Full Episode - Voters Hate The Trump Economy… And It’s Only Getting Worse + A Republican Governor Says What He Really Thinks

Chuck Todd argues the entire 2026 election is collapsing into a single issue — prices — and that every other story is just a contributing factor. The problem for Republicans is that the economy is going to get worse, not better: price pressure is building across the food supply, the Iran war has disrupted fuel and fertilizer, JP Morgan is warning food inflation could hit 5% by 2027, and Kevin Warsh is going to be forced to raise rates, which will infuriate a president who Chuck argues is focused mainly on his own financial interests and could produce genuinely 1970s-like conditions. Chuck brings back reporting from a visit to the Black Locust Livestock cattle ranch to explain why beef prices can't be fixed by turning a dial: raising cattle is a years-long process, the American herd is historically small, only four companies process the country's beef and capacity is shrinking, and importing more is a short-term patch that damages domestic supply long term. It's the pattern of the whole administration — solving a price problem today by making it worse tomorrow, while the cost of producing food rises because of decisions Trump himself made. Underneath it all sits the number that explains the mood of the country: corporate pre-tax profits are at their highest share since just after World War II while workers take home the smallest share since the 1950s. There is no economic boom for most Americans, Washington keeps misreading the anger, and Trump's own voters are getting hit hardest at the pump.

The war, Chuck argues, isn't just making life expensive — it's making America vulnerable. Defense leaders are warning Hegseth the Iran campaign is unsustainable: barely a quarter of the Navy's destroyer fleet is ready to deploy, advanced munitions stocks are largely burned through, and equipment and personnel are worn out, meaning fighting this war has left the country less capable of fighting the next one. China is the clear winner of Trump's second term, and Chuck’s real worry is Putin testing NATO while looking at an American president desperate for any win. Then there's Venezuela, where Trump has announced the U.S. has seized the country's oil reserves — a move Chuck calls British-empire-style imperialism and highway robbery at gunpoint, asking the obvious question: if Putin did this to a neighbor, what would we call it? The standard shouldn't change because we're the ones doing it, the windfall ought to benefit Venezuelans, and it's worth asking who's actually negotiating this and who stands to profit. It's exactly why two-thirds of South America resents the United States, and why Trump's imperial turn will only compound a credibility problem that's already severe. Chuck closes somewhere more personal: his old high school, Miami's Killian, is down from 3,000 students to 400. The kids didn't disappear — school choice killed the ambition to attend. Big public high schools once defined their communities and forced people to know each other; we traded that for choice and specialization without ever asking what a public school is actually for. We didn't try to fix public education, Chuck argues. We empowered people to escape it — and in doing so gutted one of the real sources of American strength.

Then, Ohio Governor Mike DeWine joins the Chuck Toddcast in his final months in office and, freed from ever facing voters again, says exactly what he thinks. The headline is his reversal on capital punishment: DeWine helped write Ohio's death penalty statute as a state senator in 1981 and defended it as attorney general, but in June he called on the legislature to abolish it, saying the moral justification he once had simply no longer exists. He walks Chuck through the practical case — roughly 20 years on average from sentencing to execution, a process that structurally cannot be sped up — and the harder question a Republican has to answer about whether you can be both pro-life and pro-death penalty. That flows into a broader argument about criminal justice that DeWine says has been driven by emotion rather than logic: truly violent offenders are a small percentage of the prison population and those are the people who need to be removed from society, but it's in society's direct self-interest to educate and rehabilitate everyone else. He's equally out of step with his party on immigration, arguing America needs legal immigrants, that we've been educating them and then failing to keep them, that Ohio's economic gains have come from immigrants, and that they're critical to caring for an aging population. On Springfield, DeWine is direct: the Haitian population created real challenges for the community, but they work hard, and it is not in America's interest to deport people who are here and working.

The conversation turns to the economy and the state's political future. DeWine calls the Canada trade war a genuine problem for Ohio — Canada is a major customer — and argues the country needs a real balance between domestic manufacturing and importing rather than a grudge match. On the data center boom reshaping Ohio politics, he says tech companies have an obligation to invest in the communities they move into, notes the technology has improved and no longer requires as much water, and makes the case that nuclear power is what will actually have to underwrite the buildout. He and Chuck get into whether there's a genuine divide between the two factions of the Ohio GOP, and DeWine offers a thoughtful answer about how the nationalization of politics has flattened the local distinctions that once existed inside both parties — and how that nationalization is now in everyone's face every single day. He takes ownership of the COVID shutdown decisions (the buck stopped with him), assesses whether Ohio is genuinely back to purple status with both the governor and Senate races going down to the wire, weighs