Economics Matters with Laurence Kotlikoff

President Trump's on again, off again tariff mania is, well, choose your adjective. From one day to the next, imported products, be they pharmaceuticals, kitchen cabinets, lumber, or foreign movies, are being tariffed at massive rates. Brazilian products are facing 50 percent tariffs because Brazil isn't treating recently convicted former Brazilian President, Bolsonaro, to the President's liking, and other countries are now locked into a high tariff for the conceivable future. Cambodia, for example, is facing a permanent 19 percent tariff on selling products to the U.S. A good country-by-country list of tariffs now in place, scheduled, or threatened is available here. What impacts are the imposed tariffs, the announced tariffs, and the potential tariffs having on importers? What legal liabilities are importers facing thanks to tariff uncertainty. Will Trump's tariff policy, actual and potential, expand or undermine US manufacturing? To address these questions, I invited one of our top trade specialists, attorney Irene Chen, to join me on Economics Matters -- the Podcast. Irene represents and counsels foreign producers and U.S. importers in international trade matters through her law firm, VCL Law, LLP. As her bio bio details, Irene has had extensive experience working for the U.S. International Trade Commission and the U.S. Department of Commerce. Get ready to learn the not so good, the bad, and the ugly about current tariff policy and how it is impacting real companies in real time. 

Andrew Fesiak rejoins me on Economics Matters. He addresses these questions and more: Is Russia winning? Is Ukraine Short on Manpower? Is Trump selling out Ukraine and NATO by deed, if not word? Can Ukraine even up the sides with its new Flamingo cruise missile? What did the US refusal to join other NATO members in shooting down the Russian drone incursion in Poland tell us? Is Ukraine now exporting drones? Is Russia testing NATO's response to air incursions to demonstrate that the US is no longer a real part of NATO? Is Russia gearing up to attack the Baltics? How will the war end? Andrew is Senior Consultant at Black Trident Defense and Security Group. He's an expert on Ukrainian and Russian relations, politics, history, culture, and the ongoing war. Andrew has lived in Ukraine for decades, having emigrated from Canada. His grandparents and parents were Ukrainian. This is Andrew's 5th appearance on Economics Matters -- the Podcast. His analysis of the military and political situation have been dead on. If you want the facts on the ground, including Trump's mounting acts of betrayal, all packaged in mellifluous words of support, this podcast is for you.

Back in May, Moody's joined the other two major U.S. debt-rating companies, S&P Global Ratings and Fitch Group, in downgrading US government debt. No surprise. Federal debt was close to 30 percent of GDP a quarter Century back. Today it's close to 100 percent and projected to exceed 150 percent by mid Century. No one is better positioned to discuss our nation's fiscal condition than David Levey. David spent almost 19 years servicing as Managing Director and Co-Head of the Sovereign Ratings Unit of Moody's Investors Service. Indeed, David is arguably the father of sovereign risk rating having developed country-credit analysis at Moody's. When David retired, he was credited by Moody's as having rated the official obligations of over 100 countries across the world. In addition, David has been involved in rating a host of foreign and domestic industry- and company-specific securities. David holds a BA in Economics from the University of Chicago and a PhD in Economics from Harvard University. Before joining Moody's, he taught at Yale, the New School for Social Research, and Wayne State University. He also served as Senior Economics Writer for BusinessWeek, Country Risk Manager for Wells Fargo, and President of his own risk-evaluation consulting company. David's had a long career sizing up failing states. The US is not a failing state, but is, it seems, working overtime to join that club. Please listen as one of our few remaining grownups in the room explains what our politicians know, but won't say -- our country is going broke hand over fist, with serious implications for how we all should you invest your money.  

Peter Coy, a veteran economics journalist with a rich background in major publications, interviews a leading economist on pressing financial issues. They delve into common retirement planning mistakes and critique Wall Street's misleading practices. The discussion also highlights the impending crisis of Social Security, proposing reforms like individual contribution accounts. They explore the long-term challenges of fiscal policies, warning against unsustainable borrowing and the need for accountability in securing futures for upcoming generations.

Ignazio Visco is a superb economist and central banker. He should be everyone's choice for the next President of the European Central Bank. Italy has a bad economic rap among those with a cursory knowledge of its fiscal condition and financial system. In fact, it's ranked as the most fiscally sustainable of all major EU countries and has one of the world's safest banking systems. The former is thanks to relatively small off-the-books pension, healthcare, and other off-the-books liabilities. The latter is largely due to Ignazio's 12-year leadership of the Italian Central Bank. Ignazio has had an amazing career. He received his PhD in economics from the University of Pennsylvania, joined the Bank of Italy as a junior economist, quickly became Head of the Bank's Research Department, was named Chief Economist of the OECD, and then appointed Governor of the Bank of Italy. He has served on the boards of the ECB, the ESRB, the BIS, the FSB, the World Bank, the Asian Development Bank, the International Monetary Fund, and the InterAmerican Development Bank. There are few people on the planet with Ignazio wealth of international economic exposure, expertise, and knowledge. Please do listen/watch this episode of Economics Matters -- the Podcast. It's terrific. 

Gregory Clark, a British economic historian and professor, delves into the intriguing link between genetics and economic evolution. He discusses how the reproductive patterns of the elite during the Industrial Revolution shaped social mobility and status across generations. The conversation highlights the influence of wealth on fertility, explores education's role in social hierarchies, and touches on modern challenges in retirement planning. Clark raises provocative questions about genetic determinism and its effects on today's socio-economic landscape.

I met Bill Raduchel as a grad student at Harvard. He was then and remains today a rare combination of pure genius and utter humility. My interactions with Bill were limited. But I instinctively realized he was some form of economics, software, and computer god rolled into a lovely person who could teach you about those subjects or anything  else of interest. I met up again with Bill two years back and, gee, nothing had changed. I was awestruck then. I'm awestruck now. When I heard he'd written an autobiography of his amazing career, I lept at the chance to share Bill with followers of Economics Matters -- the Podcast.  Bill's book, which you can purchase here, is entitled: The Bleeding Edge -- My Six Decades at the Forefront of the Tech Revolution (from Scott McNealy to Steve Jobs to Steve Case to Steve Ballmer and Other Titans of Technology) Here's the Wiki description of Bill. Dr. William J. Raduchel is an independent director, angel investor and strategic advisor. He was a professor of economics at Harvard for ten years, and an assistant dean at Harvard and Radcliffe. He has been an executive at Ruckus Network, Sun Microsystems, AOL Time Warner, Xerox Corporation, and McGraw-Hill. He also serves on boards for the Salvation Army and STEP (National Academy of Sciences).“Bill Raduchel is a pioneer of the digital revolution. The deeply instructive stories in this book are much more than a compulsively readable personal history. They’re a master class in how to succeed in the business of technology.”—Eric Schmidt, former CEO, Google, and co-author of The New Digital Age“For more than half a century, Bill Raduchel has been the Zelig of the tech world—somehow involved in nearly everything and knowing everyone. This book should be required reading for anyone thinking about a career in tech.”—Steve Case, cofounder and former CEO, AOL, and author of the New York Times bestseller The Third Wave“Bill has been my thesis advisor, dorm advisor, economics professor, mentor, CXO, friend, and co-worker since 1973. At Sun for over a decade, he helped us take revenue from $1 billion to $14 billion. He steered us through a financial crisis in 1989 and was in the middle of every major deal and innovation. The Bleeding Edge gives a perspective on management and change that is unique. He was there. He lived and helped formulate it.”—Scott McNealy,co-founder and former CEO, Sun Microsystems“I hired Bill to advise the Daily Mail and General Trust because of his long experience in technology and media. As this book shows, he’s also a shrewd judge of people and the systems that make companies successful.”—Jonathan Harmsworth,4th Viscount Rothermere and chairman of Daily Mail and General Trust“Few in the tech world are as accomplished and as deeply embedded in its firmament as Bill Raduchel. The Bleeding Edge is more than just a memoir—it’s a mini-MBA, a computer science degree, and a front-row-seat history of the digital revolution all rolled into one must-read book.” —Christopher A. Smith,author of Privacy Pandemic and digital security expertBut the real story of Bill Raduchel is summarized by these blurbs of his book and their authors.      

When it comes to personal finance journalism, Richard is simply as good as it gets. After I read Richard's Next Avenue column, What the Heck is Going On at Social Security, I realized it was beyond time to have him on Economics Matters -- the Podcast.  Richard Eisenberg is an “unretired” writer, editor, podcaster and author. He writes “The View From Unretirement” for MarketWatch, biweekly articles about Medicare on Fortune.com and pieces for Next Avenue and AARP about money and work for people over 50. He co-hosts the  and runs the NYU Summer Publishing Institute Digital Media Strategies program. He was formerly Managing Editor of PBS’ Next Avenue site, Executive Editor of Money for 19 years, and Special Projects Director of Good Housekeeping. He wrote How to Avoid a Midlife Financial Crisis and The Money Book of Personal Finance. He is a graduate of the Medill School of Journalism at Northwestern University. Richard Eisenberg is a writer, editor and podcaster specializing in personal finances, older adults and aging. He "unretired" in January 2022 when he left his job as Managing Editor and Editor of the Money and Work & Purpose channels of Next Avenue, the PBS site for people 50+. He was part of Next Avenue's launch team in 2011. Previously, he served as Executive Editor of Money Magazine, Front Page Finance Editor of Yahoo! and Special Projects.Director/Money Editor of Good Housekeeping. Richard currently co-hosts the Friends Talk Money Podcast (with my co-author, Terry Savage, and the equally amazing, Pam Kreuger), which focuses on personal finances for people 50+ and teaches a MasterClass in Unretirement at NYU. He is author of the books "Howto Avoid a Midlife Financial Crisis" and "The Money Book of Personal Finance" and served as Director of the NYU Summer Publishing Institute's Digital Media Strategy program for three years. Richard graduated from Northwestern University's Medill School of Journalism and lives in New Jersey. Here's a terrific recent column by Richard on whether you should let AI give you personal financial advice. For a host of outstanding MarketWatch columns by Richard, click here. And here's a link to a wealth of additional columns by Richard posted at Muckrack. Finally, check out Richard's columns and podcasts for Next Avenue here. 

Back in January 2023, Peter Fox Penner appeared on Economics Matters -- the Podcast to discuss his fabulous book,  Power After Carbon, Building a Clean Resilient Grid. Peter, who studied engineering in college and economics at the University of Chicago, where he earned a PhD, is surely among the most knowledge people in the country on America's energy system. He's back in this fascinating podcast to discuss a new study be co-authored with The Brattle Group. Its title is Affordability, Rates, and Clean Capital Efficiency: A Path for the Power Industry's Turbulent Next Decade.Power is a huge issue for all of us. Will AI data centers drive up electricity demand, prices, and carbon emissions? Peter's joint study looks at what's coming on both the demand and supply sides. But it also also shows how we can meet our exploding power needs largely by improving energy-capital efficiency. Please enjoy this timely presentation that's as relevant to climate deniers as it is to climate advocates. We are, for better and worse, all in the same boat. Peter explains in crystal clear terms both the rapids ahead and how to avoid them. Peter received a B.S. in engineering from the University of Illinois and a Ph.D. in Economics from the University of Chicago. During the Clinton Administration, Peter worked closely with Vice President Al Gore's team, serving first as a senior official at the U.S. Department of Energy and then in the White House Office of Science and Technology Policy. Before and after working for the federal government, Peter was engaged in economic and energy consulting. This included serving for over two decades as Principal and Chair of The Brattle Group, one of our nation's premier consulting firms. Peter left the Brattle Group to found and direct Boston University's Institute for Sustainable Energy and served as a Professor of Practice at BU's Questrom School of Business. Peter is currently a Partner and Chief Impact Officer of Energy Impact Partners, one of the world's largest dedicated clean energy private equity fund groups. He also serves as Senior Advisor to The Brattle Group, as a member of the Global Leadership Council of the World Resources Institute, and as an Advisory Board member of Mobility Impact Partners.  Peter's is a frequent speaker on energy topics and the author of numerous published articles and books. Peter's research has been widely cited, including in one Supreme Court decision. It spans electric power strategy, regulation, and governance, energy and climate policy, sustainable finance, and the relationships between public and private economic activity.

Jean Chatzky is one of America's leading personal finance journalists and authors. Jean and I are long-time buds. I'm delighted to have her on Economics Matters -- the Podcast. Jean is in the midst of an extraordinary career. After graduating from the University of Pennsylvania with a B.A. in English, Jean did equity research for Dean Witter and then moved into financial journalism -- first with Working Woman, then Forbes, then Smart Money (as Senior Editor), then Money Magazine as well as Finance Editor and Reporter for NBC's The Today Show, and now AARP's Personal Financial Ambassador. (Go to AARP.org to read Jean's columns.) As if this career, interspersed with appearances on Ophra, Live with Kelly and Regis, and the View and writing for Cosmopolitan, Parents, and Seventeen, weren't enough, Jean has authored 14 books on personal finance -- one better than the next. But, hold on. Jean's real claim to fame is hermoney.com. Jean launched HerMoney in 2018 -- a multimedia company changing the relationships women have with money — inspired by her weekly podcast, HerMoney with Jean Chatzky.Please view this special interview with Jean, particularly if you are a woman. Jean has been helping this half of our population with their special financial needs, skills, and advantages for years. As the podcast makes clear, Jean Chatsky is one of our nation's most important financial resources. But so are financial journalists, in general. I've been honored to interview of Who's Who of these special financial coaches. The full list includes Scott Burns, Terry Savage, Allan Roth, Allison Schrager, Liz Weston, Phil Moeller, Paul Solman, Mary Beth Franklin, Kerry Pecter, Rob Berger, Robert Powell, Nancy Lloyd, John Mauldin, Kerry Hanon, and Richard Eisenberg. These 15 podcasts plus over 100 more are yours for the free hearing/viewing by clicking here.