This Trump Speech Was the Ultimate Loyalty Test

The economy has started blinking red. President Trump’s tariffs have been roiling markets. Consumer sentiment was already down. G.D.P. forecasts are predicting slower growth. And on Tuesday night Trump declared to Congress and the nation that things had never been better.

Something was different about this speech. The level of baldfaced lying. The way Republicans cheered along. How uncomfortable and uncertain Democrats seemed. It was as if, watching it all, you could feel something rupturing.

My editor, Aaron Retica, joins me to talk through Trump’s fifth address to Congress.

This episode contains strong language.

Read the full transcript here

Watch more on @EzraKleinShow

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/ezrakleinpodcast () . Book recommendations from all our guests are listed at () .

This episode of “The Ezra Klein Show” was produced by our supervising editor, Claire Gordon. Fact-checking by Michelle Harris. Mixing by Isaac Jones, with Aman Sahota. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts () or on Apple Podcasts and Spotify.