Category: 3-EconSometimeCommentary

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.

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Districts across the country are facing shortages of school bus drivers. Can technology help? Zachary Crockett takes a seat in the back.

 

• SOURCES:
  • Keith Corso, co-founder and CEO of BusRight.
  • Marc Medina, transportation supervisor for the Farmingdale School District in Long Island.
  • Jada Melendez, school bus driver in Burlington County, New Jersey.

 

• RESOURCES:
  • "How St. Louis parents are dealing with school bus driver shortages," by Gabrielle Hays (PBS, 2024).
  • "The school bus driver shortage remains severe," by Sebastian Martinez Hickey and David Cooper (Economic Policy Institute, 2023).
  • "‘End of the Line’: School Bus Industry in Crisis Because of the Coronavirus," by Pranshu Verma (New York Times, 2020).

 

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.

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For decades, the great fear was overpopulation. Now it’s the opposite. How did this happen — and what’s being done about it? (Part one of a three-part series, “Cradle to Grave.”)

The post Why Aren’t We Having More Babies? appeared first on Freakonomics.

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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

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On this episode, Stefanie Haeffele chats with Abigail Hall on her latest book, How to Run Wars: A Confidential Playbook for the National Security Elite, which provides a satirical instruction manual for warfare. They discuss the various methods and approaches to bringing academic work to a broader audience, highlight the need for humility in providing commentary, emphasize the importance of Abigail’s research in the increasingly militarized modern world and the role of satire in critiquing and resisting abuses of power, and more.

Dr. Abigail R. Hall is an Associate Professor of Economics at the University of Tampa and a Senior Affiliated Scholar at the Mercatus Center at George Mason University. She has published numerous books, including her most recent satirical book, How to Run Wars: A Confidential Playbook for the National Security Elite co-authored with Christopher J. Coyne (2024). She holds a PhD in Economics from George Mason University and is an alum of the Mercatus PhD Fellowship. Her research focuses on U.S. defense policy and militarism.

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Virtual Sentiments, a podcast series from the Hayek Program, is streaming. Subscribe today and listen to season three, releasing now!

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A famous essay argues that “not a single person on the face of this earth” knows how to make a pencil. How true is that? In this 2016 episode, we looked at what pencil-making  can teach us about global manufacturing — and the proper role of government in the economy.

The post An Economics Lesson from a Talking Pencil (Update) appeared first on Freakonomics.

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Everyone loves to complain about it — but preparing a meal that tastes good at 35,000 feet is harder than you might think. Zachary Crockett will have the fish.

 

• SOURCES:
  • Molly Brandt, innovation chef for North America at Gategroup.
  • Chris Kinsella, chief commercial officer for North America at Gategroup.
  • Guillaume de Syon, professor of history at Albright College.

 

• RESOURCES:
  • "No Thanks, Grandma, I’m Saving Room for Airplane Food," by Christine Chung (New York Times, 2023).
  • "The Golden Age of airplane food is over. The future: Snacks and sustainability." by Natalie Comptom (The Washington Post, 2019).
  • "Why does food taste different on planes?" by Katia Moskvitch (BBC, 2015).
  • "And to Penny-Pinching Wizardry," by Claudia Deutsch (New York Times, 2001).
  • "The Pioneering Years: Commercial Aviation 1920–1930," by Rich Freeman (U.S. Centennial of Flight).

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 Jess Jiang. It was 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.

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Music: NPR Source Audio - "Collectible Kicks," "Arturo's Revenge," and "Liquid Courage"

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Nicholas Cullinan, the new director of the British Museum, seems to think so. “I’m not afraid of the past,” he says — which means talking about looted objects, the basement storerooms, and the leaking roof. We take the guided tour.

The post Can a Museum Be the Conscience of a Nation? appeared first on Freakonomics.

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