Trump Made Inflation Great Again

Summary

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What A Day – “Trump Made Inflation Great Again”

Date: May 15, 2026
Host: Jane Coaston
Guest: Stacey Vanek Smith, Bloomberg Businessweek Reporter and Co-host of Everybody's Business

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Episode Overview

This episode centers on the state of the U.S. economy under President Donald Trump, focusing on why inflation remains stubbornly high and why many Americans feel the cost of living is out of control. Host Jane Coaston breaks down the landscape with economic journalist Stacey Vanek Smith, exploring both the root causes of recent inflation and the real-world impact of current policies. The show balances substantive economic analysis with the irreverent, incisive tone “What A Day” is known for.

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Key Discussion Points & Insights

1. Public Sentiment and Trump's Economic Record

• 70% of Americans oppose Trump’s handling of the economy, with 77% believing his policies have raised the cost of living (00:45).
• Jane highlights that Trump’s promise to lower prices has not materialized, partly due to his own policy decisions.

2. Inflation Data and Its Drivers

[01:53–02:59]

• Inflation jumps to a three-year high according to the Bureau of Labor Statistics.
• Gas prices: Up over 20%, in large part due to the ongoing conflict in Iran.
• Other essentials impacted:
  • Beef up 14%
  • Tomatoes up 39%
  • Rent and utilities also rising, affected by increased data center usage and other factors.
• Stacey Vanek Smith:

  “Gas prices are up more than 20%. … But food prices are also way up. I mean, things like beef — prices are up 14%. Tomatoes are up 39%.” (02:15)

3. Who’s to Blame? Trump Policies vs. External Forces

[02:59–04:52]

• While Trump campaigned on lower prices, his policies (tariffs, Iran war) have made things worse.

• Some price hikes trace back to post-COVID disruptions and volatile weather, but Trump’s actions—including tariffs and geopolitical tensions—have compounded inflation.

• Stacey Vanek Smith:

  “The tariffs, first of all, right? Tariffs are gonna raise the price of anything that's imported. ... These are what economists sometimes call unforced errors, right?” (03:30)

• Jane points out not all causes are presidential; for example, beef and cocoa prices are up due to disease and weather, not government directive.

4. What Comes Next? The Ripple Effects

[05:42–07:03]

• The Iran war’s continuation signals no relief for oil or shipping costs.
• Inflation is likely to persist or worsen:
  • Businesses will pass increased transportation and production costs onto consumers.
  • This cycle could cause reduced consumer spending and potential job losses.
  • The escalation could be slow but hard to reverse.
• Stacey Vanek Smith:

  “If this keeps going, … we're going to keep seeing prices rise, … it has these ripple effects throughout the economy … and that is honestly what worries me right now.” (06:11)

5. Advice for Americans Feeling the Squeeze

[07:03–08:01]

• “Don’t panic”—expect prices to stay high for some time.
• Be cautious; if possible, save more to weather ongoing uncertainty.
• The U.S. economy is fundamentally strong, says Stacey, but warns, “We've taken a lot of beatings.” (07:38)
• Stacey Vanek Smith:

  “Just maybe prepare for prices to be high for a little while. ... If it's possible to save some money, I would save some money because there's just been a lot happening.” (07:26)

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Notable Quotes & Memorable Moments

• On Trump’s priorities:
  Donald Trump:

  “Not even a little bit. The only thing that matters when I'm talking about Iran, they can't have a nuclear weapon. I don't think about America's financial situation.” [as played by Jane, 01:15]

• On “unforced errors”:
  Stacey Vanek Smith:

  “These are what economists will sometimes call unforced errors, right? I mean, these are things that didn't have to happen that were actions that the President took, and the consequences of those actions are prices going up.” (03:35)

• On cumulative causes of inflation:
  Stacey Vanek Smith:

  “I think the cumulative inflation, though, that we're seeing, I think is the result of a lot of choices.” (04:38)

• On advice for listeners:
  Stacey Vanek Smith:

  “Don’t panic is my main piece of advice. ... It's just a good moment to be a little careful, a little cautious. If it's possible to save some money, I would save some money because there's just been a lot happening.” (07:20)

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Important Segment Timestamps

• [00:45] – Jane shares polling data: Americans unhappy with Trump’s economy.
• [01:15] – Trump dismisses economic worries; focus on Iran.
• [01:53] – Start of inflation breakdown with Stacey Vanek Smith.
• [02:15] – Specific data on gas and food price jumps.
• [03:18] – Why Trump’s promises on prices fell short.
• [03:30] – Tariffs and “unforced errors.”
• [04:52] – Parsing how much inflation is Trump’s fault vs. larger trends.
• [05:42] – What to expect if Iran war drags on.
• [07:03] – Practical advice for coping with inflation.

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Additional News Briefs (Spanning 11:51–17:45)

• Trump meets with Xi Jinping in Beijing:
  • Discussion on fentanyl, economic cooperation, and Iran crisis.
  • Xi offers to help with Iran situation; says China won’t provide Iran with military equipment (12:10).
• Border Patrol Chief Michael Banks resigns amid scandal (12:39).
• ‘Freedom 250’ prayer event in D.C. featuring Trump administration officials; Jane criticizes the Christian nationalist narrative (13:48).
• Supreme Court upholds access to abortion pill mifepristone in a 7–2 decision (14:13).
• FBI Director Kash Patel goes snorkeling at USS Arizona site, breaking protocol for sacred ground (15:30).

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Overall Tone and Style

Jane Coaston maintains her characteristic blend of journalistic rigor and dry wit, breaking down complex economic issues in accessible, relatable language. She doesn’t hesitate to inject humor or skepticism—whether about Trump family business ventures (“counting on a Trump family promise … seems like a bad idea” [00:03]) or official statements that don’t pass the sniff test.

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Summary

This episode pulls back the curtain on why inflation persists in the Trump era, dissecting both direct policy impacts (tariffs, foreign affairs) and longer-term, global influences. Stacey Vanek Smith grounds the big headlines in tangible examples listeners feel daily while giving clear-eyed, actionable advice. The broader news round-up reveals continued political tumult—from diplomacy with China and major resignations to cultural skirmishes and surprising Supreme Court moves—making this a brisk, information-rich start to the day.

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For listeners who missed it:
Expect a sharp, candid, and thoroughly researched look at how and why inflation has become a defining issue—and what it means for your wallet in the months ahead.

Transcript

[Jane Coastin]

It's Friday, May 15th. I'm Jane Coastin, and this is what a day. The show that says if you ordered a Trump phone last year, it turns out you might be getting it soon. Maybe because, you know, counting on a Trump family promise when you've already paid them money seems like a bad idea. On today's show, FBI Director Kash Patel allegedly went snorkeling on his not vacation in Hawaii. And did the Supreme Court just become a feminist? Let's start with the economy. If you're someone who say buys things, you may have noticed that life is pretty expensive right now and Americans are not happy about it. A CNN poll this week found that 70% of Americans opposed President Donald Trump's handling of the economy. And 77%. 77% think that his policies have increased the cost of living. Not that Trump cares very much. Exactly. Here he is Tuesday before boarding Marine One on his way to China. When you're negotiating with Iran, Mr. President, to what extent are American financial situations motivating you to make a deal?

[Donald Trump]

Not even a little bit. The only thing that matters when I'm talking about Iran, they can't have a nuclear weapon. I don't think about America's financial situation.

[Jane Coastin]

I, for one, am not surprised. Trump came into office claiming he would lower prices, quote, on day one. But that didn't happen, and his own policies are partially to blame. To talk more about the economy, inflation, and what we can do when our lives feel way too expensive, I spoke to Stacey Vanek Smith. She is a reporter for Bloomberg Businessweek and co host of the Bloomberg podcast Everybody's Business. Stacy, welcome back to what a Day.

[Stacey Vanek Smith]

Thanks, Jane. It's good to see you. Good to be here.

[Jane Coastin]

This week, the Bureau of Labor Statistics reported that inflation jumped to its highest level in nearly three years last month. Some of this was, I don't think, very surprising. Gas prices have skyrocketed since the start of Trump's Iran war. But what else do these numbers say about the economy?

[Stacey Vanek Smith]

I mean, you're absolutely right. Obviously, the first thing everybody thought of when they saw these numbers were gas prices. You know, gas prices are up more than 20%. It's a lot. I mean, in California, I think you guys have the highest gas prices in the country right now. So everybody's feeling that and businesses feel it and consumers feel it. And so that part of the report I think everybody focused on. But food prices are also way up. I mean, things like beef Prices are up 14%. Tomatoes are up 39%. Also, rent prices are up Quite a bit. Utility prices, because of all the data centers, our electricity is getting more expensive. So a lot of expenses that we can't get out of are, have been going up a lot, even without the extra stress of the war in Iran and the effect that's had on oil prices.

[Jane Coastin]

So it sounds like a lot of this, you know, is probably not exactly Trump's fault, but Trump did campaign on bringing prices down, and many people voted for him because of that promise. Why hasn't Trump's, quote, roaring economy come to fruition?

[Stacey Vanek Smith]

I think there are a bunch of reasons. First of all, even though President Trump definitely came into office promising to bring down prices, especially of eggs. Eggs are cheaper, by the way. They're like 39% cheaper than they were last year. But pretty much everything else was up. I know. I think it's a bunch of things. I mean, the tariffs, first of all, right? Tariffs are gonna raise the price of anything that's imported. So that is putting pressure on making prices go up. Now, the war in Iran, I mean, these are what economists will sometimes call unforced errors, right? I mean, these are things that didn't have to happen that were actions that the President took, and the consequences of those actions are prices going up. So, you know, I think President Trump is counting on things like interest rates getting cut and the AI boom and, you know, tax cuts to companies to kind of counteract those things. But if lowering prices was his main goal, he's been making some strange decisions.

[Jane Coastin]

Okay, But I keep thinking about how, like, beef prices are up not exactly because of Trump's policies, but because of a bunch of other stuff having to do. In the beef industry, there have been issues regarding coffee and chocolate because of weather and diseases. So how much of this current affordability crisis is because of Trump's economic policies? And how much is left over from, say, Covid price surges or other stuff that's all happening to culminate right now.

[Stacey Vanek Smith]

Yeah, that is a really. That is a really good point. I think. I think there is a fair amount of it that predates Trump that has to do with COVID and things like that. You're totally right. A lot of weather events, but, you know, those events are always going to happen. There are always going to be forces that push the price of one product or another up at some point in time. I think the cumulative inflation, though, that we're seeing, I think is the result of a lot of choices. I think Covid did obviously create a lot of inflation and push prices up, but they were starting to come back down. We were seeing that trend through the end of the Biden administration and the beginning of Trump's a presidency. But Trump has made a lot of decisions that have had a like, have pushed prices up, have had an impact on inflation.

[Jane Coastin]

The Iran war does not appear to be ending anytime soon, which means that a large part of this issue is not going to be fixed anytime soon. So what can consumers expect from the economy in the near coming months?

[Stacey Vanek Smith]

It depends. I think you're right. It does not seem like the conflict with Iran is slowing down or that the Strait of Hormuz is going to reopen anytime soon. And as long as that happens, it just puts pressure on everybody, on consumers, on businesses. And I think if this keeps going, it's going to have a couple of impacts. Number one is that we're going to keep seeing prices rise, because even if places have tried to keep their gas prices down or companies that have been paying more for their fuel to ship things back and forth have tried to keep prices down, they're just going to have to start passing those along to customers. But also, I think, I think that can bleed into other things, because consumers, we're all dealing with high prices everywhere, so we might spend less money and save less money. That means businesses are selling less stuff. That puts stress on them. That means they might hire fewer people or even let some people go. So it has these ripple effects throughout the economy that can take some time, that are sometimes slow to ramp up. But when they ramp up, sometimes it can be hard to pull them back. And that is honestly what worries me right now.

[Jane Coastin]

What advice do you have for Americans who are feeling the financial squeeze right now? Because I think it's hitting everybody all the time, everywhere. What should we be thinking about and doing?

[Stacey Vanek Smith]

Oh, I mean, that is a great question. I think don't panic is my main piece of advice. I wish I could take it. I think just maybe prepare for prices to be high for a little while. You know, things are really expensive. Jobs are a little harder to get at this moment than they usually are in the economy. So I think overall, there's a lot of great stuff in our economy. We're a pretty strong economy and resilient, but we've taken a lot of beatings. It's just a good moment to be a little careful, a little cautious. If it's possible to save some money, I would save some money because there's just been a lot happening. It's hard to keep up.

[Jane Coastin]

So, Stacey, as always, thank you so much for joining me.

[Stacey Vanek Smith]

Thanks Jane. Great to see you.

[Jane Coastin]

That was my conversation with Stacey Vanek Smith, host of Bloomberg Business Week's podcast Everybody's Business. The business of this podcast is news, so we've got more coming up. If you like the show, make sure to subscribe. Leave a five star review on Spotify and Apple Podcasts, watch us on YouTube and share with your friends. More to come after some ads. What a day is brought to you by Zebiotics Pre Alcohol let's face it, after a night with drinks, I don't bounce back the next day like I used to. I have to make a choice. I can either have a great night or a great next day. That is, until I found Pre Alcohol Zebiotics Pre Alcohol Probiotic Drink is the world's first genetically engineered probiotic. It was invented by PhD scientists to tackle rough mornings after drinking. Here's how it works. When you drink, alcohol gets converted into a toxic byproduct in the gut. It's a buildup of this byproduct, not dehydration, that's to blame for rough days after drinking. Pre alcohol produces an enzyme to break this byproduct down. Just remember to make pre alcohol your first drink of the night. Drink responsibly and you'll feel your best tomorrow. Every time I have pre alcohol before drinks, I notice a difference the next day. Even after a night out, I can confidently plan on working out without worry. From the crack of the bed at the stadium to the start of wedding season and the roar of the engines in Indy, May is packed with back to back reasons to be out. Don't let a rough morning after keep you on the sidelines. Drink Pre Alcohol to stay ahead of it and make the most of every Saturday this month. Go to zebiotics.com wad to learn more and get 15% off your first order. When you use Code WAD at checkout, Zebiotics is backed with a 100% money back guarantee, so if you're unsatisfied for any reason, they'll refund your money, no questions asked. Remember to head to zbiotics.com wad and use the code WAD at checkout for 15% off. This podcast is brought to you by WISE, the app for international people using money around the globe. When it comes to sending money abroad, many providers claim to offer free fees and competitive rates. But don't be fooled. This can be code for inflated exchange rates. With the WISE account, you can send, spend and receive money in over 40 currencies without ever having to worry about hidden fees sending pounds across the pond. Most transfers arrive in 20 seconds or less. Spending reals in Rio. The wise travel card gives you the mid market rate on every purchase. No costly markups on your bill. Getting paid in dollars for your side gig. Avoid hidden fees and get the real exchange rate every time. With 24. 7 access to live support, your international transactions with WISE are quick, transparent and safe. Plus wise runs over 7 million daily checks to catch and prevent fraud. 15 million people already trust wise to manage their money internationally. Be smart, Get Wise. My husband and I have used WISE when we've traveled all over the country and it's been a total game changer. Download the Wise app today or visit wise.com Terms and Conditions apply.

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[Jane Coastin]

Here's what else we're following today. Head of Lines President Trump met with Chinese President Xi Jinping in Beijing on Thursday for their long awaited summit. The White House said the pair discussed fentanyl flows, economic cooperation and Iran. Trump spoke with Fox News Sean Hannity after the meeting because of course he did.

[Donald Trump]

President Xi would like to see a deal made. He would like to see a deal made. And he did offer. He said if I can be of any help at all, I would like to be of help. He did say that. Yeah, he did say that. And look, anybody that buys that much oil has obviously got some kind of a relationship with him. But he said, I would love to be of help if I could be of any help whatsoever. He'd like to see the hormones strait open. He said if I could be of any help whatsoever, I would like to help.

[Jane Coastin]

How nice of him. China is the largest buyer of Iranian oil and Trump has hoped Xi would use that leverage to prod Iran into a deal on US Terms. Trump also said Xi assured him that China wouldn't provide Iran with military equipment. The chief of Border Patrol Michael Banks resigned, effective immediately. On Thursday. In a text to a Fox News reporter confirming his exit, Banks said, quote, after almost 37 years of public service, now is my time to enjoy family and life. An investigation by the conservative outlet the Washington examiner revealed that six current and former Border Patrol agents said that Banks bragged about paying for sex in Colombia and Thailand. These allegations resulted in two investigations by Customs and Border Protection. This is the third high profile exit from the Department of Homeland Security in two months, following former Department of Homeland Security Secretary Kristi Noem and acting Immigration and Customs Enforcement Director Todd Lyons.

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[Jane Coastin]

A non profit called Freedom 250 is holding a prayer gathering on the national mall in Washington, D.C. this Sunday. The rededicate 250, a national Jubilee of prayer, praise and thanksgiving list of speakers includes several top trumpet administration officials and a cast of mostly conservative Christian clergy. Some critics call it an effort to hijack US History with a false Christian nationalist narrative. These critics include me. The group will probably be praying for the Supreme Court justices Sunday after they made an unexpected 7:2 decision to preserve access to a drug used in medication abortion. Justices Clarence Thomas and Samuel Alito dissented. The court rejected lower court restrictions while a lawsuit continues. The order allows patients seeking abortions to continue obtaining the drug mifepristone at pharmacies or through the mail without an in person visit to a doctor. Access is likely to remain uninterrupted at least into next year as the case plays out. I wonder if this signals anything for what the court is thinking, or if I'm suddenly putting faith in this court for zero reason. Hmm. And finally, some news from FBI Director Keshe Patel's world of fun. According to emails obtained by the Associated Press, when Patel was on an official trip in Hawaii, he participated in a VIP snorkel experience around the USS Arizona, which were sunk during Pearl Harbor. More like Splash Patel, am I right? Snorkeling at the ship, where about 900 sailors remains are entombed, is generally off limits. A Marine veteran who was trained to dive to inspect the ship told the outlet. It's like having a bachelor party at a church. It's hallowed ground. That sounds like Kash Patel's whole thing, though. And that's the news. Before we go. People's attention spans are a third of what they were just 20 years ago. On the latest episode of Offline with Jon Favreau, computer scientist Cal Newport joins Jon to explain why we need a revolution in cognitive fitness and how AI might get in the way. Listen to the conversation wherever you get your podcasts or watch on YouTube. New episodes drop every Saturday. That's all for today. If you like the show, make sure you subscribe, Leave a review, ask hey, where is representative Thomas Kean Jr. And tell your friends to listen. And if you're into reading and not just about how the Republican representative from New Jersey hasn't been seen even in photographic form in more than two months despite running in a competitive reelection campaign like me, what a Day is also a nightly newsletter. Check it out and [e-mail] subscribe I'm Jane Costen and two weeks ago a spokesperson said Keenan was dealing with a health issue. When asked why he hasn't been seen in New Jersey or Washington or anywhere else, that spokesperson said, quote, there's no cameras where Tom is now. I have more questions. What a Day is a production of Crooked Media. Our show was produced by Caitlin Plummer, Emily Foer, Erica Morrison and Adrienne Hill. Our team includes Hayley Jones, Greg Walters, Matt Berg, Joseph Dutra, Johanna Case and Desmond Taylor. Our music is by Kyle Murdoch and Jordan Kantor. We had help today from the Associated Press. Our production staff is proudly unionized with the Writers Guild of America EAS.

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