There is a growing chorus of politicians who argue that there’s a simple solution to help all kinds of problems, including poverty, labor shortages and government deficits: putting more work requirements into government welfare programs. Some are calling it Welfare Reform 2.0. But as politicians push these programs in the name of ending “welfare dependency,” behind the scenes there’s something else going on. A group of multimillion-dollar corporations have built their businesses on these welfare-to-work policies. And critics say they have cultivated their own cycle of dependency on the federal government. 

So where did this idea of requiring labor in exchange for government aid come from? And does it actually help people climb out of poverty? Turns out the answers is surprising — and troubling.

“The Uncertain Hour” is back with season six, a deep dive into the welfare-to-work industrial complex and the multimillion-dollar companies running for-profit welfare centers.

One of the many questions around the two recent U.S. bank failures is why depositors became so spooked even when their bank held supposedly safe assets like Treasury bonds. The answer, says Susan Schmidt, is largely because of those bonds’ decreased value because of higher interest rates. Credit Suisse, one of the world’s largest financial institutions, saw its stock nosedive this morning after it revealed it had been audited for shoddy accounting practices. And, a look at why sustainable versions of popular products are finding a growing niche in the market.

Ajay Banga, the former CEO of Mastercard and U.S. nominee for the World Bank presidency, is on a global “listening tour” to garner support for his bid. While speaking with global business and government leaders, one thing he underscored was the importance of the fight against climate change in the upcoming years. Mortgage rates have been down in recent days amid unease about the financial sector following the collapse of two U.S. banks. And, a look at how hip-hop was shaped by economic pain in 1970s New York City.

The story by Lily Jamali about mortgage rates in this episode contained an error that has been corrected. Please visit the story page.

From the BBC World Service: The European Union’s banking regulator says it doesn’t see “any threat to financial stability of European Banks”, following the collapse of SVB. We ask an economics professor at a French business school why European banks are less likely to fail. We spoke to him before Credit Suisse’s shares collapsed after a major shareholder said it would not continue to invest. Also, the UK Government will be hoping for less turmoil as it prepares to announce its budget; the last one led to the pound reaching record lows and cost the then Prime Minister her job. Plus, we report from Beirut where the Lebanese currency is in freefall.

Microsoft’s Bing chatbot has displayed some strange, sometimes inappropriate responses. Could training in ethics help? Meghan McCarty Carino spoke with Arvind Narayanan, a computer science professor at Princeton University, about the ethical concerns he sees increasing around artificial intelligence.

As we follow the implosion of Silicon Valley Bank, we’ll examine the parties involved in regulating finance — both state and federal — and what changes may emerge from the meltdown. We’ll also check in with a former Federal Reserve official who oversaw reforms and ask him to chart a path forward for Washington. Plus, shelter costs continue to drive inflation and cowhides help predict the economic future.

Some members of Congress recently introduced legislation that would give President Biden the power to ban TikTok, despite the company’s best efforts to get on Congress’ good side.

How did an app known for viral dance videos find itself in the middle of a national security debate?

On the show today, Forbes tech reporter Emily Baker-White explains why some members of Congress see TikTok as a national security threat, how real that threat actually is, and what an all-out ban would even look like. Plus, how it felt to be spied on by TikTok.

In the News Fix: How a viral parody tweet may have helped bring down insulin prices. Also, Kai Ryssdal explains what the latest round of job cuts at Meta say about the larger tech industry. And, a little Silicon Valley Bank update, for good measure.

Later, one listener shares their experience with rooftop solar panels. And, this week’s answer to the Make Me Smart question comes from a listener who was wrong about the volatile nature of the tech industry.

Here’s everything we talked about today:

What have you been wrong about lately? We want to hear your answer to the Make Me Smart question! Leave us a voice message at 508-U-B-SMART, and your submission may be featured in a future episode.

Since the government takeover of the failed Silicon Valley and Signature banks, questions have been swirling about where the money is coming from to ensure depositors’ money. We look at the agencies involved and how costs may eventually be passed on to consumers, despite officials’ assurances to the contrary. Amid the SVB crisis, there’s also been a reckoning about the rules and oversight that govern small and medium-sized financial institutions. And, schools in parts of Maine are seeing an unexpected drop in funding because of higher property values in surrounding communities.

From the BBC World Service: With global markets still reeling from the failure of Silicon Valley bank, we hear from the CEO of HSBC who bought the UK arm for £1 on Monday. BBC Beijing correspondent Stephen McDonnell reports from China where the doors to foreign visitors will open from next week. Plus, is there hidden Nazi gold in a Dutch town? The BBC’s Anna Holligan has been to find out.