Planet Money

The Federal Reserve has been under intense pressure from President Donald Trump as he pushes for more control over the historically independent agency. The Fed is tasked with keeping inflation and unemployment under control, and it’s supposed to be insulated from politics so it can do whatever is necessary for the economy. But Trump has been openly saying he wants interest rates to be lower. A lot lower. And on Monday, Trump posted a bombshell. He said that he was removing Federal Reserve governor Lisa Cook, “for cause.” Lisa Cook has told NPR she intends to remain in office, and is now suing Trump.  On today’s show: inside the Fed Board of Governors. How realistic is a plan to control monetary policy through loyalists on the Board? We hear from former Board governors to understand what the job is, and what we might be in for.  Further listening on the Fed and Fed independence: - A primer on the Federal Reserve's independence - Happy Fed Independence Day - The case for Fed independence in the Nixon tapes - A Locked Door, A Secret Meeting And The Birth Of The Fed - Trump's unprecedented attack on the Fed - Turkey's runaway inflation problem  - Should presidents have more of a say in interest rates? Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 29 August 2025

Get your own personalized summer school diploma here. Today on our final episode of Summer School 2025, we will test your knowledge. We will salute the unsung heroes of government service. And we will pick our valedictorian from among you of the class of 2025. Editorial Note:President Trump attempted to fire Lisa Cook, a Biden appointee to the Federal Reserve Board. Our daily podcast, The Indicator, has coverage on their feed. We’ll have an episode in the Planet Money feed soon, in the meantime, here’s some background listening on why this is so important. Years before she joined the Fed, we profiled the work of Lisa Cook. Listen here.Also these: Happy Fed Independence DayA primer on the Federal Reserve's independenceThe case for Fed independence in the Nixon tapesTurkey's runaway inflation problem Arthur Burns: shorthand for Fed failure? Should presidents have more of a say in interest rates?Can the Federal Reserve stay independent? It's hard out there for a Fed chair The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford.Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 27 August 2025

In the past couple years, demand has gone wild for drugs like Ozempic – and its cousins, Zepbound, Wegovy, and Mounjaro. For people who had never been able to lose weight before, suddenly the numbers on the scale were plummeting. And everybody wanted to get their hands on them.  Now, in most industries, if a product goes viral like this, it’s a golden ticket. And thanks to government-granted monopolies designed to encourage innovation, the big drug companies behind these blockbuster injections are currently the only ones allowed to make them. In theory, anyway.  But, what if that explosive demand backfired, opening the door to legal knock-offs? You’ve maybe seen them - copycats advertised as the same thing as Ozempic. So, what’s the difference? And just how legal are they? On today’s show - a drug that’s changing peoples lives is also challenging the traditional way we buy and sell medicine. This episode was hosted by Sydney Lupkin and Jeff Guo. It was produced by James Sneed. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Gilly Moon and Debbie Daughtry. Alex Goldmark is Planet Money’s executive producer. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Source Audio - “Subtly Silly Thug,” “Got The Moves,” and “Vive le Punk” Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 22 August 2025

For most Americans, we just lived through the highest period of inflation in our lives. And we are reminded of this every time we go grocery shopping. All over TikTok, tons of people have posted videos of how little they got for … $20. $40. $100. Most upsetting to us: an $8 box of Cinnamon Toast Crunch. Food prices are almost 30% higher than they were five years ago. It’s bad. And those new, higher prices aren’t going away. At the same time, prices are no longer inflating at a wild pace. For the last two years, the rate of inflation has slowed way down. And yet, our fears or feelings that things will spiral out of control again? Those have not slowed down. This mismatch has been giving us all the …. feelings. Inflation feelings. Infeelings.  On our latest show: we sort through our infeeltions. We talk to the economists who have studied us. We learn why our personal inflation calculators don’t always match the professional ones. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 15 August 2025

Tariffs are the favorite tool of our current president, but there are lots of other ways that governments insert themselves into the free exchange of goods and services. Some of these trade barriers are so insidious and have been going on for so long that it may surprise you that they even exist.  We bring you the classic story of what happens when you try to protect an American industry and end up hurting another American industry. Well intentioned plans turn into trade barriers that make our lives more expensive.  Check out our Summer School video cheat sheet TikTok. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 13 August 2025

In economics, a market is a place (even virtual) where buyers and sellers meet to exchange goods or services. Economists love markets. It's like all of our supply and demand graphs have come to life. Almost everything you buy goes through some sort of marketplace—your cup of coffee came from trading in the bean markets. Your spouse might have come from the dating marketplace on the apps. Even kids will tell you one Snickers is worth at least two Twix. But sometimes, as we'll see today, markets can go terribly wrong; greed can run out of control; lives can be at risk. That's when the government often steps in and gives the market a little nudge to work better. Today's episode: Market Design. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 13 August 2025

After President Trump fired the head of the Bureau of Labor Statistics, economists and statisticians across the board were horrified. Because the firing raises the spectre of potential manipulation – and it raises the worry that, in the future, the numbers won't be as trustworthy. So: we looked at two countries that have some experience with data manipulation. To ask what happens when governments get tempted to cook the books. And...once they cook the books... how hard is it to UN-cook them? It's two statistical historical cautionary tales. First, we learn how Argentina tried to mask its true inflation rate, and how that effort backfired. Then, we hear about the difficult process of cleaning up the post-cooked-book mess, in Greece. For more: - Can we just change how we measure GDP? - The price of lettuce in Brooklyn - What really goes on at the Bureau of Labor Statistics (Update) - Can we still trust the monthly jobs report? (Update) - How office politics could take down Europe - The amazing shrinking economy might stop shrinking Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 9 August 2025

LIVE SHOW: August 18th in Brooklyn. Tickets here. Traditional economics says the market is guided by the forces of supply and demand. Customers decide what they want to buy, and private enterprise responds to that need. So what makes government think that it's smarter than capitalism? Why offer tax breaks to Hollywood or incentives to build silicon chip factories in Arizona? Why those industries and not others? And when does the free market fail and need government to step in? Today, we discuss what happens when the government really wants to get its hands dirty and shape the direction of the economy, even decide which companies should prosper and which ones should fail, through industrial policy. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 6 August 2025

Trust in experts is down. In all kinds of institutions and professions - in government, in media, in medical science... and lately, economists are feeling the burn acutely. In fact, President Trump just fired the economist who ran the Bureau of Labor Statistics, accusing her – with no evidence – of faking a jobs report that showed fewer gains than expected. In decades past, economists whispered in the ears of presidents. Now, many politicians and voters are disenchanted with the field. On today's show, we speak with economists about how distrust is messing with their minds and interfering with their work. Can they build up trust again? Today's episode was hosted by Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler and edited by Marianne McCune with help from Jess Jiang. It was engineered by Robert Rodriguez and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 2 August 2025

LIVE SHOW: August 18th in Brooklyn. Tickets here. There are occasional incentives in business that make it very profitable to do bad things; maybe cheat at the game and steal other people's ideas, or cut some corners on safety. In theory, the government as referee steps in to make the rules and enforce them, and manage competition in a way that hopefully makes things better for us all. But you have to ask... When is the government protecting you and when is it protecting the already rich and powerful? We'll meet a man trying to corner the market for frozen meat, with the help of patents. And then we'll head to the salon, and ask — Should the government really require dozens of hours of training for a license to braid hair? Get tickets to our August 18th live show and graduation ceremony at The Bell House, in Brooklyn. (Planet Money+ supporters get a 10 percent discount off their tickets. Listen to the July 8th bonus episode to get the code!) The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 30 July 2025

LIVE SHOW ALERT: August 18th, NYC. Get your tickets here. When news broke that a Japanese company, Nippon Steel, was buying the storied American steel company U.S. Steel, it was still 2023, just before an election. And right away, politicians from both sides of the aisle came out forcefully against the deal, saying the company should remain American. Before leaving office, President Biden even blocked the sale. But in a dramatic twist a few weeks ago, President Trump approved it. With a caveat: the U.S. would get what Trump called 'a golden share' in U.S. Steel. On our latest show: what even is a "golden share"? When has it been used before, and why? And, could deals like this be a good way to get foreign investment in American manufacturing...or is it government overreach? Related episodes: - When Uncle Sam owned banks and factories - How Big Steel in the U.S. fell This episode was produced by Willa Rubin and edited by Marianne McCune. Research help from Emily Crawford and Emma Peaslee. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Support Planet Money, get bonus episodes, sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 25 July 2025

Although it seems like the government can spend an endless amount of money, it cannot actually do all the things it wants to do. So the big question in this week's lesson is: How do we decide? Why does the government spend so much money on some things and not on others? And honestly, is there any limit? Get tickets to our August 18th live show and graduation ceremony at The Bell House, in Brooklyn. (Planet Money+ supporters get a 10 percent discount off their tickets. Listen to the July 8th bonus episode to get the discount code!) The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 23 July 2025

It seems like politicians cannot agree on a lot. But many seem to agree on... manufacturing. Leaders of both political parties have been working to try and make the U.S. a manufacturing powerhouse again. On today's show, what is so special about manufacturing? Is it particularly important for the economy? And if manufacturing jobs are so great, then why have companies been struggling to fill the manufacturing jobs we already have? For more on manufacturing in the U.S: - Made in America, an episode about what manufacturing work in the U.S. can be like for garment workers and how much they're paid to make each piece of clothing "made in the U.S." - Why aren't Americans filling the manufacturing jobs we already have? - What makes manufacturing jobs special? The answer could help rebuild the middle class - Can bringing back manufacturing help the heartland catch up with 'superstar' cities? - And, for more, check out the Planet Money newsletter's manufacturing series at npr.org/manufacturing Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Support Planet Money, get bonus episodes, sponsor-free listening, and now early access to new episodes of Summer School by signing up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 18 July 2025

Act now to ensure public media remains free and accessible to all. Your donation will help this essential American service survive and thrive. Visit donate.npr.org now. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 18 July 2025

We all know the government uses taxes to pay for things. But what about using taxes to control behavior? This week on Summer School, Professor Darrick Hamilton of The New School, helps us explore the true power of the tax code. Can taxes help lift people out of poverty? What about saving the planet? Get tickets to our August 18th live show and graduation ceremony at The Bell House, in Brooklyn. (Planet Money+ supporters get a 10 percent discount off their tickets. Listen to the July 8th bonus episode to get the discount code!) The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford and Sierra Juarez. Engineering by Robert Rodriguez. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 16 July 2025

What people might picture when they think of "Made in America" ... might not look like the "Made in America" we have today. The U.S. does have a domestic manufacturing industry, including a garment manufacturing industry. In today's episode: We buy a garment made by factory workers in the U.S. – a basic purple sports bra – and learn how many people it took to make it, how much workers got paid to work on it ... and whether garment manufacturing is a job Americans want, or even know how, to do. Plus: why domestic garment manufacturing exists at all in the U.S., and whether the industry can grow. Other episodes: - What "Made in China" actually means This episode was reported and hosted by Sarah Gonzalez. It was produced by Willa Rubin with production help from Emma Peaslee. It was edited by Marianne McCune, and it was fact-checked by Sierra Juarez who also helped with research. It was engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 11 July 2025

Government. The Big G. We like to imagine the free market and the invisible hand as being independent from political influence. But Nobel laureate, Simon Johnson, says that influence has been there since the birth of economics. Call it political economy. Call it government and business. Call it our big topic each Wednesday through Labor Day. We're kicking off another semester of Planet Money Summer School asking the biggest question: Why are some nations rich and others poor? With stories from India, New York City and Peru, we look at the ways in which government bureaucracy can help make or break an economy. Tickets for Planet Money Live at the Bell House available here. Planet Money+ supporters get a 10 percent discount off their tickets. Go to plus.npr.org to sign up, if you haven't already, and listen to the July 8th bonus episode to get the discount code. Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Planet Money+ supporters get early access to new episodes of Summer School this season! You also get sponsor-free listening, regular bonus episodes, and you'll help support the work of Planet Money. Sign up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 9 July 2025

If we think about the economic effects of President Donald Trumps big taxing and spending and domestic policy bill, we can roughly sum it up in one line. It goes something like this: We will make many big tax cuts permanent and pay for those tax cuts by cutting Medicaid and a few other things and also...by borrowing money. A lot of money. Even more than we've already been borrowing over the past twenty years. (And that was already a lot, too!) Today: simple arithmetic with profound ramifications. Tax cuts, spending cuts, and whether they balance out. (Spoiler: no.) We look under the hood to see how all this is calculated. And we ask: how will a bigger deficit play out for all of us, in our normal, regular lives? We've covered a bunch more having to do with the big taxing and spending bill and the federal debt recently on Planet Money and our short daily show The Indicator: - So, how's this No Tax On Tips thing gonna go? - A thought experiment on how to fix the national debt problem - The paperwork trap: A sneaky way to cut Medicaid in the 'One Big Beautiful Bill'? - The debt limit, the origins of the X Date, and why it all matters - What's a revenge tax? - Is the federal debt REALLY that bad? Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 4 July 2025

There's an economic fantasy you sometimes hear in D.C. It often gets trotted out when politicians are trying to add billions or trillions to the national debt. They claim that all the new spending will be worth it in the end because we will supercharge economic growth. This fantasy recurs again and again, because economic growth is a potent force. Over the next few decades, tiny changes in how fast our economy grows could decide the fate of the federal government — whether we can bring the massive national debt under control or whether we spiral into a fiscal crisis. Today on the show, we talk to three economists who have been sifting through the latest evidence. They're trying to figure out what the government could actually do to make the economy grow faster. Could we even grow fast enough to outrun our national debt? For a list of citations, check out our episode page. This episode of Planet Money was produced by Emma Peaslee with help from Sam Yellowhorse Kesler. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Ko Takasugi-Czernowin. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 2 July 2025

In 2019, President Trump tweeted: "I am not a fan of Bitcoin and other Cryptocurrencies." Today, the Trumps are all over crypto. There are memecoins for Trump and the first lady. They own a stablecoin, a bitcoin mining operation, and a crypto financial services company. And, at the Bitcoin 2025 conference, Trump's media group announced they're raising 2.5 billion dollars from investors to buy bitcoin. At that same conference, speakers included two White House advisors, two sons of the US president, the son of the U.S. Commerce Secretary, and a Trump appointee to the Securities and Exchange Commission. For a cryptocurrency built on independence from big government, this was a swerve. So, what happens when the President of the United States showers his love on the crypto community ... while also becoming a crypto entrepreneur himself? We follow along as Trump Inc.'s Ilya Marritz and Andrea Bernstein spend three days at the Las Vegas conference center where convicts are cheered, oversight and regulation are booed, and the separation of crypto and state no longer applies. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 27 June 2025

Econ Battle Zone is back! On today's episode Mary Childs and Kenny Malone enter Econ Battle Stadium to throw down against reigning champion Erika Beras. Can Mary explain what effect extending the 2017 tax cuts will have on economic growth AND make her entire segment rhyme? Will Erika be able to overcome her fear of singing and craft a country song about the history of Medicaid? Can Kenny put together a piece about what warning signs economists look for to know whether the national debt has grown too large... but as a romantic comedy? Guest judges Betsey Stevenson and David Kestenbaum face a difficult choice... but only one contestant can claim the coveted Econ Battle Zone Belt. Artists featured in this episode: Rexx Life Raj (IG: @rexxliferaj); Merle Hazard; Alison Brown; Tristan Scroggins; Matt Coles; and Garry West. Special thanks to Liz Garton Scanlon, Robin Rudowitz and Sarah Rosenbaum. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 25 June 2025

The U.S. has been policing bribery all over the world for nearly half a century using a law called the Foreign Corrupt Practices Act. But now, President Trump has said that this anti-corruption law is crippling American businesses. Since taking office, his administration has reduced the number of investigators, killed some cases, and changed the rules. In this episode, we look at the FCPA case against Glencore, a large commodity trading company, found guilty in 2022 for paying cash bribes in exchange for lucrative contracts all over the world. And we go back to the inception of the law, a time when using bribes to pay off foreign officials was considered "grease in the wheels" - a reasonable (if unethical) way to get business done. This episode was hosted by Amanda Aronczyk and Erika Beras. It was produced by Willa Rubin. It was fact-checked by Emily Crawford with help from Willa Rubin. It was edited by Marianne McCune. It was engineered by James Willetts. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 20 June 2025

Note: A version of this episode first ran in 2023. Every year, the U.S. government spends more money than it takes in. In order to fund all that spending, the country takes on debt. Congress has the power to limit how much debt the U.S. takes on. Once we reach that limit, Congress has a few options so that the government keeps paying its bills: Raise the debt limit, suspend it, or eliminate it entirely. Which is daunting, because if lawmakers don't figure something out in time, the ramifications for the global economy could be huge. Shai Akabas, of the Bipartisan Policy Center, has become something of the go-to expert in calculating the exact date America would hit the wall and not be able to pay all its debts. This day is so terrifying it has a special name, the X-Date. Today's episode is about how Akabas and Jay Powell — long before he became chair of the Federal Reserve — worked to create a system to determine the X-Date with the hope of helping us all never reach it. We also have an update on this year's looming X-Date, which could arrive as soon as this summer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 19 June 2025

What was it like to work inside Elon Musk's DOGE? The cost-cutting initiative promised transparency, but most of its actions have been shrouded in secrecy. For months, there were reports of software engineers and Trump loyalists entering agencies and accessing sensitive data. DOGE also helped the Trump administration lay off thousands of government workers. NPR reporters have been trying for months to get anyone from DOGE to talk on the record. Now, Sahil Lavingia, a former DOGE staffer assigned to the Department of Veteran Affairs, is speaking. Today, what drew Sahil to DOGE and what he learned about the inner workings, in a way we've never heard before. For more on DOGE and the federal workforce: - The last time we shrank the federal workforce - Can... we still trust the monthly jobs report? - Can the Federal Reserve stay independent? This episode was hosted by Kenny Malone and Bobby Allyn. It was produced by Sam Yellowhorse Kesler and Emma Peaslee. It was edited by Jess Jiang and fact-checked by Sierra Juarez. It was engineered by Neal Rauch. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 14 June 2025

When President Trump announced his sweeping new tariffs this year, many trade law experts were startled. Typically, presidents don't have the authority to impose broad tariffs with a snap of their fingers. But Trump's advisors have an unusual new legal theory. They say that as long as there's a national emergency of some kind, Trump may be able to create whatever tariffs he wants. This is a creative interpretation of a 1977 law called the International Emergency Economic Powers Act, or IEEPA. To justify his latest tariffs, the president declared national emergencies involving illegal immigration, the fentanyl crisis, and the trade deficit. But no president has ever tried to use the law in this way. Now, the fate of Trump's tariffs — and the creative legal theory behind them — lies with the courts. About a dozen lawsuits have challenged his tariffs, claiming that they are unlawful and possibly even unconstitutional. And some judges have started to agree. On today's show: What are the President's powers when it comes to tariffs? Where do they come from? What are their limits? And, what will be the fate of Trump's tariffs? For more on Trump's tariffs: - The 145% tariff already did its damage - Do trade deficits matter? - What "Made in China" actually means Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 11 June 2025

Over the past decade, politicians from both parties have courted American voters with an enticing economic prospect – the dream of bringing manufacturing and manufacturing jobs back to America. They've pushed for that dream with tariffs and tax breaks and subsidies. But what happens when one multinational company actually responds to those incentives, and tries to set up shop in Small Town, USA? Today on the show – how a battery factory ignited a political firestorm over what kind of factories we actually want in our backyard. And what happens when the global economy meets town hall democracy. This episode of Planet Money was produced by Emma Peaslee and Sylvie Douglis. It was edited by Marianne McCune and fact checked by Sierra Juarez. It was engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Read Viola Zhou's reporting on the Gotion battery factory. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Collectible Kicks," "Arturo's Revenge," and "Liquid Courage" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 6 June 2025

Today on the show – our crypto president. Just before President Donald Trump began his second administration in January, he and his business partners launched the $TRUMP coin. It's a memecoin that quickly raked in hundreds of millions of dollars. And there's a lot of earning potential still left on the table. Is that even legal? We bring you two stories from our daily show, The Indicator about President Trump and his ties to crypto. First, the Trump coin. We explain what it is, how the real Donald Trump profits from it, and yes, whether this whole crypto scheme is within the law. Then we take a look at Stablecoins: how they work, how they make money, and for whom. The original episodes from The Indicator were produced by Cooper Katz McKim and Corey Bridges. They were engineered by Harry Paul and Robert Rodriguez. They were fact-checked by Sierra Juarez. Kate Concannon edits the show. This episode of Planet Money was produced by James Sneed and edited by Emma Peaslee. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 4 June 2025

Over the last few months U.S.-China trade relations have been pretty hard to make sense of – unless you look at what's happening through the lens of game theory. Game theory is all about how decisions are made, based not just on one side's options and payoffs, but on the choices and incentives of others. So, are Donald Trump and Xi Jinping competing in a simple game of chicken? Or is the game more like the prisoner's dilemma? On today's show, we try to decide which of four possibilities might be the best model for this incredibly high-stakes game. And we take a look at who is playing well and who might need to adjust their strategy. For more on the U.S.-China trade war: - The 145% tariff already did its damage - What happened to U.S. farmers during the last trade war - What "Made in China" actually means This show was hosted by Keith Romer and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Kwesi Lee with help from Robert Rodriguez and Cena Lofreddo. Additional production help from Sylvie Douglis. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 30 May 2025

American universities are where people go to learn and teach. They're also where research and development happens. Over the past eight decades, universities have received billions in federal dollars to help that happen. Those dollars have contributed to innovations like: Drone technology. Inhalable Covid vaccines. Google search code. The Trump administration is cutting or threatening to cut federal funding for research. Federal funding for all kinds of science is at its lowest level in decades. Today on the show: when did the government start funding research at universities? And will massive cuts mean the end of universities as we know them? We hear from the man who first pushed the government to fund university research and we talk to the chancellor of a big research school, Washington University in St. Louis. He opens up his books to show us how his school gets funded and what it would mean if that funding went away. This episode is part of our series Pax Americana, about how the Trump administration and others are challenging a set of post-World War II policies that placed the U.S. at the center of the economic universe. Listen to our episode about the reign of the dollar. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 28 May 2025

You might have seen these texts before. The scam starts innocently enough. Maybe it's a "Long time no see" or "Hello" or "How are you." For investigative reporter Zeke Faux it was – "Hi David, I'm Vicky Ho. Don't you remember me?" Many people ignore them. But Zeke responded. He wanted to get scammed. This led him on a journey halfway around the world to find out who is sending him random wrong number texts and why. After you hear this story, you'll never look at these messages the same way again. To hear the full episode check out Search Engine's website. Search Engine was created by P.J. Vogt and Sruthi Pinnamaneni. This episode was produced by Garrott Graham and Noah John. It was fact-checked by Sean Merchant. Theme, original composition, and mixing by Armin Bazarian. Search Engine's executive producers are Jenna Weiss-Berman and Leah Reis-Dennis. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 23 May 2025

Lately we've noticed that something we think about all the time here at Planet Money is having a viral moment: recession indicators! From the more practical (like sales for lipstick going up and men's underwear going down) to the absurd and nonsensical (like babysitter buns coming back into style?) — people are posting to social media every little sign they see that a recession is coming. And we LOVE it. Because between the trade war and the tariffs and the stock market, there has been a lot of economic uncertainty over the last few months and we want to talk about it, too. Today on the show — we dig into the slightly wonkier indicators that economists look at when they're trying to answer the question behind the viral internet trend: Is a recession coming? This episode of Planet Money was produced by James Sneed. It was edited by Marianne McCune, fact-checked by Sarah McClure, and engineered by Cena Loffredo. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Source Audio - "The Shirt Still Fits," "Chameleon Panther Style," and "Nighthawk." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 21 May 2025

Even though the 145% tariff on Chinese imports only lasted a month, it already inflicted its scars on the economy. Global trade is just not something you can turn off and on like that. Some companies got really unlucky. Like those whose goods arrived at U.S. ports before the pause. If a medium size company had a million dollars worth of goods imported, they had to pay an extra million and a half dollars on top of that – just for the tariff. Today we are bringing you a portrait of this unfathomably high tariff. What a month of 145% tariffs looked like and felt like for three people in the global economy whose lives were all affected and still will be. The ones who got lucky and the ones who got really unlucky. This episode of Planet Money was produced by Emma Peaslee and edited by Jess Jiang. It was engineered by Jimmy Keeley and fact-checked by Willa Rubin. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Bass Talks," "Bassline Motion," and "What Da Funk" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 16 May 2025

The U.S. exports billions of dollars worth of agricultural products each year — things like soybeans, corn and pork. And over the last month, these exports have been caught up in a trade war. U.S. farmers have been collateral damage in a trade war before. In 2018, President Trump put tariffs on a bunch of Chinese products including flatscreen TVs, medical devices and batteries. But China matched those tariffs with their own retaliatory tariffs. They put tariffs on a lot of U.S. agricultural products they'd been buying, like soybeans, sorghum, and livestock. That choice looked strategic. Hitting these products with tariffs hurt Trump's voter base and might help China in a negotiation. And in some cases, China could find affordable alternative options from other countries. Today on the show: what happened in 2018, how the government prevented some U.S. farms from going bankrupt, and what was lost even after the trade war ended. This episode was produced by Sylvie Douglis and edited by Jess Jiang. It was engineered by Robert Rodriguez and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 14 May 2025

For decades, dollars have been the world's common financial language. Central banks everywhere hold dollars as a way to safely store their wealth. Countries, businesses, and people use it to trade; around 90% of all foreign exchange transactions involve dollars. It's the world's money, the world's "reserve currency." But what if that is changing? What if the world stops seeing the dollar as safe? Today on the show, what is a "reserve currency"? Why is it the dollar? And if the dollar falls from favor, what will replace it? This episode of Planet Money was produced by Emma Peaslee with help from James Sneed. It was edited by Marianne McCune with fact checking help from Sierra Juarez. It was engineered by Kwesi Lee. Alex Goldmark is our executive producer. The Dollar Trap by Eswar Prasad Exorbitant Privilege by Barry Eichengreen Our Dollar. Your Problem by Ken Rogoff Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Virtual Machine," "Fake Blood" and "Successful Secrets" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 9 May 2025

Virtually every product brought into the United States must have a so-called "country of origin." Think of it as the official place it comes from. And this is the country that counts for calculating tariffs. But what does it really mean when something is a "Product of China"? How much of it actually comes from China? And how do customs officials draw the line? Here in the U.S., the rules are delightfully counterintuitive. A product's country of origin is not necessarily where that product got on the container ship to come here. It's not necessarily where most of its ingredients are from or even where most of the manufacturing happened. Our system is much stranger. The answers can be surprisingly philosophical — and at times, even poetic. This episode of Planet Money was produced by James Sneed with help from Sylvie Douglis. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Kwesi Lee. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 7 May 2025

Why is it so hard to find a bathroom when you need one? In the U.S., we used to have lots of publicly accessible toilets. But many had locks on the doors and you had to put in a coin to use them. Pay toilets created a system of haves and have nots when it came to bathroom access. So in the 60s, movements sprung up to ban pay toilets. Problem is: when the pay toilets went away, so too did many free public toilets. Today on the show, how toilets exist in a legal and economic netherworld; they're not quite a public good, not quite a problem the free market can solve. Why we're stuck, needing to go, with nowhere to go. This episode was produced by Willa Rubin with help from James Sneed. It was edited by Marianne McCune and engineered by Cena Loffredo. It was fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Audio Network - "Smoke Rings," "Can't Walk Away" and "Bright Crystals." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 2 May 2025

On today's show: we're ... venting. We at Planet Money are an ensemble show – each with different curiosities and styles. But we recently realized many of us have something in common: We're annoyed consumers. So we're going to get ranty ... but then try to understand the people annoying us. Like stingy coffee shops, manufacturers that don't design things for repair ... and stores that send way too many emails every day. Along the way, we learn a very sad thing about satisfaction and the future of skilled labor in the U.S. (Also, we should all just stop using umbrellas. They have negative consumption externalities. Come on people.) This episode was produced by James Sneed. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by James Willetts. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 30 April 2025

Reporter Alexi Horowitz-Ghazi's Aunt Vovi signed up for 23andMe back in 2017, hoping to learn more about the genetic makeup of her ancestors. Vovi was one of over 15 million 23andMe customers who sent their saliva off to be analyzed by the company. But last month, 23andMe filed for bankruptcy, and it announced it would be selling off that massive genetic database. Today on the show, what might happen to Vovi's genetic data as 23andMe works its way through the bankruptcy process, how the bankruptcy system has treated consumer data privacy in the past, and what this case reveals about the data that all of us willingly hand over to companies every single day. This episode was produced by Sylvie Douglis and edited by Jess Jiang. It was engineered by Harry Paul and Neal Rauch and fact-checked by Tyler Jones. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Lazybones," "Twirp," and "On Your Marks" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 26 April 2025

President Donald Trump has been loudly critical of Federal Reserve Chair Jerome Powell for years now. Since January, the President has accused him of playing politics by keeping interest rates high. Trump has also threatened to oust Powell — which would mark an extraordinary shift away from the independence of the central bank. Today on the show, three Indicators: a short history of the Federal Reserve and why it's insulated from day-to-day politics; how the Fed amassed a ton of power in recent years; and a Trump executive order that took some of that power away. The original episodes from the Indicator were produced by Corey Bridges, Brittany Cronin, and Julia Ritchey. They were engineered by Cena Loffredo, James Willetts, and Gilly Moon, and fact-checked by Sierra Juarez. Kate Concannon is the editor of the Indicator. Follow us wherever you get your podcasts. This episode of Planet Money was produced by James Sneed and edited by Marianne McCune & Mary Childs. Alex Goldmark is our executive producer. For more of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Or, find us: TikTok, Instagram, Facebook. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 23 April 2025

Recently, one of our NPR colleagues wrote a message to all of NPR saying he had extra eggs to sell for cheap, but needed a fair way to distribute them during a shortage. What is Planet Money here for if not to get OVERLY involved in this kind of situation? Our colleague didn't want to charge more than $5, so we couldn't just auction the eggs off. A lottery? Too boring, he said. Okay! A very Planet Money puzzle to solve. Today on the show, we go in search of novel systems to help our colleague decide who gets his scarce resource: cheap, farm-fresh eggs. We steal from the world of new product development to try and secretly test for egg love, and we discover a pricing method used in development economics that may be America's next great gameshow. This episode of Planet Money was produced by Emma Peaslee and it was edited by Marianne McCune. It was fact checked by Sierra Juarez and engineered by Jimmy Keeley. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Punchy Punchline," "Game Face," "Feeling the Funk," and "The Host Most Wanted" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 18 April 2025

OIRA — the Office of Information and Regulatory Affairs — is an obscure, but powerful federal office around the corner from the White House. President Trump has decided that it should get even more powerful. For the last 45 years, OIRA has overseen most federal agencies by reviewing proposed regulations to make sure they agree with the President's policies and don't conflict with the work of other agencies. But one set of federal agencies has always been exempt from this review process — independent federal agencies like the SEC, FTC, FCC, and Federal Reserve. Until now. According to a new executive order, those independent agencies are about to get a lot less independent. We take a look at what this change could mean for financial markets...and the future of American democracy. This episode was produced by James Sneed and Willa Rubin. It was edited by Jess Jiang and engineered by Jimmy Keeley. It was fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Universal Music Production - "Tanga," "The Jump Back," and "Kumbatia." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 16 April 2025

How do you run a business when a trade war is brewing? As President Trump's tariffs kick in - or are paused or are restarted - businesses around the world are trying to navigate the uncertainty. And, while trade is this big global thing, it is made up of individual farmers and business owners and truckers and manufacturers. Millions of people all over the world are being forced to reevaluate relationships that they've been building for years. Canadians have had a head start - Trump announced his plan to tariff Canadian goods on day one in office. So in today's episode: how one Canadian small business is trying to manage the chaos. This episode was produced by Sylvie Douglis and edited by Sally Helm. It was engineered by Cena Loffredo and fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Mr. Chill," "Lazy Ranger," and "Guess What" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 11 April 2025

At the heart of President Trump's tariffs is this idea that we should not be buying more from other countries than they are buying from us. Basically, he wants to get rid of the trade deficit. And in the wake of the tariff announcement we got a LOT of questions from listeners about what that means. Do trade deficits matter? Is it bad to have a trade deficit? Are we getting ripped off? Today on the show – we tackle those questions. This episode of Planet Money was produced by Emma Peaslee and edited by Marianne McCune and Kenny Malone. It was fact checked by Sarah McClure and engineered by Kwesi Lee. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "The Westerners," "Liquid Courage," and "Blazed and Emboldened" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 9 April 2025

Ever wondered why you can buy fresh Peruvian blueberries in the dead of winter? The answer, surprisingly, is tied to cocaine. Today on the show, we look at how the war on drugs led to an American trade policy and a foreign aid initiative that won us blueberries all year round. And for more on trade and tariffs check out Planet Money's homepage. We've got articles looking at how much the new tariffs will raise prices and shows on everything from diamonds to potatoes to why you bought your couch. This episode was produced by Sylvie Douglis with help from Willa Rubin. It was edited by Marianne McCune and engineered by Jimmy Keeley. It was fact-checked by Sierra Juarez. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Source Audio: "Martini Shaker," "You the Man," and "Leisure Girls." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 4 April 2025

What are tariffs good for? For years, mainstream economists have basically said: tariffs are not good. They are an import tax paid by consumers, they've said, and they discourage free trade, and we want more! Because free trade has broadly led to more global economic growth. But global trade hasn't been all positive for Americans, and in the worldview of President Trump's administration, tariffs can be used to right some of those wrongs. And the U.S. has economic leverage. So if the U.S. wants to level the playing field, it should use that leverage, and use tariffs to accomplish its policy goals. Today on the show: the case for tariffs. We talk to a lonely economist who's been sounding the alarm for years that more and free-er trade isn't always better. And we speak to economists in President Trump's orbit who make the case for how tariffs can be a potent economic and political tool. This episode was produced by Willa Rubin and edited by Meg Cramer. It was fact-checked by Sarah McClure and engineered by James Willetts. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Universal Music Production: "Funky Reverie" and "With It;" Audio Network - "Slush Puppy Soul." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 2 April 2025

What are tariffs good for? For years, mainstream economists have basically said: tariffs are not good. They are an import tax paid by consumers, they've said, and they discourage free trade, and we want more! Because free trade has broadly led to more global economic growth. But global trade hasn't been all positive for Americans, and in the worldview of President Trump's administration, tariffs can be used to right some of those wrongs. And the U.S. has economic leverage. So if the U.S. wants to level the playing field, it should use that leverage, and use tariffs to accomplish its policy goals. Today on the show: the case for tariffs. We talk to a lonely economist who's been sounding the alarm for years that more and free-er trade isn't always better. And we speak to economists in President Trump's orbit who make the case for how tariffs can be a potent economic and political tool. This episode was produced by Willa Rubin and edited by Meg Cramer. It was fact-checked by Sarah McClure and engineered by James Willetts. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: Universal Music Production: "Funky Reverie" and "With It;" Audio Network: "Slush Puppy Soul." Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 2 April 2025

Earth can sustain life for another 100 million years, but can we? This episode, we partner with Radiolab to take stock of the essential raw materials that enable us to live as we do here on Earth — everything from sand to copper to oil — and tally up how much we have left. Are we living with reckless abandon? And if so, is there even a way to stop? A simultaneously terrifying and delightful conversation about bird poop, daredevil drivers, and some staggering back-of-the-envelope math. Radiolab's original episode was produced and edited by Pat Walters and Soren Wheeler. Fact-checking by Natalie Middleton. The Planet Money edition of this episode was produced by Emma Peaslee and edited by Alex Goldmark and Jess Jiang. Special thanks to Jennifer Brandel. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Music: NPR Source Audio - "Wir Rollen" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 28 March 2025

The deal seemed too good to be true. There's a website that's been selling top quality diamonds at bizarrely low prices. Prices we couldn't find at any retail outlet. Prices so low, we could buy a diamond on a public radio budget. So we did. What we got in the mail was a tiny ziploc bag containing a scintillating mystery. On today's show: the Planet Money Diamond (or whatever this sparkly rock turns out to be). We get it analyzed by the experts at the Gemological Institute of America. We investigate where it came from. And, we dive into the economics of glittery stones. Was this a new kind of internet scam? Some supply chain anomaly? Or is something just really weird going on in the world of diamonds? This episode was produced by James Sneed. It was edited by Keith Romer with help from Jess Jiang, fact-checked by Emma Peaslee, and engineered by Kwesi Lee. Alex Goldmark is our executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 26 March 2025

There's one statistic that rules them all when it comes to keeping track of the economy: gross domestic product (GDP). It's the sum of all final transactions, so all the goods or services bought and sold, in an economy. GDP tells us how hot the economy is running, or how cool — like if we might be heading into a recession. And it's an important tool to compare countries, policies, and politicians. It's used by the U.S. government to allocate money and by businesses to make decisions about the future. For close to a century the building blocks of GDP have been the same. Now Commerce Secretary Howard Lutnick, has proposed a big change: taking government spending out of GDP. On today's show, can the U.S. change how it measures GDP? We talk with a former head of the BEA — about what he thinks they're likely to do now, and about the pressure he faced while trying to compile GDP for nearly two decades. Turns out, people have always been trying to bend it to make whatever grand project they're working on look better. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 21 March 2025

Note: This original episode ran in 2020. Walter Schramm did everything right as an investor — at least according to the philosophy of Warren Buffett. So how come he lost a small fortune? In this episode, we look into an obscure government program that slurps up forgotten money. We hunt for money we might have left vulnerable and we try to figure out how it got there in the first place so we can tell you where to find the money you've misplaced too. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Transcribed - Published: 19 March 2025