Week of December 4th, 2017

Is leaving the coveted 18 to 34 advertising demographic a steep descent into irrelevance, or are advertisers still paying attention to you once you make the jump? Plus, steady she goes … this economy has officially added jobs for 86 months in a row. So why aren’t wages moving? That and more of the week’s economic news on the Weekly Wrap with The New Yorker’s Sheelah Kolhatkar and The Wall Street Journal’s Kate Davidson. And just to squeeze in some more tax plan coverage before the week is out, we look ahead to how the tax changes will hinder or help the Trump administration’s plans to tackle infrastructure in 2018.

How long will it take?

Reporter Scott Tong's book tells the story of his family's journey to the West against an economic backdrop.

Our reporter confronts his fears of aging out of the most valuable advertising demographic.

And if you feel like the holiday used to be better, you're not alone.

Ahead of your regularly scheduled episode of Marketplace this afternoon, we’re bringing you the second episode of the new season of The Uncertain Hour. Starting where episode one left off, we find the government and consumer activist Ruth Desmond trying to answer an existential question: How many additives can you put into a jar of peanut butter before it’s not peanut butter anymore? Trying to answer it kicked off a multiyear battle that changed the way we think about regulations in this country. The things we fight the most about are the things we know the least about, so subscribe to The Uncertain Hour and visit theuncertainhour.org for more.  

(Markets Edition) The November jobs report is out, revealing that the U.S. economy added 228,000 jobs last month, while the unemployment rate stayed at 4.1 percent. Christopher Low, chief economist at FTN Financial, joined us to discuss how specific sectors performed and why wage growth still hasn’t been doing that great. Afterwards, we’ll discuss what the GOP’s tax overhaul could mean for tuition assistance. Some companies help pay for employees to get a degree, which they could get a tax break for, but that could go away under the House’s version of the tax bill.

On this episode of Marketplace Weekend, a panel of experts talk taxes and answer questions from listeners. Plus, we look into supply and demand … as it applies to rescue dogs moving out of the South. And NASA’s Doug Wheelock discusses what it takes to be an astronaut. 

Three experts weigh in on how tax reform could change lives — and the economy.

Changing jobs? Remember to move your retirement funds.

Advice from a former International Space Station Commander.

Businesses eagerly wait for more details on the Brexit transition.

(U.S. Edition) The U.K. and the EU have entered phase one of a Brexit deal. Among some of the agreements they’ve reached: EU nationals retaining the right to live in the U.K. On today’s show, we’ll recap the discussions Britain has had with the bloc. Afterwards, we’ll talk to Arun Muralidhar, co-founder of Mcube Investment Technologies, about his new take on government bonds that would pay you $5 per bond.

U.S. unemployment rate remains steady at 4.1 percent.

(Global Edition) From the BBC World Service … they say breaking up is hard to do, but after a breakthrough meeting in Brussels, Britain and the European Union announced they are one small step closer to finalizing their divorce. Then, a wild week for Bitcoin comes to a close. We’ll tell you what you need to know about the cryptocurrency before futures begin trading next week. Finally, we’ll take you to Finland where the nation’s state-owned gas company is going green with the help of biogas. 

Building a better battery is hard and takes lots of funding. President Donald Trump has proposed major budget cuts to research on advanced energy technology. And taking away that funding could give other countries a competitive edge to create a better battery first. Marketplace Tech host Molly Wood talks with Kristin Persson, who works on developing new battery technology in a lab that is funded by the Department of Energy, about the countries that could leap ahead in the race to develop a better battery.

A potential lack of government funding could help other countries pull ahead.

Job growth this year has been "impressive," one economist says.

Economist Martin Sullivan's problematic fave from the GOP plan is the pass-through tax.

In a matter of weeks, the GOP tax plan will be in effect and riddled with unintended consequences due to the haste of passing it, says Tax Analysts chief economist Martin Sullivan. His favorite unintended consequence? Benefits for pass-through companies, which are basically any businesses that aren’t corporations, and could include you if you incorporate yourself. Then your wages can be seen as tax-preferred income and you can pay a lower rate. Plus, how GE’s job cuts relate to the fall in demand for fossil fuel power equipment, the challenges and costs of getting emergency alert systems right and Kai Ryssdal talks Reagan-era glamour and workplace gender equality with pioneering Vanity Fair Editor Tina Brown.  

Limitations mean officials have to be judicious with the warnings they send to phones.

The chancellor is struggling to secure a ruling coalition. The EU could be affected.

The former editor was an "observer at the feast" during the glitzy Reagan era and wrote about it in a new book.

Despite the criticism Facebook has faced over the past year, its employees love working there.

(Markets Edition) Congress still needs to reach an agreement on a government spending bill. We’ll hear from economist Diane Swonk, CEO of DS Economics, about how worried markets are about a potential shutdown, along with what we can expect from tomorrow’s jobs report. Afterwards, we’ll chat with the CEO of the career site Glassdoor about the best company to work for in 2018. Hint: It’s a certain social media giant that’s been in the spotlight this year over how it’s handled the spread of “fake news.”

(U.S. Edition) With the government due to run out of money very soon, President Trump is set to meet with congressional leaders to avoid a shutdown. Can they reach a deal? On today’s show, we’ll look at some of the snags Republicans and Democrats may still run into. Afterwards, we’ll discuss a provision in the House’s version of the tax bill that could remove an incentive for developers to invest in affordable housing. Then, we’ll visit Aransas County, Texas to see how Hurricane Harvey has affected housing in the region. Eighty-percent of buildings were knocked out, leaving many without homes.

Battery technology is hard. We need batteries that last longer, charge faster and take up less space. And that’s important when it comes to not just our devices, but also renewable energy, electric cars and electrical grids. Marketplace Tech host Molly Wood talks with Kristin Persson, an engineer who works in a lab funded by the Department of Energy, about why lithium-ion batteries can’t get much better and what the next battery looks like.

Advocates for affordable housing worry that the elimination of an incentive program for developers in the House version of the tax bill could result in less low-income housing built in the future.

Puppies sometimes make cross-country journeys to meet adoption demands.

FEMA's bringing in manufactured units and recreational vehicles for temporary homes.

(Global Edition) From the BBC World Service … Ten years after the global financial crisis, is China still too exposed to personal debt and risky lending? A new report from the International Monetary Fund has a warning. Then, we hear from Melinda Gates — whose foundation invests in global health — about the role contraceptives play in helping low-income countries transition to high-income ones. Afterwards, we take a ride in one of London’s newest cabs…the iconic black vehicle has gotten a green makeover.  

But it's just a matter of time before the problem is solved, a UC Berkeley engineer says.

The GOP tax bills in the House and Senate have been portrayed as legislation intended to create a windfall for big business. But the bills have winners and losers by industry sector. We take a look at what industries come out ahead, and we give you context on the Bitcoin boom, the rumored $60 billion sale of Fox’s entertainment assets to Disney and why Jerusalem’s divided economy is at risk. Plus, the latest installment of “My Economy,” where we hear from the publisher of a cultural magazine about southern Louisiana. 

In Trump territory, there's faith in the tax bill along with feelings of being left behind.

Would you cash out early or hang on to it? A Wall Street Journal reporter tells how he tried to time the cryptocurrency market.

You may think of food deserts as an urban phenomenon. But they exist in rural towns too.

One magazine owner shares his story.

Film producer DeVon Franklin reflects on a career as one of Christian Hollywood's greatest film impresarios, and why he left it to start his own production company.

A drop in mall foot traffic has the retailer on the ropes.

(Markets Edition) While tech stocks have been kind of tepid this week, it’s been a while since the markets have seen any serious downward jump. Susan Schmidt, senior vice president and portfolio manager at Westwood Holdings, explains whether this is cause to worry. Afterwards, we’ll look at how Britain’s Brexit plans have hit a major roadblock. While Britain’s prime minister wanted to figure out a future trade relationship with the EU, there’s disagreement over what happens to the border between Northern Ireland and the Republic of Ireland.

(U.S. Edition) As Congress tries to reconcile the two different tax bills that are on the table (one from the House and one from the Senate), we’ll look at one item they do have in common: a move toward a territorial system of taxation. This move would try to encourage U.S. companies to move the trillions they have stashed overseas into the U.S. Afterwards, we’ll look at a new proposal from the Department of Labor that would allow employers to pool tip money from workers who earn at least minimum wage, and share it with non-tipped workers. Plus: A conversation with Marketplace Weekend host Lizzie O’Leary about her trip to Puerto Rico in the aftermath of Hurricane Maria. While the hurricane hit the island three months ago, power there still hasn’t been fully restored. 

Will you let your children use the new Messenger Kids platform?

(Global Edition) From the BBC World Service … Australia has seen 26-straight years of growth, but we’ll explain why some economists are keeping a keen eye on home prices and consumer-spending levels. Afterwards, at a UN environment summit in Kenya today, nations will agree to keep plastics out of oceans. We’ll talk to an expert in a protected beach reserve who explains why new efforts are imperative. Then, we’ll take you to Tokyo where working moms still find it difficult to balance jobs and family. 

Facebook released its new Messenger Kids app this week. It allows parents to monitor exactly who their children are communicating with on the app. It’s aimed at kids ages 6 to 12.  (Under federal law, kids under 13 aren’t allowed to have Facebook accounts.) And it keeps everything inside the Facebook ecosystem — the new app would require parents to be Facebook friends if their kids want to chat. Marketplace Tech host Molly Wood talked with Amanda Lenhart, deputy director of the Better Life Lab at the think tank New America, about how this could affect kids’ online presence — and privacy.

Those are two completely different subjects, one having to do with a very long-term American problem: the dearth of innovation, which could be remedied if more low-income people of color and women were encouraged as children to innovate, according to Stanford economics professor Raj Chetty. And the other problem, lost tax revenue, is more concrete. Forty billion dollars over the next 10 years — that’s what we’d lose if the House’s proposition to repeal the 20 percent minimum tax rate for corporations goes forward (the Senate’s version of the bill keeps it.) Those differences are being ironed out this week. Also this week, a government shutdown looms. In other news, we check in on how Ireland’s open border will be affected by Brexit, and we visit the National Portrait Gallery to see an exhibition on American workers.  

Tax savings could go to shareholders, not new technology, jobs or other investments.

Calculating the cost of unequal opportunity.

Unrealized talent can have a serious economic impact.

The Irish Republic wants a guarantee that the border will remain open after Britain leaves the European Union. …will stay as open as it is today.

"I want people to walk away recognizing workers in their daily life … and possibly feel a little less alone walking away," says the exhibit's co-curator.

(Markets Edition) Markets have responded mostly positively to the progress the GOP has made in overhauling America’s tax system, but the tech-heavy NASDAQ didn’t have the greatest Monday. Gabriela Santos, global market strategist with JP Morgan Asset Management, stopped by to explain why some sectors are going to benefit more from corporate tax reform than others. Afterwards, we’ll look at China’s fight to be considered a market economy.

(U.S. Edition) The Senate is debating a bill that would free some small and midsized banks from regulations that were put in place following the financial crisis. We’ll look at whether these looser rules will just mean bigger problems down the line. Afterwards, we’ll discuss the Supreme Court’s first hearing on a case involving a baker who refused to bake a wedding cake for a same-sex couple. Plus: How one company is letting investors buy a cut of their favorite artists’ royalties.

Tech's wealthiest men are investing money in life-extension technology.

A new public company gives investors the chance to bet on a musician's continued success.

(Global Edition) From the BBC World Service … European Union finance ministers are expected to adopt a blacklist of 20 tax haven nations. We’ll tell you what that could mean for some of the world’s biggest companies. Afterwards, we’ll take you to Tokyo where names like Takata and Kobe Steel once contributed to the country’s sterling corporate reputation…but have more recently helped tarnish that perception. 

With an employee shortage, the agricultural sector needs immigrant labor to fill all open positions.

Some of tech’s most powerful players are investing money in life-extension technologies. The founders of Amazon, Oracle, and Google are just some of the elite looking to live forever. That has some people wondering, will only the rich be able to escape death? On this episode of Marketplace Tech, host Molly Wood talks to author Stanley Bing. His new sci-fi novel “Immortal Life” looks at how anti-aging technology could shape society.

The boom in the high-end sneaker market makes counterfeit kicks a real problem.

Marketplace Weekend is taking your questions about the House and Senate tax bills.

We get down to the differences between the Senate and House versions of the tax bill, and debt created is one of those differences. Also included is the number of tax brackets, the alternative minimum tax and the amount of the child tax credit. Plus, Marketplace’s Dan Gorenstein is in Boston looking at how to woo investors to a working-class neighborhood in order to create a healthy, mixed-income community, and Kai Ryssdal figures out how to tell the difference between real and fake Nikes with Eddy Lu, CEO of GOAT, an online sneaker resale marketplace that specializes in authenticity.

The Senate and House have now both passed their own versions of a tax bill. Now comes the difficult part — reconciling the differences.

Local nonprofits created a private equity fund and found a way to minimize the investment risk.

The House and Senate will have to reconcile their tax bills, which have some key differences right now.

(Markets Edition) Now that the Senate has passed its version of the tax bill, a new process begins: combining the two bills so Trump can sign it into law. On today’s show, we’ll preview what’s set to be a complicated week ahead for tax policy. Afterwards, we’ll chat with economist Julia Coronado about how the markets have been reacting to the Senate’s passage of the measure. Hint: They’re thrilled. Then to cap off today’s show, we’ll discuss Trump’s plan to significantly shrink Bears Ears National Monument in Utah. That has some groups worried that energy companies will try to move in.

CVS Health Corp. has plans to merge with the health insurance company Aetna Inc. in a $69 billion deal.

With the Trump administration poised to shrink Bears Ears National Monument in Utah, oil and gas companies are eyeing the fringes.

(U.S. Edition) CVS is purchasing Aetna in a $69 billion merger that could completely alter the health industry. What does each want from the other? Erik Gordon, a professor at the University of Michigan, explains what these companies are getting out of this deal. Afterwards, we’ll look at the Treasury’s decision to phase out myRA, an Obama-era program that allowed people without access to retirement accounts to set up their own with the government. Andrei Cherny — cofounder of Aspiration, a private online bank — explains why he thinks the program was an example of government inefficiency. 

(Global Edition) From the BBC World Service…A big lunch in Brussels: U.K. Prime Minister Theresa May meets with two key EU leaders to see if her country’s made enough progress to get Brexit to its next crucial step. Afterwards, we’ll take a look at an extradition hearing for India’s liquor and airline baron, Vijay Mallya, known for his gold watches, calendar girls and poolside parties. Then, a conversation about why there’s little economic incentive to give up conflict, which escalated over the weekend, in Yemen.

Amazon’s acquisition of Whole Foods is making a lot of grocery chains rethink their strategies. Albertsons, the country’s second-largest grocer (after Walmart), just announced a partnership with the on-demand grocery delivery company Instacart. Kroger is also testing delivery with Instacart. But that isn’t the only change in the works.  Grocers have also created something called “click and collect,” where customers order online and then pick up the groceries at the store. Marketplace Tech host Molly Wood talks about shopping for groceries in the digital age with Jennifer Bartashus, a senior analyst with Bloomberg Intelligence.