Rich Valdés This is America · ABC Recording Network™

Iran Capitulates?, Interview: EJ Antoni, Isolation

April 8, 2026·1 hr 3 min·4 clips

Iran has peed their pants and begged Trump not to end their civilization, agreeing to a two-week ceasefire.

1. Rich Valdez opens This is America from his Times Square studio, 17 blocks from Madison Square Garden, with breaking news of a US-Iran ceasefire agreement. 2. Valdez is identified as the host of This is America and guest EJ Antoni is the chief economist at the Heritage Foundation, previously nominated by Trump to lead the Bureau of Labor Statistics. 3. The episode covers two related themes: the breaking Iran ceasefire news and the economic consequences of the Strait of Hormuz blockade, bridged by Antoni's analysis of energy prices and the jobs report. 4. Trump's Truth Social post announces a two-week suspension of bombing Iran, brokered by Pakistani Prime Minister Shabazz Sharif and Field Marshal Asim Muneer, contingent on 'complete, immediate, and safe opening of the Strait of Hormuz.' 5. Iran's Foreign Affairs Minister Abbas Araghchi signed an official response agreeing to cease 'defensive operations' and allow safe Strait of Hormuz passage for two weeks, with in-person talks scheduled for April 10, 2026 in Islamabad. 6. Valdez argues that Trump's multiple previous ceasefire extensions were deliberate intelligence-gathering pauses rather than capitulations, referencing the Hezbollah pager and walkie-talkie explosion campaign as an analogy for Israeli precision targeting. 7. He cites an intelligence assessment — reportedly reviewed by The New York Times and attributed to American and Israeli sources — saying new Iranian Supreme Leader Moshtaba Khamenei was incapacitated and receiving medical treatment in the holy city of Qom, about 90 miles from Tehran. 8. Valdez reports that Iranian-linked hackers disrupted multiple US oil, gas, and water industrial sites in recent weeks, according to a federal advisory, with some sites forced to operate manually and destructive malware attempts noted in some cases. 9. EJ Antoni explains that the March jobs report earns a C grade: the headline unemployment decline occurred because 126,000 unemployed workers left the labor force rather than finding jobs, meaning the household survey showed declining employment while the business survey showed job growth. 10. Antoni identifies the Trump administration's 10% reduction in the federal workforce as the most meaningful economic distinction from the Biden era, representing the lowest level of federal employment since 1966. 11. He attributes the Bureau of Labor Statistics' persistent downward revision problem — flagged by major investment houses since 2022 — as a structural issue not yet fixed under either administration. 12. Antoni characterizes native-born American employment as roughly flat since 2019 after statistical adjustments, noting that the Biden administration's net job gains largely went to foreign-born workers. 13. He grades the overall US economy a C-minus, saying he would have been more optimistic five or six weeks earlier before the Iran war drove energy prices up and disrupted the economic agenda's central promise of low energy costs. 14. Dated Brent crude prices hit a record exceeding both the 2022 Ukraine energy crisis and the pre-2008 global financial crisis spike, with physical delivery prices running above futures contract prices, signaling a near-term supply scramble. 15. Antoni explains the distinction between light sweet crude — produced primarily in West Texas — and the heavy, high-sulfur crude for which many US refineries are optimized, noting the US is a net importer of crude even while being a net exporter of refined distillates. 16. He warns that fertilizer purchased by farmers at elevated spring prices will translate into higher food costs by autumn harvest regardless of how quickly the Strait of Hormuz reopens, calling this economic damage 'baked into the cake.' 17. Antoni estimates oil prices would likely settle above $65 per barrel even after the Strait reopens due to permanently damaged or destroyed infrastructure, noting oil systems take weeks to restart even under emergency procedures. 18. The first segment is formatted as Valdez solo breaking-news commentary with improvised accents and pop culture references including WWE Iron Sheik and G.I. Joe; the second and third segments shift to a straight economic interview format with Antoni. 19. Listeners who follow US-Iran geopolitics, energy economics, and want a specific numerical breakdown of the March 2026 jobs report will find this episode substantive. 20. Listeners who find conservative commentary framing, improvised accents, and partisan editorial tone objectionable will not enjoy this episode.

As heard by us

A brisk jobs-report debate that moves from labor data to media framing and wider uncertainty.

The segment makes a tight case that the latest jobs report says less than the headline suggests. Rich Valdez pushes a reading that looks past the surface, while the guest keeps coming back to the internals: native-born employment, the slowdown in recent gains, and the sense that…

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Need a fast, combative read on the jobs report and its media spin?

Read the full recommendation in PlayNext →

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