The big Republican policy bill that extends tax cuts and reduces funding to some important federal programs, will also do something else: In the coming decade it will add $2.4 trillion to the national debt. That data point, based on research conducted by the nonpartisan Congressional Budget Office, is the subject of today's episode.

Also on the show: The economics of pilates.

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The Trump administration has put its plans to impose a 50 percent tariff on all goods from Europe on hold for now. Adam and Cameron discuss the $236 billion trade deficit between the United States and the European Union, as well as the future of trade between the two powers.

Plus: This year is the 60th anniversary of The Sound of Music, the classic Hollywood film starring Julie Andrews. Adam and Cameron look at the history of the real von Trapp family and the film's economic impact on tourism in Salzburg, Austria.

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To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 3, they look at the economics of the Holocaust.

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To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 2, they look at the economics of the postwar period.

Also on the show: A quick conversation about U.S. President Donald Trump’s Middle East trip.

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To mark the 80th anniversary of the Nazi surrender, Adam and Cameron are doing a three-part series on World War II. In Part 1, they look at the economics of the war itself.

Also on the show: A quick conversation on U.S. President Donald Trump’s futuristic policies.

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On this episode, we bring you the latest installment of Adam and Cameron’s occasional series on heterodox economists. Austrian Joseph Schumpeter produced most of his work in the United States as an immigrant and a Harvard professor, beginning in the 1930s. Schumpeter popularized the term “creative destruction.”

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In parliamentary elections next week, Canadians are expected to turn out in large numbers for the Liberal Party led by Mark Carney—in part as a reaction to U.S. President Donald Trump. The Liberals had been down in the polls for months, but Trump’s rhetoric and policy, including on tariffs, have prompted voters to turn away from the Conservatives and back Carney, who had a long career in central banking and global finance. On this episode, Adam and Cameron discuss the Canadian economy—the ninth largest in the world—and how Carney plans to deal with Trump.

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Given the news of Pope Francis's death this past week, we're sharing a bonus episode from the archive. This originally aired in March 2024 and is titled, "The Economic Thinking of Pope Francis."

We'll be back with a new episode this Friday.

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As tariff concerns rippled through financial markets around the world this month, the 10-year yield on U.S. Treasury bonds advanced 50 basis points. That is the most in more than two decades. Adam and Cameron talk about what fluctuations in the bond market mean and why it has put a scare in investors.

Plus, in the second half of the show, the costs and benefits of nuclear proliferation from the perspective of defense budgets, nuclear waste, and international security.

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U.S. President Donald Trump reversed course this week as he announced a three-month pause on “reciprocal tariffs” but increased tariffs on China to 125 percent. China responded with 84 percent retaliatory hikes. Hosts Cameron Abadi and Adam Tooze talk about the immediate and long-term impacts of this trade war and look at the possible policy goals it might serve.

And thank you to everyone who responded to our pitch for listener support last week! If you’d like to help support us make the show, please consider following this link to donate.

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