Does debt matter? For an individual, a household or even a generation, sure it does. But what about a nation? Modern Monetary Theory says no. To help us understand MMT and why it matters in this crisis is Stephanie Kelton. She’s a professor of economics and public policy at Stony Brook University, and she served as an adviser to Sen. Bernie Sanders’ presidential campaign. Her new book, “The Deficit Myth” is out June 9.
For a full list of all the stories we talked about today, check out the episode page at makemesmart.org. And if you can, consider supporting Marketplace with a donation at marketplace.org/givesmart.

Maybe Modern Monetary Theory is an answer to the COVID-19 economic crisis

Each weekday, Marketplace’s Kai Ryssdal and Kimberly Adams make today make sense. Along with our supersmart listeners, we break down happenings in tech, the economy and culture. Every Tuesday we bring on a guest to dive deeper into one important topic. Because none of us is as smart as all of us.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

News

Today, the Biden administration announced plans to implement strict staffing requirements at nursing homes. Kimberly Adams unpacks what this rule may mean for care and the nursing home business model. Plus, guest host Nova Safo returns to discuss the United Auto Workers’ historic victory in the South and the latest troubles at Tesla. And, high-speed rail is finally coming to the U.S.
Here’s everything we talked about today:

“UAW wins big in historic union vote at Volkswagen Tennessee factory” from Reuters
“Tesla shares tumble on price cuts in run-up to earnings” from Reuters
“Biden administration finalizes controversial minimum staffing mandate at nursing homes” from CNN
“Nursing homes must hit minimum staffing levels under new federal rule” from The Hill
“Long Term Care Insurance Costs by State and Region” from New York Life
“How much does long-term care insurance cost?” from CBS News
“I’m 68 and My Long-Term Care Insurance Now Costs $600 Per Month. Is This Too Much?” from Yahoo Finance
“Nine practices from Native American culture that could help the environment” from The Washington Post
“From Sin City to the City of Angels, building starts on high-speed rail line” from The Associated Press


We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Big change coming to nursing homes


The Joe Biden administration announced highly anticipated updates to Title IX. The new rule expands protections for LGBTQ+ students and sexual assault survivors. But it stops short of addressing the rights of trans athletes. Then, we’ll get into the outrageous hoops rich people jump through to get out of paying state taxes. Plus, we’ll weigh in on swapping seats on airplanes and more in a round of Half Full/Half Empty!
 
Here’s everything we talked about today:
 



“How to Avoid State Taxes? New York Rich Use Private Jets” from Bloomberg



 



“New Title IX rules protect LGBTQ+ students, avoids trans athletes” from AP News



 



“New Title IX rules offer ‘comprehensive coverage’ for LGBTQ+ students and sexual violence survivors” from The 19th



 



“As drive-thrus get bigger, some cities aren’t lovin’ it” from Marketplace



 



“Make robots like Boston Dynamics’ new Atlas hairy” from The Verge



 



“Washington, D.C., is a test case for phasing out the tipped minimum wage” from Marketplace



 



“Pringles Crocs: New shoes, ankle holster and crisp flavor unveiled” from Axios



 



“The Four Most Divisive Words on a Flight: Will You Swap Seats?” from from The Wall Street Journal




 
We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.


A revamp for Title IX

The Biden administration is aiming to triple tariffs on Chinese steel to protect U.S. manufacturers. Sound familiar? We’ll explain who is actually paying the price and what raising tariffs would mean for U.S. workers. We’ll also get into why economic data doesn’t always translate into how voters view the economy, especially in an election year. And, what the buzz over the popular animated series “Bluey” is all about.
Here’s everything we talked about today:

“President Biden Gives Remarks on Labor Unions and Manufacturing Jobs in Pittsburgh” from C-SPAN
“Biden vows to shield US steel industry by blocking Japanese merger and seeking new Chinese tariffs” from The Associated Press
“Once again: Who pays for tariffs on Chinese steel?” from Marketplace
“Fed Chair Powell delivers remarks at the Washington Forum on the Canadian economy” from CNBC
“Fed Chair Jerome Powell Dials Back Expectations on Interest-Rate Cuts” from The Wall Street Journal
“It’s getting harder to predict the economy’s effect on presidential elections” from Marketplace
“Caitlin Clark Selected No. 1 Overall by the Indiana Fever” from ESPN
“Wait, Caitlin Clark Is Only Getting Paid $76,000?” from The Wall Street Journal
“Hall of Fame college coach Dawn Staley Reflects on the state of women’s basketball.” from NPR
“Political advertisers worry about reaching sports fans streaming their games” from Marketplace
Bluey “The Sign” Official Trailer
“The Non-Parents’ Guide to Bluey” from Vulture
“Is “Bluey” ending? “The Sign” explained — and the show’s future.” from Vox

Join us tomorrow for Economics on Tap! The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern. We’ll have news, drinks, and play a round of Half Full/Half Empty!

What you need to know about tariffs

A union election at Volkswagen is testing the power of the United Auto Workers. As voting gets underway this week, guest host Nova Safo explains what unionization could mean for three big automakers and the labor movement in the South. Plus, how a unanimous Supreme Court ruling expands the scope of workplace bias suits. And, why Billy Joel came up at a Pentagon press briefing.
Here’s everything we talked about today:

“The South has few unionized auto plants. Workers say this one could be next.” from The Washington Post
“Supreme Court makes it easier to sue for job discrimination over forced transfers” from The Associated Press
“Hugh Grant says he took ‘enormous sum’ to settle suit alleging illegal snooping by The Sun tabloid” from The Associated Press
“Conservative Broadcaster OAN Settles Defamation Claims by Voting-Machine Company Smartmatic” from The Wall Street Journal
Pentagon press conference moment from Travis Akers on X
Billy Joel’s “We Didn’t Start the Fire” (Official HD Video) 

We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

A new day for labor organizing in the South?

There’s been a lot of debate lately about the potential effects of smartphones and social media on young people’s mental health. Some states like states like Florida and Utah have even tried to ban kids from using social media apps until they reach a certain age. But Mikey Jensen, professor of clinical psychology and director of the Interactions and Relationships Lab at the University of North Carolina Greensboro, said outright bans could do more harm than good.
On the show today: How smartphones and social media are reshaping our lives. And why we should focus on the quality of kids’ online time instead of the amount of it. 
 
Then, we’ll get into the cost of a major ransomware attack for a health care company and its clients. And, the mini pencil economy and what a history professor got wrong about ancient Rome.
 
Here’s everything we talked about today:
 



“The great rewiring: is social media really behind an epidemic of teenage mental illness?” from Nature



 



“The Phone in the Room” from The New York Times



 



“I Asked 65 Teens How They Feel About Being Online” from The Cut



 



“What the evidence really says about social media’s impact on teens’ mental health” from Vox



 



“UnitedHealth to take up to $1.6 billion hit this year from Change hack” from Reuters



 



“Change Healthcare stolen patient data leaked by ransomware gang” from TechCrunch



 



“IMF Steps Up Its Warning to US Over Spending and Ballooning Debt” from Bloomberg




We want to hear your answer to the Make Me Smart question. You can reach us at makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Maybe Modern Monetary Theory is an answer to the COVID-19 economic crisis

Download our free app to listen on your phone