Welcome to Axis ProRata, a podcast that takes just 10 minutes to get you smarter on the collision of tech business and politics.

I'm Dan Premak. On today's show, a big mystery in crypto land and a former Trump campaign advisor takes on Axios.

But first, America's economic confusion. President Trump tonight will give his belated state of the union address, during which he is almost certain to tout America's economic success under his watch.

Jobs numbers and GDP and manufacturing data and holiday retail sales, etc., etc. But he'll be

patting himself on the back in front of a Congress whose constituents, both Republican and

Democrat, are

increasingly worried that the boom times have peaked. Small business owner confidence,

for example, has fallen for four straight months. Consumer confidence is also down, and

Wall Street analysts keep lowering earnings expectations, particularly as they realize that

last year's sugar high from the tax cuts has largely worn off.

In short, the statistics and the sentiments aren't matching up, and there's growing concern among economists that America might essentially talk itself into a recession,

particularly through things like decreased business and consumer spending.

Again, not because of actual economic pain, but because it just kind of feels

like there should be some. It has been so long since we've had bad times. Now, Trump obviously

won't mention that divergence tonight, but he might have no choice come next year's state of the

union. In 15 seconds, we'll go deeper with Axios Markets editor, Dionne Reboen. But first, this.

Axios chief technology correspondent, Enah Freed, shares breaking news and analysis on the most consequential companies and players in tech, from the Valley to D.C.

Subscribe to get smarter faster at signup.axios.com.

And now, back to the ProRata podcast.

We're joined now by Axios Markets editor Dionne Reboen.

Is there a concern that America or Americans, I guess,

are essentially talking themselves into a recession?

...