Climate Adaptation: Climate change is a major threat recognized by the military since the 1950s, while leaders are pushing for new employment practices prioritizing skills over degrees, reflecting the need for adaptability in today's job market.
In today’s world, climate change poses a significant threat, similar to the dangers faced during the Cold War. The military has been studying this issue since the 1950s, recognizing that climate change can put troops at greater risk. As a result, military preparations are now focused on addressing this pressing crisis. Meanwhile, on the political front, leaders like Vice President Kamala Harris are advocating for changes in hiring practices to promote skill development over formal degrees. This shift highlights the evolving landscape of labor markets and the need for adaptability in career paths. Together, these discussions underline the importance of pragmatism and foresight in response to contemporary challenges faced by society, whether through military readiness for climate impacts or reforms in employment strategies for future job seekers.
Value of Skills: Trade skills are vital for good jobs, often paying more than college degrees. Many students now receive free training for in-demand trades, ensuring job security and good wages without debt, highlighting the need to overcome stigma around non-college paths in favor of practical skills.
Skills, rather than traditional degrees, are becoming essential for many jobs, as emphasized by Vice President Harris's speech advocating for U.S. manufacturing and apprenticeships. With three out of five Americans lacking four-year college degrees, there's a growing need to support trades like plumbing and electrical work. These professions not only pay well, often exceeding salaries of those with degrees, but also provide job security without the burden of student debt. Many high school students are now receiving training in these fields, ensuring good wages and opportunities post-graduation. We need to address the stigma regarding non-college paths and recognize the value of these crucial occupations that maintain our infrastructure and economy.
Job Importance: Many essential jobs are underpaid, while the Department of Justice is suing Visa for allegedly monopolizing the debit market, leading to high fees that hurt consumers.
There are many important jobs, like home health care, that don't require a college degree but still play a vital role in society. Sadly, these jobs are often underpaid. On another note, Attorney General Merrick Garland announced legal action against Visa for allegedly having a monopoly in the debit transaction market. Visa controls a significant portion of debit transactions in the U.S., allowing it to charge high fees that affect consumers and merchants. The Department of Justice claims that this improper control results in higher prices and poorer quality services for everyone. When companies like Visa dominate the market, they can set fees that customers must pay, which impacts how money flows in the economy. This situation shows the need for fair competition and the consequences of monopolistic practices in financial services.
Senate Clash: A Senate dispute arose over the Take It Down Act targeting AI-generated revenge porn, with Senator Booker objecting to support his Democratic ally, prompting accusations of political maneuvering from Senator Cruz.
A disagreement unfolded in the Senate regarding a bill aimed at addressing AI-generated revenge porn. Senator Ted Cruz, who sponsored the Take It Down Act, was frustrated by Senator Cory Booker's last-minute objection, which Cruz believes was politically motivated due to Booker's support for Cruz's Democratic challenger in the upcoming election. Cruz claimed that the bill had ample bipartisan support and that Booker's objection was an attempt to deny him a victory in an important legislative moment. On the other hand, Booker's team indicated they had concerns about the bill and were seeking further clarity before supporting it. This situation highlights the intersection of politics and urgent issues, as lawmakers navigate personal agendas while addressing the needs of technology victims.
AI Accuracy: AI can provide wrong information, as seen when Christine Lagarde checked butter prices. It's important to verify AI's answers and not rely on it solely. Everyday spending, like airport cocktails, also shows how prices can differ greatly, highlighting our varied experiences with costs.
Artificial intelligence (AI) can sometimes provide inaccurate information, as illustrated by Christine Lagarde's experience with a chatbot that incorrectly stated butter prices were higher in 2019 than today. This highlights a necessary caution in relying on AI as a primary source of information. While AI can be useful for quick queries, like checking prices, it’s wise to verify these answers, just as Lagarde did when the chatbot gave the wrong data. Furthermore, the conversation also touched on everyday experiences, like buying cocktails at airports, emphasizing how perceptions of price can vary widely depending on the location, reminding us to be adaptable in our expectations.
Economic Awareness: High cocktail prices, like a $40 margarita, reveal how lifestyles can disconnect us from basic grocery costs, such as eggs and bread. This highlights the importance of being aware of everyday expenses for better financial understanding.
Cocktail prices can be surprisingly high, as evidenced by a $40 margarita experienced by a group, which sparked a humorous but revealing conversation about everyday expenses. One member admitted to being out of touch with the prices of basic groceries like eggs, bread, and milk, highlighting how individual lifestyles can limit awareness of general market trends. This underscores the importance of staying informed about the costs of daily necessities, as they are crucial in economic discussions, particularly in relation to Consumer Price Index (CPI). The lighthearted banter also serves as a reminder that while some may indulge in pricey cocktails, many of us still need to keep track of basic living expenses. Paying attention to everyday costs can help foster better economic awareness and encourage discussions that resonate with broader financial literacy.
Smart Finance: Personal finance can be simple with guidance from Janelia Spinal. Learn about credit scores, avoid scams, save money, and make smart decisions while understanding FOMO. Listen to Financial Incline for practical tips that can change your financial future.
Understanding personal finance doesn't have to be overwhelming. Janelia Spinal from Financial Incline offers clear guidance on important topics such as credit scores and savings accounts. Learning how to protect yourself from scams is also crucial. It's important to be aware of FOMO (Fear of Missing Out), as it can lead to poor money choices. By simplifying these lessons, anyone can improve their financial health and make smarter decisions. Tune into Financial Incline for practical advice that can lead to a better financial future.
Should jobs require a college degree?
Recent Episodes from Make Me Smart
Why immigration numbers are a headache for economists
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
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The heavy price of living in disaster-prone areas
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.
How some politicians are trying to sell their image
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
Should jobs require a college degree?
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.
The little short-term spending bill that could
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 on the military and climate change
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 return of Three Mile Island
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:
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- “How Sparing the Parkland Shooter’s Life Changed Florida’s Death Penalty” from The Marshall Project
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.
The lurking threat of political deepfakes
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 Fed says go big or go home
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.
Interest rates, inflation and the American consumer
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.