Swamp Notes: Is the US economy really K-shaped?

Swamp Notes: Is the US economy really K-shaped?

Author: Financial Times January 2, 2026 Duration: 19:04

Imagine a graph with one line going up over time. Below it, another line does just the opposite. It kind of looks like the letter K. On the FT's Swamp Notes podcast, Claire Jones and Rob Armstrong break down why people are saying that letter represents the state of the economy and what it means for the White House.


Mentioned in this podcast:

Does the K-shaped economy theory even make sense?

Email Marc with your questions (Marc.Filippino@FT.com)

Sign up for the FT’s Swamp Notes newsletter here


This is a repeat of an episode published on Swamp Notes, a sister podcast of Political Fix, on Nov. 28, 2025. Follow the Swamp Notes podcast to hear more.


Swamp Notes is hosted by Marc Filippino, and produced by Henry Larson. This week’s show was mixed by Sam Giovinco. The FT’s acting co- head of audio is Topher Forhecz. Special thanks to Pierre Nicholson.


The FT does not use generative AI to voice its podcasts.


CREDIT: Bloomberg, PBS, CNN


Hosted on Acast. See acast.com/privacy for more information.


Every Friday, the team behind Political Fix gathers to make sense of the week's political turbulence. This isn't just a recap of headlines; it's a deep, often lively conversation that pulls back the curtain on how decisions are really made in Westminster and beyond. You'll hear from the Financial Times journalists who are actually there, in the corridors and committee rooms, paired with expert voices who provide crucial context. Together, they untangle complex policy debates, analyse the shifting alliances, and question the strategies defining Britain's future. The result is a clear-eyed, authoritative look at the forces shaping the nation, delivered with the FT's signature rigor and insight. Tuning into this podcast feels like gaining access to a private briefing, one that prioritizes substance over noise. It’s for anyone who wants to move past the soundbites and understand the real stories and personalities driving the political agenda. New episodes arrive weekly, offering a consistent and essential perspective on a landscape that never stops moving.
Author: Language: English Episodes: 50

Political Fix
Podcast Episodes
The Burnham era begins: Mahmood set for chancellor? [not-audio_url] [/not-audio_url]

Duration: 34:52
Andy Burnham has been crowned Labour leader and will become PM on Monday. His first speech to the party faithful on Friday offered new clues about his plans for government, as speculation reaches fever pitch over his cab…
Farage in a fix; Burnham unbeatable [not-audio_url] [/not-audio_url]

Duration: 35:27
Is Nigel Farage regretting his move to trigger a by-election now that his main rival is the novelty candidate Count Binface? What do Reform’s supporters think, and has he blown his chances of broadening support for the p…
Nigel Farage tries to ‘take back control’ [not-audio_url] [/not-audio_url]

Duration: 16:52
Has Nigel Farage played his trump card by announcing that he will resign as MP for Clacton and fight a by-election there, or will the move backfire? After mounting pressure over donations from wealthy backers, he insiste…
Power to the North: Burnham’s big idea [not-audio_url] [/not-audio_url]

Duration: 43:27
Andy Burnham’s big idea for government is to shift power out of Westminster. In his first major speech setting out his plans for government, he outlined his vision this week for a No 10 North and to devolve a range of po…
Live special: Ten years after Brexit [not-audio_url] [/not-audio_url]

Duration: 57:28
Ten years ago, the UK voted in a referendum to leave the EU. Since that Brexit vote, the country has been through six prime ministers, the political landscape has splintered, relations with the EU have cooled, and the ec…
Can anyone challenge Andy Burnham for PM? [not-audio_url] [/not-audio_url]

Duration: 35:44
Can any other Labour MP amass sufficient support to challenge Andy Burnham for the top job, or is his ascent to No 10 now all but assured? Just 24 hours after Sir Keir Starmer’s resignation as prime minister, host Lucy F…
Exit Starmer, enter Burnham [not-audio_url] [/not-audio_url]

Duration: 24:09
With Andy Burnham sworn in as an MP and on track to become the UK’s seventh prime minister in 10 years after Sir Keir Starmer’s resignation today, host Lucy Fisher is joined by political editor George Parker and deputy p…
Unseating Starmer: Burnham’s next move [not-audio_url] [/not-audio_url]

Duration: 40:51
Andy Burnham has stormed the Makerfield by-election, clearing the pathway for him to challenge Sir Keir Starmer for the top job in Downing Street. Starmer has vowed to defend his position, but will Burnham’s team be able…
Makerfield or bust: Burnham goes for broke [not-audio_url] [/not-audio_url]

Duration: 45:06
With a week to go until Makerfield heads to the polls in what may turn out to be the most consequential by-election in British history, host Lucy Fisher, northern England correspondent Jen Williams and deputy political e…
The Nowak murder: when tragedy meets politics [not-audio_url] [/not-audio_url]

Duration: 45:48
What began as a local tragedy in Southampton has quickly become a national flashpoint. Questions about policing and trust in UK institutions are dominating the debate, as party leaders compete to shape the public respons…