This episode explores the economic impacts of tariffs and the challenges to the independence of certain US government agencies. Against the backdrop of President Trump's tariffs, the report reveals that low-income Americans bear a disproportionately higher burden of increased prices, spending 6% more of their income compared to 5% for middle-income and 1.7% for high-income earners. More significantly, the discussion pivots to the Trump administration's attempts to exert greater control over independent agencies like the NLRB and the Federal Trade Commission, potentially undermining their independence and regulatory functions. For instance, the firing of commissioners from these agencies is highlighted as a challenge to established legal precedents. This raises concerns about the broader implications for the independence of other agencies, such as the Federal Reserve. The episode concludes by emphasizing the ongoing debate surrounding executive power and its potential impact on the US economy and regulatory landscape.
