race Spotlight:

[57:48]
Michael Whatley (NC GOP Senate candidate) discusses the high-stakes 2026 Senate race in North Carolina:

• Highlights Roy Cooper’s (Democratic ex-Governor) “out of mainstream” record.
• Insists on tough-on-crime, pro-economic growth, and pro-veteran policies.
• Warns of massive fundraising on both sides: “$600 to $800 million is going to be spent in North Carolina.” [62:28]

9. Investigative Reporting and the GOP’s Direction

[65:27]
Interview with Daily Wire’s Luke Rosiak, winner of the “Dow Prize" for investigative reporting:

• Discusses watchdog reporting on government waste and Elon Musk’s impact.
• Notes the importance of maintaining focus on anti-waste principles in conservative governance.

Memorable Quotes & Moments

• Stephen Moore (on Generational Opportunity):
  “Stop whining. What are you whining about? This is the greatest time ever in the history of the world to be alive.” [24:33]
• Ben (on AI & Bubbles):
  “AI can be really important and transformative. And also, whenever you get a new technology, there tends to be a lot of speculation in that area, and then it tends to consolidate down into the most productive companies.” [32:36]

Timestamps for Key Segments

• 01:51: Main economic overview begins
• 06:38: Impact of technological change on jobs
• 12:30: Housing price realities in different regions
• 15:05: Political narratives about economic sentiment
• 20:26: Hakeem Jeffries links housing unaffordability to climate change
• 24:03: Stephen Moore interview starts
• 27:29: Moore on Obamacare and inflation
• 31:16: Moore clarifies Fed’s limited power on long-term rates
• 36:41: Discussing AI’s impact on jobs and education
• 47:45: Review of major polling data
• 54:10: The “illegal orders” controversy
• 57:48: Senate race (Michael Whatley interview)
• 65:27: Rosiak on investigative journalism and government waste

Tone and Style

The episode is fast-paced, blunt, and irreverent, consistent with Ben’s signature "facts don’t care about your feelings" approach. Interviews are substantive and also peppered with humor and biting commentary, especially when critiquing both political parties’ messaging.

In Summary

This episode wrestles with America’s blurred economic outlook, separating signal from noise on inflation, jobs, housing, and AI. Ben and expert guests urge realism over panic, call out political shortcuts, and argue for long-term free-market solutions—while warning about education and job training gaps as the economy evolves.

Listeners can walk away with a deeper, multi-layered understanding of where the U.S. economy stands, why public sentiment is fraught, and how both parties are navigating (or misnavigating) the moment.