All-In host Jason Calacanis: “The delivery that's come in from the Trump administration on inflation and on the economy is not good if you're in the bottom half of society that doesn't own equities”
Calacanis: “The Trump administration said prices would go down. Prices have gone up.”
Published
Citation
From the December 19, 2025, edition of The All-In Podcast, uploaded to YouTube
JASON CALACANIS (HOST): Yeah. I think what you guys are missing, respectfully, is that, you know, Trump —
CHAMATH PALIHAPITIYA (HOST): Of course.
CALACANIS: — promised something completely different.
He said, starting on day one, we will end inflation and make America affordable again to bring down the prices of all goods. And when he was running for election, he promised the Americans that he would reduce prices.
Now, what's happened is prices have not come down. They've gone up 2.5 to 3.1%. But what really matters, and I think you guys are doing a great job, you know, pro-administration, part of the administration — what you're missing is the American people don't believe you.
And the American people are experiencing something different. And when you look at the approval rating, Trump's approval rating is at its historic lows and specifically on inflation, pull up the silver bullet and meta analysis there. This is the disconnect. And this is why it seemed tone deaf last night when Trump was telling everybody it's great. And when you say it's the golden age, Americans aren't experiencing that. That's just not what they experience. They are experiencing grocery prices that have continued to go up, and they are experiencing unemployment that's gone up 15%. Whether it's the federal employees, whether it's private sector and you debate the numbers or there's a golden age coming because of no tax on tips, these are all talking points.
What the American people remember is the Trump administration said prices would go down. Prices have gone up. That jobs and manufacturing, they do all these incredible manufacturing things. Obviously, that's going to take years. That has not happened yet. So I hope for the best. I hope inflation goes down to two, and I hope they turn this around. But the American people don't believe the Trump administration, and it's a big difference between promising stuff in 2024 and delivering it.
And here we are in the first year, and the delivery that's come in from the Trump administration on inflation and on the economy is not good if you're in the bottom half of society that doesn't own equities, period. Full stop.