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Marketplace All-in-One

Whaddya wanna know about a second Trump term?

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 14 November 2024

⏱️ 12 minutes

🧾️ Download transcript

Summary

Over the course of his campaign, President-elect Donald Trump made a lot of promises. What does that mean for the years ahead? Today we’re answering your questions about Trump’s second term. We’ll explain whether the Trump administration could actually eliminate the Department of Education, how income tax cuts for tips and overtime pay could impact the economy, and where the Biden administration’s student debt relief plans go from here. Plus, if not tariffs, then what?

Here’s everything we talked about today:

Heads up: Tomorrow’s “Economics on Tap” episode won’t be livestreamed on our YouTube channel. But you can still listen wherever you get your podcasts.

Transcript

Click on a timestamp to play from that location

0:00.0

Hello everyone, I'm Kimberly Adams.

0:08.5

Welcome back to Make Me Smart, where we make today makes sense.

0:12.7

And I'm Amy Scott.

0:13.9

Thank you for joining us.

0:15.0

It's Thursday, November 14th.

0:17.6

As you know, President-elect Trump made a lot of promises on the campaign trail, and we know that many of you are curious about what that means for the years ahead.

0:26.6

So today we're going to answer some of your questions about what a second Trump administration might look like and how it might impact the economy, your economy.

0:34.9

Let's hear our first question from Lindsay in Portland.

0:38.7

I wonder many things about what can happen in Trump's second term, but as someone who works

0:43.1

with a lot of federal workers, this one is on my mind. Trump and his allies have talked about

0:48.2

eliminating entire departments and programs, Department of Education, for example. Can they do that?

0:55.8

That's a great question. You know, I live in Maryland, where the economy is heavily dependent

1:00.7

on federal workers. I know that's on a lot of people's minds. So technically, the Trump

1:05.5

administration could abolish the Department of Education, but the truth is it would be really, really difficult to do.

1:13.2

First of all, any effort to close the department would have to go through Congress. And though, yes,

1:18.6

even though Republicans will control both the House and Senate, there probably won't be

1:24.8

enough support for eliminating the Department of Education because it would first likely require a supermajority.

1:31.5

So 60 votes, which would mean they'd need some Democrats to join them in the Senate.

1:36.2

And then last year, the House actually voted on an amendment that would eliminate the department.

1:43.2

And it failed after 60 Republicans joined

1:46.6

Democrats in opposing it. This move would jeopardize Republicans support from local education

1:53.6

leaders because congressional districts rely on federal aid from the agency, just as they do

...

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