Marketplace All-in-One

The latest number on consumer spending are out this morning, and they indicate that people are continuing to buy stuff despite economic anxiety and inflation. Susan Schmidt walks us through what that could mean for rising prices. Meanwhile, at the Fed, central bankers are signaling that further interest rate hikes are needed after yesterday’s less-than-great inflation data. The EU is looking into using seized Russian assets to fund the rebuilding of Ukraine. And, the economic point of view from Rockwell Automation, a company that specializes in being a sort of “manufacturer for manufacturers.”

There’s a new race to the moon underway between private firms offering cargo-carrying services. This is just the beginning of a new age of space commercialization, says The Economist’s Tom Standage. The Securities and Exchange Commission is issuing new rules that tighten the window companies have to execute stock trades, which comes in response to the 2021 GameStop trading fiasco. And, natural gas firms, flush with profits, cut back hedging last year.

From the BBC World Service: The European Union has formed a working group to look at the idea of using seized Russian assets – from central bank reserves to superyachts – to help rebuild Ukraine. Plus, the war in Ukraine contributed to soaring energy prices in Europe. Now a mechanism to limit natural gas prices on the continent has came into effect. We look at how it works and the impact it could have. And finally, why the British Royal Family has chosen not to include an infamous diamond in a coronation crown.

We’ve reported on the mass layoffs in tech that have been happening since last fall. And that has many in the industry worried about what that means for diversity in tech. There are now indications a slowdown in hiring could affect industry efforts for more diversity, equity and inclusion, or DEI, according to Textio, a company that helps create job ads. Marketplace’s Kimberly Adams spoke with Christie Lindor, a diversity strategist and CEO of Tessi Consulting, who warns the tech industry in particular should be careful about cutting these roles.

It’s Valentine’s Day, so we’re digging into the thing that’s at the heart of President Biden’s vision to reshape the American economy: industrial policy. After the U.S. ghosted industrial policy decades ago, it’s become a hot topic again. Biden championed the Inflation Reduction Act, ballyhooed the CHIPS and Science Act and announced rules requiring federal infrastructure projects to use only American-made materials — all with the goal of spurring the country’s manufacturing industries. But, is Biden’s vision for the U.S. economy a perfect match? On the show today: Derek Thompson, staff writer at The Atlantic and host of The Ringer’s “Plain English” podcast, makes us smart about the evolution of industrial policy in the U.S. and why Biden’s “Buy American” is a great political slogan, but not a perfect policy in practice. In the News Fix, we’ll discuss the economic costs of romantic scams, Donald Trump’s first official challenger in the Republican presidential primary and unionization efforts at Tesla. Later, we’ll hear from a listener on giving preloved items a second chance. And, a professional matchmaker tells us how to be smart about finding a partner. Here’s everything we talked about today: “Don’t ‘Buy American'” from The Atlantic “Joe Biden’s Innovative Attempt to Reshape the American Economy” from The New Yorker “Is Industrial Policy Making a Comeback?” from the Council on Foreign Relations “A Tale of Two Industrial Policies” from Foreign Affairs “A Simple Plan to Solve All of America’s Problems” from The Atlantic “Romance scammers’ favorite lies exposed” from the Federal Trade Commision “Nikki Haley announces 2024 White House run” from Politico “Tesla Workers in Buffalo Begin Union Drive” from The New York Times What’s something you’ve been wrong about lately? We want to hear your answer to the Make Me Smart question! Leave us a voice message at 508-U-B-SMART, and your submission may be featured in a future episode.

What’s in your shopping basket may not be the same as what’s in the metaphorical basket of goods used to calculate the consumer price index. But the Bureau of Labor Statistics is updating its formula to more accurately capture changing prices. Today, we’ll look into the math. We’ll also parse the difference between fiscal and monetary policy and revisit the personal economies of Ukrainian refugees.

Today’s inflation report showed a slight tapering in rising prices — it was 6.4% compared to 6.5% in December. That’s a marginal improvement, but it’s still much too high for comfort for the Federal Reserve and market watchers who may have been expecting a sharper decrease. The Fed’s Vice Chair, Lael Brainard, has been tapped by President Biden to lead the U.S. Council of Economic Advisers. Some states are moving to expand Medicaid to food-related health services, which would represent a shift from previous programs. And, why colleges may soon begin implementing more programs designed for midcareer professionals.

This Valentine’s Day, lots of people are going to be out in search of love — in the case of online romance scammers, they’ll be looking for a big payday. We talked with Dina Temple-Raston, host of the cyber-focused podcast “Click Here” about the proliferation of online romance scams and what her conversation with a former scammer revealed. Ford announced it will be cutting its workforce in Europe by more than a tenth, which the company said will allow it to invest more into electric vehicle manufacturing in the U.S. And, online scammers are exploiting the earthquake in Turkey and Syria by creating fake donations accounts.

From the BBC World Service: Ford is cutting jobs to get over its next big hurdle: transitioning to electric vehicles. 3,800 jobs are going at the car maker, as part of a major restructuring programme in Europe. We find out why. Plus it’s all change at the Bank of Japan, as Kazuo Ueda is nominated to be its new head. And, we talk to an old-fashioned Irish matchmaker on Valentine’s Day.

It’s been a little over a week since the U.S. military shot down a Chinese surveillance balloon over the coast of South Carolina. Since then, the United States has downed at least an additional three unidentified crafts in North American airspace. The balloon saga has put a spotlight on foreign espionage operations, but Javed Ali said the practice is nothing new. Ali is a former senior national security and intelligence official, as well as an associate professor of practice at the University of Michigan. He spoked to Marketplace’s Kimberly Adams about what we can glean from this string of incidents about the technology and practices used in modern international espionage.

Bridget and Ryan are stuck inside during a major rainstorm, which means it’s the perfect opportunity to answer a question they got from Archer in Los Angeles: What is insurance? Archer’s dad is an insurance agent, and he wants to get to the bottom of how his parent makes a living. We’ll learn the ins and outs of insurance and how it became a thing. Plus, we have a catchy song to help you remember the difference between some confusing insurance terms: “premium” versus “deductible.” For a special cartoon, discussion questions and tips for parents, check out our website! This episode is sponsored by Greenlight.  (For a limited time, get $10 when you sign up for a Greenlight account at greenlight.com/MILLION).  

Since the discovery of the Chinese balloon floating over Montana, it seems the U.S. is suddenly seeing more unidentified flying objects. We’ll get into why the U.S. had previously been missing all these strange crafts. Plus, a train derailment in eastern Ohio has residents worried about the long-term dangers of released chemicals. And, would you drink AI-generated beer? Here’s everything we talked about today: “US Has ‘No Indication’ Alien Activity Is Behind Objects Shot Down” from Bloomberg Tweet from @DanLamothe on NORAD changing velocity gate of radars “East Palestine train derailment: What we know about the situation” from Cincinnati Enquirer “After a train derailment, Ohio residents are living the plot of a movie they helped make” from CNN “White Noise” | Official Trailer from Netflix Sabri Ben-Achour’s ceramic art Instagram page TikTok from @nightshiftbrewing about an artificial intelligence-generated beer recipe Instagram Reel from @chefbaobae cooking rose dumplings Now through Valentine’s Day, show off your love of Make Me Smart by grabbing an Investor T-shirt when you donate $5/month. https://support.marketplace.org/smart-sn

We’ll get the consumer price index for January tomorrow. Though inflation appeared to ease at the end of last year, the report comes at a “really critical time” for the Federal Reserve, the markets and consumer expectations. Will inflation continue to lose steam? Plus, sanctions complicate remittances to Syria, Europe enjoys a sunnier economic forecast and we look at how accusations and family drama rocked CBS and Viacom.

As the new Congress gets underway, one priority for a bipartisan group of senators led by Massachusetts’ Ed Markey is getting rid of corporate “junk fees,” starting with ones airlines charge parents to sit with their young children. It’s a sentiment that’s been echoed by President Biden, who focused on extraneous fees in his recent State of the Union address. Recent economic data has been positively upbeat, but economist Julia Coronado warns that some of the good news could be overstated because of seasonal trends. And, a look inside the world of regenerative agriculture, a greener alternative to traditional farming.

The remote working trend that started during the pandemic may be tapering off as employers require employees to come back in the office, but it’s likely to stick around in some form. According to Chris Farrell, that’s because employers that offer remote work will now be able to distinguish themselves in the labor market. The U.S. government is imposing economic restrictions on the Chinese firms that manufacture balloons from U.S. technology. And, consumers in the coming year may be a bit more inclined to shop cautiously as the economy slows and pocketbooks tighten.