Podcast Summary: "The Damage Can't Be Undone" – The Next Level by The Bulwark

Episode Information:

• Title: The Damage Can't Be Undone
• Release Date: April 9, 2025
• Host/Authors: Sarah Longwell, Tim Miller, and Jonathan V. Last
• Description: In this episode, the hosts delve deep into the current economic and political landscape shaped by Donald Trump's policies, particularly focusing on tariffs, the state of the U.S. economy, and the ensuing political ramifications. They analyze market behaviors, public sentiment, and potential future scenarios, providing insightful commentary on the challenges facing America today.

1. Introduction to Current Economic Policies and Trump's Tariff Strategy

Time Stamp: 02:33 – 05:05

The episode opens with Jonathan V. Last (JVL) discussing recent developments in Trump's tariff policies. He highlights the reimplementation of clean coal, the imposition of pharmaceutical tariffs, and the fluctuating Dow Jones Industrial Average, suggesting a semblance of economic recovery despite market turbulence.

• Sarah Longwell notes the resilience of the Dow, stating, "As we are sitting to tape, midway through Wednesday, the Dow Jones Industrial Average is even huge. So I mean, I feel like we've really turned this thing around."

• JVL references economist Kevin Hassett, mentioning Hassett's 1999 prediction of the Dow reaching 36,000 and observes, "We are now just hovering above the 36k mark on it."

2. Market Behavior vs. Real Economy

Time Stamp: 05:21 – 10:33

The discussion shifts to the disconnect between the stock market and the real economy. Sarah Longwell emphasizes that stock market fluctuations do not accurately reflect the economic well-being of ordinary Americans.

• Sarah explains, "the stock market isn't the economy ... Everything is attached to the stock market in some ways, but it is not a one to one thing."

• JVL elaborates on America's global economic position, stating, "America was the safest place for people to park money... But that is gone."

3. Public Sentiment and Trump's Approval Ratings

Time Stamp: 10:43 – 15:01

The hosts analyze recent poll data revealing a significant decline in Trump's approval regarding economic management.

• JVL shares, "55% of Americans now disapprove of Trump's handling of the economy."

• Sarah adds, "83% of voters believe that Trump's policies will create economic difficulties."

• Poll Data Highlights:

  • Navigator Research: 55% disapprove of Trump’s economic handling.
  • Morning Consult: 52% say the economy is getting worse, up from 37% in January.
  • Wall Street Journal (Fabrizio's firm): 55% disapprove of Trump’s job on prices and inflation.

4. Impact of Trump’s Policies on Trust and Global Standing

Time Stamp: 19:06 – 23:23

The conversation delves into how Trump's actions are eroding trust in the U.S. economy globally, affecting the dollar's standing and America's alliances.

• JVL states, "We're no longer the safe repository... As that momentum peters out, it is going to change everything about how economic life in America exists for everybody."

• Sarah highlights the widespread participation in the stock market: "62% of Americans have stocks... 100% of people participate in the economy."

5. Future Economic Projections and Corporate Responses

Time Stamp: 23:23 – 29:10

The hosts discuss corporate leaders like Warren Buffett moving assets into cash, indicative of deeper economic concerns.

• Sarah observes, "Warren Buffett has all these other things that he's worried about, and he's moving into cash because of global macroeconomic changes."

• JVL elaborates on the interconnection between the economy and global trust: "if you don't have Donald Trump pegged properly, you are getting screwed at this moment."

6. Strategies for Democratic Response and Political Ramifications

Time Stamp: 29:39 – 42:29

The focus shifts to how Democrats can counteract Trump's economic policies and shifting voter sentiments. The hosts propose aggressive strategies to diminish Trump's support base.

• JVL emphasizes, "They want Democrats to punch Trump in the nuts... Do not steal this moment to go punch yourself. Don't be stupid."

• Sarah suggests positioning Democrats as defenders against an impending economic collapse: "America is going to be an utter shambles... I would position myself as a person that is going to fight tooth and nail against every fucking individual and person and thing that drove America into shambles."

• Unknown Commentator adds, "These guys are not dumb... if you didn't have Donald Trump pegged properly, ... the only people who really understood where this was going were people like us."

7. The Role of Protests and Mass Mobilization

Time Stamp: 58:03 – 64:05

The importance of protests in countering Trump's policies is highlighted, emphasizing mass mobilization as a tool to protect civic spaces and demonstrate collective strength.

• Unknown Commentator states, "the antidote is to show up in numbers that they can't do anything about."

• Sarah shares experiences from a panel discussion, advocating for low-key courageous actions to spark broader movements: "the more of that there is, the more it's like, okay, let's see."

8. Potential Military Parade and Its Implications

Time Stamp: 37:48 – 56:47

A speculative discussion revolves around the possibility of a military parade on Trump's birthday, analyzing its symbolic implications and the public's reaction.

• JVL muses, "The idea that we're going to put the American military on the streets... sounds like something that someone with Trump derangement syndrome would have predicted."

• Sarah critiques the notion humorously, "it is the kind of thing that somebody with a microscopic penis would do."

9. Closing Remarks and Final Thoughts

Time Stamp: 64:02 – 66:33

The episode concludes with reflections on the current state of the economy and political climate, reiterating the urgency for collective action and resilience.

• Sarah offers a hopeful message despite the dire circumstances: "Be cool, be cool. Everything is going to work out well."

• JVL affirms, "Good luck, America."

Notable Quotes:

• Sarah Longwell (02:45): "Donnie's at the wheel. He's got this."

• JVL (05:26): "If we get to 35,000 [Dow], it's fine. I might even get a Gulf of America."

• Sarah Longwell (08:10): "62% of Americans have stocks, so it's not like only guys in the top half have stocks. That's a lot already."

• JVL (09:17): "America is no longer the safe repository... we're no longer the safe harbor."

• Sarah Longwell (10:33): "Larry's like, if you just look at the markets, it basically looks like what a developing country's market trends look like."

• Unknown Commentator (14:02): "These posts are like a game of chicken with the Chinese... we're in a bet against China."

• JVL (25:44): "He's a fat gay that does Donald Trump's polling in case anybody."

• Sarah Longwell (37:43): "America is going to be an utter shambles... Possibly unfixable."

• Unknown Commentator (46:09): "These elites who are behaving like cowards, don't be like them..."

• Sarah Longwell (52:14): "Marco, thoughts about Marco?"

• JVL (53:22): "If they want to show up in the same room as him... Wear the ball, put the gag on."

Key Themes and Insights:

1. Economic Disconnect: The stock market's performance does not mirror the actual economic struggles faced by ordinary Americans, highlighting a growing mistrust in economic indicators as true measures of prosperity.

2. Erosion of Global Trust: Trump's tariff policies and aggressive economic stance are undermining America's position as a global economic leader, eroding trust among allies, and destabilizing the dollar's status.

3. Public Discontent: Significant portions of the American populace disapprove of Trump's handling of the economy, with rising anxiety about personal financial situations and a general sense that the economy is worsening.

4. Political Fallout: The declining approval ratings of Trump are influencing Republican voters, with discussions on whether this could lead to a shift away from Trump's influence within the party.

5. Democratic Strategy: To counter Trump's waning support, Democrats may need to adopt aggressive strategies that clearly distance themselves from his policies while positioning themselves as the protectors against economic and societal decline.

6. Importance of Mass Mobilization: Protests and collective action are crucial in demonstrating opposition to detrimental policies and safeguarding civic spaces from authoritarian tendencies.

7. Speculative Scenarios: The possibility of a military parade on Trump's birthday serves as a symbol of potential authoritarian consolidation, with the hosts critically examining its implications.

8. Urgency for Action: The hosts emphasize the need for immediate and cohesive efforts to address the economic and political challenges, advocating for resilience and proactive measures to reclaim economic stability and public trust.

Conclusion:

In "The Damage Can't Be Undone," The Next Level podcast provides a critical examination of the intertwined economic and political maneuvers under Donald Trump's administration. The hosts articulate a deep concern over the erosion of trust in the U.S. economy, the destabilizing effects of aggressive tariffs, and the resultant decline in public confidence. Through insightful analysis and passionate discourse, they underscore the urgency for both political strategy shifts and collective societal action to navigate the turbulent times ahead. This episode serves as a compelling narrative on the complexities of modern American politics and economics, offering listeners a thorough understanding of the stakes involved and the potential paths forward.