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The Ezra Klein Show

Trump’s Fantasy State of the Union

The Ezra Klein Show

New York Times Opinion

News, Government, Society & Culture

4.314.5K Ratings

🗓️ 25 February 2026

⏱️ 47 minutes

🧾️ Download transcript

Summary

President Trump’s approval ratings on the economy, immigration and trade are deep in the red. But in Tuesday night’s State of the Union address, he decided to tell the American people: You don’t know what you’re talking about. “Today our border is secure, our spirit is restored, inflation is plummeting, incomes are rising fast. The roaring economy is roaring like never before,” he said. I’m not going to fact-check the president in this episode. But I do want to ask: Even if he can’t be honest with the American people, is he at least being honest with himself? My editor Aaron Retica joins me to discuss. Mentioned: “I Am Part of the Resistance Inside the Trump Administration” by Miles Taylor “Has Trump Achieved a Lot Less Than It Seems?” with Yuval Levin on “The Ezra Klein Show” Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com. You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs. This episode of “The Ezra Klein Show” was produced by Claire Gordon and Marie Cascione. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Isaac Jones & Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu, Kristin Lin, Emma Kehlbeck, Jack McCordick, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Transcript

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0:00.0

The

0:07.0

The So imagine you're Donald Trump.

0:33.7

Or maybe you're one of Donald Trump's political advisors.

0:36.6

Or as kids.

0:43.4

One of the ones who doesn't want to lose midterms and start getting your crypto and AI trades investigated by congressional Democrats.

0:55.5

So you're there and you're planning out last night's state of the union. What would you do? Well, you'd probably start with a problem that you need to solve. The issues that got you elected in 2024 have turned into huge vulnerabilities in 26. Go back a year. Go back to February

1:02.3

2025. Immigration is your strongest issue. All those weenie liberals looking at your approval

1:07.8

rating can see it right there in Nate Silver's poll tracker. Your net approval on immigration is around 10%. That means 10% more of the country approves

1:16.5

of the job you're doing than disapproves of it. Suck it, liberals. Fast forward a year,

1:22.9

your net approval on immigration is negative 13%. Immigration has gone from your strongest issue to a reason

1:30.4

the country dislikes you. Or take the economy in early February of 2025, you were doing pretty well,

1:36.9

plus 7%. But then came the tariffs. Now your net approval on the economy is negative 17%. And it gets worse.

1:45.8

On trade, it is negative 23%.

1:48.1

On inflation, negative 30%.

1:51.3

Negative 30%.

1:52.3

So now it is state of the union time.

1:55.9

You have this rare opportunity to address the entire political system, the entire country. So what do you do?

2:02.7

Do you tell the American people you're working on it, that you know there's disruption and tumult

2:08.1

is just going to take some time for all these policies to pay off? Do you tell the American people

2:13.6

you hear them and you're going to change course that you've got a new plan? Or do you tell

2:19.0

the American people that they're wrong? That everything is actually going great. That they should

2:25.0

believe you, not their lion eyes and empty wallets and the videos of chaos in their streets.

...

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