The Weekly Show with Jon Stewart (Comedy Central) Episode: The State of Things with Ali Velshi Date: February 25, 2026

Episode Overview

This episode features Jon Stewart in conversation with noted journalist Ali Velshi, host of "Velshi" on MS. Now and co-host of "It’s Happening with Velshi and Ruhle". The discussion centers on the health of American democracy, the shifting dynamics in US and Canadian politics, the role of media and financialization in shaping public discourse, and how news organizations can evolve to better serve citizens. With the upcoming State of the Union, Stewart and Velshi delve into the broader state of politics, civic engagement, and trust in institutions with their signature smart, candid style.

Key Discussion Points & Insights

1. US-Canada Relations in a Tumultuous Era

[03:56–08:49]

• The conversation opens lightheartedly on US-Canada sports rivalry, before turning to the serious cooling in US-Canada political relations since Trump’s presidency.
• Ali Velshi notes that Canadians have responded not with anger at Americans, but targeted economic choices and travel as protest against US policies.
• Quote:
  “Canadians are very angry at the Donald Trump stuff. They're not mad at Americans. ... This is a moment where we distinguish the American government from the American people.”
  – Ali Velshi [05:02]
• Discussion of how anti-Canadian rhetoric from US politicians, particularly Trump, reshaped Canadian politics—ushering Mark Carney into power and dramatically shifting poll numbers away from right-wing populists.

2. Voter Engagement: A Crisis of Participation

[09:50–13:14]

• Both US and Canadian voter turnout sits at disappointing levels; a third of Americans still do not vote.
• Velshi:
  “The crisis is citizens not voting. Not non citizens voting.” [10:09]
• US culture is compared to others where consequences of non-participation (like loss of healthcare) are less dire. The US’s structural volatility and policy swings make disengagement more damaging.

3. Immigration Narratives and Realities

[18:20–23:21]

• Recent Cato and other studies debunk myths that immigrants are a net drain, showing positive tax contributions and higher rates of entrepreneurship.
• Stewart:
  “The Cato Institute is no liberal think tank... but was that a surprising [finding]?” [18:29]
• Velshi shares Canada’s approach to multiculturalism, welcoming immigrants to retain their languages and cultures as part of a deliberate economic imperative.
• Velshi recalls personal family history—fleeing apartheid South Africa, becoming active in Canadian grassroots politics, running for office—and stresses the value of embracing immigrants as contributors, not scapegoats.
  “The country embraced us as immigrants, and we embraced the country in return. And that's how it works.” [15:41]
• Discussion of why anti-immigrant rhetoric resonates, especially during periods of economic anxiety in marginalized communities.

4. Economic Anxiety and the Weaponization of Discontent

[24:07–27:43]

• Politicians often get people to look "horizontally" (blaming those slightly below them) instead of "up" at entrenched wealth and power structures that actually shape opportunity.
• Stewart references research (Michelle Dickerson, "The New Middle Class New Deal") that shows how such tactics distract from real barriers.

5. The Erosion and Engineering of the Middle Class

[32:23–35:06]

• The American middle class was the result of social engineering through policy—affordable housing, pensions, healthcare—but decades of deliberate dismantling have undercut this.
• Velshi:
  “Capitalism itself would never produce [the middle class]... So the gap will always remain between the owners and the workers.” [32:58]
• They argue for policy measures that rebuild and stabilize the middle class, and analyze how tax policy and financialization have exacerbated inequality.

6. Money, Power, and Corruption in Politics

[37:05–39:05]

• Stark critique of campaign finance: The outsized influence of super-wealthy donors (Buckley v. Valeo, Citizens United) and the way media and elections have become financialized.
• Stewart:
  “We're going to completely ignore the $300 million that Elon Musk puts into an election.” [37:18]
• Ali Velshi highlights the need for reform—more small donors, less corporate and billionaire leverage—and the relevance of new antitrust efforts under Lina Khan.

7. Media Incentives and the Crisis of Trust

[40:26–47:58]

• Both lament how media incentives (ratings, outrage, financialization) drive newsrooms away from civic function towards performative or sensational content.
• Velshi:
  “The incentives are wrong. And I don't know how we solve it ... the solution is ... form some sort of a collective.” [41:20]
  (Shares a fascinating family story: Gandhi taught his family Islam as a unique vision of cross-communal education and trust) [42:07–43:38]
• Stewart floats the idea of media as a public utility or trust.
• Velshi:
  “We need reliability. We need people to say, I trust you… The award should be, ‘Ali Velshi is the most reliable journalist on television or Jon Stewart is the most reliable curator of information.’” [48:59]

8. Editorial Independence and Corporate Constraints

[52:13–57:55]

• Freed from the strictest corporate and legal entanglements, Velshi feels increased latitude, though economic pressures and legal vetting remain.
• Editorial meetings focus mainly on ratings and legal exposure, less so on proactive censorship—an improvement over past constraints.

9. Competence and Accountability vs. Spectacle in Politics and Media

[58:31–69:50]

• They argue that media and politics both favor spectacle over substance, numbing audiences and eroding trust; suggest the path forward is civic education and contextualization, not outrage.
• Velshi:
  “There are only two things that matter in journalism ... bear witness, and hold power to account.” [49:53]
• Stewart notes the necessity of making civic education engaging, not just moralizing.

10. Designing Media for Civic Health

[70:09–74:15]

• Stewart:
  “Right-wing media is an organism ... every part works together ... I don't see the same level of coordination” [70:09]
• Velshi affirms the importance of contextualization, diversity of approaches, and resisting centralized programming to maintain trust and inform democracy.

11. AI, Social Media, and the Future of News

[75:10–76:21]

• Discussion of how AI, if harnessed properly, could help “unravel the manipulation” of news algorithms, though both are wary given past optimism around crowd-sourced truth (early social media).

Memorable Quotes

• “The crisis is citizens not voting. Not non citizens voting.”
  – Ali Velshi [10:09]

• “Why, why have we not realized whose boot it is that's actually on our neck? It's not the boot of the immigrant.”
  – Ali Velshi [24:14]

• “We need reliability. ... The award should be, ‘Ali Velshi is the most reliable journalist on television or Jon Stewart is the most reliable curator of information.’”
  – Ali Velshi [48:59]

• “There are only two things that matter in journalism ... bear witness, and hold power to account.”
  – Ali Velshi [49:53]

• “It can't all be the world's on fire all the time because then nobody thinks there's a fire.”
  – Ali Velshi [66:05]

Timestamps for Important Segments

• US-Canada political rift & Mark Carney’s rise: [03:56–06:50]
• Citizenship, voting, and civic engagement: [09:50–13:14]
• Immigration economics & multiculturalism: [18:20–23:21]
• Middle class by policy, not accident: [32:23–35:06]
• Rise of money in politics, need for reform: [37:05–39:05]
• Media’s financial incentives and trust: [40:26–47:58]
• Corporate influence & news independence: [52:13–57:55]
• Substance vs. spectacle in media: [58:31–69:50]
• Future of media, AI, and news organism: [70:09–76:21]

Tone & Style

Conversational, sharp, insightful, and peppered with Stewart’s signature humor and Velshi’s blend of personal history with macroeconomic and political analysis. The back-and-forth is engaged but substantive, moving nimbly between policy, history, personal anecdote, and big-picture societal critique.

Notable Moments

• Velshi’s family learning Islam from Gandhi (for historical cross-cultural perspective): [42:07–43:38]
• Stewart on why demogogues' scapegoating works: [25:28–26:14]
• Analogy of news as a museum (trusted curation over ratings): [47:53–48:59]
• Discussion of media as public utility/collective: [44:58–46:03]
• Hope for AI to undo news manipulation: [75:10–76:21]

For Further Listening

• Ali Velshi's "Velshi" on MS. Now (Saturdays and Sundays at 10am)
• It’s Happening with Velshi and Ruhle (MS. Now YouTube)

This summary covers the major points, insights, and memorable exchanges of the episode, skipping advertisements and non-content sections, and providing a rich overview for listeners seeking the heart of Stewart and Velshi’s wide-ranging discussion.