Podcast Summary
Importance of reaching a goal before making changes: Emphasis on persistence and sticking to a plan before making significant adjustments, as highlighted by Chicago Fed President Austin Goolsbee's discussion on Marketplace about potential changes to the Fed's inflation target.
Key takeaway from this episode of Make Me Smart is that the President of the Chicago Fed, Austin Goolsbee, emphasized the importance of reaching a goal before making significant changes. During an interview on Marketplace, Goolsbee discussed the economy and the Federal Reserve's current interest rate situation. When asked about potentially changing the Fed's inflation target from 2% to 3%, Goolsbee responded with a "weedy" conversation, stating that one must first reach the target before making any adjustments. This analogy highlights the importance of persistence and sticking to a plan before making any significant changes.
Biden administration shifts focus to production-based steel and aluminum tariffs against EU for carbon reduction: The Biden administration's new approach to steel and aluminum tariffs against the EU prioritizes carbon reduction, potentially leading to a more sustainable and environmentally-friendly trade relationship between the US and EU
The Biden administration is shifting its focus from volume-based to production-based steel and aluminum tariffs against the EU, with the aim of reducing carbon emissions. This change in approach serves to preferentially benefit the US and EU in the global market. During an interview with Mary Anne Madeira, an assistant professor of international relations at Lehigh University, it was discussed how the EU and US share the objective of addressing carbon intensity in global steel production. Despite maintaining the same tariffs as the previous Trump administration, the Biden administration's new approach could potentially lead to a more sustainable and environmentally-friendly trade relationship between the two entities.
Exploring climate change initiatives and trade rules: The EU and US are working on linking carbon reduction with trade rules to pressure other countries into adopting similar measures, using tariffs as a tool. This approach raises questions about national security justifications for tariffs.
The EU and US are exploring the link between climate change initiatives and trade rules to reduce carbon intensity while maintaining competitiveness. This approach, which combines carbon reduction with tariffs, can put pressure on other countries to adopt similar measures. The example given is the steel industry, where high carbon intensity and extensive global trade make this a significant issue. Furthermore, the use of tariffs for climate change justification raises questions about the national security framework. Another topic touched upon was the hold-up of military nominations by Senator Tuberville, which is preventing experienced combat leaders from taking up positions, potentially risking the lives of service members.
Tension between Pentagon and Senator Tuberville over National Security: The Pentagon publicly criticized Senator Tuberville for damaging national security through his actions and controversial statements. This is unusual and highlights the seriousness of the situation. The Republican party must decide if it will prioritize conservative principles over populist sentiments.
There is a growing tension between the Pentagon and certain Republican senators, such as Tommy Tuberville, over national security issues. The Pentagon, through the secretaries of the Defense, Air Force, and Army, has publicly criticized Tuberville for damaging national security through his actions. Meanwhile, Tuberville has made controversial statements, such as calling for "getting woke" out of the military. The military tradition of poetry writing was used as an example to criticize this statement. The Department of Defense's public challenge of a sitting senator is unusual, indicating the seriousness of the situation. Other Republican senators, like Lindsey Graham, are starting to speak out against Tuberville, which could lead to progress. However, the larger question remains for the Republican party as a whole: will it prioritize conservative principles over populist sentiments?
Republican Party Identity Crisis: Economic Conservatism vs Social Issues: Former VP Mike Pence urges GOP to refocus on economic conservatism, expressing concern over its absence in the party's current discourse, while polling data suggests a shift towards populism.
The Republican Party is currently facing a significant divide over its identity, with economic conservatism taking a backseat to cultural and social issues. Former Vice President Mike Pence recently addressed this issue at Saint Anselm College in New Hampshire, emphasizing the importance of returning to traditional conservative values, particularly economic ones. He noted that figures like Paul Ryan, once known for their economic conservatism, have been overshadowed by the dominance of social and cultural issues in the party. Economic conservatism, which has historically been a core component of the GOP, has been largely absent from the conversation, leaving many in the party frustrated. The future direction of the party remains uncertain, but the polling numbers suggest a leaning towards populism.
1000th episode of Economics on Tap with special activities and a surprise free gift for newsletter subscribers: A renewed focus on literacy improvement in Wisconsin and nationally due to a podcast called Sold A Story, which investigates how teaching kids to read went wrong and has had a significant impact on listeners
Tomorrow's 1,000th episode of Economics on Tap is promised to be an exciting event with special cocktails, drinks, games, and a YouTube livestream starting at 3:30 Pacific, 6:30 EST. Don't forget to sign up for the newsletter before midnight for a surprise free gift. Meanwhile, in education news, there's a renewed focus on literacy improvement in Wisconsin and across the nation due to a podcast called Sold A Story, which investigates how teaching kids to read went wrong. The podcast has had a significant impact on listeners, and it's encouraged them to share it with others. Stay tuned for new episodes of Sold A Story, which are available now. Today's Make Me Smart episode was produced by Courtney Bergseeker, with assistance from h Conley, audio engineering by Thorpe, newsletter by Ellen Rolfes, and intern Mila Farishabandy. Senior producer was Marissa Cabrera, and Bridget Bodner was the director of podcast. Francesca Levy oversaw video production.
