Podcast Summary: "Victor Davis Hanson: Will the Trump Economy Come to Fruition Before the 'Midterm Exam'?"

Podcast: Victor Davis Hanson: In His Own Words
Host: Victor Davis Hanson with Jack Fowler | The Daily Signal
Date: November 18, 2025

Main Theme/Purpose

This episode dives deeply into MAGA/Trump base unrest over recent economic and policy decisions, the viability and timing of a Trump-led economic turnaround ahead of the midterms, and wider American cultural, educational, and political trends. Victor Davis Hanson dissects the Trump agenda's economic logic, the challenge of inflation and tariffs, immigration, education, the housing market, and the state of California, tying each topic to long-term historical and cultural factors. As always, Hanson’s analysis is laced with anecdotes, classic literary references, and a strong sense of the stakes for middle- and working-class Americans.

Key Discussion Points & Insights

1. MAGA Unrest and Concerns Within the Trump Base

[03:43-09:51]

• Hanson and Fowler outline key grievances among the MAGA base, illustrated by social media posts and recent polling dips.
• Issues include inflation, high prices, Trump’s support of H1B visas for foreign workers, proposals for 50-year mortgages and 15-year car loans, the influx of Chinese students, and the narrative that welcoming more foreign students saves struggling colleges.
• Notable incident: Marjorie Taylor Greene’s public spat with Trump over releasing Epstein files, her appearance on The View, and Trump’s sharp response.

Quote:
"These things are adding up and they bother the base and Trump just dismisses them. But he should address them because he's got just a year and we're in a race ... for the Trump economy."
—Victor Davis Hanson [09:51]

2. Tariffs and Economic Policy: Weighing Costs and Benefits

[15:26-24:08]

• Discussion on the impact of tariffs on everyday goods, including coffee and gasoline.
• Trump’s policy shift toward “reciprocal tariffs” to punish countries with unbalanced trade but also to incentivize foreign investment in the U.S.
• The dilemma: Tariffs on products not produced domestically may simply raise prices for Americans.
• Emphasis on the importance to American voters of affordable coffee and gasoline:

Quote:
"We've always learned there's about two things, if I could use a vernacular, you don't mess with Americans. One is coffee and one is gasoline."
—Victor Davis Hanson [21:27]

3. Inflation, the Economy, and the Midterm "Exam"

[15:55-29:24]

• Rejects media narratives blaming current inflation on Trump; outlines timelines and policies he says led to Biden-era inflation spikes.
• Trump’s deregulation, increased domestic fuel production, and stricter immigration enforcement connected to positive economic effects.
• But concerns remain about whether these measures will have tangible enough results by midterm elections; real hope is for inflation to drop to manageable levels ("0.3 ... in the third quarter").
• Points out the coordinated nature of DNC talking points, focusing this month on "affordability."

Quote:
"The hub is the economy. The midterm will be determined on the economy."
—Victor Davis Hanson [24:18]

4. H1B Visas, Education, and the Future of Work

[30:21-39:09]

• Explores Trump’s comments about needing skilled immigrants due to a lack of domestic talent.
• Blames U.S. educational decline—particularly prevalence of non-STEM/"superfluous majors" and the impact of DEI policies—for labor shortages in crucial fields (engineering, computer science, medicine).
• Complicates America First messaging; calls for a “Marshall Plan” to radically retrain and refocus American education.
• Discusses the unique challenges of historically black colleges, and debunks the efficacy of increasing international enrollment to save small liberal arts schools.

Quote:
"When you say that you're going to allow Silicon Valley ... to bypass Americans and bring in people largely from China and India ... then you're kind of violating America first."
—Victor Davis Hanson [31:21]

5. The Value of the Trades and Misguided Cultural Prestige

[39:09-43:08]

• Observes a growing demand for skilled trades—plumbers, electricians, contractors—with pay and status rising.
• Contrasts this with the indebtedness and frustration of young Americans pursuing prestige liberal arts degrees with little market value, leading to resentment and radical politics.
• Urges young people to reconsider trades and practical careers.

Quote:
"I don't understand why a younger person would get a psych degree and then get $200,000 in debt and then go join Antifa... or vote for Mondame or this nut up in Seattle when you could just master ... crafts in trade school..."
—Victor Davis Hanson [41:53]

6. Housing Affordability and Investor Impact

[43:26-51:03]

• Discusses the challenge of homeownership as institutional investors buy up large numbers of homes, making it tough for ordinary Americans to buy.
• Shares statistics (in Atlanta, 25% of rental homes owned by large investors), and recounts complexities in regulating or incentivizing homeownership.
• Draws historical and psychological importance of owning a home, and the danger of a “generation lost” unable to achieve it.

Quote:
"There has to be a mechanism to encourage [homeownership] ... through lower interest rates, incentives for developers to build entry level homes, and ... fast track zoning..."
—Victor Davis Hanson [44:55]

7. California as a Cautionary Example

[52:20-58:06]

• Paints a stark portrait of the state’s water, energy, and economic mismanagement, singling out Gavin Newsom’s priorities:
  • Little concern for middle-class affordability (housing, energy, fuel, utilities)
  • Wasteful environmental grandstanding while neglecting infrastructure
• Points to systemic issues in driver's licenses for undocumented immigrants (17,000 commercial licenses to illegal aliens revoked) and unsafe highway conditions due to traffic, poor roads, and unqualified drivers.

Quote:
"Gavin Newsom is very strange ... has more contempt for the average citizen. ... he won't say one word on how the middle class Californian is supposed to pay that PG&E bill ... He won't talk about any of the things that people care about."
—Victor Davis Hanson [54:42]

8. Media Manipulation: Gaza Famine and SNAP/Obesity Narratives

[64:21-69:48]

• Highlights how tragedy narratives used as political tools disappear when inconvenient (e.g., the sudden drop in Gaza famine stories after Hamas is weakened and agrees to de-escalate).
• Similarly skeptical of U.S. narratives about SNAP (food stamps) users “starving,” using personal observation to counter media tropes about hunger and obesity.

Quote:
"If you want to know why people are so cynical, is that they're just tired of being lied to, lied to, lied to all the time."
—Victor Davis Hanson [67:56]

Notable Quotes & Memorable Moments

• On Tariffs:
  "If a tariff is on a product that Americans don't make or cannot make but want, then you're going to have to address the larger picture and not to tariff things that will raise prices up..." [21:27]

• On Education & Jobs:
  "We're not turning out enough engineers, we're not turning out enough computer people, we're not turning out enough doctors ... too many sociology, environmental studies, [and] psych majors and they're poorly educated..." [31:21]

• On the Trades:
  "And I can tell you ... master contractors, master plumbers, master electricians ... can demand almost anything, $50 to $100 an hour. ... And they're not just plumbers ... they're master craftsmen." [39:09]

• On Housing Blocked by Investors:
  "You can't buy a home if they're being snatched up by venture capitalists who are turning them into rental properties." [44:55]

• On Gavin Newsom:
  "He is by far the most incompetent but also the most nefarious ... He has utter contempt for the middle class working California." [56:39]

• On California's Transportation Chaos:
  "It's sort of like I feel like a P51 fighter pilot ... I feel like my dad's story. There's a Frank coming at me on the left. Oh, 12 o'clock high." [62:48]

• On Journalistic Narratives:
  "I will bet you that the caloric intake of people has not changed from today six months ago. What's changed is Hamas was almost destroyed and cut a deal..." [65:12]

Important Segment Timestamps

• [03:43] – Opening banter and MAGA Unrest topic introduction
• [09:51] – Decline in Trump’s approval ratings and base concerns
• [13:16] – U.S./China student and espionage considerations
• [15:26] – Tariffs, inflation, and market struggles
• [21:27] – Tariffs on food staples and political consequences
• [24:18 & 27:23] – The midterms will hinge on economy
• [31:21] – H1B visas, education, and the labor market
• [39:09] – Skilled trades versus traditional academic paths
• [43:26] – Housing affordability and investor-driven scarcity
• [52:20] – California’s drought, water mismanagement, and infrastructure woes
• [58:42] – Trucking, licensing, and dangerous roads
• [64:21] – Gaza famine media narrative shift
• [67:56] – SNAP, food stamps, and obesity versus hunger narratives

Final Thoughts

Victor Davis Hanson offers a historically grounded and unsparing critique of recent Republican and Democratic economic decisions, drawing frequent connections between policy, culture, education, and long-standing American values. His tone oscillates between wry storytelling and impassioned polemic, strongly underscoring the importance of the "midterm exam" for Trump’s agenda, and warning that both market and cultural disruptions—from tariffs to education to housing and immigration—demand immediate, authentic attention if the GOP is to sustain its base and reclaim the economic narrative.

For More:
Visit Victor Davis Hanson’s website victorhansen.com or catch further episodes and written columns at The Daily Signal.