Week of November 13th, 2017

On today’s Weekly Wrap, we’re consumed by tax reform and discuss voodoo economics, which is a euphemism for trickle-down economics coined by a Republican. Then it’s on to President Trump’s goal to reduce the U.S. trade deficit and whether or not the tax plan could further that. And in Zimbabwe, negotiations continue for a political settlement after Tuesday’s intervention by the country’s military. Finally, we play a clip from this season of The Uncertain Hour about how one ordinary citizen helped change the peanut butter industry.

Will this tax plan actually help businesses and the overall economy?

Mark Bittman talks vegetarian holiday recipes and how meat affects the environment.

Is that jar of brown mush in your cupboard natural? Do you have to stir it? Ever wondered why?

This week we’re taking a new look at some favorite stories we’ve covered this year — and what’s happened since. We’re taking a look at whether states are constitutionally obligated to teach kids how to read, the consequences of ID theft, and how digital apps like Instagram are changing the physical world. Plus, veggie delights for Thanksgiving and the growth of vegan food chains. 

(Markets Edition) With Republicans racing to approve legislation that would overhaul America’s tax system, we’ll hear from Diane Swonk — CEO of DS Economics — about the math behind the plan. These tax cuts could end up adding to the deficit, which Swonk says will create “liabilities” for future generations. Afterwards, we’ll chat with Douglas Holtz-Eakin, a prominent economist and the policy director for John McCain when he ran for president in ’08, about why he thinks cutting the corporate tax rate could help increase wages. And finally, we’ll look at why more Americans are expected to travel this Thanksgiving than in previous years.

Women are less likely to prefer male bosses than before.

(U.S. Edition) The Republican tax overhaul — which calls for a reduced corporate tax rate of 20 percent — has now passed in the House. There’s been a lot of debate over how much this bill will help American taxpayers. One noted economist who argues that it won’t: Jeffrey Sachs, who joined our show today. Sachs, a Columbia University professor who helped engineer the Soviet Union’s transition to a market economy, said  “we’re talking about gifts to David and Charles Koch, to Sheldon Adelson, to Robert Mercer. This is not reform. This is a heist.” Afterwards, we’ll look at reports that President Trump may appoint Budget Director Mick Mulvaney as head of the Consumer Financial Protection Bureau. What would this mean for the future of the agency?

(Global Edition) From the BBC World Service … The CEO and executives from Japan’s second-biggest car-maker Nissan plan to return part of their pay, following an investigation into a vehicle inspection scandal that led to the recall of 1.2 million cars. Afterwards: the credit ratings agency Moody’s has upgraded India for the first time in nearly 14 years, putting one of the world’s fastest growing economies on par with the Philippines and Italy.  Then we hear from the Indian city of Mumbai about the ongoing struggle for latrine provisions ahead of World Toilet Day this weekend.

Two economists with opposing views explain the potential impact on workers of the corporate tax cuts in the Republican tax plan.

Earlier this week, Uber announced progress toward a massive investment from the Japanese conglomeration SoftBank. If the deal goes through, it will be worth about $10 billion. But that’s not all. The deal would require changes to the board that would take power away from former Uber CEO Travis Kalanick. Marketplace Tech host Molly Wood talked with analyst and venture capitalist Paul Kedrosky about what the deal means and if it’s likely to move forward.

Along with every other presidents' taxes.

The owner of a chicken farm explains.

Marketplace Weekend's Lizzie O'Leary gives us the view from the ground in San Juan.

DeVon Franklin didn't come to Hollywood over 20 years ago to make Christian films. But that's the genre where he made his name.

We step away from the Hill to talk to someone who will be affected by the tax bill: a poultry company CEO (and former economist) in Rogers, Arkansas, for whom tax cuts could allow a business expansion a year or so earlier than would be possible at the current tax rate. And we check in with Lizzie O’Leary, on the ground in San Juan, Puerto Rico, about how the island is rebuilding two months after Hurricane Maria. Here’s a quote from a resident there on how the storm was the last straw for a lot of people already debating whether or not to leave the island: “By the time the lights come back on, there may not be people here to see it.” Plus, why the FCC weakening limits on owning TV stations will pave the way for a big media merger; what Brexit will mean for fishermen in British waters; and how DeVon Franklin became “the guy” in Hollywood who gets Christian-themed entertainment in wide release.

People working out of Britain's largest fishing port wonder what lies ahead.

So is there a point most people can meet at?

(Markets Edition) Amid Walmart’s announcement that quarterly earnings exceeded expectations, we’ll take a look at how the retail giant has been trying to find that sweet spot between saving shoppers money and making enough money for itself. Afterwards, we’ll talk to the Washington Post’s Helaine Olen about what America’s proposed tax overhaul could mean for our personal finances. Then, we’ll focus on Zimbabwe to learn more about the house arrest of 93-year-old Robert Mugabe, the country’s president of 37 years.

Here are some terms you should know.

(U.S. Edition) With the House GOP set to vote today on its plan for American taxes, we’ll chat with someone who’s been through a big tax overhaul before: Gene Steuerle, who heads the non-partisan Tax Policy Center. He joined us to talk about the basic principles most people can agree with when it comes to tax reform. Afterwards, we’ll talk to Marketplace regular Allan Sloan about how Congress’ tax plans might affect none other than President Donald Trump.  

(Global Edition) From the BBC World Service … There are some fresh warnings today about serious risks facing China’s economy. A senior government official told a conference in Beijing the country’s financial sector needs quick reform to avoid crisis. Afterwards, a new study says many of the effects of climate change are inevitable, even if the world radically cuts carbon dioxide emissions now. Then, we hear from a French winemaker about the hype and history of Beaujolais Nouveau Day.

The city partnered with an Alphabet subsidiary to bring new tech to its waterfront.

Smart-city technology is becoming more common, from Singapore to San Jose. The latest city to incorporate this technology into its infrastructure is Toronto. It recently partnered with Alphabet subsidiary Sidewalk Labs to redevelop a section of city waterfront. Lots of sensors will collect data on traffic, noise and temperature. Marketplace Tech host Molly Wood talked with Toronto Mayor John Tory about the city’s tech investments and how data collection will be regulated.

There's an incredible history of protest songs in American political history, so we made you a playlist.

Last night Senate Republicans made some major changes to their mammoth tax bill, including some improvements for the middle class. But these credits and lower rates are temporary — they would sunset beginning in 2025, and tax cuts for corporations would be permanent. Plus, we talk about changes to the financial regulatory environment under the Trump administration, a potential merger between giants AT&T and Time Warner and play part two of our report on the health risks associated with fracking operations.

"Why aren't the other hands up?"

But at least, he says, we're all talking about health care now.

With drilling and fracking, the ingredients that make up the chemicals used to obtain oil and gas are legally allowed to be kept confidential.

Cause and effect can be difficult to prove, but here are a series of studies showing the potential connection between fracking and health risks.

But art critic Blake Gopnik explains why that might not be the right question to ask.

(Markets Edition) Senate Republicans are looking to repeal Obamacare’s mandate that people have to sign up for health insurance. We’ll look at how much money they could stand to save by slashing it, and whether healthier people will still buy insurance. Afterwards, we’ll chat with Susan Schmidt, senior portfolio manager for Westwood Holdings Group, about why there’s been a back-to-back decline in stocks. Then to cap off today’s show, we’ll discuss how Mexico has been coping after two devastating earthquakes in September.  

(U.S. Edition) Republicans are looking for ways to pay for the tax cuts they’re proposing. One of them: repealing the Obamacare mandate that individuals have to buy insurance. We’ll do the math on how that would work. Afterwards, we’ll discuss how medium-sized banks are downsizing to escape the Federal Reserve as one of their regulators, and then talk with art critic Blake Gopnik about a Leonardo da Vinci painting that could sell for more than $100 million tonight.

Venture capital begets the tech industry. What happens if it's rotten from the start?

Food prices skyrocket in parts of rural Mexico still recovering from two devastating earthquakes.

Our conversation with Ellen Pao on the pervasive sexual harassment problem in venture capital.

This week, venture capitalist Steve Jurvetson of Draper Fisher Jurvetson left that firm following allegations of inappropriate behavior and an internal investigation. The company said he left by mutual agreement. Ellen Pao is a venture capitalist who sued another well-known firm, Kleiner Perkins Caufield and Byers, for gender discrimination in 2012. She lost the case, but it inspired other women to come forward. Marketplace Tech’s Molly Wood talked with Pao about how her public battle shined a light on venture capital’s culture.

Ellen Pao on why it's going to take more than a few leaders stepping down to solve the problem.

(Global Edition) From the BBC World Service … Ninety-three-year-old Robert Mugabe has ruled Zimbabwe for 37 years, but now South Africa’s president has confirmed he is under house arrest. We chart the country’s economic decline under Mugabe, and ask what his removal from power could mean for the country’s future. Afterwards, figures out today from the U.N. show opium poppy cultivation in Afghanistan is up 40 percent. We hear from Afghanistan about the thousands of young children addicted to the drug.

It’s a tax bill! It’s a healthcare bill! It’s a tax bill! It’s a healthcare bill? Just when we were beginning to fully grasp the Senate’s tax bill, Republicans throw in a repeal of the individual health care mandate. And, trade deficits: the president tweeted that he wants them erased — quickly — but why? Economists talk about ways to bring them down, and we have a report on the oil and gas industry, where one trade deficit could become a surplus. Plus, the bipartisan deal in the works to ease banking regulations, and the health risks of fracking.

The agency approved chemicals that carry risks including tumors and poisoning of the lungs.

Marketplace Tech's Molly wood tells how a small, influential group of mostly men have a tendency to fund … mostly men.

A proposed amendment would end the Affordable Care Act's individual health insurance mandate.

As economic inequality rises, populism surges around the globe.

(Markets Edition) With the House and Senate continuing to work out the details of their tax plans, we’ll take a look at what their proposed cuts would mean in a tight labor market like this. David Kelly, chief global strategist at JP Morgan Funds, explains why the cuts could end up worsening the trade deficit, but potentially lead to higher wages. Afterwards, we’ll look at the White House’s push for cleaner fossil fuels and natural gas (while many other countries are focused on renewables), and then discuss how island nations like Kiribati are preparing for a future without land because of climate change.

(U.S. Edition) A group of senators has announced that they’re rolling back regulation on small and regional banks, along with credit unions. We’ll go over some of the changes they plan to make, which include easing some Dodd-Frank requirements. Afterwards, we’ll examine a new report that shows historically black colleges and universities are contributing $15 billion a year to the economy, and then we’ll cap off today’s show by looking at a nursing shortage that’s forcing hospitals to close beds. One big reason: existing nurses aren’t going into education.

Kiribati has been identified as the first country that will disappear as a result of climate change.

(Global Edition) From the BBC World Service…Venezuela owes investors $150 billion and one credit agency now say the country is in selective default. Afterwards we hear how Greenpeace activists are taking the Norwegian government to court today to stop Arctic oil drilling.  Then we look at how investors are reacting to the Rohingya crisis in Myanmar.

Nurses aren’t going into education. The reason? A big cut in pay.

In the tech world, the word “unicorn” refers to a startup company that investors value at more than $1 billion. Unicorns include companies like Uber, Airbnb and Pinterest. But a group of women founders said venture capitalists are too focused on the exponential growth that unicorns provide. They’re pushing back, and have come up with a new term, “zebras,” which they call companies that are both profitable and good for society. Marketplace’s Amy Scott talks with Mara Zepeda, one of the founders of the Zebra Movement.

With the rise of online banking, branches are looking for innovative ways to attract people. One bank in Berlin added a cafe and co-working space, as well as a kids’ corner and a space for gallery exhibitions. Plus, travel insurance is on the rise. And we have reports on dividend cuts at General Electric, the ongoing tax cuts saga and President Donald Trump’s nominee for the Department of Health and Human Services.

President Donald Trump today announced his pick for HHS Secretary.

Banks introduce experimental features like cafes and co-working space to lure millennials back to branches.

Travelers, wary of potential terrorism and natural disasters, are increasingly protecting themselves in advance.

About 48 percent of women have experienced sexual harassment in the workplace.

Proposed tariffs in three different industries — solar power, appliances and jets — echo the protectionist tariffs that helped deepen the Great Depression.

(Markets Edition) Both the House and Senate have released their proposed bills to overhaul America’s tax system, and it turns out the markets are kind of disappointed in these plans. Julia Coronado, the founder of MacroPolicy Perspectives, stopped by to tell us why the response is lukewarm. Afterwards, we’ll look at the possibility that the U.S. will impose tariffs on solar panels imported from other countries, and then discuss how France is using drones to catch dangerous drivers.

Businesses founded by women and people of color aren’t just likely to have a diverse pool of employees — they might also be able to fill a gap in the market. Take Mayvenn, an e-commerce platform that allows hairstylists to sell hair extensions directly to their clients. Marketplace Tech host Molly Wood talked to its CEO, Diishan Imira, about the very lucrative market for hair products and how exactly his service works.

Bordeaux-area police have issued hundreds of fines since the summer.

(U.S. Edition) Carbon emissions are up 2 percent this year, heading to a record high, according to a report from the Global Carbon Project. We’ll look at some of the reasons for this increase, and where the U.S. stands on climate change. Afterwards, we’ll chat with Bill Gates about his efforts to help find a cure for Alzheimer’s disease. The Microsoft founder and philanthropist is investing $50 million in the Dementia Discovery Fund.

The disease affects over 5 million Americans and has no cure.

(Global Edition) From the BBC World Service … Uber is one step closer to an investment of as much as $10 billion. Then, new data unveiled today says world carbon emissions haven’t peaked as hoped. We get the latest from UN climate talks in Bonn and find out how a U.S. delegation on “clean coal” is causing a stir at the event. Afterwards, we hear the Australian debate around immigration and the economy.

Mayvenn, an e-commerce platform, allows stylists to sell the accessories directly to their clients.