Make Me Smart

The jobs report released today blew past economists’ forecasts, estimating that employers added about 250,000 jobs to the U.S. economy in September. Republican Sen. Marco Rubio is falsely claiming the jobs report is “fake.” We’ll get into how big economic data is being politicized. And, what happens when October surprises aren’t so surprising anymore? Plus, we’ll weigh in on “white labeling” and flying taxis during a round of Half Full / Half Empty! Here’s everything we talked about today: “October surprises are piling up, but a toss-up race seems impervious to shocks” from CNN Politics “Jack Smith’s latest filing in the Trump election case is no ‘Comey letter'” from MSNBC “‘Trump Bible’ one of few that meet Walters’ criteria for Oklahoma classrooms” from The Oklahoman Tweet from Sen. Marco Rubio about today’s jobs report “Not hearing back on job applications? Some career consultants suggest a bold new tactic.” from Business Insider “Denver is funding sidewalk maintenance with a property owner tax” from Marketplace “Why do retailers white label certain products?” from Marketplace “Costco adds platinum bars to its precious metals lineup” from CNBC “Toyota puts another $500 million in an air taxi startup” from The Verge Don’t let us fall short. We need your help to reach our Fall Fundraiser goal today!: https://support.marketplace.org/smart-sn

After the Federal Reserve’s recent move to cut interest rates, you had questions. Lots of them! Today, we’re answering your questions about why the Fed doesn’t hold more meetings, why it tends to adjust interest rates in quarter-percentage-point increments, and why it’s target inflation rate is 2%. Plus, Kai Ryssdal unpacks the wonky relationship between the federal funds rate and the Treasury bond market. Here’s everything we talked about today: “Introduction to the FOMC” from the Federal Reserve Bank of St. Louis “A brief history of the Federal Reserve’s emergency rate shifts” from The Los Angeles Times “Why does the Federal Reserve raise rates in quarter percentages?” from Marketplace “Federal Reserve issues FOMC statement of longer-run goals and policy strategy” from the Federal Reserve “Why the Fed Targets a 2 Percent Inflation Rate” from the Federal Reserve Bank of St. Louis “The Fed cut rates, but the yield on the 10-year T-note is up” from Marketplace “How Might Increases in the Fed Funds Rate Impact Other Interest Rates?” from the Federal Reserve Bank of St. Louis Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

A 2016 trade law has made it easier for fast-fashion companies like Temu and Shein to ship massive volumes of cheap clothes to customers in the United States. Now drug traffickers are exploiting that same law to import fentanyl ingredients. We’ll get into it. And, Kai watched last night’s vice presidential debate after all. The hosts share their takeaways. Plus, a story about repurposing old newspaper boxes takes us to nostalgia central. Here’s everything we talked about today: “How fentanyl traffickers are exploiting a U.S. trade law” from Reuters “Takeaways from the VP debate between JD Vance and Tim Walz” from AP News “People fill old newspaper boxes with movies, call it ‘Free Blockbuster’” from The Washington Post We love to hear from you. Email your comments and questions to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

All sorts of statistics related to immigration are being thrown around in debates, speeches and campaign ads ahead of this year’s election. Immigration estimates are painstakingly calculated by various government agencies. But lately, economists have been wrangling with wide gaps between some of these numbers. On the show today, Jed Kolko, former under secretary for economic affairs at the U.S. Department of Commerce, explains how government agencies actually crunch immigration numbers, why two agencies’ estimates aren’t matching up right now and why accurate immigration data is crucial to how we understand the economy and setting economic policy. Then, we’ll get into why the ongoing dockworkers’ strike is about more than just higher wages. And, we’ll get smarter about a common cooking herb. Here’s everything we talked about today: “Can new data solve an immigration puzzle?” from Slow Boring “What we know about unauthorized immigrants living in the U.S.” from Pew Research Center “Unprecedented U.S. immigration surge boosts job growth, output” from the Federal Reserve Bank of Dallas “Key findings about U.S. immigrants” from Pew Research Center “New immigration estimates help make sense of the pace of employment” from Brookings “Opinion | The real reason 47,000 dock workers are on strike: Automation” from The Washington Post “Robots, automation a big factor in U.S. port strike” from Quartz “Tim Walz and JD Vance’s 2024 VP debate is tonight. Here’s what to know.” from CBS News Help us reach our Fall Fundraiser goal to hear from 2,500 Marketplace Investors. Give right now: https://support.marketplace.org/smart-sn

Recovery efforts are continuing in the aftermath of Hurricane Helene, which made landfall in Florida last Thursday and caused widespread devastation across several southeastern states. We talk about the cost of moving to areas prone to natural disasters. Plus, why Americans now, more than ever, are reliant on state and federal support to supplement their incomes. Then, Kai has a Jon Stewart moment. And, the backstory of an iconic photo from the 1970s of a group of friends enjoying an extravagant breakfast at the National Mall has us smiling! Here’s everything we talked about today: “Where Americans Have Been Moving Into Disaster-Prone Areas” from The New York Times “Welcome Home, Hostages, and Pay Up” from The Wall Street Journal “Americans Are More Reliant Than Ever on Government Aid” from The Wall Street Journal “How this first-time voter is helping other students get registered” from The Washington Post “The real story behind the iconic 1974 breakfast photo at the National Mall” [gift link] from The Washington Post We love to hear from you. Email your comments and questions to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Branding is big in contemporary political campaigns. But some candidates are going to odd lengths to appeal to women in 2024. We’ll explain. Plus, the wave of new state voting laws since 2020 has the potential to dramatically reshape ballot access in the 2024 election. And we’ll weigh in on the doomsday prepping economy and “fridgescaping” during a round of Half Full/Half Empty! Here’s everything we talked about today: “G.O.P. Candidates, Looking to Soften Their Image, Turn to Their Wives” from The New York Times “In the tightest states, new voting laws could tip the outcome in November” from Stateline “Battleground State Removes Nearly 10 Percent of Voters for Being Ineligible” from Newsweek “VoteFlare’s mission to upgrade voter communication” from Marketplace “In uncertain times, the prepper supply business is booming” from Marketplace “Spurned by Social Media, Publishers Chase Readers on WhatsApp” from The New York Times “Southwest may need to change the perks that made customers loyal” from Marketplace “Earth will capture ‘second moon’ this weekend, scientists say” from Space “The pros and cons of fridgescaping your refrigerator” from The Washington Post New artist-designed Marketplace sweatshirts are half off this weekend! Invest in Marketplace and get yours: https://support.marketplace.org/smart-sn  

In a speech outlining her economic vision this week, Vice President Kamala Harris said she’d boost manufacturing in the United States by supporting trade school programs and getting rid of unnecessary college-degree requirements for federal jobs. We’ll get into it. And, we’ll explain why the DOJ is suing Visa. Plus, European Central Bank President Christine Lagarde’s wild search for butter prices. Here’s everything we talked about today: “Harris pledges ‘pragmatic’ approach to the economy in Pittsburgh speech” from Politico “Kamala Harris says she will cut degree requirements for certain federal jobs” from Reuters “Justice Department Sues Visa for Monopolizing Debit Markets” from the Department of Justice “Justice Department accuses Visa of stifling competition in the debit card business” from NPR “Cruz gets heated after Booker blocks deepfake revenge porn bill” from The Hill “Christine Lagarde – Stabilizing Inflation & Regulating AI for the Global Economy” from the Daily Show Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Congress has agreed on a temporary spending bill to fund the federal government through Dec. 20. The House GOP’s hotly debated SAVE Act didn’t make the final cut. We’ll get into what did make it into the bill beyond bare-bones funding measures. And, a wave of homeowners are looking to refinance their mortgages as borrowing costs ease. Plus, we’ll cry happy tears over a “Homeward Bound” story come to life. Here’s everything we talked about today: “Kushner’s Fund Has Reaped Millions in Fees, but So Far Returned No Profits” from The New York Times “US Mortgage Rates Fall Again, Triggering Big Wave of Refinancing” from Bloomberg “The final countdown” from Punchbowl News “Shippers scramble for workarounds ahead of looming US East Coast port strike” from Reuters “Cat Missing in Yellowstone Returns Home to California After an 800-Mile Trek” from The New York Times Tweet from Jacqui Heinrich about President Biden’s hot mic moment on “The View” Got any questions about inflation or interest rates? Send ’em to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Kai Ryssdal takes over the mic today as he digs into the U.S. military’s climate change paradox. While the military is fueling the climate crisis, it’s also on the frontlines of the fallout. It’s an issue that hits home for Kai, a Navy veteran. And it’s all part of the latest season of Marketplace’s climate solutions podcast, “How We Survive.” Listen and subscribe wherever you get your podcasts.

The 1979 disaster at the Three Mile Island nuclear power plant helped define the energy conversation in the United States. Now it’s being reopened to help power artificial intelligence. We’ll get into the deal between the owner of the plant and Microsoft. Plus, the hosts weigh in on how some schools are warming up to AI and whether companies should take a political stand in a game of Half-Full/Half-Empty. Here’s everything we talked about: “How Sparing the Parkland Shooter’s Life Changed Florida’s Death Penalty” from The Marshall Project “Microsoft AI Needs So Much Power It’s Tapping Site of US Nuclear Meltdown” from Bloomberg “Three Mile Island’s Nuclear Plant to Reopen, Help Power Microsoft’s AI Centers” from WSJ If you’re in the Denver area, join Kimberly Adams for a live panel discussion on the economics of being single on Sept. 23. Make Me Smart listeners get a discount with the promo code SMART. And if you can’t make it in person, join the livestream on Monday at 6:30 p.m. Mountain time.

This year, fake content generated by artificial intelligence hasn’t created the massive election mess that many assumed it would in the United States … at least not yet. At a Senate hearing, tech executives pointed to recent efforts by Russia, China, and Iran to interfere with the upcoming election. And, no, the Teamsters union did not endorse former President Trump. We’ll explain. Plus, we’ll get into the ongoing strike at Boeing and Vice President Kamala Harris’ plan for a cap on childcare costs. Here’s everything we talked about today: “Censorship accusations loom over Big Tech hearing on election threats” from The Verge “Teamsters union declines to endorse Trump or Harris in presidential race” from NPR “Harris wants to limit child care costs to 7% of family income” from CNN Politics “Transportation Secretary Pete Buttigieg on the economy, potential U.S. port strike and Boeing strike” from CNBC “Boeing Workers Go on Strike: What to Know” from The New York Times “Boeing Furloughs White-Collar Workers as Strike Worsens Cash Crunch” from The Wall Street Journal Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

The Federal Reserve today said it’s lowering its benchmark interest rate by half a percentage point. The rate cut is bigger than we’d predicted, and bigger than what the Fed normally does, but its effects will take some time to ripple through the economy. We’ll also get into former President Donald Trump’s switch-up on the state and local tax deduction cap and why Sen. Rand Paul wants Congress to reclaim power over tariffs. Here’s everything we talked about today: “Federal Reserve lowers interest rates by 0.50 percentage points in first cut since 2020” from CBS News “Dr. Rand Paul Celebrates Constitution Day with the No Taxation Without Representation Act” from Sen. Rand Paul Tweet from Burgess Everett about Rand Paul’s tariff proposal “Trump signals SALT deduction cap reversal” from Axios “Schumer calls out Trump for ‘selective amnesia’ on SALT” from The Hill “NPR Exclusive: U.S. overdose deaths plummet, saving thousands of lives” from NPR We love to hear from you. Email your comments and questions to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The Federal Reserve is expected to cut interest rates this week for the first time in four years. It would be a major milestone in the central bank’s long fight to get inflation under control. The Fed changes interest rates to keep inflation in check. But inflation is a complex phenomenon, and people have different ideas about what drives it. On the show today, Harvard economics professor Stefanie Stantcheva explains what Americans believe about the root causes of inflation and how the government should manage it, how views differ along party lines and the role media play. Then, the narrative around retail theft is changing. And, comedian Rola Z who hosts the “Funny Arabs” show in Washington, D.C., answers the Make Me Smart question. Here’s everything we talked about today: “People’s Understanding of Inflation” from the Social Economics Lab at Harvard “The Fed And Public Opinion” from Forbes “What actually happens when the Fed cuts interest rates?” from Marketplace “No, Americans Are Not Completely Stupid About Inflation” from The New York Times “The Growing Use of Voting Before Election Day” from the Center for Election Innovation and Research “America’s stores are winning the war on shoplifting” from CNN Business “Federal Debt Is Soaring. Here’s Why Trump and Harris Aren’t Talking About It.” from The Wall Street Journal “How would Project 2025 impact troops and veterans?” from Military Times We want to hear your answer to the Make Me Smart question. Leave us a voicemail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

It’s decision week for the Federal Reserve! Chair Jerome Powell and his colleagues are expected to reduce interest rates for the first time since 2020. Investors are predicting a half-percentage-point cut, but we’re on Team 25. We’ll explain why. Plus, the origin of the false rumors about Haitian immigrants that reached the presidential debate stage. And why the cost of your Temu and Shein orders may go up. Here’s everything we talked about today: “Stock Market Today: Investors Bet on Bigger Fed Cut” from The Wall Street Journal “Elon Musk Writes, Then Deletes, a Post Musing About Threats to Biden and Harris” from The New York Times “Biden Takes Aim at China’s Temu and Shein With Trade Crackdown” from The Wall Street Journal “‘It just exploded’: Springfield woman claims she never meant to spark false rumors about Haitians” from NBC News “In celebration of being a terrible gardener” from The Washington Post We love to hear from you. Email your comments and questions to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Former President Donald Trump has said he wants to get rid of federal taxes on tips and Social Security benefits. Now he’s adding overtime pay to the list. We’ll get into it. And, could online dating be making income inequality worse? Plus, we’ll weigh in on foldable phones and Friday the 13th superstitions in a game of Half Full/Half Empty! Here’s everything we talked about today: “Next Up in Trump’s No-Tax Zone: Overtime Pay” from The Wall Street Journal “Donald Trump Prepares to Unveil World Liberty Financial, a Cryptocurrency Business” from The New York Times “From Dating to Marriage: Has Online Dating Made a Difference?” from the Federal Reserve Bank of St. Louis “Tech companies commit to fighting harmful AI sexual imagery by curbing nudity from datasets” from AP News “How Taylor Swift’s endorsement of Harris could change the election end game” from ABC News “United Airlines to offer free Wi-Fi using Starlink from Elon Musk’s SpaceX” from CNBC “Walmart is leaning into fashion. Will the move work?” from Marketplace “Huawei’s new trifold phone costs more than a 16-inch MacBook Pro” from The Verge “What is Friday the 13th and why is it considered unlucky? Here’s why some are superstitious” from USA Today Kimberly Adams is headed to the Mile High City. Join us for a live panel discussion on the singles economy Sept. 23 in Denver. Use promo code “SMART” for a special discount on your ticket. We hope to see you there.

Today, SpaceX’s crew of billionaire Jared Isaacman and three other private astronauts completed the world’s first-ever commercial spacewalk. We’ll get into it. And, Congress is quickly approaching yet another deadline to avoid a government shutdown. What’s holding up lawmakers from voting on a temporary spending bill? Plus, we’ll break down what’s been going on with oil prices this week and the latest in Apple’s foray into the world of artificial intelligence. Here’s everything we talked about today: “SpaceX Polaris Dawn astronauts complete 1st private spacewalk (video)” from Space “Speaker Johnson pulls Wednesday vote on government funding plan amid GOP divisions” from CNN Politics “House Speaker Johnson pulls government funding bill” from CNBC “Oil prices close at lowest level since December 2021 as OPEC cuts forecast” from CNBC “Apple Intelligence comes to iPhone, iPad, and Mac starting next month” from Apple Join us tomorrow for Economics on Tap. The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Last night’s presidential debate between Vice President Kamala Harris and former President Donald Trump kicked off with a question about the economy — often cited as the top issue for voters. But the discussion that followed was notably light on economic policy. So, can the state of the economy swing this election? And, we’ll get into more takeaways from the big debate. Plus, are run clubs and grocery stores the new dating apps for singles? Here’s everything we talked about today: “Harris-Trump debate takeaways: Clashes on race, abortion, economy” from AP News “Fact-checking Kamala Harris and Donald Trump’s 1st presidential debate” from ABC News “Trump “less inclined” to do another debate with Harris” from Axios “First it was childless cat ladies. Now it’s eating cats. How the topic led to ‘ALF’ memes” from Yahoo News “Love on Aisle 9? A TikTok Fad Fills Grocery Stores With Singles.” from The New York Times “Run clubs in NYC have just become another oversaturated dating market, singles say” from NBC News Kimberly Adams is headed to the Mile High City. Join us for a live panel discussion on the singles economy Sept. 23. in Denver. Use promo code “SMART” for a special discount on your ticket. We hope to see you there.

The Joe Biden administration announced a final rule aimed at making sure insurance coverage for mental health and substance abuse disorders is on par with traditional medical benefits. We’ll explain why the Supreme Court’s Chevron decision poses a threat to the rule. Plus, the Supreme Court’s emergency docket is filling up with challenges to Environmental Protection Agency standards. And, we’ll talk about a Paralympic marathoner who opted to help out her stumbling guide, even if it cost her a medal. Here’s everything we talked about today: “Supreme Court Is Swamped With Emergency Appeals, Led by Challenges to EPA” from The Wall Street Journal “Biden administration finalizes rule to strengthen mental health parity law” from Reuters “Supreme Court’s Chevron Decision Threatens Decades of Progress in Access to Mental Health Care” from MedCity News “New Mental Health Rule Introduces Employer Benefit Parity Test” from Bloomberg Law “Paralympic Marathoner Loses Medal After Helping Her Guide Yards From Finish” from The New York Times We love to hear from you. Email your comments and questions to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The IRS and U.S. Treasury Department announced today the recovery of $1.3 billion from high-income tax dodgers since last fall, citing funding from President Joe Biden’s Inflation Reduction Act as the catalyst for increased collection enforcement efforts. And we hear about the a new investigation into airline rewards programs. Plus, we discuss the value of musical-turned-movie remakes during a game of Half Full/Half Empty! And, a little PSA about 401(k)s. Here’s everything we talked about today: “Treasury recovers $1.3 billion in unpaid taxes from high-wealth tax dodgers” from The Associated Press “Saturn’s majestic rings will vanish in just six months from now” from Earth.com “The impending private equity blitz on NFL teams” from “Make Me Smart” newsletter “Airlines such as American, United, Delta, face DOT investigation over rewards programs” from Fox Business “Dancing With the Stars reveals cast for season 33: ’90s icons, reality stars, Olympians, and a fake heiress” from Entertainment Weekly “Say Goodbye to Daily Hotel Room Cleaning” from The New York Times “Adults are cashing in on lemonade stands” from Marketplace “Movie musicals — yes, including the ‘Joker’ sequel — you could fall for” from The Washington Post Kick off your weekend with our “Tunes on Tap” Spotify playlist featuring some of our favorite summer jams! Get the playlist here.