Every weekday on Marketplace, Kai Ryssdal hosts a lively and unexpected exploration of the day’s business and economic news from Wall Street to your wallet.
President Trump laid out his tax plan during a speech in Springfield, Missouri today. Except, well, the White House has more of a sheet of bullet points than a plan. There are no details, although the President laid out four principles of tax reform, which we'll talk through at the top of the show. Then: According to FEMA, 40 percent of businesses that close during a disaster never re-open. And of those that do, nearly a quarter fail within a year. There are any number of reasons for that, but when it comes to floods there's a certain structural problem that has to do with the National Flood Insurance Program. Plus: Will electric cars put mechanics out of business?
It's still raining in Houston, and all along the Gulf Coast. We don't quite know what it's going to look like when the water recedes, so we called Craig Fugate. HE ran FEMA under Obama, and talked to us about what happens next and how displaced people can start putting their lives back together. Then: We'll look how undocumented immigrants are seeking (or even avoiding) help in Harvey's wake. Plus: Why does it seem like Congress does the same debt ceiling dance every couple years?
The thing about Hurricane Harvey is that other than there's gonna be more rain in and around Houston, there's a whole lot we don't know. We'll start with oil. Some of the biggest oil refineries in the country, not to mention the Port of Houston, are shut down right now, and it's not clear when any of that will open back up. Then we'll talk about the empty posts at key agencies responding to Harvey and the shelter strategy for people whose homes are underwater. Plus, we'll look at why Houston is especially susceptible to flooding. Believe it or not, there's other news to talk about today, too, including the Trump administration's restoration of a program that gives military gear to police and Uber's new CEO.
Remember when the news slowed down? Us too. The government has just five weeks to raise the debt limit and pass a budget, avoiding a government shutdown and potential global financial crisis. Trump and congressional leaders have few months more than that to pass tax reform, according to the latest deadline set by economic adviser Gary Cohn. We'll talk about the chances of both happening in time, plus the latest out of the Fed, during the Weekly Wrap. Then: Hurricane Harvey is a Category 3 storm as of this taping, and its eye is just off the coast of Corpus Christi, Texas. There are lives at risk, and the region is looking at billions in property damage. But the geography of the American petroleum industry means Harvey's costs will reverberate throughout the country.
The four-letter word of global trade (so to speak) is "tariff." There are times when tariffs seem like they'd be a good thing, usually when people with power feel like the economy's not working for them. But if you bring up tariffs in polite conversation with a bunch of economists, they're gonna go right to the Smoot-Hawley Act of 1930. Perhaps the most infamous of American tariffs, it's credited by some with deepening the Great Depression. We'll talk about it as we continue our series on globalization, "Trade-off." Plus, we'll bring you the latest on the White House, Congress and the possibility of a government shutdown. Then: Taylor Swift is putting out a new single tonight, ahead of a new album in November, and you know we found the business angles.
President Trump has given three speeches in as many days this week: About Afghanistan on Monday, to the American Legion today, with a Phoenix campaign rally in between. That one was the most free-form, the most off-script and the most economic, so we'll start the show there today, with some of what the president said and the level of economic sense it makes (or didn't make). Then: College students are headed back to school or arriving on campus for the first time in the coming weeks. More of them than ever are likely going to need some kind of mental health service. We'll check in on how colleges are beefing up their counseling services in response to increasing demand. Plus: Google and Walmart ink a deal in the fight against Amazon.