How Presidential Policies Affect Prices: Tariffs, Price Control, Immigration and More

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2 • 665 Ratings

🗓️ 10 October 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

Learn how presidential policies on tariffs, immigration, and prices can impact your everyday expenses like groceries and gas. What can a president actually do to lower prices and fight inflation? Can campaign promises really impact your wallet, or are they just political hot air? Hosts Sean Pyles and Anna Helhoski discuss presidential policies and how they affect everything from the cost of gas to your grocery bill to help you understand the real impact of political decisions on your finances. They begin with a discussion of inflation, with tips and tricks on understanding how inflation is measured, what drives price hikes, and what role the president plays in influencing it. Then, Anna talks to Derek Stimel, an associate professor of teaching economics at UC Davis, about the economic implications of tariffs and immigration policies. They discuss how tariffs raise the price of imported goods, how immigration impacts labor costs and wages, and what these political policies mean for your everyday purchases. Stay up to date on the latest financial news by visiting NerdWallet’s Financial News Hub: https://www.nerdwallet.com/h/news/financial-news In their conversation, the Nerds discuss: inflation, gas prices, grocery prices, presidential policies, price gouging, campaign promises, tariffs, housing prices, lowering inflation, food costs, how presidents affect inflation, impact of tariffs, rising prices, how to reduce inflation, economic policy, cost of living, presidential election impact on economy, Federal Reserve, interest rates, macroeconomics, energy costs, labor costs, wages, supply chain issues, grocery store prices, price hikes, government spending, immigration policies, taxes, high inflation causes, price control, real estate market, debt and inflation, how tariffs work, price increases, affordable housing, consumer prices, cost of goods, natural gas prices, economic recession, and job market trends. 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	What's the first thing you do when you go to the grocery store? Do you run to the produce aisle and look for the freshest broccoli maybe? Or conversely, are you heading for the candy section? I don't judge. But pretty soon after that, you're probably starting to look at prices, right? The price of, well, everything is a daily question in our lives. So it's not surprising that prices are playing a part in this year's presidential election.
0:24.6	I just find it interesting that both presidential candidates have kind of focused on these highly volatile markets,
0:30.6	which we often think they really can't do that much about, and that are often driven by these kind of global forces, basically.
0:36.6	But both of them are sort of, you know, focused on those as their avenues to kind of bring inflation now.
0:47.4	Welcome to Nerd Wallet's Smart Money Podcasts. I'm Sean Piles. And I'm Anna Hal Hoski.
0:52.4	And this is episode two of our nerdy deep dive into presidential policy and personal finances. Hey, Anna, I don't know if you've noticed, but we've got a presidential campaign underway. Hard to miss it. Talk about drama. And every great drama has a storyline. One big part of this year's storyline in the campaign has been prices, specifically
1:12.1	inflation and what it's done to our bottom lines. Yeah, inflation hit a high of 9.1% back in 2022,
1:19.4	and we've been paying a whole lot more for a lot of things over the last few years. And it's not
1:24.9	subtle. It's very noticeable. Anna, is there anything specific that has popped up
1:29.6	on your radar as more expensive than just a couple years ago? Something where you said,
1:33.5	whoa, that is way more than I used to pay. Yeah, so I have a bread place near me. And a few years ago,
1:39.0	the prices were pretty reasonable for a big loaf of fresh bread, like $6 a loaf.
1:44.5	Yeah, it's like New York reasonable, I'll say.
1:46.5	Yeah, exactly.
1:47.2	No, that's how I gauge everything.
1:48.7	But then flour prices spiked and suddenly the price went up to nearly $10, which is way
1:56.2	more than I'm willing to pay.
1:57.6	What about you, Sean?
1:58.4	Did gecko food get more expensive along with anything else?
2:01.5	You know, since you mentioned it, crickets for my gecko, Ozzy, did go up about 12%.
2:06.2	I now spend a whopping $2.25 a week for those creepy bugs for the old guy. Of course,
2:13.0	it's not just these one-off items. These are just the things that the two of us noticed in spades.
	...

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