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

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)

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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

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