Podcast appearances and mentions of jeanna smialek

EU Migration Commissioner Magnus Brunner has said EU needs to consider ‘the lessons learnt' after Ceuta border rush. We get the latest on the meeting EU interior ministers with Jeanna Smialek, Brussels Bureau Chief for the New York Times.

EU Migration Commissioner Magnus Brunner has said EU needs to consider ‘the lessons learnt' after Ceuta border rush. We get the latest on the meeting EU interior ministers with Jeanna Smialek, Brussels Bureau Chief for the New York Times.

EU Justice Ministers will meet today over videolink to address last week's migrant crisis in Ceuta. Hosting the meeting, Justice Minister Jim O'Callaghan will seek to “re-emphasise solidarity and unity at the heart of the European project”. Anton discusses this further with Jeanna Smialek, Brussels Bureau Chief for the New York Times and also Simon Hunter, a Freelance Journalist in Spain.

EU Justice Ministers will meet today over videolink to address last week's migrant crisis in Ceuta. Hosting the meeting, Justice Minister Jim O'Callaghan will seek to “re-emphasise solidarity and unity at the heart of the European project”. Anton discusses this further with Jeanna Smialek, Brussels Bureau Chief for the New York Times and also Simon Hunter, a Freelance Journalist in Spain.

By almost all accounts, the historic trade deal that was reached between the United States and the 27 nations of the European Union is far better for the United States than it is for Europe.Jeanna Smialek, the Brussels bureau chief for The Times, explains why the European Union gave in to President Trump and the blowback that's causing.Guest: Jeanna Smialek, the Brussels bureau chief for The New York Times.Background reading: Is the European Union's tariff deal with the United States good for Europe?The framework agreement is not likely to do much for economic growth on either side. But it avoids new fissures on other foreign policy issues, particularly the war in Ukraine.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Photo: Tierney L. Cross/The New York Times Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

A panel of federal judges ruled on Wednesday that many of President Trump's tariffs were illegal, a decision that has threatened to derail his trade agenda.Victor Schwartz, the wine importer at the center of the case, explains why he decided to take on the president, and Jeanna Smialek, the Brussels bureau chief for The Times, discusses what options Mr. Trump has to save his trade war.Guest:Victor Schwartz, a small wine importer and the lead plaintiff in a lawsuit against Mr. Trump's tariffs.Jeanna Smialek, the Brussels bureau chief for The New York Times.Background reading: The U.S. Court of International Trade said Mr. Trump had overstepped his authority in imposing his “reciprocal” tariffs globally.An appeals court spared the tariffs while it considered the challenge.From March: Wine businesses were struck with fears of disaster under the threat of huge tariffs.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Photo: Doug Mills/The New York Times Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

The reverberations from President Trump's new global tariffs have rocked financial markets and world capitals. American stocks have plunged, and foreign leaders have issued forceful condemnations.The Times journalists Michael Barbaro, Peter Goodman, Natalie Kitroeff and Jeanna Smialek sit down to try to make sense of Mr. Trump's strategy and its consequences.Guest:Peter S. Goodman, who covers the global economy for The New York Times.Natalie Kitroeff, the Mexico City bureau chief for The New York Times.Jeanna Smialek, the Brussels bureau chief for The New York Times.Background reading: Read about how Mr. Trump's one-for-one tariff plan threatens the global economy.The trade war set off “max pessimism” in the global markets.The tariffs have widened the chasm between allies and Washington.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. Photo: Scott McIntyre for The New York Times Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

In the post-war world order, the United States and Europe have been among the closest of allies. What happens if President Donald Trump upends that equation? Jeanna Smialek, Brussels bureau chief for The New York Times, joins the show to break down the view from Europe. They take a look at how European leaders are reacting to the early days of Trump's second term, the strategies EU nations are using in response to Trump's abrasive rhetoric, and how a tariff fight might play out across the European economy. Learn more about your ad choices. Visit podcastchoices.com/adchoices

The Federal Reserve cut its prime lending rate again, this time by a quarter point. The economy, higher costs of living and high housing prices directly affected by these rates are a big reason Donald Trump won the election. The president-elect has often been critical of Federal Reserve Chair Jay Powell. Geoff Bennett discussed more with Jeanna Smialek of The New York Times. PBS News is supported by - https://www.pbs.org/newshour/about/funders

The Fed's recent rate cut signaled something clear about the US economy, but what are they trying to say? With a bolder rate cut than many of us expected, homebuyers, business owners, and real estate investors are seeing the light at the end of the high-rate tunnel, where borrowing money and buying houses could come at a lower cost. But with markets already anticipating a rate cut, did the recent cut even really matter? Today, Federal Reserve reporter from The New York Times, Jeanna Smialek, shares her thoughts on what the Fed move meant after studying them full-time for over a decade. Jeanna believes that the Fed feels confident, even if this recent rate cut was overdue. Inflation has seen a substantial dropoff, but on the other hand, unemployment is rising, and Americans are getting nervous. Did the Fed move fast enough? Jeanna also shares the future rate cuts we can expect from the Fed, with more potentially coming this year and a sizable series of cuts already lined up for 2025. How significant will the cuts be, and will they be enough to stop unemployment from getting out of control? How will rent prices and home prices move due to more rate cuts? We're answering it all in this episode! In This Episode We Cover The Fed's recent 0.50% rate cut explained and their forecast for 2025 rate cuts The signal the Fed is sending by making a bigger rate cut (and preparing for more to come) Why the Fed decided NOW was the time to finally cut rates (and whether it was too late) Inflation updates and good news for the slowing of growing prices Housing affordability and whether or not these rate cuts will help homebuyers/renters And So Much More! Links from the Show Join the Future of Real Estate Investing with Fundrise Join BiggerPockets for FREE  Find Investor-Friendly Lenders See Dave at BPCON2024 in Cancun! Dave's BiggerPockets Profile Federal Reserve Cuts Rates By 0.50%, a Bigger Cut Than Expected Read More from Jeanna Get Jeanna's Book, Limitless: The Federal Reserve Takes on a New Age of Crisis Grab Dave's Newest Book, “Start with Strategy” Jump to topic: 00:00 Intro 01:40 The Fed Makes a BIG Move 05:31 Why Now? 07:40 Effects of a 0.50% Rate Cut  12:16 Inflation Trends  15:07 Will Home and Rent Prices Rise?  22:42 2025 Rate Cuts 27:20 How the Fed Has Changed Check out more resources from this show on BiggerPockets.com and  https://www.biggerpockets.com/blog/on-the-market-255 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

This month both Vice President Kamala Harris and former President Donald Trump released a slate of economic proposals in an attempt to gain the upper hand on the issue most important to voters. In this installment of the 538 Politics podcast, Galen speaks with Jeanna Smialek from The New York Times about the current state of the economy, voter perceptions of it and how the candidates' proposals might shape both of those factors. Learn more about your ad choices. Visit megaphone.fm/adchoices

In her first major policy speech since becoming the Democratic presidential candidate, Vice President Kamala Harris laid out her vision for combatting rising prices, one of the biggest issues for voters in this year's election and one that's dogged the Biden-Harris administration. Amna Nawaz discussed the specifics of Harris' economic policy proposals with Jeanna Smialek of The New York Times. PBS News is supported by - https://www.pbs.org/newshour/about/funders

In her first major policy speech since becoming the Democratic presidential candidate, Vice President Kamala Harris laid out her vision for combatting rising prices, one of the biggest issues for voters in this year's election and one that's dogged the Biden-Harris administration. Amna Nawaz discussed the specifics of Harris' economic policy proposals with Jeanna Smialek of The New York Times. PBS News is supported by - https://www.pbs.org/newshour/about/funders

Every major U.S. stock market plunged on Monday, wiping out billions of dollars in value.Jeanna Smialek, who covers the U.S. economy for The Times, discusses what was behind the dizzying sell-off — and what it can tell us about whether America is headed for a recession.Guest: Jeanna Smialek, a reporter covering the Federal Reserve and the U.S. economy for The New York Times.Background reading: Global stock markets fell sharply — the latest example of how distinct economic forces can ricochet across markets.What should you do when the stock market drops? Here's the advice from our columnist.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday. 

Fed Chair Jay Powell heads to Capitol Hill for two days of testimony. The New York Times' Jeanna Smialek tees up the event. Plus, Morgan Stanley's Mike Wilson is warning a 10% market correction is highly likely. Main Street Asset Management's Erin Gibbs gives her take. And, Jim Cramer says investors should focus on innovation, not market concentration. 2/13 Strategic Partners' Greg Sarian discusses.

每天早晨8:30 讓我們一起解讀財經時事 參加財經皓角總經訂閱 : https://yutinghao.finance 主持人：游庭皓（經濟日報專欄作家、小一輩財經人話翻譯機） 音頻收聽請在Podcast或Soundcloud搜尋『游庭皓的財經皓角』 Telegram: https://t.me/yu_finance 我的粉絲專頁:https://reurl.cc/n563rd 網站參加會員手冊 https://reurl.cc/WG7vd7 歡迎來信給小編幫您處理 jackieyutw@gmail.com """"" 打賞網址 ：https://p.ecpay.com.tw/B83478D """"" 書名：透視聯準會 作者： 珍娜‧斯米亞萊克 原文作者： Jeanna Smialek 譯者： 吳國卿 出版社：商周出版 出版日期：2024/06/22 https://reurl.cc/XG0Q7M (YT抽書的朋友要公開訂閱我們財經皓角頻道唷♥️) (FB抽書的朋友要公開分享直播影片+您想要抽書留言♥️) 《早晨財經速解讀》是游庭皓的個人知識節目，針對財經時事做最新解讀，開播於2019年7月15日，每日開盤前半小時準時直播。議題從總體經濟、產業動態到投資哲學，信息量飽滿，為你顛覆直覺，清理投資誤區，用更寬廣的角度帶你一窺投資的奧秘。 免責聲明：《游庭皓的財經皓角》頻道為學習型頻道，僅用於教育與娛樂目的，無任何證券之買賣建議。任何形式的投資皆涉及風險，投資者需進行自己的研究，持盈保泰。

Investors are preparing for a rare double feature of market-moving events with May CPI and the latest Fed decision out today. The New York Times' Jeanna Smialek discusses. Plus, Oracle says it's teaming up with Google Cloud and Microsoft, even after Q4 earnings missed estimates. CFRA's Angelo Zino recaps the quarter. And, Apple is set to retake its title as the most valuable public company in the U.S. following yesterday's stock surge. Cleo Capital's Sarah Kunst explains.

A majority of Americans believe that the economy is in a recession even though it's not. On this week's On the Media, hear why there's a mismatch between facts and feelings about the economy. Plus, how the outlandish claims of AI companies often go unchecked by the press.[01:09] Host Micah Loewinger interviews Jeanna Smialek of The New York Times about whether the ‘vibecession' is back and the factors that are shaping negative perceptions of the economy.[14:41] Micah speaks with Gordon Hanson, economist at Harvard University's Kennedy School, about how President Biden has adopted, and even escalated, former President Trump's tariffs on China, and why the political narratives around tariffs don't always match up with the economic realities.[29:29] Lastly, Micah breaks down media hype about AI. According to Sam Harnett, a former tech reporter, journalists are repeating lazy tropes about the future of work that once boosted companies like Uber, Airbnb, and Fiverr. Plus, Julia Angwin, founder of Proof News, debunks fantastical claims by AI companies about their software. And Paris Marx, host of Tech Won't Save Us, explains how AI leaders like Sam Altman use the press to lobby regulators and investors.Further reading:“High Interest Rates Are Hitting Poorer Americans the Hardest,” by Ben Casselman and Jeanna Smialek“Washington's New Trade Consensus,” by Gordon Hanson“How Tech Media Helped Write Gig Companies into Existence,” by Sam Harnett“Press Pause on the Silicon Valley Hype Machine,” by Julia Angwin“AI is Fueling a Data Center Boom. It Must Be Stopped," by Paris Marx On the Media is supported by listeners like you. Support OTM by donating today (https://pledge.wnyc.org/support/otm). Follow our show on Instagram, Twitter and Facebook @onthemedia, and share your thoughts with us by emailing onthemedia@wnyc.org.

The Rich Zeoli Show- Hour 1: 3:05pm- Donald Trump's “hush money” trial continued on Tuesday—with the prosecution's key witness Michael Cohen being questioned by Trump's attorneys. According to Jesse McKinley of The New York Times, during cross examination, Cohen was portrayed as someone seeking revenge and looking to earn money via the sale of t-shirts that said: “Convict 45.” You can read more here: https://www.nytimes.com/live/2024/05/14/nyregion/trump-trial-news-michael-cohen?smid=url-share#95706224-806b-5507-ae9b-e5a422a2b006 3:15pm- In reaction to a stream of negative polling results for President Joe Biden, CNN political commentator Van Jones stated that “the economic prospects for young people are miserable.” 3:35pm- Ben Casselman and Jeanna Smialek of The New York Times write that high interest rates are seriously hurting poorer Americans: “High interest rates haven't crashed the financial system, set off a wave of bankruptcies or caused the recession that many economists feared. But for millions of low and moderate-income families, high rates are taking a toll. More Americans are falling behind on payments on credit card and auto loans, even as many are taking on more debt than ever before.” You can read the full article here: https://www.nytimes.com/2024/05/14/business/economy/interest-rates-inequality.html 3:40pm- According to a report from Axios, President Joe Biden and his campaign refuse to believe polling which indicates Republican presidential candidate Donald Trump is running ahead of Biden in 5 out of 6 key swing states in the 2024 presidential election. 3:55pm- The beloved Disney character Tinker Bell has become the latest victim of cancel culture.

The Rich Zeoli Show- Full Episode (05/14/2024): 3:05pm- Donald Trump's “hush money” trial continued on Tuesday—with the prosecution's key witness Michael Cohen being questioned by Trump's attorneys. According to Jesse McKinley of The New York Times, during cross examination, Cohen was portrayed as someone seeking revenge and looking to earn money via the sale of t-shirts that said: “Convict 45.” You can read more here: https://www.nytimes.com/live/2024/05/14/nyregion/trump-trial-news-michael-cohen?smid=url-share#95706224-806b-5507-ae9b-e5a422a2b006 3:15pm- In reaction to a stream of negative polling results for President Joe Biden, CNN political commentator Van Jones stated that “the economic prospects for young people are miserable.” 3:35pm- Ben Casselman and Jeanna Smialek of The New York Times write that high interest rates are seriously hurting poorer Americans: “High interest rates haven't crashed the financial system, set off a wave of bankruptcies or caused the recession that many economists feared. But for millions of low and moderate-income families, high rates are taking a toll. More Americans are falling behind on payments on credit card and auto loans, even as many are taking on more debt than ever before.” You can read the full article here: https://www.nytimes.com/2024/05/14/business/economy/interest-rates-inequality.html 3:40pm- According to a report from Axios, President Joe Biden and his campaign refuse to believe polling which indicates Republican presidential candidate Donald Trump is running ahead of Biden in 5 out of 6 key swing states in the 2024 presidential election. 3:55pm- The beloved Disney character Tinker Bell has become the latest victim of cancel culture. 4:05pm- Rich explains that when it became clear Donald Trump would be the Republican Party's 2024 presidential candidate, President Joe Biden and his administration decided to embrace radical progressive policies—operating under the assumption that election victory would be easily achieved. However, according to new polling from The New York Times, Sienna College, and The Philadelphia Inquirer, Trump now leads President Biden in five of the six key 2024 swing states—Pennsylvania (+3), Arizona (+7), Michigan (+7), Georgia (+10), and Nevada (+12). 4:20pm- Mark Penn—an adviser to former President Bill Clinton and chairman of Harris Poll—says the Biden campaign isn't focused on winning the correct voters. He's attempting to win the radical left, while seemingly forfeiting the moderate/independent vote. Penn explains that the swing voter is worth 2x the value of a progressive voter: “People usually assume that turning out so-called base voters in an election matters most, since swing voters are fewer in number. And it's true that in today's polarized environment, Mr. Biden and Mr. Trump have about 40 percent of voters each and nothing will change those people's minds. But in that remaining 20 percent of the electorate, voters have disproportionate power because of their potential to switch. It's simple math: Take a race tied in the run-up 5 to 5. If one voter swings, the tally becomes 6 to 4. Two voters would then need to be turned out just to tie it up, and a third one would be needed to win.” You can read Penn's full editorial here: https://www.nytimes.com/live/2024/05/13/nyregion/trump-trial-michael-cohen 4:50pm- Women are paying thousands of dollars to participate in “rage rituals.” Why? Plus, is spray on “hair in a can” a real thing? Yup! 5:05pm- In her new article for The Washington Examiner, columnist Salena Zito asks did Trump make a 4D chess move with his speech in Wildwood, New Jersey? Zito writes: “In 2016, Clinton won Mahoning County with 49% of the vote, defeating Trump by a hair. For perspective, just four years earlier, then-President Barack Obama crushed Republican presidential nominee Mitt Romney by a whopping 28 points in the Mahoning Valley, earning 63% of the vote of this mostly white working-class voter base. Those same working-class white voters, on whom Democrats relied to carry the state twice for the first Black president, would soon be called racist, uneducated, and angry just four years later for supporting Trump. Fast-forward to last weekend when Trump, plagued by nonstop reports of his trial for allegedly covering up hush money payments, held a rally in Wildwood, New Jersey, and attracted more than 80,000 supporters in a state no Republican presidential candidate has won since then-Vice President George H.W. Bush in 1988.” Will Trump win the 2024 presidential election thanks to his appeal to working class Americans who feel left behind by the Democrat party? You can read her full story here: https://www.washingtonexaminer.com/opinion/3003815/was-trump-making-4d-chess-move-speech-new-jersey/ 5:30pm- During an Oxford Union debate, Winston Marshall—the former banjoist and lead guitarist for the band Mumford & Sona—argued that “Populism has become a word used synonymously with ‘racist'…with ‘bigot,' with ‘hillbilly'…elites use it to show their contempt for ordinary people.” Throughout the evening, Congresswoman Nancy Pelosi (D-CA) interrupted her debate opponent—claiming that populism is a threat to democracy and that the 2016 election had been “hijacked.” 5:40pm- Rich keeps unbuttoning his shirt as part of an effort to grow our YouTube audience…but nobody wants to see that! 6:05pm- Completely unbiased ABC News journalist George Stephanopoulos told the ladies of The View that if Donald Trump were to win the 2024 election, the White House Situation Room would be “uncontrolled” and pose a threat to American stability. 6:10pm- On HBO's Real Time, host Bill Maher accused The New York Times of being an instrument of the Democrat Party. 6:30pm- Comedian Jerry Seinfeld delivered the commencement address at Duke University's graduation. PLUS, Vice President Kamala Harris drops a hard f-bomb while speaking at the Asian Pacific American Institute's leadership summit. 6:40pm- Erin Perrine—Political Strategist with Axiom Strategies—joins The Rich Zeoli Show to recap Republican presidential candidate Donald Trump's massive rally in Wildwood, New Jersey where an estimated 80,000 to 100,000 people attended. Can President Joe Biden do anything to slow down Trump's momentum?

Amazon says profit more than tripled during its most recent quarter. RBC's Brad Erickson and GraniteShares' Paul Marino dive into the results. Plus, the Fed is set to announce its latest monetary policy decision today. The New York Times' Jeanna Smialek and The Conference Board's Steve Odland lay out their expectations. And, investors are preparing for the new trading month as the S&P 500 comes off its worst month since September. Cetera's Gene Goldman and Payne Capital Management's Courtney Garcia discuss.

The Fed releases its latest monetary policy decision today. The New York Times' Jeanna Smialek gives her expectations. Plus, Micron reports earnings this afternoon as Nvidia rallies on its newly unveiled AI chip. Mizuho's Jordan Klein tees up the results. And, what's in store for the trading day ahead? Principal Asset Management's Seema Shah and GenTrust's Mimi Duff weigh in.

Jeanna Smialek, who covers the U.S. economy for The Times, will be 33 in a few weeks; she is part of a cohort born in 1990 and 1991 that makes up the peak of America's population.At every life stage, that microgeneration has stretched a system that was often too small to accommodate it, leaving its members — so-called peak millennials — with outsize economic power but also a fight to get ahead.Guest: Jeanna Smialek, a U.S. economy correspondent for The New York Times.Background reading: When millennials gripe that they get blamed for everything, the accusers might actually be onto something.Millennials have the children, but boomers have the houses.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Welcome to the general election. NBC News projects Donald Trump and Joe Biden will be the nominees. Our panel dives in on what this long election will look like. Plus, Special Counsel Robert Hur testifies on his investigation of Joe Biden and classified documents. And what is next for TikTok as Congress considers a crackdown. Steve Kornacki, Mike Memoli, Katie Benner, Glenn Kirschner, Reed Galen, Robert Gibbs, Jeanna Smialek, Justin Wolfers, and Alex Stamos help break it down. 

Jeanna Smialek, reporter covering the Federal Reserve and the economy for The New York Times and the author of Limitless: The Federal Reserve Takes on a New Age of Crisis (Knopf, 2023), reports on a "massive microgeneration" of people born in 1990 and 1991, arguing they have been in a in lifelong competition for America's economic resources.

The Federal Reserve begins its two-day policy meeting today. The New York Times' Jeanna Smialek previews the event. Plus, UPS reports earnings this morning. Deutsche Bank's Amit Mehrotra tees up the results. And, Microsoft and Alphabet kick off a busy week of tech earnings. Goldman Sachs' Gurpreet Gill and Freedom Capital Markets' Jay Woods discuss.

Reagan OMB director David Stockman argued that the economic policies of the Trump administration were a failure. He was interviewed by New York Times Federal Reserve & economy reporter Jeanna Smialek. Learn more about your ad choices. Visit megaphone.fm/adchoices

Reagan OMB director David Stockman argued that the economic policies of the Trump administration were a failure. He was interviewed by New York Times Federal Reserve & economy reporter Jeanna Smialek. Learn more about your ad choices. Visit megaphone.fm/adchoices

The American economy, by many measures, is doing better than it has done in years. But for many Americans, that is not how it feels. Their feelings point to an enduring mystery: Why do Americans feel so bad when the economy is so good?Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses a new way to understand the disconnect. Guest: Jeanna Smialek, a reporter covering the Federal Reserve and the U.S. economy for The New York Times.Background reading: Video: What's causing the “bad vibes” in the economy?Consumer spending has been strong in 2023 despite higher prices and waning savings. But some retailers have jitters heading into Black Friday.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Thomas Hoenig is a distinguished senior fellow with the Mercatus Center at George Mason University, where he focuses on the long-term impacts of the politicization of financial services as well as the effects of government-granted privileges and market performance. He was formerly the vice chair of the FDIC from 2012 to 2018 and the 20 years prior to that, he was president of the Kansas City Federal Reserve Bank. Tom is also a returning guest to Macro Musings, and he rejoins to talk about the Treasury market, public debt sustainability issues, and the state of banking in the United States. David and Tom also discuss the history of Tom's influence on the Jackson Hole Conference, the growing size of the US current account deficit, the Fed's role as the primary Treasury market backstop, the dangers of risk-weighted capital regulation, and more.   Transcript for this week's episode.   Register now for the Bennett McCallum Monetary Policy Conference!   Thomas's Twitter: @tom_hoenig Thomas's Mercatus profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our new Macro Musings merch!   Related Links:   *Housing IS the Business Cycle* by Edward Leamer   *Understanding the Greenspan Standard* by Alan Blinder and Ricardo Reis   *Living with High Public Debt* by Serkan Arslanalp and Barry Eichengreen   *Has Financial Development Made the World Riskier?* by Raghuram Rajan   *Resilience Redux in the US Treasury Market* by Darrell Duffie   *Meet the Man Making Big Banks Tremble* by Jeanna Smialek and Emily Flitter

Diners are digging in earlier than ever across the U.S. It’s an adjustment for the restaurant industry, but it might be better for workers and eaters alike. Plus, a flood of new apartment buildings should ease rent inflation, but it won’t solve the housing crisis. We’ll also analyze the week’s economic happenings with The New York Times’ Jeanna Smialek and Politico’s Sudeep Reddy.

Diners are digging in earlier than ever across the U.S. It’s an adjustment for the restaurant industry, but it might be better for workers and eaters alike. Plus, a flood of new apartment buildings should ease rent inflation, but it won’t solve the housing crisis. We’ll also analyze the week’s economic happenings with The New York Times’ Jeanna Smialek and Politico’s Sudeep Reddy.

This week, Emily Bazelon, John Dickerson, and David Plotz are together again and talking about Donald Trump's next indictment and the charges against his “false electors” in Michigan; the struggles of candidates Ron DeSantis, Tim Scott, et al.; and Congressional Republicans' culture war against the U.S. military.    Here are some notes and references from this week's show: James Madison: “Impeachment of the Executive, [20 July] 1787” FiveThirtyEight: “Who's Ahead In Republican Primary Polls?”  Fox News Digital: “Republican presidential candidate Sen. Tim Scott says Donald Trump is ‘overqualified to be my vice president'”  Manu Raju, Rashard Rose, and Lauren Fox for CNN: “Tommy Tuberville now says ‘White nationalists are racists' after refusing to denounce them” Zoë Richards for NBC News: “Arizona Republican refers to Black Americans as ‘colored people' in House floor debate”   Here are this week's chatters:  Emily: Elise White, Basaime Spate, Javonte Alexander, and Rachel Swaner for the Center for Justice Innovation: “'Two Battlefields': Opps, Cops, and NYC Youth Gun Culture” and Charged: The New Movement to Transform American Prosecution and End Mass Incarceration by Emily Bazelon   John: Mona El-Naggar, Johan M. Kessel, and Alexander Stockton for The New York Times: “What Is War to a Grieving Child?”; Jeanna Smialek and Ben Casselman for The New York Times: “The Pandemic's Labor Market Myths”; and Chris Cameron for The New York Times: “Over 700 Civil War-Era Gold Coins Found Buried on a Kentucky Farm” David: “Exploring a Secret Fort” with David through airbnb; Steve Bohnel for The Frederick News-Post: “$200,000, or the city burns: The story of the Confederacy's ransom on Frederick”; and Caity Weaver for The New York Times Magazine: “My Impossible Mission to Find Tom Cruise”  Listener chatter from Dianne Denton: Harriet McBryde Johnson for The New York Times Magazine: “Unspeakable Conversations” and Disability Visibility: First-Person Stories from the Twenty-First Century by Alice Wong For this week's Slate Plus bonus segment, David, John, and Emily discuss the Hollywood actors' and writers' strikes, artificial intelligence, and the future of work.  In the next edition of Gabfest Reads, David talks with David Grann about his book, The Wager: A Tale of Shipwreck, Mutiny and Murder.    Email your chatters, questions, and comments to gabfest@slate.com or Tweet us @SlateGabfest. (Messages may be quoted by name unless the writer stipulates otherwise.)   Podcast production by Cheyna Roth Research by Julie Huygen Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Emily Bazelon, John Dickerson, and David Plotz are together again and talking about Donald Trump's next indictment and the charges against his “false electors” in Michigan; the struggles of candidates Ron DeSantis, Tim Scott, et al.; and Congressional Republicans' culture war against the U.S. military.    Here are some notes and references from this week's show: James Madison: “Impeachment of the Executive, [20 July] 1787” FiveThirtyEight: “Who's Ahead In Republican Primary Polls?”  Fox News Digital: “Republican presidential candidate Sen. Tim Scott says Donald Trump is ‘overqualified to be my vice president'”  Manu Raju, Rashard Rose, and Lauren Fox for CNN: “Tommy Tuberville now says ‘White nationalists are racists' after refusing to denounce them” Zoë Richards for NBC News: “Arizona Republican refers to Black Americans as ‘colored people' in House floor debate”   Here are this week's chatters:  Emily: Elise White, Basaime Spate, Javonte Alexander, and Rachel Swaner for the Center for Justice Innovation: “'Two Battlefields': Opps, Cops, and NYC Youth Gun Culture” and Charged: The New Movement to Transform American Prosecution and End Mass Incarceration by Emily Bazelon   John: Mona El-Naggar, Johan M. Kessel, and Alexander Stockton for The New York Times: “What Is War to a Grieving Child?”; Jeanna Smialek and Ben Casselman for The New York Times: “The Pandemic's Labor Market Myths”; and Chris Cameron for The New York Times: “Over 700 Civil War-Era Gold Coins Found Buried on a Kentucky Farm” David: “Exploring a Secret Fort” with David through airbnb; Steve Bohnel for The Frederick News-Post: “$200,000, or the city burns: The story of the Confederacy's ransom on Frederick”; and Caity Weaver for The New York Times Magazine: “My Impossible Mission to Find Tom Cruise”  Listener chatter from Dianne Denton: Harriet McBryde Johnson for The New York Times Magazine: “Unspeakable Conversations” and Disability Visibility: First-Person Stories from the Twenty-First Century by Alice Wong For this week's Slate Plus bonus segment, David, John, and Emily discuss the Hollywood actors' and writers' strikes, artificial intelligence, and the future of work.  In the next edition of Gabfest Reads, David talks with David Grann about his book, The Wager: A Tale of Shipwreck, Mutiny and Murder.    Email your chatters, questions, and comments to gabfest@slate.com or Tweet us @SlateGabfest. (Messages may be quoted by name unless the writer stipulates otherwise.)   Podcast production by Cheyna Roth Research by Julie Huygen Learn more about your ad choices. Visit megaphone.fm/adchoices

This week, Emily Bazelon, John Dickerson, and David Plotz are together again and talking about Donald Trump's next indictment and the charges against his “false electors” in Michigan; the struggles of candidates Ron DeSantis, Tim Scott, et al.; and Congressional Republicans' culture war against the U.S. military.    Here are some notes and references from this week's show: James Madison: “Impeachment of the Executive, [20 July] 1787” FiveThirtyEight: “Who's Ahead In Republican Primary Polls?”  Fox News Digital: “Republican presidential candidate Sen. Tim Scott says Donald Trump is ‘overqualified to be my vice president'”  Manu Raju, Rashard Rose, and Lauren Fox for CNN: “Tommy Tuberville now says ‘White nationalists are racists' after refusing to denounce them” Zoë Richards for NBC News: “Arizona Republican refers to Black Americans as ‘colored people' in House floor debate”   Here are this week's chatters:  Emily: Elise White, Basaime Spate, Javonte Alexander, and Rachel Swaner for the Center for Justice Innovation: “'Two Battlefields': Opps, Cops, and NYC Youth Gun Culture” and Charged: The New Movement to Transform American Prosecution and End Mass Incarceration by Emily Bazelon   John: Mona El-Naggar, Johan M. Kessel, and Alexander Stockton for The New York Times: “What Is War to a Grieving Child?”; Jeanna Smialek and Ben Casselman for The New York Times: “The Pandemic's Labor Market Myths”; and Chris Cameron for The New York Times: “Over 700 Civil War-Era Gold Coins Found Buried on a Kentucky Farm” David: “Exploring a Secret Fort” with David through airbnb; Steve Bohnel for The Frederick News-Post: “$200,000, or the city burns: The story of the Confederacy's ransom on Frederick”; and Caity Weaver for The New York Times Magazine: “My Impossible Mission to Find Tom Cruise”  Listener chatter from Dianne Denton: Harriet McBryde Johnson for The New York Times Magazine: “Unspeakable Conversations” and Disability Visibility: First-Person Stories from the Twenty-First Century by Alice Wong For this week's Slate Plus bonus segment, David, John, and Emily discuss the Hollywood actors' and writers' strikes, artificial intelligence, and the future of work.  In the next edition of Gabfest Reads, David talks with David Grann about his book, The Wager: A Tale of Shipwreck, Mutiny and Murder.    Email your chatters, questions, and comments to gabfest@slate.com or Tweet us @SlateGabfest. (Messages may be quoted by name unless the writer stipulates otherwise.)   Podcast production by Cheyna Roth Research by Julie Huygen Learn more about your ad choices. Visit megaphone.fm/adchoices

Love it or hate it, this is President Biden's economy and he's taking credit for it. In recent weeks, Biden has been rolling out his economic pitch to Americans. It started with a high-profile speech in Chicago where he branded his policies as “Bidenomics” and positioned them in opposition to trickle-down “Reaganomics.” Since then, Biden and his campaign surrogates have fanned out across the country to make their pitch. This is coming at a time when Americans are quite pessimistic about the economy. In recent polls, less than a third of Americans say the economy is good. But still, economic data paints a relatively strong picture. The unemployment rate -- according to data out last Friday -- stands at 3.6 percent. That's close to a 50-year low. And inflation, although it remains somewhat high, has fallen to 4 percent from a high of 9 percent last summer. In this installment of the podcast, Galen speaks with Jeanna Smialek, who covers the Federal Reserve and economy for the New York Times, and Neil Irwin, chief economic correspondent for Axios. They discuss how much of Biden's approach to economic policy is actually new, what it looks like on the ground and why Americans are so pessimistic. Learn more about your ad choices. Visit megaphone.fm/adchoices

Rapid inflation has been a problem in the United States for more than two years, but the tide appears to be turning. Annual inflation is now less than half of what it was last summer.Jeanna Smialek, who covers the Federal Reserve and the U.S. economy for The Times, discusses whether the decline is a result of careful policymaking, or more of a lucky accident.Guest: Jeanna Smialek, a Federal Reserve correspondent for The New York Times.Background reading: Inflation is coming down. Is the Fed winning its fight?How to read the Fed's projections like a pro.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

Our guest on the podcast today is New York Times economics reporter Talmon Smith. Before joining the Business desk, he was a staff editor for the Times Opinion section covering public policy, economics, and culture. He began his career as a researcher and visiting scholar at NYU's Journalism Institute and was assistant to the editor in chief at GQ magazine. He graduated from Tufts University with a major in history.BackgroundBioTwitter handle: @talmonsmithEconomy, Inflation, and the Great Wealth Transfer“ ‘I'm in Hot Demand, Baby': Nebraska Thrives (and Copes) With Low Unemployment,” By Talmon Joseph Smith, nytimes.com, April 1, 2022.“Job Openings Rose in April, Defying Cooling Trend,” by Talmon Joseph Smith, nytimes.com, May 31, 2023.“Companies Push Prices Higher, Protecting Profits but Adding to Inflation,” by Talmon Joseph Smith and Joe Rennison, nytimes.com, May 30, 2023.“Wages May Not Be Inflation's Cause, but They're the Focus of the Cure,” by Talmon Joseph Smith, seattletimes.com, April 7, 2023.“Even a Soft Landing for the Economy Might Be Uneven,” by Talmon Joseph Smith, buffalonews.com, Jan. 8, 2023.“As the Fed Raises Rates, Worries Grow About Corporate Bonds,” by Talmon Joseph Smith, nytimes.com, Nov. 11, 2022.“What Will Happen to Black Workers' Gains if There's a Recession?” by Talmon Joseph Smith, nytimes.com, Aug. 24, 2022.“Hiring Remains Strong Even as Fed Tries to Cool Economy,” by Talmon Joseph Smith, Lydia DePillis, and Jeanna Smialek, nytimes.com, June 3, 2022.“The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners,” by Talmon Joseph Smith, nytimes.com, May 14, 2023.

Another unnecessary crisis averted. In this episode, Jen examines the debt ceiling crisis events of the past to show that the Fiscal Responsibility Act of 2023 - which raised the debt ceiling - is not likely to reduce our government's debt but will likely ensure that our environment will be trashed for profit. She also examines the best path forward to ensure that the debt ceiling is never used for political leverage again. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via PayPal Support Congressional Dish via Patreon (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: 5753 Hwy 85 North, Number 4576, Crestview, FL 32536. Please make checks payable to Congressional Dish Thank you for supporting truly independent media! View the show notes on our website at https://congressionaldish.com/cd275-debt-ceiling-2023-crisis-normalized Background Sources Congressional Dish Episodes CD261: Inflation Reduction Act CD257: PACT Act – Health Care for Poisoned Veterans CD151: AHCA – The House Version (American Health Care Act) CD049: Crisis… Postponed CD048: The Affordable Care Act (Obamacare) Debt Ceiling Overview “US debt ceiling - what it is and why there is one.” Natalie Sherman. Jun 2, 2023. BBC. “What Happens When the U.S. Hits Its Debt Ceiling?” Noah Berman. Last Updated May 25, 2023. Council on Foreign Relations. “A brief history of debt ceiling crises and the political chaos they've unleashed.” Raymond Scheppach. May 12, 2023. The Conversation. “Congress has revised the debt ceiling 78 times since 1960. An expert explains why.” Scott Simon and Lennon Sherburne. April 29, 2023. NPR. New Development Bank Ben Norton on Twitter New Development Bank on Twitter New Development Bank Website “BRICS New Development Bank de-dollarizing, adding Argentina, Saudi Arabia, Zimbabwe as members.” Ben Norton. Jun 8, 2023. Monthly Review Online. “NDB Board of Directors held its 40th meeting.” Jun 5, 2023. New Development Bank. Debt Limit History “The Debt Limit Through the Years.” Bipartisan Policy Center. “US government shutdown to end after Congress passes debt ceiling deal.” Paul Lewis and Dan Roberts. Oct 15, 2013. The Guardian. “S.& P. Downgrades Debt Rating of U.S. for the First Time.” Binyamin Appelbaum and Eric Dash. Aug 5, 2011. The New York Times. “Gingrich Vows No Retreat on Debt Ceiling Increase.” Clay Chandler. Sept 22, 1995. The Washington Post. 2023 Crisis “House Democrats Move to Force a Debt-Limit Increase as Default Date Looms.” Carl Hulse. May 2, 2023. The New York Times. “Can Congress Make an End-Run Around a Debt Limit Impasse? It's Tricky.” Carl Hulse and Jeanna Smialek. Apr 7, 2023. The New York Times. The Debt “2023 VAT Rates in Europe.” Cristina Enache. Jan 31, 2023. Tax Foundation. “National Debt: Definition, Impact, and Key Drivers.” Updated May 25, 2023. Investopedia. “Briefing Book: What is the Child Tax Credit?” Updated May 2021. Tax Policy Center. The Law H.R.3746: Fiscal Responsibility Act of 2023 Jen's Highlighted PDF CBO Estimate of Budgetary Effects Law Outline Division A: Limit Federal Spending Title I: Discretionary Spending Limits for Discretionary Category Sec. 101: Discretionary Spending Limits Sets spending caps for fiscal years 2024 and 2025 2024: Over $886 billion for defense Over $703 billion for non-defense Sec 102: Special Adjustments for Fiscal Years 2024 and 2025 If there is a continuing resolution in effect on or after January 1, 2024 for fiscal year 2024, or a continuing resolution for 2025 on or affect January 1, 2025, defense and non-defense spending will be sequestered, meaning a 1% across the board cut Title II: Budget Enforcement in the House of Representatives Explains how the House of Representatives must implement this law Title III: Budget Enforcement in the Senate Explains how the Senate must implement this law Division B: Save Taxpayer Dollars Title I: Rescission of Unobligated Funds Takes money back from accounts where it wasn't all spent including from: The Public Health and Social Services Emergency Fund The Centers for Disease Control and Prevention Specifically their COVID vaccine activities and vaccine supply chains All the money except $7 billion for COVID testing and mitigation All of the SARS-CO-V2 genomic sequencing money except for $714 million All of the money for COVID global health programs International Disaster Assistance funds for the State Department National Institutes of Health - National Institute of Allergy and Infectious Diseases Centers for Medicare and Medicaid Services Community health centers National Health Service Corps Nurse Corps Graduate level teaching health centers Mental health and substance use disorder training for health care professionals and public safety officers Grants for mental health for medical providers Funding for pediatric mental health care access Grants for survivors of sexual assault Child abuse prevention and treatment Medical visits at home for families State and local fiscal recovery funds Rural health care grants Restaurant revitalization fund Elementary and secondary school emergency relief funds Housing for people with disabilities Housing for the elderly Grants to Amtrak and airports Air carrier worker support and air transportation payroll support Title II: Family and Small Business Taxpayer Protection Sec. 251: Rescission of Certain Balances Made Available to the Internal Revenue Service Defunds the IRS by approximately $1.4 billion Title III: Statutory Administrative Pay-As-You-Go Requires agencies to submit plan to reduce spending in an equal or greater amount to every action they take that increases spending. This is easily waived and expires at the end of 2024.. Title IV: Termination of Suspension of Payments on Federal Student Loans: Resumption of Accrual of Interest and Collections Sec. 271: Termination of Suspension of Payments on Federal Student Loans; Resumption of Accrual of Interest and Collections At the end of September, people with Federal student loans will have to begin repayment of their loans, and the Secretary of Education is not allowed to implement an extension of the payment pause. Division C: Grow the Economy Title I: Temporary Assistance to Needy Families Orders reports about work requirements for welfare payments Title II: SNAP Exemptions Sec. 311: Modification of Work Requirement Exemptions In order to receive food benefits for more than 3 months in a 3 year period, "able bodied" people have to work at least 20 hours per week or participate in a work program for 20 hours per week unless that person is under 18 or over 50 years old, medically unable to work, is a parent with dependent children, or is pregnant. This provision increases the work requirement age over the next few years so it becomes 55 years old. This provision adds homeless individuals, veterans or foster kids until they are 24 to the list of people exempt from the work requirements This provision expires and the qualifications revert back to what they used to be on October 1, 2030 Title III: Permitting Reform Sec. 321: Builder Act Changes the requirements for NEPA environmental studies to include "any negative environmental impacts of not implementing the proposed agency action in the case of a no action alternative..." and requires only "irreversible and irretrievable commitments of FEDERAL resources which would be involved in the proposed agency action should it be implemented" Adds circumstances when agencies will not have to produce environmental impact documents Requires environmental impact statements when the action has a "reasonably foreseeable significant effect on the quality of the HUMAN environment." Allows agencies to use "any reliable data source" and says the agency is "not required to undertake new scientific or technical research unless the new scientific or technical research is essential to a reasoned choice among alternatives and the overall costs and time frame of obtaining it are not unreasonable." Assigns roles for "lead agencies" and "cooperating agencies" and says that the agencies will produce a single environmental document Sets a 150 page limit on environmental impact statements and 300 pages for a proposed agency action with "extraordinary complexity" Sets a 75 page limit on environmental assessments Requires lead agencies to allow a "project sponsor" to prepare environmental assessments and environmental impact statements under the supervision of the agency. The lead agency will "evaluate" the documents and "shall take responsibility for the contents." Environmental impact statements must be complete in under 2 years after the EIS is ordered by the agency Environmental assessments must be completed in 1 year The agency may extend the deadlines Project sponsors are given the right to take government agencies to court for failure to meet a deadline Sec. 324: Expediting Completion of the Mountain Valley Pipeline "Congress hereby ratifies and approves all authorizations, permits, verifications, extensions, biological opinions, incidental take statements, and any other approvals or orders issued pursuant to Federal law necessary for the construction and initial operation at full capacity of the Mountain Valley Pipeline." Gives the Secretary of the Army 21 days after enactment of this law to issue "all permits or verifications necessary to complete the construction of the Mountain Valley Pipeline across the waters of the United States" "No court shall have jurisdiction..." to review "...any approval necessary for the construction and initial operation at full capacity of the Mountain Valley Pipeline... including any lawsuit pending in a court as of the date of enactment of this section." Division D: Increase the Debt Limit Sec. 401: Temporary Extension of Public Debt Limit Suspends the debt limit until January 1, 2025 On January 2, 2025, the debt limit will automatically increase to whatever amount the debt level is at the end of the suspension Audio Sources Senate Session June 1, 2023 Highlighted Transcript Senate Session Parts 1 & 2 May 31, 2023 Highlighted Transcript Meeting: H.R. 3746 - Fiscal Responsibility Act of 2023 May 30, 2023 House Committee on Rules Watch it on YouTube Clips 22:50 Rep. Jason Smith (R-MO): I should note for my colleagues that Democrats could have raised the debt limit last year when they controlled the House of Representatives. 35:30 Rep. Ron Estes (R-KS): The Fiscal Responsibility Act finally ends the federal student loan moratorium and the so-called interest pause, effective August 31, 2023. For every month borrowers were allowed to skip payments, $4.3 billion were added to the American taxpayers debt. 41 months later, the moratorium has cost American taxpayers approximately $176 billion. 1:01:15 Rep. Joe Neguse (D-CO): The President put forward a budget months ago. Chairman Smith, do you know when the President submitted his budget to the United States Congress? Rep. Jason Smith (R-MO): I don't remember but it was -- Rep. Joe Neguse (D-CO): It was March 9th. Rep. Jason Smith (R-MO): It was late. It was due February 1st. Rep. Joe Neguse (D-CO): Oh, I'm glad you noted that. Chairman Smith, when did the Republicans submit their budget? Rep. Jason Smith (R-MO): You would need to ask the budget committee. Rep. Joe Neguse (D-CO): I would need to ask the budget committee. Mr. Estes. When did the Republicans submit their budget? [Pause] Only in the Rules Committee, by the way, could a witness lay blame at the president for being a few weeks late in submitting his budget when his party hasn't submitted a budget, period. 1:06:45 Rep. Brendan Boyle (D-PA): We also run the risk that we will one day not be the reserve currency of the world. The reason why our interest rates are so low comparatively, is because we are a safe haven for investment for the rest of the world. These sort of antics increasingly bring that into doubt whether or not folks will get their money, the folks who are lending to us. 1:24:15 Rep. Teresa Leger Fernandez (D-NM): Now, Standard and Poor's, they downgraded our credit rating. Have they increased that credit rating? Rep. Brendan Boyle (D-PA): No. There are three credit agencies Standard and Poor's, which was the one that downgraded us in 2011, never reversed their downgrade. And frankly my concern and the worry right now is that the other two credit agencies will now follow suit, given the events of the last couple of months, which obviously look very much like 2011 all over again. 1:50:55 Rep. Jim McGovern (D-MA): I continue to be stunned by the fact that when I look at this deal, which focuses on discretionary funding, that the people who seem to be asked to do the most or to absorb the hits the most are the people that least can afford it. The military budget is part of this discretionary budget, it's over 50% of the discretionary budget. The United States spends more on national defense than China, Russia, India, Saudi Arabia, United Kingdom, Germany, France, South Korea, Japan and Ukraine combined. And yet, if this moves forward, we see an increase in defense spending. I mentioned in my opening remarks, I don't know how many of you saw the 60 minutes piece the other day, I mean, we all know, of the cost overruns in the Department of Defense. I mean, the idea that we're spending $10,000 for a $300 oil switch. I mean, it's been there for a long time, and yet, we seem unable to want to grapple with that waste and those cost overruns. I don't know if it's the defense lobbyists or the campaign contributions or whatever it is, but somehow, when it comes to the military budget, you know, not only are we not holding them accountable, but you know, we say we're going to increase it even more, even more, we'll give you more. 2:57:40 Rep. Chip Roy (R-TX): Look, I'm for NEPA reforms 100%. We need them for road projects, transportation, particularly for our energy industry. But my concern here that we've got language that none of us have fully reviewed, going through the committees of jurisdiction that has been adopted, that I've got colleagues texting me and saying they're not 100% sure if that language is good or bad for the purpose intended. I've got colleagues on both sides of the aisle that have raised those questions. And so the purpose intended, of course, is to streamline projects, whatever those projects may be. But I've got a text right here from GOP colleagues saying, Well, I'm not so sure that these will actually do what we think they will do, to streamline said projects. And in fact, a former high up in the administration, in the Energy Department under the Trump administration, just validated that concern by one of my colleagues. Yet we are putting forward this measures saying some grand improvement with respect to NEPA, that that's somehow something we should be applauding when it's not the full package of H.R. 1, which had gone through committee. And importantly, the one thing that I think is 100% clear, is that this bill fails to include even the most basic reform to President Biden's unreliable energy subsidies that were put forward in the so called inflation Reduction Act for the wealthy, elites, corporations, and the Chinese Communist Party just to be blunt. And frankly, it ensures that permitting reform will likely benefit renewables the most. Basically, if you're a government that is subsidizing the crap out of something, in this case, unreliable energy, giving massive subsidies to billion dollar corporations, giving significant subsidies to families that make over 100,000, 300,000 for EVs, because you're chasing your your dreams of, you know, a fossil fuel-less world. You're going to absolutely decimate our grid because you're not going to have the projects being developed for the gas and the coal nuclear that are actually required to keep your grid functioning. But yeah, that's what we're doing and I just for the life of me can't understand why we're applauding that. 3:15:50 Rep. Jason Smith (R-MO): So we've been asking for the IRS to give us a plan of how they wanted to spend the additional $80 billion that they had. They finally gave that to Congress about six weeks, eight weeks ago. They broke down how they're spending the $80 billion: $1.4 billion of it was for hiring more agents and what the bill before you does, it eliminates that $1.4 billion for this year. House Session May 25, 2023 Highlighted Transcript House Session, Morning Hour, Parts 1 & 2 May 24, 2023 Highlighted PDF How the Pentagon falls victim to price gouging by military contractors May 21, 2023 60 Minutes The Rich Get Richer, Deficits Get Bigger: How Tax Cuts for the Wealthy and Corporations Drive the National Debt May 17, 2023  Senate Budget Committee Witnesses: Bobby Kogan, Senior Director, Federal Budget Policy, Center for American Progress Bruce Bartlett, Former Deputy Assistant Secretary for Economic Policy, United States Department of Treasury Samantha Jacoby, Senior Tax Legal Analyst, Center on Budget and Policy Priorities Dr. Adam Michel, Director of Tax Policy Studies, Cato Institute Scott Hodge, President Emeritus & Senior Policy Advisor, Tax Foundation Clips 32:25 Bobby Kogan: Today I intend to make two points. First, without the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, the ratio of debt to GDP would be declining indefinitely. And second, our rising debt ratio is due entirely to these tax cuts and not to spending increases. Throughout this testimony, When I say spending, I mean primary spending, that is spending excluding interest on the federal debt, and every mention of revenues, spending deficits, and debt means those amounts as a percent of GDP. Okay, according to CBO primary deficits are on track to stabilize at roughly 4% over 30 years, high enough to cause the debt to rise indefinitely. The common refrain that you will hear, that I heard when I staffed this committee, and that unfortunately, I expect to hear today, is that rising debt is due to rising spending. Revenues have been roughly flat since the 1960s and while spending was also roughly flat until recently, demographic changes and rising healthcare costs are now pushing the costs up. These facts are true. Our intuitions might reasonably tell us that if revenues are flat, and spending is rising, then the one changing must be to blame. But our intuitions are wrong. In CBO's periodic long term projections earlier this century, spending was projected to continue rising, but despite this CBO routinely projected long term debt stability, It projected revenues to keep up with this rising spending, not due to tax increases, but due to our tax code bringing in more as our country and the people in it prospered. That prosperity results in both higher revenue collection and higher real after tax income for the people whose incomes are growing, it is a win win. In other words, we used to have a tax system that would fully keep pace with rising spending. And then the Bush tax cuts were enacted and expanded, and then on a bipartisan basis eventually made largely permanent in 2013. Under the law dictating CBO and OMB's baseline construction, temporary changes in tax law are assumed to end as scheduled. In practice this meant that CBO is projection showed the Bush tax cuts ending on schedule with the tax code then reverting to prior law. 2012 was therefore the last year in which CBO is projections reflected the Bush tax cuts expiring. Yes, CBO's 2012 long term projections showed rising spending, but it also showed revenues exceeding spending for all 65 years of its extended baseline with indefinite surpluses, CBO showed debt declining indefinitely. But ever since the Bush tax cuts were made permanent CBO has showed revenues lower than spending and has projected debt to rise indefinitely. And since then, the Trump tax cuts further reduced revenues. Without the Bush tax cuts, their bipartisan extensions, and the Trump tax cuts, debt would be declining indefinitely, regardless of your assumptions about the alternative minimum tax. Two points explain this. The first employs a concept called the fiscal gap, which measures how much primary deficit reduction is required to stabilize the debt. The 30 year fiscal gap is currently 2.4% of GDP, which means that on average primary deficits over 30 years would need to be 2.4% of GDP lower for the debt in 2053 to be equal to what it is now. The size of the Bush tax cuts their extensions and the Trump tax cuts under current law over the next 30 years is 3.8% of GDP. Therefore, mathematically and unequivocally without these tax cuts, debt would be declining as a percent of GDP, not rising. 41:45 Bruce Bartlett: The reason I changed my mind about taxes and decided that we needed tax increases happened on a specific day that I'm sure Senator Grassley remembers, if nobody else. And that was the day in November of 2003, when the Medicare Part D legislation passed, and I was just, you know, at the time, I thought the reason Republicans, and I was a Republican in those days, were put on this earth was to control entitlement programs. And I was appalled that an entirely new entitlement program was created that was completely unfunded. It raised the deficit forever by about 1% of GDP. And I thought a dedicated tax should have been enacted, along with that program, which I didn't oppose and don't oppose. In fact, I benefit from it at my age. But I just think that we need proper funding. And that was when I first started saying we needed to raise taxes, because we just can't cut discretionary spending enough to fix the problem. And I think this is the error of the House budget, which cuts almost entirely domestic discretionary spending, doesn't even touch defense, and I just think that's extraordinarily unrealistic and an unserious approach to our deficit problem. We simply have to do something about entitlements. If you're going to control spending, control the budget on the spending side, I don't think we're going to do that. I think we need a new tax. I have advocated a value added tax for many years, as a supplement to our existing tax system. It creates, you can raise a lot of revenue from it every virtually every industrialized country has one. The money could be used to fix things in the tax code, as a tax reform measure. Once upon a time in the 70s, and even the 80s, it was considered the sine qua non of Republican tax policy, because it's a consumption based tax system, a flat tax, and now many Republicans are in favor of something called the Fair Tax which is very similar except that it won't work. Administratively it's poorly designed. The Value Added Tax will work and that's why it should be a better approach to these problems. 49:15 Samantha Jacoby: Wealthy people who get their income from investments accumulate large gains as those assets go up in value over time, but they won't owe income tax unless they sell their assets. And if they never sell, no one will ever pay income tax on those gains. That's arguably the biggest flaw in the tax code. Policymakers should consider a tax like President Biden's budget proposal to enact a minimum tax on very wealthy households. This would treat unrealized capital gains, which is the primary source of income for many wealthy households, as taxable income instead of letting income accrue tax free across generations. 54:15 Dr. Adam Michel: Keeping government small is the best way to ensure that the American people can continue to prosper. 58:45 Scott Hodge: There are many elements of the tax code that benefit the wealthy and big corporations, I absolutely agree, and the inflation Reduction Act is the most recent example of corporate welfare in the tax code. 1:01:00 Samantha Jacoby: So the the 2017 law, it dramatically changed the way that foreign profits are taxed of multinationals. And so what happens now is large corporations who have big, big foreign profit centers, lots of foreign profits overseas, they pay a lower tax rate on those foreign profits than they do on their domestic profits or purely domestic businesses pay. 1:02:55 Bruce Bartlett: And one of the things I tried to do in my prepared testimony is look at what has actually happened in the seven years since then. And very few studies, I know, some of the tests, the footnotes and my colleagues testimony or to our projections based on studies were done in 2017, 2018. I tried to find things that were written more recently, perhaps, or preferably, I should say, in the academic literature, which I think is more substantive and more dependable. And I looked at peer reviewed journals, and the data that I could find showed no macroeconomic impact whatsoever. It didn't raise growth, it didn't lower growth. And I think I concluded in that -- Sen. Sheldon Whitehouse (D-RI): It did shift wealth, correct? Bruce Bartlett: Excuse me? Sen. Sheldon Whitehouse (D-RI): It did shift wealth. Bruce Bartlett: Oh, absolutely. No question about that. But I'm more interested in the macroeconomic effect on investment and growth and employment. And I would just close by saying that if a tax cut had no positive impact, then it can't have any negative impact if you get rid of it. Now, you may not want to for other reasons.... 1:05:25 Bobby Kogan: Right. So our demographic changes and rising healthcare costs are the reason that spending is increasing. If you break spending into two categories, Medicare, Medicaid, Social Security, everything else, including the everything else entitlements, the everything else is shrinking as a percent of GDP and it's the Medicare, Medicaid and Social Security that are growing. And they are growing not because they are getting more, they're doing more, it's not because we're giving more and more to seniors, and to extremely poor people, but because it costs more to do the same. And that is the rising that is the demographics is changing the ratio of non workers to workers and there's also the rising health care costs. And so what this means is that if you want to spend less, you are necessarily saying that future seniors should be getting less of a benefit than they're currently getting. That's the only way to do it. Since that's the portion of the budget that's growing, if you want to cut that, you have to say that the current amount that we're doing for Social Security recipients, the current amount that we're doing for seniors, the current amount that we're doing for people on Medicaid is too much, and future people should be having less. That's the only way to do it. And, you know, the very nice thing that I had though, ii my testimony, we used to have a tax system that despite that rising, we keep up with that, and now we don't. 1:15:50 Bruce Bartlett: Well, first of all, I think in terms of tax shelters and tax evasion and extreme levels of tax avoidance, the problem isn't so much with the law as with the enforcement. And as you know, it's been the policy of Republicans to slash the budget of the IRS in real terms, for many years, which is a way of giving, privatizing tax avoidance to rich people and the rich individuals have the greatest power and ability to evade taxation. And I think it was really wonderful that the Congress increased the IRS budget, and I think it's just the height of absurdity that one of the major elements of the House Republican proposal is to slash the IRS budget again, even though the CBO has said this is a revenue losing proposition. 2:06:40 Bruce Bartlett: I think there's absolutely no question that the debt limit is unconstitutional, and not just under the 14th Amendment, section four, but under the general powers of the President. I mean, one of the things that I will point out is that the debt limit is a very serious national security issue. A huge percentage of the national debt that is owned by foreigners is owned by foreign central banks. They are not going to be happy if their assets are suddenly worth a great deal less than they thought they were. I think the President has full power within his inherent authority to simply declare the debt limit null and void. And I would point out that it's not a simple question of whether you just break the debt limit. I think a lot of people, even on this committee, forget the impoundment part of the Budget Act of 1974, which says the President must spend the money that is appropriated by law, he doesn't have the choice not to, which is what some Republicans seem to think that he can do. And he lacks that power. So I would agree that the President has that power. I wish he would use it. I wish it as sincerely as anything I believe in life. Thank you. Senate Session May 16, 2023 Highlighted PDF House Session May 16, 2023 Highlighted PDF Senate Session May 15, 2023 Highlighted PDF House Session May 10, 2023 Highlighted PDF Senate Session, Parts 1 & 2 May 19, 2023 Highlighted PDF Senate Session May 9, 2023 Highlighted PDF Senate Session May 4, 2023 Highlighted PDF Senate Session, Parts 1 & 2 May 2, 2023 Highlighted PDF Music Tired of Being Lied To by David Ippolito (found on Music Alley by mevio) Editing Pro Podcast Solutions Production Assistance Clare Kuntz Balcer

Did the Federal Reserve fail to recognize what would happen in an extended low interest rate environment? Here's a clip from our recent chat with Jeanna Smialek who writes about the Federal Reserve and the economy for The New York Times. Want more of Jill and Jeanna? Subscribe to Jill on Money LIVE to watch the full chat. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Did the Federal Reserve wait too long to raise interest rates? Here's a clip from our recent chat with Jeanna Smialek who writes about the Federal Reserve and the economy for The New York Times. Want more of Jill and Jeanna? Subscribe to Jill on Money LIVE to watch the full chat. Have a money question? Email us here Subscribe to Jill on Money LIVE YouTube: @jillonmoney Instagram: @jillonmoney Twitter: @jillonmoney "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

How much power does the Fed have? According to Fed Chair Jerome Powell, the limit basically does not exist! New York Times reporter Jeanna Smialek joins the show to talk about her new book Limitless: The Federal Reserve Takes on a New Age of Crisis.For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.

On Monday morning, the federal government took over a third failing bank — this time, First Republic.Jeanna Smialek, an economy correspondent for The Times, discusses whether we are at the end of the banking crisis, or the start of a new phase of financial pain.Guest: Jeanna Smialek, an economy correspondent for The New York Times.Background reading: First Republic bank was seized by regulators and sold to JPMorgan Chase.Key takeaways from regulatory review of bank failures.For more information on today's episode, visit nytimes.com/thedaily. Transcripts of each episode will be made available by the next workday.

The Federal Reserve issued a stinging report on the historic collapse of Silicon Valley Bank. The analysis notes that while the collapse was a "textbook case of mismanagement" by bank officers, the Fed said its regulators missed clear danger signs as the bank ballooned in size and acted much too slowly on the problems they did identify. William Brangham discussed the report with Jeanna Smialek. PBS NewsHour is supported by - https://www.pbs.org/newshour/about/funders

Jeanna Smialek, reporter covering the Federal Reserve and the economy for The New York Times and the author of Limitless: The Federal Reserve Takes on a New Age of Crisis ( Knopf, 2023), and Cara Eisenpress, senior tech reporter at Crain's New York, join to discuss how the continued fallout after the Silicon Valley and Signature Bank collapses might impact the tech sector.  

American government is designed to have components that are not directly accountable to the public. The Supreme Court is probably the most recognizable example, but it's not the only one. In her new book, “Limitless: The Federal Reserve Takes On A New Age Of Crisis,” New York Times reporter Jeanna Smialek focuses on another unelected institution with a lot of power over American life: the Federal Reserve. In this installment of the FiveThirtyEight Politics podcast, Smialek argues that over the past century, through successive crises, the Fed has accumulated the power to choose winners and losers across American markets and society on the whole. And if partisan loyalists were to make their way onto the Fed board, that degree of power could be abused. Learn more about your ad choices. Visit megaphone.fm/adchoices

Today on Here's Where It Gets Interesting, Sharon welcomes New York Times Federal Reserve reporter Jeanna Smialek. Let's face it, the Federal Reserve (not a prison), is a public-private partnership that's a little hard to understand. What's its history? Why do they make the decisions they make–like to raise interest rates–and how do those decisions impact our economy? How much power do they have over financial policy? Jeanna answers these questions with easy-to-understand explanations. Hosted on Acast. See acast.com/privacy for more information.

We talk about a small group of unelected officials who make important decisions that affect our lives, all the time. New York Times reporter Jeanna Smialek covers the Federal Reserve, which manages the nation's money supply, and is currently struggling to get inflation down by raising interest rates. Smialek says the Fed wields enormous influence, and is growing more powerful as it responds to national crises, including the financial meltdown and the pandemic. Her new book is Limitless.Podcast critic Nick Quah reviews the new season from Serial called The Coldest Case in Laramie.

The Federal Reserve’s original job was to help the U.S. avert financial meltdowns. But propping up the pandemic economy forced the central bank to do some “soul searching.” Today, we’re joined by The New York Times’ Jeanna Smialek to examine the Fed’s history and its shifting role in the modern economy. Also, recession predictions are all over the map, and low housing inventory fuels new home construction.

The Federal Reserve’s original job was to help the U.S. avert financial meltdowns. But propping up the pandemic economy forced the central bank to do some “soul searching.” Today, we’re joined by The New York Times’ Jeanna Smialek to examine the Fed’s history and its shifting role in the modern economy. Also, recession predictions are all over the map, and low housing inventory fuels new home construction.