First up on the show: Jamie Dimon, CEO of JPMorgan Chase, says the economy is doing well. After all, consumers are chugging along, and the stock market is continuing a strong run. But that feeling of "doing well" isn't even across the board, and those on the lower end of the income spectrum are feeling pinched. We'll discuss, and later we’ll explore how this is playing out in the restaurant scene, too.

The Supreme Court is scheduled to hear arguments this morning in Trump v. Slaughter, a case that has broad implications for consumers and workers. The justices are considering whether the president has the power to fire the leaders of independent federal agencies — in this case, the Federal Trade Commission. Plus, we hear about data on consumers' AI use during holiday shopping and visit a Michigan wood factory that hires and houses employees in addiction recovery.

From the BBC World Service: The latest economic data from China shows that while exports to the U.S. crashed over the past year, China's towering annual trade surplus surpassed $1 trillion for the first time last month. The data reveals what economists and Chinese officials have said for a while now: Chinese manufacturers can find other buyers. Then, lawmakers in France's divided parliament have been at odds for weeks over the country's budget.

How wired into your brain are tech companies? Spotify offers us a clue. The streaming company runs its Spotify Wrapped marketing campaign every December, taking user data and AI to create a personalized year-in-review for every listener — and it's an incredibly effective marketing move that consumers want to be a part of. Also: a preview of the last Fed meeting of the year and a manufacturing CEO's thoughts on tariffs and factory activity.

Following a fierce bidding war, Netflix announced this morning that it’s buying Warner Bros. Discovery in a deal worth more than $82 billion. The deal still has to be approved by regulators, and some lawmakers are already raising antitrust concerns. We learn more. Then, as part of our lunar economy mini-series, we hear what a lack of private interest oversight could mean for an economy beyond the clouds.Note: This morning’s podcast has been updated following the official announcement of a Netflix-Warner Bros. deal.

From the BBC World Service: Major airports in India have descended into chaos after the airline IndiGo either canceled or delayed hundreds of flights for the fourth consecutive day. IndiGo says there have been technical issues with aircraft or winter schedules that have delayed some flights, but the biggest reason is a pilot shortage. Also, the Democratic Republic of Congo and Rwanda have signed a peace deal, and some countries are boycotting Eurovision over Israel's involvement.

These days, Americans are drinking less alcohol. While that may be a positive from a health perspective, it’s not great news for California grape growers. Industry groups predict that 2025 will be the smallest harvest since the mid-’90s. These changing consumption habits are changing the landscape of California vineyards. Also, the Trump administration is reducing fuel efficiency standards, and layoffs are running high ahead of the next Federal Reserve meeting.

The Transportation Security Administration announced earlier this week that passengers without a REAL ID or other acceptable documents (like a passport or tribal ID) will have to pay a $45 fee for the extra screening required to get through security. We'll hear more. Plus, as part of our continued lunar economy series, we'll learn about what developing infrastructure or communications systems on the moon might look like.

From the BBC World Service: European antitrust regulators have just launched an investigation into Meta over its rollout of artificial intelligence features on WhatsApp for European users. This move marks the latest action by European regulators against large technology firms, as the trade bloc seeks to balance support for the sector with efforts to curb its expanding influence. Then, air travelers in India face continued disruptions, and Japan tries to regain a stronghold in semiconductor chip manufacturing.

The Trump administration has been clear about its desire for deep federal funding cuts to university research. So, some institutions of higher learning are looking to other sources of revenue, including backing startups spun off from research. Today, we'll examine the potential money-making idea. Plus, we’ll learn about a hiring pullback by smaller businesses, hear about smartphone surveillance attempts by India, and check on younger consumer optimism.