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Marketplace

Measuring a tax cut is all about the framing

Marketplace

American Public Media

Business, News

4.68K Ratings

🗓️ 21 March 2025

⏱️ 26 minutes

🧾️ Download transcript

Summary

We’re tackling a “mysterious and important” question in today’s episode: Should Congress use “current policy” or “current law” baseline when measuring tax cuts? It’s not unlike our reporter’s internal struggle on whether to cancel Apple TV+ now that Season 2 of “Severance” has ended, or renew it. Except lawmakers are dealing with trillions of dollars. Plus: African immigrants fill critical home health aide roles in Texas, and The Conference Board’s Leading Economic Index falls for the third-straight month.

Transcript

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0:00.0

All right, you got seven minutes.

0:03.5

What slice of this economy do you want to talk about, huh?

0:07.7

From American public media, this is Marketplace.

0:19.6

In Los Angeles, I'm Kyle Risdahl.

0:21.8

It is Friday today.

0:23.1

This one is the 21st of March.

0:25.1

Good as always to have you along, everybody.

0:27.6

With the stipulation that there is honestly too much going on in this economy to a cover in a single segment, we're going to try real hard.

0:37.2

Courtney Brown is it Axios. City Breedy., is at Politico. Hey, you two.

0:40.7

Hey, Kay.

0:41.2

Hey, Kay. Courtney Brown, let me begin with you and Jay Powell, obviously the Federal Reserve this week,

0:47.5

as we know, decided not to do anything with interest rates, blah, blah, blah. We know the nuts and

0:51.7

bolts of what the chair said. Here's the thing that interests me. I think the word uncertainty was mentioned seven or eight times in this presser,

0:59.3

and Powell said literally nobody trusts their forecast now. He kind of shrugged when asked what

1:04.2

was going to happen. Is that at all concerning that of the 400 plus economists at the Federal Reserve,

1:09.0

not one of them can say to Jay Powell, here's what we think is going to happen?

1:12.8

I think that says so much about this moment.

1:16.7

I mean, they aren't, you know, they aren't magicians.

1:20.9

They aren't mind readers, these economists, as smart as they are.

1:24.6

They know what everyone else knows, and all they have to go on is history. But when what the

1:32.1

administration is proposing from a tariff standpoint is pretty much unprecedented. It's hard to rely on

1:40.2

history. My favorite moment from the press conference was when Chair Powell kind of challenged,

...

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