Planet Money

If we think about the economic effects of President Donald Trumps big taxing and spending and domestic policy bill, we can roughly sum it up in one line. It goes something like this: We will make many big tax cuts permanent and pay for those tax cuts by cutting Medicaid and a few other things and also...by borrowing money. A lot of money. Even more than we've already been borrowing over the past twenty years. (And that was already a lot, too!) Today: simple arithmetic with profound ramifications. Tax cuts, spending cuts, and whether they balance out. (Spoiler: no.) We look under the hood to see how all this is calculated. And we ask: how will a bigger deficit play out for all of us, in our normal, regular lives? We've covered a bunch more having to do with the big taxing and spending bill and the federal debt recently on Planet Money and our short daily show The Indicator [https://open.spotify.com/show/6CfoKoShutda5qhSteJAAH]: - So, how's this No Tax On Tips thing gonna go? [https://www.npr.org/2024/08/20/1197968182/trump-kamala-no-taxes-on-tips] - A thought experiment on how to fix the national debt problem [https://www.npr.org/2025/07/02/1255100731/national-debt-crisis-growth-budget] - The paperwork trap: A sneaky way to cut Medicaid in the 'One Big Beautiful Bill'? [https://www.npr.org/sections/planet-money/2025/06/26/g-s1-74544/the-paperwork-trap-a-sneaky-way-to-cut-medicaid-in-the-one-big-beautiful-bill] - The debt limit, the origins of the X Date, and why it all matters [https://www.npr.org/2025/06/18/1254350226/debt-ceiling-negotiation-deadline-x-date-extraordinary-measures-jay-powell] - What's a revenge tax? [https://www.npr.org/2025/06/10/1253920682/whats-a-revenge-tax] - Is the federal debt REALLY that bad? [https://www.npr.org/2024/04/30/1197964071/federal-debt-national-deficit] Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ in Apple Podcasts [http://n.pr/PM-digital] or at plus.npr.org/planetmoney [https://n.pr/3HlREPz]. Listen free at these links: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Learn more about sponsor message choices: podcastchoices.com/adchoices [https://podcastchoices.com/adchoices] NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

There's an economic fantasy you sometimes hear in D.C. It often gets trotted out when politicians are trying to add billions or trillions to the national debt. They claim that all the new spending will be worth it in the end because we will supercharge economic growth. This fantasy recurs again and again, because economic growth is a potent force. Over the next few decades, tiny changes in how fast our economy grows could decide the fate of the federal government — whether we can bring the massive national debt under control or whether we spiral into a fiscal crisis. Today on the show, we talk to three economists who have been sifting through the latest evidence. They're trying to figure out what the government could actually do to make the economy grow faster. Could we even grow fast enough to outrun our national debt? For a list of citations, check out our episode page [https://www.npr.org/2025/07/02/1255100731/national-debt-crisis-growth-budget]. This episode of Planet Money was produced by Emma Peaslee with help from Sam Yellowhorse Kesler. It was edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Ko Takasugi-Czernowin. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter. Listen free at these links: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts [http://n.pr/PM-digital] or at plus.npr.org/planetmoney. [https://n.pr/3HlREPz] Learn more about sponsor message choices: podcastchoices.com/adchoices [https://podcastchoices.com/adchoices] NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

In 2019, President Trump tweeted: "I am not a fan of Bitcoin and other Cryptocurrencies." Today, the Trumps are all over crypto. There are memecoins for Trump and the first lady. They own a stablecoin, a bitcoin mining operation, and a crypto financial services company. And, at the Bitcoin 2025 conference, Trump's media group announced they're raising 2.5 billion dollars from investors to buy bitcoin. At that same conference, speakers included two White House advisors, two sons of the US president, the son of the U.S. Commerce Secretary, and a Trump appointee to the Securities and Exchange Commission. For a cryptocurrency built on independence from big government, this was a swerve. So, what happens when the President of the United States showers his love on the crypto community ... while also becoming a crypto entrepreneur himself? We follow along as Trump Inc.'s Ilya Marritz and Andrea Bernstein spend three days at the Las Vegas conference center where convicts are cheered, oversight and regulation are booed, and the separation of crypto and state no longer applies. Find more Planet Money: Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. Listen free at these links: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts [http://n.pr/PM-digital] or at plus.npr.org/planetmoney [https://n.pr/3HlREPz]. Learn more about sponsor message choices: podcastchoices.com/adchoices [https://podcastchoices.com/adchoices] NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

Econ Battle Zone is back! On today's episode Mary Childs and Kenny Malone enter Econ Battle Stadium to throw down against reigning champion Erika Beras. Can Mary explain what effect extending the 2017 tax cuts will have on economic growth AND make her entire segment rhyme? Will Erika be able to overcome her fear of singing and craft a country song about the history of Medicaid? Can Kenny put together a piece about what warning signs economists look for to know whether the national debt has grown too large... but as a romantic comedy? Guest judges Betsey Stevenson [https://fordschool.umich.edu/faculty/betsey-stevenson] and David Kestenbaum [https://www.thisamericanlife.org/archive?contributor=8813] face a difficult choice... but only one contestant can claim the coveted Econ Battle Zone Belt. Artists featured in this episode: Rexx Life Raj [https://open.spotify.com/artist/5rDXcEIODl8TgGTgrntnjX] (IG: @rexxliferaj [https://www.instagram.com/rexxliferaj/]); Merle Hazard [https://www.merlehazard.com/]; Alison Brown [https://www.alisonbrown.com/]; Tristan Scroggins [https://www.tristanscroggins.com/]; Matt Coles; and Garry West [https://www.compassrecords.com/]. Special thanks to Liz Garton Scanlon, Robin Rudowitz and Sarah Rosenbaum. Find more Planet Money: Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. Listen free at these links: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts [http://n.pr/PM-digital] or at plus.npr.org/planetmoney [https://n.pr/3HlREPz]. Learn more about sponsor message choices: podcastchoices.com/adchoices [https://podcastchoices.com/adchoices] NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]

The U.S. has been policing bribery all over the world for nearly half a century using a law called the Foreign Corrupt Practices Act. But now, President Trump has said that this anti-corruption law is crippling American businesses. Since taking office, his administration has reduced the number of investigators, killed some cases, and changed the rules. In this episode, we look at the FCPA case against Glencore, a large commodity trading company, found guilty in 2022 for paying cash bribes in exchange for lucrative contracts all over the world. And we go back to the inception of the law, a time when using bribes to pay off foreign officials was considered "grease in the wheels" - a reasonable (if unethical) way to get business done. This episode was hosted by Amanda Aronczyk and Erika Beras. It was produced by Willa Rubin. It was fact-checked by Emily Crawford with help from Willa Rubin. It was edited by Marianne McCune. It was engineered by James Willetts. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook [https://n.pr/3h92GwS] / Instagram [https://n.pr/3FqLuws] / TikTok [https://n.pr/3sGZdrq] / Our weekly Newsletter [https://n.pr/3zrFvUB]. Listen free at these links: Apple Podcasts [http://n.pr/PM-digital], Spotify [https://n.pr/3gTkQlR], the NPR app [https://n.pr/3Bkb17W] or anywhere you get podcasts. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts [http://n.pr/PM-digital] or at plus.npr.org/planetmoney [https://n.pr/3HlREPz]. Learn more about sponsor message choices: podcastchoices.com/adchoices [https://podcastchoices.com/adchoices] NPR Privacy Policy [https://www.npr.org/about-npr/179878450/privacy-policy]