Why Earning More Isn’t Saving Some American Families From Poverty

WSJ What’s News

The Wall Street Journal

News, Daily News

4 • 4K Ratings

🗓️ 5 August 2025

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Aug. 5. Nearly 10 million American children are living in poverty, the most since 2018. Tens of millions more are precariously close, their families pushed to the brink by a storm of economic factors. Dan Frosch, who covers the U.S. economy with a focus on income inequality and poverty for the Journal, talked with a number of families in this position and joins us to discuss. Plus, with the resignation of a Federal Reserve official, President Trump has an opportunity to reshape the Fed. We hear from WSJ chief economics correspondent Nick Timiraos about what the president might do. And a House committee has subpoenaed the Justice Department for reports of its investigation into Jeffrey Epstein. Alex Ossola hosts. Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:33.2	How an unexpected resignation offers President Trump an opportunity that could reshape the Fed.
0:39.5	Plus, why many American working families are struggling to stay out of poverty.
0:44.2	You had this confluence of factors subsequent to us coming out of the pandemic,
0:48.8	that being the end to these temporary assistance programs, coupled with inflation and rising housing costs that have
0:56.3	created this storm of economic factors that are pushing people to the edge.
1:00.5	And a House committee subpoenas the Justice Department for records of its investigation into
1:05.6	Jeffrey Epstein. It's Tuesday, August 5th. I'm Alex O'Sullough for the Wall Street Journal.
1:11.3	This is the PM edition of What's News, the top headlines and business stories that move the world today.
1:18.7	President Trump has ruled out tapping Treasury Secretary Scott Besant as chairman of the Federal Reserve.
1:24.5	During an interview with CNBC, the president said that Bessent wants to stay where
1:28.1	he is, adding that he would take him off the short list of candidates to succeed Fed Chair Jerome Powell
1:32.9	when his term ends next year. And though Trump said he didn't plan to make his decision about
1:37.6	who will replace Powell anytime soon, he does have an unexpected opportunity, a vacancy to fill
1:43.1	on the Fed's board. after Adriana Coogler,
1:45.3	a Biden appointee said last week she would resign from the Central Bank's Board of Governors
	...

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