EconoFact Chats

EconoFact Chats regularly hosts a panel of distinguished economic journalists to take stock of key issues affecting the U.S. economy. Since the panel last met in September, the U.S. has been through the longest government shutdown on record, the Supreme Court began hearing arguments on the legality of the Trump administration's tariffs, and the Democrats outperformed expectations in a few elections. This week, EconoFact Chats welcomes back Binyamin Applebaum of The New York Times, Larry Edelman of The Boston Globe, Scott Horsley of NPR, and Claire Jones of The Financial Times to discuss these events, as well as recent shifts in consumer sentiment, Fed independence, inflation, and the impact of tariffs and lower immigration on the economy.

It's been over six months since the so-called 'Liberation Day' tariffs -- a 10% baseline tariff on all US imports, and additional country-specific tariffs determined by their trade surplus with the US -- came into effect. The Trump administration argued these tariffs would result in a stronger economy, and a revival of American manufacturing. Have they? Chad Bown joins EconoFact Chats to discuss the rollout and consequences of the sweeping tariffs thus far, and how they compare to the tariffs enacted during the first Trump administration. Chad is the Reginald Jones Senior Fellow at the Peterson Institute for International Economics.

Some of the key economic challenges facing the U.S. include its large federal debt and the possibility of a fiscal crisis, as well as the disruptions (and perhaps promises) of the widespread adoption of Artificial Intelligence. Greg Mankiw discussed these challenges in an EconoFact Ask Me Anything webinar held on October 15, 2025. This EconoFact Chats episode is an abridged recording of that webinar. Greg is the Robert M. Beren Professor of Economics at Harvard University. He served as the Chair of the Council of Economic Advisers in the George W. Bush administration. He is the author of the bestselling Principles of Economics and Macroeconomics textbooks. EconoFact’s monthly Ask Me Anything Webinars are exclusively available to our Premium Subscribers. The modest $50 annual fee for becoming a Premium Subscriber supports EconoFact and its efforts to bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription here: https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157

In a new report 'Measuring Access to Opportunity in the United States: A 10-Year Update,' The Annie E. Casey Foundation (AECF) notes that child poverty reduction has proved readily responsive to federal and state policy choices. The percentage of children living in poverty fell to a historic low of 5% in 2021, even as COVID slowed the economy, because programs like the expanded Child Tax Credit supported families. When these programs were wound down, even as the economy recovered, the child poverty rate rose, reaching 13% by 2024. Leslie Boissiere joins EconoFact Chats to discuss the report, highlighting the long-run economic and social costs of childhood poverty, and the role of public policy in addressing this problem. Leslie is the Vice President for External Affairs at the Annie E. Casey Foundation. She oversees the foundation's KIDS COUNT effort, as well as the areas of policy reform and advocacy, strategic communications, organizational effectiveness, and national partnerships.

The United States fostered a post-World War II rules-based international economic order that benefitted both itself and many other countries. But recent changes in United States’ policies have altered trade relationships and the international role of the dollar. Oleg Itskhoki joins EconoFact Chats to discuss the sources and consequences of these shifts in the international economic order, discussing topics like the role of an economic hegemon, recent outcomes in foreign exchange, stock, and bond markets, and whether tariffs can reduce trade deficits. He also highlights the risks of a more fragmented world economy as the United States pursues a confrontational, rather than cooperative, international economic policy. Oleg is a Professor of Economics at Harvard. He was awarded the prestigious John Bates Clark Medal by the American Economic Association in 2022 which recognizes the American economist under the age of forty who is judged to have made the most significant contribution to economics.

In their new book 'Fixed: Why Personal Finance is Broken and How to Make It Work for Everyone,' John Campbell and Tarun Ramadorai highlight how personal finance markets in the US and across the globe often benefit the wealthy and more educated at the expense of those with fewer advantages. This feature of financial markets, along with the inherent difficulty in making financial decisions, makes it difficult for regular consumers to make sound decisions about investing and borrowing. John joins EconoFact Chats to discuss his book, offering practical advice on topics like saving for college, getting a mortgage, making investment decisions, and creating an emergency fund for hard times. He also proposes some solutions to make personal finance work better for everyone. John is the Morton L. and Carole S. Olshan Professor of Economics at Harvard University.

While it is often thought that adolescence begins and ends with puberty, new research shows that the development of cognitive skills, emotional development, and social skills that starts in the early teen years continues into the mid-twenties. In her new book 'Thrive,' Lisa Lawson, President and CEO of the Annie E. Casey Foundation, points out that failure to build on investments throughout this longer period of adolescence can result in missed mental and emotional growth, leaving young people less well equipped to lead independent, successful lives. Lisa joins EconoFact Chats to discuss her new book, and highlight how fam­i­lies, com­mu­ni­ties and pub­lic sys­tems can support programs and policies that build strong, resilient young people.

This week, EconoFact Chats features an abridged version of an EconoFact Ask Me Anything Webinar held on September 17th featuring Tara Watson, Director of the Center for Economic Security and Opportunity at the Brookings Institution. The AMA focused on the role of immigrants in the U.S. labor force, the extent and types of deportations seen currently, the economic effects of stepped-up immigration enforcement, and the availability of reliable immigration and deportation data. Tara is the John C. and Nancy D. Whitehead Chair, and a Senior Fellow in Economic Studies at Brookings. Her most recent book is 'The Border Within: The Economics of Immigration in an Age of Fear.'   EconoFact’s monthly Ask Me Anything Webinars are exclusively available to our Premium Subscribers. The modest $50 annual fee for becoming a Premium Subscriber supports EconoFact and its efforts to bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription at https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157

In a new article in Foreign Affairs, 'The New Economic Geography: Who Profits in a Post-American World?,' Adam Posen, the President of the Peterson Institute for International Economics, argues that the policies and institutions the US has helped put in place over the past eight decades have not only bolstered its own economic fortunes, but have helped much of the world thrive. Adam joins EconoFact Chats to discuss the article, and point out how the Trump administration's pursuit of an America first policy could render the US, and much of the world, less economically stable. He also discusses who might benefit from America's retreat from global leadership.

The post-war international economic order was based on two fundamental pillars: American leadership and multilateralism. Both of those are, to some extent, under threat today. The United States is on a different path with respect to international economic relations, than had been the case over the past decades. Increasing tariffs are just one example of a reversal of prior efforts aimed at greater globalization and more economic integration. This reversal has not just occurred in the United States: Brexit stands as a prime example. What have been the forces driving a splintering in globalization? Are there historical precedents for this? What type of international economic regime is likely to emerge? Professor Jeffry Frieden joins EconoFact Chats to address these questions and discuss present and past linkages between domestic politics and international economics. Jeff is Professor of International and Public Affairs and Political Science at Columbia University, and Professor of Government emeritus at Harvard University. His teaching and research focus on the politics of international economic relations.

The Trump Administration claims tariffs will help protect American jobs, revitalize manufacturing, and raise revenues, while keeping prices stable. While it may be too soon to evaluate some of these expected outcomes, pioneering efforts by Alberto Cavallo in gathering real time price data on goods, distinguished by their country of origin, makes it possible to analyze how tariffs are affecting prices. Alberto joins EconoFact Chats to discuss who bears the cost increases from the tariffs, the role of policy uncertainty in companies’ pricing decisions, and the cumulative effects of tariffs on prices. Alberto is the Thomas S. Murphy Professor of Business Administration at Harvard Business School. He co-founded PriceStats, the leading private source of inflation statistics in over 20 countries.

Binyamin Applebaum of The New York Times, Larry Edelman of The Boston Globe, Scott Horsley of NPR, and Claire Jones, the US Economics Editor The Financial Times join EconoFact Chats for a wide ranging discussion on the U.S. economy, focusing on the weaker than expected jobs reports, high inflation, the importance of reliable government statistics, the independence of the Federal Reserve, immigration enforcement, demographic shifts, and continued tariff uncertainty.

Less than a year after The Economist labeled the U.S. economy the 'envy of the world,' concerns are arising from disappointing jobs reports, slowing GDP growth, and rising prices. In this EconoFact Chats episode, Mark Zandi notes that tariffs and a restrictive immigration policy are contributing to the likelihood of recession and inflation, although he discounts the possibility of a return to the severe stagflation of the 1970s. He also highlights the risks posed by a ballooning national debt. On a positive note, Mark notes the contributions of the AI boom to the economy. Mark is the Chief Economist of Moody’s Analytics. He serves on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nation’s largest community development financial institutions.

This week, EconoFact Chats features an abridged version of an Ask Me Anything Webinar held on July 17th, 2025, with Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute. The discussion focused on how populist diagnoses of social and economic issues often assume an unhelpful zero sum mindset, leading to poor policy proposals, and on how 'forcing events' can expand the bounds of what is a politically feasible solution. Michael's latest book is 'The American Dream Is Not Dead: (But Populism Could Kill It).' EconoFact’s monthly Ask Me Anything Webinars are exclusively available to our Premium Subscribers. The modest $50 annual fee for becoming a Premium Subscriber supports EconoFact and its efforts to bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription at https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157

United States colleges and universities currently enrol about 900,000 international students, representing 5% of all students – although the percentage of foreign students varies widely across institutions. Many colleges and universities would be hurt by policies that limit the number of foreign students. The detrimental effects of these policies extend beyond institutions of higher education to local economies, companies that hire engineers, scientists, and programmers, and to the dynamism of the U.S. economy since immigrants educated in this country are vastly overrepresented as entrepreneurs. Furthermore, American higher education serves as an important source of soft power that bolsters America’s standing in the world. Arguments have been made about foreign students endangering national security and taking the places of American students. How should we weigh these concerns against the benefits of foreign students who represent an import export of services for this country? Nathan Grawe joins EconoFact Chats to discuss these questions. Nathan is the Lloyd P. Johnson-Norwest Professor of Economics at Carleton College. His most recent book is 'The Agile College: How Institutions Successfully Navigate Demographic Change.' Note: This podcast was first published on 15 June, 2025.

The U.S. dollar is the most widely used currency in global commerce. Many commodities are priced in dollars. Much of world trade in goods and services, as well as in financial instruments, is denominated in dollars, even when U.S. residents are not party to either side of the transaction. U.S. Treasury bonds have been the world’s safe-haven asset. Has the U.S. benefited from the dollar's role in international trade and finance? Is dollar dominance waning under current U.S. policies? If so, what are the likely consequences? Paul Blustein joins EconoFact Chats to discuss these issues. Paul is a Senior Associate at the Center for Strategic and International Studies. He is the author of 'King Dollar: The Past and Future of the World's Dominant Currency.' Note: This podcast was first published on 27 April, 2025.

Manufacturing employment has been declining as a share of total employment in the U.S. What's driving this decline? Does the reduction in manufacturing employment represent a natural progression as economies evolve? Can manufacturing jobs today offer a stable, well-paying means of employment for those without a college education? If not, what policies can help those without a college education find careers that offer a path to the middle class? Robert Lawrence joins EconoFact Chats to discuss these questions. Robert is the Albert L. Williams Professor of International Trade and Investment at the Harvard Kennedy School. He served as a member of the President's Council of Economic Advisors from 1998 to 2000. His latest book is 'Behind the Curve: Can Manufacturing Still Provide Inclusive Growth?' Note: This podcast was first published on 11th May, 2025.

Erica Groshen, former Commissioner of the U.S. Bureau of Labor Statistics (BLS) uses the acronym AORTA to characterize good data; Accurate, Objective, Relevant, Trustworthy, and Accessible. This is apt since good data are the lifeblood of economic decision-making. But what happens if statistics are compromised by reduced staffing and resources, or by politically motivated manipulation? Erica joins EconoFact Chats to discuss the history and the role of the BLS, the importance of good data for decision-making by government, businesses, and families, and her concerns about political interference degrading the integrity of government statistics. Erica served as the Commissioner of the U.S. Bureau of Labor Statistics from 2013 to 2017. She is currently Senior Economics Advisor at the Cornell School of Industrial and Labor Relations, and a Research Fellow at the Upjohn Institute. Note: This podcast was first published on 9th March, 2025.

Most of the United States’ population growth is now due to immigration. Among these is an estimated 11 to 12 million undocumented immigrants. Undocumented immigrants have been deported both through enforcement at the border and by being removed from within the United States. Recently, former President Trump has called for mass deportation of millions of people. How realistic is this goal? What would be the economic consequences of deporting even a fraction of the large number of people that Trump has called for? Does the threat of deportation have a chilling effect on those in this country legally? How would it affect communities that include both the undocumented and legal residents? Tara Watson joins EconoFact Chats to discuss these questions. Tara is the Director of the Center for Economic Security and Opportunity at Brookings. Her most recent book is 'The Border Within: The Economics of Immigration in an Age of Fear,' co-authored with Kalee Thompson. Note: This podcast was first published on 6th October, 2024.

Reporting on economics often focuses on the 24-hour news cycle and the ups and downs of financial markets. But the stock market is not the economy, and Heather Long, in her career as an economic journalist, endeavored to explain how economic issues affected people’s everyday lives. Heather reflects on her career as an economic journalist, highlighting her efforts to look beyond broad statistics to interview workers, small business owners, and job seekers to get a more nuanced and deeper insight into the state of the economy and the wellbeing of people in different parts of the economy and at different levels of income. Heather is Chief Economist at the Navy Federal Credit Union. She served on the Washington Post’s editorial board from 2021 to 2025, and was the U.S. Economics Correspondent at the Post from 2017 to 2021. Prior to that, she was a Senior Economics reporter at CNN.