"Econ 102" with Noah Smith and Erik Torenberg
How the Macro, Tariffs and DOGE will Impact your Bank Account | Noah Smith on How To Money
Feb 14, 2025
This week's guest, Noah Smith, is an economist and author of the Substack "Noahpinion," celebrated for making complex economic topics accessible. The conversation delves into the implications of tariffs and healthcare costs on personal finance. Noah discusses demographic challenges like the baby bust and offers insights on social security funding amidst declining birth rates. They also explore Argentina's economic turnaround under new leadership, blending humor with serious economic discourse.
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Quick takeaways
- Tariffs, while intended to protect domestic industries, often lead to higher prices for consumers and create policy uncertainty affecting economic growth.
- The emergence of Substack allows creators to engage audiences directly through email newsletters, reshaping how economic commentary is shared without traditional media constraints.
Deep dives
Understanding Tariffs and Their Economic Impact
Tariffs can lead to higher prices for consumers, as they essentially act as taxes on imported goods. The podcast discusses how the unpredictability surrounding tariffs creates policy uncertainty, which adversely affects business investments and economic growth. While former President Trump made various tariff announcements, the actual implementation has been inconsistent, reflecting his responsiveness to stock market reactions. The conversation emphasizes that the effectiveness of tariffs in altering trade balances is limited, often requiring severe rates that risk economic stability.
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