EconoFact Chats

The post-war international economic order was based on two fundamental pillars: American leadership and multilateralism. Both of those are, to some extent, under threat today. The United States is on a different path with respect to international economic relations, than had been the case over the past decades. Increasing tariffs are just one example of a reversal of prior efforts aimed at greater globalization and more economic integration. This reversal has not just occurred in the United States: Brexit stands as a prime example. What have been the forces driving a splintering in globalization? Are there historical precedents for this? What type of international economic regime is likely to emerge? Professor Jeffry Frieden joins EconoFact Chats to address these questions and discuss present and past linkages between domestic politics and international economics. Jeff is Professor of International and Public Affairs and Political Science at Columbia University, and Professor of Government emeritus at Harvard University. His teaching and research focus on the politics of international economic relations.

The Trump Administration claims tariffs will help protect American jobs, revitalize manufacturing, and raise revenues, while keeping prices stable. While it may be too soon to evaluate some of these expected outcomes, pioneering efforts by Alberto Cavallo in gathering real time price data on goods, distinguished by their country of origin, makes it possible to analyze how tariffs are affecting prices. Alberto joins EconoFact Chats to discuss who bears the cost increases from the tariffs, the role of policy uncertainty in companies’ pricing decisions, and the cumulative effects of tariffs on prices. Alberto is the Thomas S. Murphy Professor of Business Administration at Harvard Business School. He co-founded PriceStats, the leading private source of inflation statistics in over 20 countries.

Binyamin Applebaum of The New York Times, Larry Edelman of The Boston Globe, Scott Horsley of NPR, and Claire Jones, the US Economics Editor The Financial Times join EconoFact Chats for a wide ranging discussion on the U.S. economy, focusing on the weaker than expected jobs reports, high inflation, the importance of reliable government statistics, the independence of the Federal Reserve, immigration enforcement, demographic shifts, and continued tariff uncertainty.

Less than a year after The Economist labeled the U.S. economy the 'envy of the world,' concerns are arising from disappointing jobs reports, slowing GDP growth, and rising prices. In this EconoFact Chats episode, Mark Zandi notes that tariffs and a restrictive immigration policy are contributing to the likelihood of recession and inflation, although he discounts the possibility of a return to the severe stagflation of the 1970s. He also highlights the risks posed by a ballooning national debt. On a positive note, Mark notes the contributions of the AI boom to the economy. Mark is the Chief Economist of Moody’s Analytics. He serves on the board of directors of MGIC, the nation’s largest private mortgage insurance company, and is the lead director of Reinvestment Fund, one of the nation’s largest community development financial institutions.

This week, EconoFact Chats features an abridged version of an Ask Me Anything Webinar held on July 17th, 2025, with Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute. The discussion focused on how populist diagnoses of social and economic issues often assume an unhelpful zero sum mindset, leading to poor policy proposals, and on how 'forcing events' can expand the bounds of what is a politically feasible solution. Michael's latest book is 'The American Dream Is Not Dead: (But Populism Could Kill It).' EconoFact’s monthly Ask Me Anything Webinars are exclusively available to our Premium Subscribers. The modest $50 annual fee for becoming a Premium Subscriber supports EconoFact and its efforts to bring timely, accessible, unbiased, and nonpartisan analyses on important economic and social policy issues to the public. You can sign-up for a Premium Subscription at https://secure.touchnet.net/C21525_ustores/web/store_main.jsp?STOREID=157

United States colleges and universities currently enrol about 900,000 international students, representing 5% of all students – although the percentage of foreign students varies widely across institutions. Many colleges and universities would be hurt by policies that limit the number of foreign students. The detrimental effects of these policies extend beyond institutions of higher education to local economies, companies that hire engineers, scientists, and programmers, and to the dynamism of the U.S. economy since immigrants educated in this country are vastly overrepresented as entrepreneurs. Furthermore, American higher education serves as an important source of soft power that bolsters America’s standing in the world. Arguments have been made about foreign students endangering national security and taking the places of American students. How should we weigh these concerns against the benefits of foreign students who represent an import export of services for this country? Nathan Grawe joins EconoFact Chats to discuss these questions. Nathan is the Lloyd P. Johnson-Norwest Professor of Economics at Carleton College. His most recent book is 'The Agile College: How Institutions Successfully Navigate Demographic Change.' Note: This podcast was first published on 15 June, 2025.

The U.S. dollar is the most widely used currency in global commerce. Many commodities are priced in dollars. Much of world trade in goods and services, as well as in financial instruments, is denominated in dollars, even when U.S. residents are not party to either side of the transaction. U.S. Treasury bonds have been the world’s safe-haven asset. Has the U.S. benefited from the dollar's role in international trade and finance? Is dollar dominance waning under current U.S. policies? If so, what are the likely consequences? Paul Blustein joins EconoFact Chats to discuss these issues. Paul is a Senior Associate at the Center for Strategic and International Studies. He is the author of 'King Dollar: The Past and Future of the World's Dominant Currency.' Note: This podcast was first published on 27 April, 2025.

Robert Lawrence, the Albert L. Williams Professor of International Trade and Investment at Harvard Kennedy School, dives into the decline of manufacturing jobs and its impact on those without college degrees. He discusses whether this decline is a natural evolution of economies and if manufacturing can still offer pathways to stable employment. Lawrence emphasizes the importance of policies like training programs and wage insurance to support job mobility and foster inclusive growth, all while considering the critical role of manufacturing in national defense and technology.

Erica Groshen, former Commissioner of the U.S. Bureau of Labor Statistics (BLS) uses the acronym AORTA to characterize good data; Accurate, Objective, Relevant, Trustworthy, and Accessible. This is apt since good data are the lifeblood of economic decision-making. But what happens if statistics are compromised by reduced staffing and resources, or by politically motivated manipulation? Erica joins EconoFact Chats to discuss the history and the role of the BLS, the importance of good data for decision-making by government, businesses, and families, and her concerns about political interference degrading the integrity of government statistics. Erica served as the Commissioner of the U.S. Bureau of Labor Statistics from 2013 to 2017. She is currently Senior Economics Advisor at the Cornell School of Industrial and Labor Relations, and a Research Fellow at the Upjohn Institute. Note: This podcast was first published on 9th March, 2025.

Most of the United States’ population growth is now due to immigration. Among these is an estimated 11 to 12 million undocumented immigrants. Undocumented immigrants have been deported both through enforcement at the border and by being removed from within the United States. Recently, former President Trump has called for mass deportation of millions of people. How realistic is this goal? What would be the economic consequences of deporting even a fraction of the large number of people that Trump has called for? Does the threat of deportation have a chilling effect on those in this country legally? How would it affect communities that include both the undocumented and legal residents? Tara Watson joins EconoFact Chats to discuss these questions. Tara is the Director of the Center for Economic Security and Opportunity at Brookings. Her most recent book is 'The Border Within: The Economics of Immigration in an Age of Fear,' co-authored with Kalee Thompson. Note: This podcast was first published on 6th October, 2024.