Election Economics: How Can Presidents Really Impact Your Pocketbook?

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 3 October 2024

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn what powers the president does and does not have to influence the economy and your wallet. Does the president really have power over the economy? How do presidential promises impact your wallet? Hosts Sean Pyles and Anna Helhoski discuss the grand economic promises made by presidential candidates and the intricate realities of presidential influence on the economy to help you understand the real effects on your daily finances. They begin with a discussion of the policy proposals from Donald Trump and Kamala Harris, with tips and tricks on understanding the scope of presidential influence on taxes, inflation and economic growth. Then, Anna talks to NerdWallet Senior Economist Elizabeth Renter about the complexities of the business cycle and the Federal Reserve's role in the economy. They discuss the limited presidential power over economic cycles, the structure and independence of the Federal Reserve, and the direct effects of presidential actions like student loan relief on individual finances. Listen to Smart Money’s coverage of the “No Tax on Tips” policy: Stay up to date on the latest financial news by visiting NerdWallet’s Financial News Hub: In their conversation, the Nerds discuss: presidential promises, economic policies, financial impact, presidential influence, economic realities, Federal Reserve, Donald Trump economic policies, Kamala Harris economic policies, taxes, deregulation, economic growth, cost reduction, small business support, down payment assistance, business cycle, Federal Reserve structure, Fed independence, Fed governors, monetary policy, student loan relief, macroeconomy, personal finances, campaign promises, tax policies, inflation control, healthcare impact, banking regulations, economic cycles, consumer sentiment, government spending, fiscal policy, executive orders, economic output, GDP growth, unemployment rates, economic downturns, financial stability, economic sentiment, policy and finance, and election impact. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	For anyone who hasn't noticed, it's election season. Candidates near and far, local, state, and
0:06.5	federal are making all sorts of promises about what they'll do if you vote for them. That's
0:11.6	especially true in the presidential election. Today, we launched a special series looking at the
0:17.1	power of presidents to influence the economy and your personal finances.
0:21.9	The president has some input here, but maybe not as much as the campaign promises would have
0:26.2	you believe. I think those statements they make about spending and taxes are largely a signal
0:31.1	of what they'd like best if the stars aligned and they could get their way on everything.
0:35.3	But things rarely shake out that way.
0:42.6	Music and they could get their way on everything. But things rarely shake out that way. Welcome to Nerd Wallet's Smart Money Podcast. I'm Sean Piles. And I'm Anna Hill Hoski.
0:47.8	This episode kicks off our nerdy deep dive into presidential policy and personal finance.
0:53.1	It's being said that this is one of the most
0:55.1	consequential elections in the history of the American Republic for many, many reasons. Today, and
1:01.9	for the next few weeks leading up to November 5th, we're going to explore what kind of power
1:06.5	the president has to influence the economy. From taxes to inflation, to health care, to banking,
1:12.8	what can the president really do? And what promises can they really keep without consulting,
1:18.2	say, Congress? Or without being smacked down by a court. So, Anna, listeners are no doubt familiar
1:24.5	with you as you are my co-host on our weekly Money News Roundup. But tell us
1:29.2	a little bit about what you're working on in the newsroom and why we're doing the series.
1:33.7	So I've been working on a series of stories analyzing policy proposals that we've heard on the
1:37.9	campaign trail from both former President Donald Trump and Vice President Kamala Harris,
1:43.1	specifically policy proposals that would impact
1:45.6	the economy and personal finances. So with one month left until Election Day, we want to do something
	...

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