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Speaker 1: I'll tell you one thing. What yesterday's price is not

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Speaker 1: today's price. A okay, the price went up. I feel

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Speaker 1: like that's every day, literally every day, and for everything everything,

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Speaker 1: gallon of milk, bread, cheese.

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Speaker 2: Chicken, chicken wings. Nothing is safe, No one is safe.

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Speaker 2: All of our pockets are getting got. They did say

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Speaker 2: the chicken wing price went back to pre pandemic prices.

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Speaker 1: Well, I don't know how. There was a wing shortage,

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Speaker 1: but not a rest of the chicken shortage. Anyway, it

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Speaker 1: didn't affect me because you know I'm roasting whole chickens

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Speaker 1: at my house. Oh yeah, yeah, that's.

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Speaker 3: True, my friend.

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Speaker 2: Oh my gosh, you remember when you put that turkey

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Speaker 2: breast on the grill.

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Speaker 4: It was so good?

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Speaker 3: Those were good times. Man.

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Speaker 2: The kid cooks so good it make you want to

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Speaker 2: fight her because you know you're not gonna eat that

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Speaker 2: good again.

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Speaker 3: Well, I won't do it again. Not if you ain't

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Speaker 3: like that, be so mad.

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Speaker 2: I'm like, man, because I know it's gonna be a

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Speaker 2: lung time before I eat this good again.

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Speaker 1: So if you think about that turkey that I had,

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Speaker 1: then if you look at inflation and the changing prices,

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Speaker 1: the price of meat has gone up from anywhere between

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Speaker 1: nine and a half and ten and a half percent

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Speaker 1: and twenty twenty two. Oh so if that turkey was

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Speaker 1: twenty dollars last year, then this twenty two dollars this year.

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Speaker 3: That's a large percentage.

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Speaker 2: Yes, And that is the difference between having Thanksgiving and

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Speaker 2: not having Thanksgiving.

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Speaker 1: That's the difference between Thanksgiving and thank you. Come again,

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Speaker 1: because we will be at the drive through coming.

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Speaker 3: Okay, Oh my god.

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Speaker 2: Our friend she's a comedian, Honey, comedic timing chef kid.

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Speaker 3: I'm TT and I'm Zakiah and from Spotify. This is

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Speaker 3: Dope Labs.

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Speaker 1: Welcome to Dope Labs, a weekly podcast that mixes hardcore science,

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Speaker 1: pop culture, and a healthy Delta friendship. We want to

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Speaker 1: help you, our listeners and ourselves, yes, understand the economy.

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Speaker 1: We've heard things about it slowing down, speeding up, people

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Speaker 1: needing to tighten the reins.

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Speaker 3: It sounds like we're talking about a whorse.

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Speaker 2: And we've also heard some buzzwords like inflation and recession

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Speaker 2: and a lot of people talking about those things.

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Speaker 1: And we've been hearing about different types of interventions like

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Speaker 1: the student loan forgiveness program, and people have been acting

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Speaker 1: crazy on Twitter about that, right, if you're a friend

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Speaker 1: of the show, you know at Dope we can find

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Speaker 1: science anywhere. So today we're talking all about the economy.

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Speaker 3: Let's get into the recitation. What do we know?

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Speaker 4: We know that prices are up.

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Speaker 2: But another thing that I do know is that I

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Speaker 2: did not do well in freshman economics.

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Speaker 3: Okay, that was one of.

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Speaker 2: The worst performance in college I had was in my

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Speaker 2: freshman year economic scores. So I don't know much about

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Speaker 2: the economy. Did I even have economics?

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Speaker 1: I feel like everybody's first foray into economics was those

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Speaker 1: people set up in the student center in college giving

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Speaker 1: you credit cards with too high of an interest rate.

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Speaker 1: That was my first adventure in economics. Okay, shoot yeah,

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Speaker 1: mine was a victorious secret credit card.

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Speaker 2: I have a job, like I can barely pay for

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Speaker 2: this now, how am I gonna pay interests to?

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Speaker 1: And what I know is I'm still figuring those same

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Speaker 1: things out today.

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Speaker 3: All right, So what do we want to know? Well,

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Speaker 3: I want a.

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Speaker 1: Bird's eye view of the US economy, like what is

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Speaker 1: it and what's going on?

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Speaker 2: And what is the current state of the US economy

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Speaker 2: because it feels like, you know, depending on what station

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Speaker 2: you're listening to. Some people are saying, Oh, everything's gonna

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Speaker 2: be okay, the Fed has got it covered, and other

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Speaker 2: people are like, hold on to your wallets, it's about to.

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Speaker 3: Be a dude. Yeah.

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Speaker 2: So I don't know what to believe and I don't

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Speaker 2: know what any of this means and is.

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Speaker 3: There a recession or not? Are we in it?

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Speaker 1: And it's just not deep or coming, like is it

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Speaker 1: like a tidal wave? Because people have been talking about

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Speaker 1: a recession since mid twenty twenty, and I'd really like

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Speaker 1: to understand. You know, I've lived through one recession, but

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Speaker 1: I didn't have any money anyway, so it didn't really

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Speaker 1: mad didn't matter and I didn't understand the economy. Then

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Speaker 1: go ahead and recess, right, it's just a break.

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Speaker 3: I love.

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Speaker 1: Recess is what I really want to understand, Like what

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Speaker 1: does it mean and what are the effects and at

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Speaker 1: this big age, how should I be preparing. Let's jump

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Speaker 1: into the dissection. Our guest for today's lab is doctor

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Speaker 1: Vanessa Perry.

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Speaker 4: My name is Vanessa Perry.

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Speaker 5: I am a Professor of Strategic Management Public Policy at

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Speaker 5: the George Washington University School of Business. I am also

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Speaker 5: a non resident Fellow at the Urban Institute's Housing Finance

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Speaker 5: Policy Center.

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Speaker 2: Okay, so with doctor Perry, we had to start very basic,

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Speaker 2: and so our first question was, what is the US economy.

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Speaker 5: Our system of production and consumption that creates wealth and

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Speaker 5: sort of encompasses the sum.

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Speaker 4: Total of our recent sources.

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Speaker 5: That's what we mean by our economy and the US

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Speaker 5: economy are roughly speaking, those aspects those institutions that are

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Speaker 5: US based.

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Speaker 1: Now, it's really hard to talk about the US economy

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Speaker 1: without the context of the entire global economy. And this

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Speaker 1: is because we live in a global society in the

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Speaker 1: United States and the world economy are inextricably tied. But

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Speaker 1: for the main purposes of this lab we're going to

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Speaker 1: mainly talk about the state of the United States economy

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Speaker 1: without looking at what's happening around.

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Speaker 2: This Over the last six to ten months, there's been

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Speaker 2: a lot happening with the economy, and it seems like

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Speaker 2: it's been dominating the news cycles with talks of inflation

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Speaker 2: and a possible recession. And we'll get to those things

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Speaker 2: a little bit later, But first we wanted to ask

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Speaker 2: doctor Perry about the current state of the economy.

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Speaker 5: The US economy is doing extremely well and has since

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Speaker 5: the beginning of the pandemic. That is highly unexpected because

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Speaker 5: what I think most people anticipated was that the pandemic

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Speaker 5: and nobody knew how long it was going to last.

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Speaker 5: But once we went past sort of the three month mark,

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Speaker 5: nobody expected the economy to boom the way that it has.

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Speaker 1: That's really interesting because there is a lot on my

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Speaker 1: television saying that the economy is going down, down, down.

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Speaker 2: So what does it really mean when you say the

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Speaker 2: economy is doing well? According to doctor Perry, it means

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Speaker 2: that the economy is growing, there's an abundance of jobs,

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Speaker 2: incomes are fairly high, and unemployment is low.

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Speaker 3: Okay, so how did we get here?

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Speaker 5: Even though the pandemic sort of shifted purchasing behavior and

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Speaker 5: lifestyles in many ways, it also sparked a lot of

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Speaker 5: just different kinds of consumption, So what we used to

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Speaker 5: do just kind of got swapped out for other things.

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Speaker 2: In Lap thirty nine, ad Tocarte with Christoph for he

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Speaker 2: told us that once the pandemic hit, people were purchasing

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Speaker 2: everything online, and so the economy did a lot better

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Speaker 2: than expected because we turned into like hyper consumers. We

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Speaker 2: were getting our groceries delivered. We were buying toilet paper

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Speaker 2: on Amazon everything, but.

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Speaker 3: That was twenty twenty. I don't have no money now. Well,

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Speaker 3: I don't know how it's still booming, but doctor Parry

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Speaker 3: says it is. I'm not contributing to the boom.

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Speaker 2: I feel like I am a little bit contributing to

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Speaker 2: the boom.

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Speaker 3: I need to stop contributing. Send your contributions this way.

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Speaker 5: In fact, it was moving so quickly that the government

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Speaker 5: started to get concerned that it was actually growing too fast.

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Speaker 5: It was getting too hot, and that often leads to inflation.

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Speaker 1: Inflation is rate of increase in prices over a given

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Speaker 1: period of time, and we're seeing a lot of that

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Speaker 1: right now. We buy certain things kind of all the time,

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Speaker 1: from groceries to gas to clothes, and you might have

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Speaker 1: noticed that things are not the same price that they

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Speaker 1: used to be.

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Speaker 2: The annual inflation rate for the United States was eight

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Speaker 2: point five percent from July of twenty twenty one to

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Speaker 2: July of twenty twenty two, and according to the US

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Speaker 2: Labor Department, it's the highest it's been since nineteen eighty one.

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Speaker 3: But how is inflation even measured.

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Speaker 5: It's usually measured by the Consumer Price Index that's the

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Speaker 5: number one measure of infliction and it's created by the

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Speaker 5: Bureau of Labor Statistics, which is part of the.

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Speaker 4: US Department of Labor.

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Speaker 5: How do I know this because my mother's one of

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Speaker 5: her first jobs was actually computing the Consumer Price Index.

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Speaker 4: That was before the government even had a computer.

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Speaker 5: And the CPI, this index, simply put, is just a

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Speaker 5: basket of products and services and they go out is

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Speaker 5: then they measure the price at one point in time,

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Speaker 5: and then they go back and measure the price at

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Speaker 5: another point in time, and then they combine these into

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Speaker 5: an index.

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Speaker 4: To show how much the prices for those same goods went.

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Speaker 5: Up over that period of time. And that's roughly what

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Speaker 5: the CPI is telling us.

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Speaker 2: Okay, so that's the CPI. But what caused the inflation

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Speaker 2: that we're seeing right now?

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Speaker 5: What caused those The pandemic and the effects that the

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Speaker 5: pandemic had on supply chains ability to be able to

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Speaker 5: get goods and services to where they needed to be,

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Speaker 5: and things like wars and multiple parts of the world

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Speaker 5: that have affected the supplies of food and energy, and

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Speaker 5: those have combined to create these inflationary pressures where companies

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Speaker 5: can't provide goods and services at the same price, so they.

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Speaker 4: Raise the prices.

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Speaker 1: We heard earlier that the economy is doing so well,

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Speaker 1: incomes higher and unemployment is lower.

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Speaker 3: So what does that mean for inflation.

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Speaker 1: Does it have as much of an impact Do we

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Speaker 1: just not feel the sting of inflation if people are

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Speaker 1: making more money.

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Speaker 5: It's particularly a problem when prices go up faster than

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Speaker 5: our incomes go up, because if our incomes were to go.

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Speaker 4: Up at the same rate, it wouldn't matter. We would

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Speaker 4: notice the inflation.

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Speaker 5: We notice it because our incomes increases lag inflation, and

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Speaker 5: they almost always will because companies, governments, employers will argue

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Speaker 5: that they cannot afford to keep up with these high

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Speaker 5: inflationary rates.

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Speaker 2: Aside from making things less affordable, inflation can really be

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Speaker 2: a problem because it's an indicator of a potential recession.

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Speaker 2: A recession is basically when the economy comes to a

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Speaker 2: screeching halt. People stop buying things, people are laid off

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Speaker 2: from their jobs, and really just generally face a lot

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Speaker 2: of financial hardship.

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Speaker 5: So inflation is one thing that might lead to recession,

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Speaker 5: but that is not necessarily the case or always the case.

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Speaker 5: I know it sounds like I'm being circular because it

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Speaker 5: is extremely complicated.

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Speaker 4: A and B. None of these things are precise.

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Speaker 1: The National Bureau of Economic Research has a Business Cycle

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Speaker 1: Dating Committee, and it's the department of the government that

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Speaker 1: can officially declare a recession. They define a recession as

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Speaker 1: a significant decline in economic activity that is spread across

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Speaker 1: the economy and that lasts more than a few months.

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Speaker 1: The last major recession we had was over ten years ago,

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Speaker 1: and that was the Great Recession of two thousand and eight,

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Speaker 1: and that was fueled by the collapse of the housing market.

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Speaker 3: And then there was also.

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Speaker 1: A mini recession and it was the shortest on record,

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Speaker 1: and that was between February and April of twenty twenty,

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Speaker 1: and that was due to unprecedented levels of unemployment during

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Speaker 1: the COVID nineteen pandemic.

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Speaker 2: The opposite of a recession is an expansion. Expansion is

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Speaker 2: the economy's natural state, and recessions are more short lived.

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Speaker 2: Recessions are a natural part of the cycle of our economy,

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Speaker 2: but they're not very pleasant.

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Speaker 3: So the question on everybody's.

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Speaker 2: Mind is is there a recession coming.

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Speaker 5: Well, we're in this weird space where a lot of

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Speaker 5: people are predicting that a recession is coming, but then

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Speaker 5: there are other indicators that suggests that maybe it's not,

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Speaker 5: or maybe it will be later rather than sooner. It's

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Speaker 5: really hard to tell. And anybody that tells you that

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Speaker 5: they know precisely is lying because they're all sorts of predictions.

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Speaker 5: And all we have to look at is what's happened

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Speaker 5: in the past.

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Speaker 1: And you know, we've never really been in these particular circumstances,

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Speaker 1: so looking to the past can only get us so far.

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Speaker 1: We haven't had a pandemic since nineteen seventeen, and certainly

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Speaker 1: we didn't have the internet then, okay, and so we

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Speaker 1: didn't have access to all this technology, so it's kind

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Speaker 1: of hard to predict what's gonna happen. Tt you said

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Speaker 1: that you heard all the ready that a recession is inevitable. Yeah,

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Speaker 1: that's what they were saying. And I was very scared.

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Speaker 1: And I don't even know what to do to prepare

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Speaker 1: for a recession, right, is it?

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Speaker 3: Beans? What do you do?

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Speaker 2: I need to get all the bread and all the

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Speaker 2: milk and pack a go bag.

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Speaker 3: You know, I love a go bag.

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Speaker 2: My friend loves a go bag. But is a recession

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Speaker 2: something that has to happen or is it a course

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Speaker 2: correction or can we keep the recession at bay?

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Speaker 5: We can keep it at bay temporarily, but recession is

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Speaker 5: part of an economic cycle that always has booms and busts.

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Speaker 5: The economy always has gone up, then slows down, then

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Speaker 5: it picks up, then it slows down, and those cycles,

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Speaker 5: those bumps, those dips get triggered by different things. But

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Speaker 5: I don't think anybody would predict that will never have

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Speaker 5: a recession again. The question is is it going to

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Speaker 5: be in twenty twenty three or are we going to

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Speaker 5: be able to ride sort of the current wave of

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Speaker 5: stability for longer period of time.

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Speaker 1: And things are already sowing down. The GDP or the

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Speaker 1: gross domestic product, and this value is the value of

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Speaker 1: goods produced and services provided in a country during one year.

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Speaker 1: So the GDP is falling, which is also sometimes considered

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Speaker 1: an indicator of the beginning of a recession. Recessions are

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Speaker 1: an inevitable part of the economy, but that doesn't mean

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Speaker 1: they don't suck.

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Speaker 2: A recession can cause a lot of suffering for people.

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Speaker 2: And if there is a recession, what can the government

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Speaker 2: do to help?

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Speaker 1: Well, there are a number of things that the government

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Speaker 1: can do to help people, and we can look at

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Speaker 1: that little mini recession in twenty twenty as an example.

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Speaker 1: So there were a lot of people that were out

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Speaker 1: of work at the beginning of COVID, and the government

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Speaker 1: stepped in and put a moratorium on evictions and foreclosures.

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Speaker 1: Private sector adjusted the credit score system so people weren't

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Speaker 1: penalized for payments. There was the Cares Act, payments that

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Speaker 1: went right into folks' bank accounts, and this kind of

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Speaker 1: leveled things off until the economy could pick up again.

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Speaker 5: There are interventions that can occur in both the private

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Speaker 5: and public sector that can alleviate some of the negative

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Speaker 5: effects of the recession on individuals and households. But when

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Speaker 5: it's all said and done, there will be higher unemployment,

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Speaker 5: there will be lower incomes, and if this is coupled

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Speaker 5: with inflation, that means buying power will be reduced.

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Speaker 1: So we want to avoid that two punch combo exactly

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Speaker 1: of low wages and high prices. We don't want to

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Speaker 1: lose that buying power. I want somebody to regulate that.

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Speaker 1: I want that to stay far away.

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Speaker 2: Another way that the government can manipulate the to me

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Speaker 2: not necessarily in a recession is to increase the interest rate.

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Speaker 2: It seems like all summer there have been headlines about

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Speaker 2: the Federal Reserve or the FED raising the interest rate

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Speaker 2: yet again.

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Speaker 5: So the Federal Reserve Bank is the central bank of

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Speaker 5: the United States. All countries have for central bank, and

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Speaker 5: actually sometimes a region will have a central bank, and

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Speaker 5: their job is essentially to be the bank for the

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Speaker 5: banks and to regulate their operations and to make sure

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Speaker 5: that the banks, even though many of them are private corporations,

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Speaker 5: but the goal is to make sure that they continue

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Speaker 5: to serve the overall economy because that's where the country's money.

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Speaker 4: Resides, right It's in the banking system.

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Speaker 1: So the FED is able to control the money supplied

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Speaker 1: by controlling interest rates. You can think about interest rates

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Speaker 1: as the price of money. If I borrow a hundred

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Speaker 1: dollars from you, how long are yougo let me have

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Speaker 1: that one hundred dollars before you charge me one hundred

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Speaker 1: and five dollars for it?

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Speaker 3: Is this hypothetical you really want to know? I don't

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Speaker 3: think I want to know. Let's keep this friendship with that. No,

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Speaker 3: I would never ask for the money back.

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Speaker 1: So that's zero percent interest. But if the interest rate

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Speaker 1: is higher. You know, you might say, Okay, you're gonna

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Speaker 1: have to pay me a little bit to hold that

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Speaker 1: one hundred dollars. And the more I have to pay you,

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Speaker 1: it means the price of the money is higher. So

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Speaker 1: rate increases mean higher payments on credit cards, on cars,

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Speaker 1: on student loans, things that you're financing. And that also

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Speaker 1: means that you're not able to save as much because

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Speaker 1: you're spending it paying more on the money you've borrowed.

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Speaker 2: So when interest rates go up, it means people are

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Speaker 2: going to pull back on their spending and it becomes

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Speaker 2: more expensive to borrow that one hundred dollars.

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Speaker 5: Now, my favorite analogy for this is a fish tank.

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Speaker 5: Fish tank, you fill it with water. If you put

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Speaker 5: too much water in the fish tank, it overflows, makes

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Speaker 5: a mess. If you have too little water in the

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Speaker 5: fish tank, fish can swim effectively. And so that's the

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Speaker 5: fed and the money supply. They've got to make sure

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Speaker 5: that the right amount of cash is in that tank

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Speaker 5: so that the economy, the fish.

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Speaker 4: The consumers, the producers.

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Speaker 5: Can exchange value in a way that makes sense that

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Speaker 5: works without spilling water over the tank. And they certainly

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Speaker 5: want to make sure that they don't put too much

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Speaker 5: water in the tank, because that then will also throw

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Speaker 5: off the balance of what's going on with the fish.

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Speaker 1: So this all makes sense on a kind of macro level,

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Speaker 1: but we wanted to know what does this mean specifically

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Speaker 1: for folks who are affected by the decisions that the

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Speaker 1: Fed makes and the state of the economy in general.

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Speaker 1: So if the interest rate is going up, what does

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Speaker 1: that mean for folks.

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Speaker 5: It's hard to say a negative impact on one group

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Speaker 5: because there's sort of positive and negatives for everyone. So people,

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Speaker 5: people who are lower moderate incomes, younger consumers, people with

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Speaker 5: student loan balances. These people can actually suffer negative consequences.

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Speaker 2: For example, people saving for a house when interest rates

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Speaker 2: go up, they can afford less because they have to

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Speaker 2: pay more in interest. Or if you're trying to pay

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Speaker 2: down your debts, it's harder because your interest rates have

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Speaker 2: gone up and so your payments are higher. But this

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Speaker 2: is different for folks who have plenty of money in savings.

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Speaker 5: For example, the Federal Reserve raises interest rates to try

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Speaker 5: to manage inflation, and that's one of the tools that

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Speaker 5: the FED has. When that happens, it's a great time

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Speaker 5: to save money if you can. If you have any

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Speaker 5: extra money, put it in the bank.

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Speaker 1: This is blowing my mind because I don't really think

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Speaker 1: about interest rates in terms of saving. Like, whenever I

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Speaker 1: think about interest rates, I'm thinking about borrowing in aprs

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Speaker 1: and all of that. So I think I didn't consider

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Speaker 1: that if you got a lot of money under your

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Speaker 1: mattress when the interest rate is up, put it in

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Speaker 1: the bank.

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Speaker 5: The other part of the issue when interest rates go up.

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Speaker 5: And think about this now from the perspective of a

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Speaker 5: business owner. Businesses have to borrow money as well in

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Speaker 5: order to keep their operations going, and they may borrow

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Speaker 5: money to cover labor costs or other kinds of costs

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Speaker 5: that they face. And so who pays for that? Consumers

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Speaker 5: pay for that. That actually can feed into higher prices

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Speaker 5: because the costs of doing business are increased when interest

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Speaker 5: rates go up.

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Speaker 1: What this really captures is that it's a double edged sword.

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Speaker 1: So sure, if you have money to save, you can

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Speaker 1: make some more money on it, But can you really

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Speaker 1: save money when everything is so expensive because the interest

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Speaker 1: rates are up. Let's take a break, and when we

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Speaker 1: come back, we're going to talk about what the government

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Speaker 1: is doing to rain this economy in. Okay, we're back,

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Speaker 1: but before we get back into the lab, we just

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Speaker 1: want to let you know that we'll be off next week.

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Speaker 1: So we'll be sharing a special lab from the archives

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Speaker 1: and we'll be back with a brand new lab on

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Speaker 1: September twenty ninth.

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Speaker 3: Let's get back to the lab.

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Speaker 1: We've been talking to doctor Vanessa Perry all about the economy.

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Speaker 2: Doctor Perry has already mentioned that the economy is cyclical.

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Speaker 2: We're going to go through these booms and busts, and

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Speaker 2: so my next question is about what policies have been

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Speaker 2: in place to prevent economic failures and what have the

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Speaker 2: policies of the past taught us about what we should

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Speaker 2: do right now.

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Speaker 5: I can think of two examples where the federal government

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Speaker 5: did just an extraordinary job of preventing disaster. The first

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Speaker 5: was after the two thousand and eight housing crisis, and

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Speaker 5: the government has stepped in with a number of bailout

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Speaker 5: type programs to one stabilize the banking system and to

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Speaker 5: provide opportunities for people to stay in their homes by

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Speaker 5: renegotiating the terms of their mortgages. And certainly the government

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Speaker 5: is partly to blame for lacking the regulatory vision to

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Speaker 5: see that that crisis was coming and get ahead of it.

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Speaker 5: The other positive I would say is at the start

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Speaker 5: of the pandemic, their government jumped in with one some

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Speaker 5: cash payments directly to people, with programs like the PPP

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Speaker 5: program pay Check Protection Program for small businesses that help

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Speaker 5: them keep their doors open. The workouts that occurred so

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Speaker 5: that people did not lose their homes but could stay

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Speaker 5: current on their mortgages that were not going to be

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Speaker 5: evicted or foreclosed on.

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Speaker 4: Those were all evidence of the government acting quickly to

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Speaker 4: try to keep Americans in a stable situation and to

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Speaker 4: prevent further disaster and hardship.

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Speaker 1: The Inflation Reduction Act has been all over the news,

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Speaker 1: and Congress finally passed it in August. This act is

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Speaker 1: basically a sweeping new law that is trying to curb

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Speaker 1: inflation through a variety of different means.

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Speaker 5: The Inflation Reduction Act is interesting. It's got a lot

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Speaker 5: of cool stuff in it, including a label that some

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Speaker 5: people suggest as misleading because it makes it sound like

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Speaker 5: it might, you know, put a cap on prices across

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Speaker 5: the board, and that's not exactly what it does. But

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Speaker 5: it will have some positive effects on many markets and

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Speaker 5: many aspects of the economy.

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Speaker 2: Specifically, the new law will spend three hundred and sixty

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Speaker 2: nine billion on energy and climate change, three hundred billion

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Speaker 2: in deficit reduction, three ye of subsidies for the Affordable

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Speaker 2: Care Act, prescription drug reform, and tax reform we Act.

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Speaker 2: Doctor perry which parts of the Inflation Reduction Act stood

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Speaker 2: out to her.

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Speaker 4: So the one that stands out to me is Medicare.

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Speaker 5: One of the biggest effects that I think that is

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Speaker 5: included in this legislation is that now Medicare can negotiate

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Speaker 5: down the prices of prescription medications, and there are also

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Speaker 5: some other benefits in there for Affordable Care Act recipients,

447
00:25:33,880 --> 00:25:38,320
Speaker 5: So that is going to put a damper on some

448
00:25:38,359 --> 00:25:41,639
Speaker 5: of these prescription drug prices. A lot of people cannot

449
00:25:41,680 --> 00:25:44,679
Speaker 5: afford the medication that they need to stay alive and

450
00:25:44,680 --> 00:25:45,439
Speaker 5: to stay healthy.

451
00:25:45,960 --> 00:25:47,320
Speaker 2: And the part of the bill that has to do

452
00:25:47,359 --> 00:25:52,040
Speaker 2: with environmental sustainability includes incentives for businesses and consumers to

453
00:25:52,119 --> 00:25:54,879
Speaker 2: adopt more energy efficient tools and technologies.

454
00:25:55,119 --> 00:25:59,640
Speaker 4: There's been a lot of innovations in terms of energy efficiency,

455
00:26:00,240 --> 00:26:03,080
Speaker 4: but a lot of people haven't been able to afford them.

456
00:26:03,640 --> 00:26:10,520
Speaker 5: So this is going to affect the inflation. Probably less

457
00:26:10,560 --> 00:26:13,600
Speaker 5: so in the immediate short term, but in the sort

458
00:26:13,640 --> 00:26:17,080
Speaker 5: of medium term it's going to have a positive impact

459
00:26:17,200 --> 00:26:18,439
Speaker 5: for a lot of people.

460
00:26:19,080 --> 00:26:21,520
Speaker 1: A positive impact for a lot of people is one thing,

461
00:26:21,960 --> 00:26:24,760
Speaker 1: but what about a positive impact for the folks who

462
00:26:24,840 --> 00:26:28,480
Speaker 1: need it most. You know, these huge pieces of legislation

463
00:26:28,520 --> 00:26:31,320
Speaker 1: we've been talking about are good when there's a major crisis,

464
00:26:31,840 --> 00:26:36,480
Speaker 1: But what about more isolated hardships that specific groups of.

465
00:26:36,400 --> 00:26:37,880
Speaker 3: People are facing every day.

466
00:26:38,560 --> 00:26:41,760
Speaker 1: Doctor Perry says, when it comes to government intervention, we

467
00:26:41,840 --> 00:26:44,320
Speaker 1: are not doing enough to help these groups.

468
00:26:44,760 --> 00:26:48,480
Speaker 5: What we don't have enough of are ways to help

469
00:26:48,560 --> 00:26:50,120
Speaker 5: people through these.

470
00:26:50,000 --> 00:26:51,080
Speaker 4: Kinds of service cans.

471
00:26:51,280 --> 00:26:55,159
Speaker 5: So, for example, people lose their jobs a lot of

472
00:26:55,160 --> 00:27:00,119
Speaker 5: times because of changes in technology, changes in employment markets

473
00:27:00,160 --> 00:27:05,320
Speaker 5: and requirements, or their company moves to another state and

474
00:27:05,680 --> 00:27:09,080
Speaker 5: they are unable to move, or they face some kind

475
00:27:09,119 --> 00:27:15,800
Speaker 5: of unforeseen health medical problem with themselves or a family member.

476
00:27:16,160 --> 00:27:17,160
Speaker 4: Now, all these things.

477
00:27:17,000 --> 00:27:22,000
Speaker 5: Happen, and interestingly, these unforeseen negative events are more likely

478
00:27:22,040 --> 00:27:26,640
Speaker 5: to happen to people of color who are also suffering

479
00:27:26,680 --> 00:27:32,800
Speaker 5: from cumulative disadvantage from prior generations dealing with racism and discrimination.

480
00:27:33,560 --> 00:27:36,440
Speaker 4: So there are far too few, in my.

481
00:27:36,440 --> 00:27:41,600
Speaker 5: Opinion, interventions available for people who find no fault of

482
00:27:41,640 --> 00:27:44,639
Speaker 5: their own Because of where they were born or to

483
00:27:44,680 --> 00:27:48,280
Speaker 5: whom they were born, they are more likely to suffer

484
00:27:48,560 --> 00:27:52,280
Speaker 5: these unforeseen circumstances, and we don't have a lot of

485
00:27:52,280 --> 00:27:56,920
Speaker 5: protections for them. So we have mortgage insurance, for example,

486
00:27:57,600 --> 00:28:03,360
Speaker 5: or homeowners' insurance that protect banks. They protect the lenders,

487
00:28:03,840 --> 00:28:07,199
Speaker 5: but we don't really have any requirements to protect the borrowers.

488
00:28:07,600 --> 00:28:10,000
Speaker 5: If something happens and they can't make a payment, they

489
00:28:10,040 --> 00:28:13,480
Speaker 5: gotta pay extra for that. But they make sure that

490
00:28:13,520 --> 00:28:18,600
Speaker 5: those lenders and investors are protected, and that says to

491
00:28:18,640 --> 00:28:22,800
Speaker 5: me something very sad about the priorities that get set

492
00:28:23,400 --> 00:28:24,240
Speaker 5: and acted upon.

493
00:28:25,920 --> 00:28:29,240
Speaker 1: That is such a great point, you know, Yes, especially

494
00:28:29,560 --> 00:28:34,119
Speaker 1: as we see folks living longer, you know, we're gonna

495
00:28:34,160 --> 00:28:36,120
Speaker 1: need some more of these types of protections.

496
00:28:36,320 --> 00:28:39,240
Speaker 2: It's so true, And I mean, we have to be

497
00:28:39,320 --> 00:28:43,360
Speaker 2: correcting for how our culture is changing, and the fact

498
00:28:43,360 --> 00:28:46,080
Speaker 2: that we're just trying to keep things the same means

499
00:28:46,080 --> 00:28:49,520
Speaker 2: that the people who were privileged of the past will

500
00:28:49,560 --> 00:28:51,760
Speaker 2: continue to be privileged in the future, and there's no

501
00:28:51,880 --> 00:28:55,560
Speaker 2: room for anybody else to live long and prosper.

502
00:29:00,000 --> 00:29:02,720
Speaker 3: This was complicated, but I'm glad we covered it. Yeah.

503
00:29:02,760 --> 00:29:04,640
Speaker 2: I think that's a really important point to make that

504
00:29:04,720 --> 00:29:08,800
Speaker 2: the economy is very complicated. It isn't black and white.

505
00:29:08,880 --> 00:29:11,880
Speaker 2: There's a lot of nuance that has to be considered.

506
00:29:11,720 --> 00:29:13,560
Speaker 3: And it also isn't static.

507
00:29:13,760 --> 00:29:17,280
Speaker 1: So the verdict for today could be different from the

508
00:29:17,400 --> 00:29:20,560
Speaker 1: verdict next week. And you know, there are some things

509
00:29:20,560 --> 00:29:23,160
Speaker 1: that we didn't talk about here but that we both

510
00:29:23,280 --> 00:29:26,360
Speaker 1: know are really important, right, which we mentioned at the top,

511
00:29:26,480 --> 00:29:29,880
Speaker 1: around the global economy and how things changing and happening

512
00:29:29,920 --> 00:29:33,120
Speaker 1: in other countries affect what's happening in our country.

513
00:29:33,320 --> 00:29:35,840
Speaker 2: Yeah, and we talked about that in past episodes, like,

514
00:29:35,920 --> 00:29:39,560
Speaker 2: for example, how the war in Ukraine was affecting semiconductor production.

515
00:29:40,560 --> 00:29:42,960
Speaker 1: But I think there's one thing that we've seen an

516
00:29:42,960 --> 00:29:46,520
Speaker 1: important and movable pillar of the US economy, and we've

517
00:29:46,560 --> 00:29:50,360
Speaker 1: seen this stay steady throughout all of this, and I'm

518
00:29:50,400 --> 00:29:52,960
Speaker 1: curious about how it's working, but it is the price

519
00:29:53,000 --> 00:29:55,200
Speaker 1: of the Arizona tee at ninety.

520
00:29:55,000 --> 00:30:00,240
Speaker 3: Nine cents, that's still a dollar, how.

521
00:30:00,200 --> 00:30:04,040
Speaker 2: And so we really appreciate doctor Perry helping us unpack

522
00:30:04,160 --> 00:30:05,680
Speaker 2: such a complex issue.

523
00:30:05,880 --> 00:30:06,720
Speaker 4: You got to be.

524
00:30:06,640 --> 00:30:10,560
Speaker 5: Really skeptical about people who can talk about anything in

525
00:30:10,640 --> 00:30:15,080
Speaker 5: economics with certainty, because if they really could predict what

526
00:30:15,280 --> 00:30:18,200
Speaker 5: is going to happen, we could get ahead of it, right,

527
00:30:18,280 --> 00:30:23,240
Speaker 5: we would have never had recessions or economic depressions or

528
00:30:23,280 --> 00:30:25,840
Speaker 5: any of those things. So it's never really been done.

529
00:30:25,840 --> 00:30:29,080
Speaker 5: There's a Nobel prize in economics. Is it been the

530
00:30:29,120 --> 00:30:34,880
Speaker 5: most profound predictions made by those Nobel laureate economists has been?

531
00:30:35,960 --> 00:30:40,800
Speaker 5: How wrong economics has been? Those are the biggest contributions

532
00:30:40,800 --> 00:30:42,400
Speaker 5: in economics usually have to.

533
00:30:42,360 --> 00:30:45,680
Speaker 4: Do with, hey, we really actually got this all wrong.

534
00:30:53,880 --> 00:30:56,600
Speaker 1: All right, it's time for the one thing? T T

535
00:30:56,800 --> 00:30:58,400
Speaker 1: what's your one thing this week?

536
00:30:58,680 --> 00:30:59,880
Speaker 3: My one thing this week?

537
00:31:00,120 --> 00:31:01,880
Speaker 2: You know, we're talking about the economy and how we're

538
00:31:01,920 --> 00:31:04,400
Speaker 2: spending our dollars, and one way I like to spend

539
00:31:04,440 --> 00:31:05,240
Speaker 2: my dollars is.

540
00:31:05,160 --> 00:31:06,120
Speaker 3: On black businesses.

541
00:31:06,640 --> 00:31:10,320
Speaker 2: And I stumbled across this really amazing black woman owned

542
00:31:10,400 --> 00:31:14,280
Speaker 2: business on TikTok, owned by a woman named Camille McCallum.

543
00:31:14,520 --> 00:31:16,520
Speaker 2: The name of her brand is black Woman on a

544
00:31:16,560 --> 00:31:22,120
Speaker 2: Mission and she makes a pail, so socks, t shirts, sweatshirts, hat,

545
00:31:22,240 --> 00:31:24,880
Speaker 2: and so I've gotten a hat and some socks from her.

546
00:31:24,920 --> 00:31:26,640
Speaker 2: They both say Black Women on a Mission on it.

547
00:31:26,720 --> 00:31:29,840
Speaker 2: I love wearing it because one of the things that

548
00:31:29,880 --> 00:31:31,640
Speaker 2: she said in her TikTok is that it always starts

549
00:31:31,640 --> 00:31:34,440
Speaker 2: a conversation. People will ask her, you know, what mission

550
00:31:34,440 --> 00:31:34,840
Speaker 2: are you on?

551
00:31:34,880 --> 00:31:35,480
Speaker 3: What do you do?

552
00:31:35,640 --> 00:31:37,560
Speaker 2: And it actually does happen. When I wore that, I

553
00:31:37,600 --> 00:31:39,200
Speaker 2: had somebody ask me that. So I got a chance

554
00:31:39,200 --> 00:31:42,360
Speaker 2: to talk about the podcast and put us out there

555
00:31:42,480 --> 00:31:44,640
Speaker 2: even more to people who may not know about us.

556
00:31:44,680 --> 00:31:48,640
Speaker 2: So that is black Woman on a Mission. The website

557
00:31:48,720 --> 00:31:51,560
Speaker 2: is black Woman on a Mission dot com. The owner

558
00:31:51,680 --> 00:31:54,840
Speaker 2: is Camille McCollum. You can follow her and her brand

559
00:31:54,920 --> 00:31:58,600
Speaker 2: on Instagram and on TikTok. She is so much fun

560
00:31:58,640 --> 00:32:01,719
Speaker 2: I love her TikTok. She's so funny, and so I

561
00:32:01,760 --> 00:32:03,680
Speaker 2: really love being able to support her in this way.

562
00:32:04,160 --> 00:32:07,160
Speaker 3: Yes, that sounds great. What's your one thing?

563
00:32:07,560 --> 00:32:10,320
Speaker 1: My one thing, and I've talked about it before is

564
00:32:10,320 --> 00:32:13,160
Speaker 1: an app and it's called Digit. So when we're thinking

565
00:32:13,160 --> 00:32:15,800
Speaker 1: about the economy and how you might save and capitalize

566
00:32:15,800 --> 00:32:18,760
Speaker 1: on those interest rates, digit is an app that basically

567
00:32:19,160 --> 00:32:21,360
Speaker 1: is taking money out of your account. And I know

568
00:32:21,840 --> 00:32:24,560
Speaker 1: that's scary. It was scary to me, but you can

569
00:32:24,600 --> 00:32:26,880
Speaker 1: set the daily limits and it just pulls tiny little

570
00:32:26,960 --> 00:32:29,040
Speaker 1: dollars away, and before you know it, you have a

571
00:32:29,120 --> 00:32:31,800
Speaker 1: little nest egg of savings. And if you're living like

572
00:32:31,840 --> 00:32:34,440
Speaker 1: me and feeling the inflation, you need that nest egg.

573
00:32:34,600 --> 00:32:36,120
Speaker 1: And sometimes you need to go right on in there

574
00:32:36,200 --> 00:32:40,000
Speaker 1: and pull an egg out. Okay, so and make an omelet,

575
00:32:40,400 --> 00:32:43,880
Speaker 1: and make an omelet baby. And so I think people

576
00:32:43,880 --> 00:32:47,000
Speaker 1: should check out digit. I'll share my referral code in

577
00:32:47,120 --> 00:32:58,160
Speaker 1: the show notes. All right, that's it.

578
00:32:58,080 --> 00:32:59,280
Speaker 3: For Lap seventy nine.

579
00:32:59,800 --> 00:33:01,880
Speaker 1: I want to know do you want interest rates to

580
00:33:01,880 --> 00:33:04,440
Speaker 1: go up? Are you excited about the student loan forgiveness

581
00:33:04,480 --> 00:33:05,959
Speaker 1: program for against it?

582
00:33:06,040 --> 00:33:06,640
Speaker 3: What do you think?

583
00:33:06,880 --> 00:33:09,560
Speaker 1: Call us at two zero two five six seven seven

584
00:33:09,680 --> 00:33:11,880
Speaker 1: zero two eight and tell us what you thought, or

585
00:33:12,200 --> 00:33:13,960
Speaker 1: give us an idea for a lab you think we

586
00:33:13,960 --> 00:33:17,200
Speaker 1: should do this semester. That's two zero two five six

587
00:33:17,360 --> 00:33:18,920
Speaker 1: seven seven zero two eight.

588
00:33:19,280 --> 00:33:21,280
Speaker 2: And don't forget there's so much more for you to

589
00:33:21,320 --> 00:33:23,560
Speaker 2: dig into on our website. There'll be a cheat sheet

590
00:33:23,600 --> 00:33:26,840
Speaker 2: for today's lab and additional links and resources in the

591
00:33:26,840 --> 00:33:29,480
Speaker 2: show notes. Plus you can sign up for our newsletter

592
00:33:29,800 --> 00:33:33,480
Speaker 2: check it out at Dope labspodcast dot com. Special thanks

593
00:33:33,480 --> 00:33:36,520
Speaker 2: to today's guest expert, doctor Vanessa Perry, you.

594
00:33:36,480 --> 00:33:40,440
Speaker 1: Can find doctor Perry on LinkedIn just search Vanessa Perry.

595
00:33:40,320 --> 00:33:42,600
Speaker 2: And you can find us on Twitter and Instagram at

596
00:33:42,640 --> 00:33:46,040
Speaker 2: Dope Labs podcast, tt is on Twitter and Instagram at

597
00:33:46,120 --> 00:33:48,760
Speaker 2: dr Underscore t Sho.

598
00:33:48,800 --> 00:33:52,400
Speaker 1: And you can find Zakia at z said So. Dope

599
00:33:52,480 --> 00:33:56,360
Speaker 1: Labs is a Spotify original production from Mega OWM Media Group.

600
00:33:56,680 --> 00:33:59,840
Speaker 1: Our producers are Jenny Radlett, Mask and Lydia Smith of

601
00:34:00,040 --> 00:34:05,040
Speaker 1: WaveRunner Studios. Our associate producer is Caro Orlando. Editing and

602
00:34:05,160 --> 00:34:08,919
Speaker 1: sound designed by Rob Smarziak, with additional mixing and sound

603
00:34:08,960 --> 00:34:12,600
Speaker 1: design by Hannis Brown. Original music composed and produced by

604
00:34:12,719 --> 00:34:19,120
Speaker 1: Taka Yasuzawa and Alex Sugiura from Spotify Creative producer Miguel Contreras.

605
00:34:19,360 --> 00:34:22,880
Speaker 1: Special thanks to Shirley Ramos, Jess Borrison, Till krat Key

606
00:34:23,200 --> 00:34:26,800
Speaker 1: and Brian Marquis Executive producers from Mega Own Media Group,

607
00:34:26,960 --> 00:34:42,239
Speaker 1: rs T T Show Dia and Zakiah Wattley.

608
00:34:42,880 --> 00:34:45,160
Speaker 2: We're gonna talk about what the government is doing right

609
00:34:45,200 --> 00:34:47,680
Speaker 2: now to try and rain

610
00:34:47,800 --> 00:34:55,200
Speaker 3: This economy in WHOA Buddy, Oh my