Kamalanomics goes on defence
Digest
The podcast begins by discussing the decline of the US dollar, attributing it to investor bets on interest rate cuts by the Federal Reserve and a more stable stock market. It then shifts to an analysis of Vice President Kamala Harris' economic plans, which focus on family support, housing, and food prices. While these plans are popular with voters, economists raise concerns about price controls and the potential cost of the plans. The podcast concludes by exploring the potential end of a decades-old US-China science and technology cooperation agreement due to rising tensions between the two countries. This agreement has yielded significant benefits, including the discovery of folic acid's role in preventing birth defects. Researchers on both sides advocate for continued cooperation on global challenges like climate change, diseases of aging, and disease management, recognizing the need for a global approach to these issues.
Outlines
US Dollar Decline and Economic Plans
The podcast discusses the decline of the US dollar and analyzes Vice President Kamala Harris' economic plans, which focus on family support, housing, and food prices. Economists raise concerns about price controls and the potential cost of the plans.
US-China Science Collaboration at Risk
The podcast explores the potential end of a decades-old US-China science and technology cooperation agreement due to rising tensions between the two countries. This agreement has yielded significant benefits, including the discovery of folic acid's role in preventing birth defects. Researchers on both sides advocate for continued cooperation on global challenges like climate change, diseases of aging, and disease management.
Keywords
Price Controls
Government-imposed limits on the prices of goods and services, often implemented to combat inflation or protect consumers. Can lead to market distortions, supply shortages, and unintended consequences.
Folic Acid
A B vitamin essential for cell growth and development, particularly during pregnancy. Supplementation during pregnancy helps prevent neural tube defects in newborns.
Climate Change
Long-term shifts in global weather patterns and temperatures, primarily caused by human activities like burning fossil fuels. Impacts include rising sea levels, extreme weather events, and biodiversity loss.
Diseases of Aging
Health conditions that become more common with age, such as heart disease, cancer, and dementia. Aging populations pose challenges for healthcare systems and economies.
US Dollar
The official currency of the United States, widely used in international trade and finance. Its value fluctuates based on economic factors and global events.
Economic Plans
Government policies and strategies aimed at influencing economic activity, such as stimulating growth, controlling inflation, or addressing inequality.
US-China Relations
The complex and multifaceted relationship between the United States and China, encompassing trade, security, technology, and cultural exchanges.
Q&A
What are the main points of Vice President Kamala Harris' economic plans?
Harris' plans focus on three areas: supporting families with young children through increased child tax credits, providing down payment assistance for first-time homebuyers, and addressing food and grocery prices through price controls and regulation.
What are the concerns raised by economists about Harris' economic plans?
Economists are concerned about the potential for price controls to distort the market and lead to supply problems or higher prices in the future. They also question the cost of the plans and how they will be funded.
What are the key areas of scientific cooperation that the US and China would like to continue?
Researchers on both sides advocate for continued cooperation on global challenges like climate change, diseases of aging, and disease management, recognizing the need for a global approach to these issues.
Show Notes
The US dollar sinks to its lowest level since the start of the year and Democrats are rushing to defend vice-president Kamala Harris’s economic road map. Plus, rising US-China tensions could threaten a decades-old science and technology pact.
Mentioned in this podcast:
Dollar hits 8-month low as US stocks start week higher
Democrats on defensive after Kamala Harris’s economic plans poorly received
China-US tensions erode co-operation on science and tech
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Marc Filippino, and Niamh Rowe. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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