From our sponsor: Imagine if you could ask someone anything you wanted about their finances. On “What We Spend,” people from across the country and across the financial spectrum are opening their wallets — and their lives — to tell you everything: What they make, what they want, and — for one week — what they spend.

“What We Spend” is available wherever you get your podcasts!

Hey Smarties! Make Me Smart is taking a short break while Kimberly and Reema cook up something good for you!

In the meantime, we’re bringing you an episode from “Financially Inclined” a podcast from Marketplace that helps families learn more about money. It turns out where you park your money can actually make a difference in the fight agains climate change. Today, host Yanely Espinal speaks with author and financial educator Kara Perez about how you can spend, save and invest your money in a way that aligns with your values, without sacrificing your financial goals. Plus, they share practical tips for how to use your money to make a real impact.

It’s Kai’s last day as a regular co-host of “Make Me Smart” and he’s got a solid rant (and two bleeps). We’ll get into the Trump administration’s push to block international students at Harvard, thretening one of American’s biggest exports: higher education. Plus, we’ll unpack the Supreme Court’s 4-4 split over a separation of church and state case. And, could penguin poop be a tool against global warming?

Here’s everything we talked about today:

• “Supreme Court deadlocks, blocking creation of first religious public school” from The Washington Post
• “Trump Administration Halts Harvard’s Ability to Enroll International Students” from The New York Times
• “Harvard University Loses Student and Exchange Visitor Program Certification for Pro-Terrorist Conduct” from the U.S. Department of Homeland Security
• “Stop making cents: US Mint moves forward with plans to kill the penny” from AP News
• “Penguin Poop Could Limit Global Warming’s Impact on Antarctica” from Bloomberg

“Make Me Smart” is going on a break! Kimberly and Reema will be back with new episodes June 9. We’d love to hear from you while we’re away. Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

The Senate unexpectedly passed the No Tax on Tips Act, one of President Trump’s many campaign promises. We’ll explain what’s actually in the bill and where it goes from here. Plus, the Trump administration has officially accepted a $400 million luxury jet from Qatar for use as Air Force One. We’ll get into the grift of it all. Plus, one man’s search for younger looking skin and a manga story to smile about.

Here’s everything we talked about today:

• "The Senate passed Trump’s No Tax on Tips Act. Here’s what it could mean." from The Washington Post
• "No Tax on Tips Act: What to know about the bill and what comes next" from The Hill
• "Republicans Think They Have a Way to Blow Up the Filibuster Without Anyone Noticing" from Slate
• "A Terrible Idea" from Just Security
• "A 70-Year-Old Man’s Search for Younger-Looking Skin" from The Wall Street Journal
• "Defense Department accepts Qatari luxury jet for Air Force One use" from The Washington Post
• "Trump Lectures South African President in Televised Oval Office Ambush" from The New York Times
• "How Manga Megastar Junji Ito Makes Terrifying Series Like ‘Uzumaki’" from The New York Times
• "Shark fisherman uses drone to save teenage girl from rip current at Pensacola Beach" from CBS News

We need your help to reach our fundraiser goal in a moment when public media is threatened like never before. Give now: https://support.marketplace.org/smart-sn

Things aren’t looking so good for the U.S. dollar. Though it’s spent decades as the world’s reigning reserve currency, it’s been weakening lately thanks to tariffs and uncertainty in the U.S. economy.

But its declining value, has been in the making for a while, according to Harvard economist and author of the new book, “Our Dollar, Your Problem,” Kenneth Rogoff.

“The problem we’re facing is that, independent of this dollar phenomenon, interest rates are going up,” said Rogoff. “And if you’re the world’s biggest debtor, that’s tough.”

Rogoff joins Kai and Kimberly to unpack how the greenback became the world’s go-to currency, what a reserve currency actually is, why it’s been losing some of its value lately and what might take its place. Plus, how does military power tie into all this?

We’ll also get into some potential cryptocurrency regulation coming down the pipeline and discuss the troubling parallel between Trumpism and Brexit.

Then, you tell us what books help you reset – from classic literary romances to an apocalyptic sci-fi tale. And, our intern, Zoha Malik (hi!) shares her answer to the Make Me Smart question.

Here’s everything we talked about today:

• “Our Dollar, Your Problem,” by Kenneth Rogoff from Yale University Press
• “How Trump Could Dethrone the Dollar” from Foreign Affairs
• “Why Is The US Dollar Weakening? Trump’s Tariffs Push Dollar Index To 3-Year Low.” from Forbes
• “Senate advances landmark crypto bill with Democrats divided” from Politico
• “Senate Advances Crypto Regulation Bill With Bipartisan Support” from The New York Times
• “Senate advances a major crypto regulation bill on a bipartisan vote” from NBC News
• “Brexit’s Failures Could Foreshadow Trump’s. Just Not in the Way You Might Think.” from The New York Times

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Walmart had said it would raise prices in response to tariffs. Then, it got a call from the White House. Now, the retailer says it will swallow some of the costs. This has us wondering: where have all the free market diehards gone? Plus, Kimberly reflects on the tornadoes that hit her hometown of St. Louis, Missouri and explains FEMA’s plan to shift disaster costs to the states. Also? Did the GOP really name their reconciliation bill the “One Big Beautiful Bill?”

Here’s everything we talked about today:

• "Bessent says Walmart will absorb 'some tariffs' after speaking with retailer's CEO" from Fox Business
• "FEMA will shift more disaster recovery responsibilities to the states, acting chief says" from PBS News
• "Here’s the latest information on Friday’s tornado in St. Louis" from STLRP
• "Trump's bill advances in rare weekend vote as House conservatives negotiate changes" from NPR

It’s the final matching opportunity of our May Fundraiser! Double your impact when you give right now: https://support.marketplace.org/smart-sn

On today’s show, Kai makes a special annoucement! But first, Moody’s knocked the United States’ government’s credit rating down a peg below Triple-A. We’ll break down what that actually means and why it matters. Plus, we’ll explain why, even with a majority, the House GOP hasn’t been able to pass its budget bill. And, we’ll play a round of Half Full/Half Empty and nerd out on “Star Wars” spin-off shows.

Here’s everything we talked about today:

• "House budget panel rejects GOP megabill amid conservative opposition" from Politico
• "Army to place large metal plates on DC streets to protect them from tanks during June parade" from WTOP News
• "U.S. Loses Last Triple-A Credit Rating" from The Wall Street Journal
• "Airbnb Is in Midlife Crisis Mode" from Wired
• "Why banks still have branches — and why some are motivated to add more" from Marketplace
• "Gen Z's 'conscious unbossing' should be a wake-up call for businesses" from Business Insider
• ​​"Is the Next Great American Novel Being Published on Substack?" from The New Yorker
• "Warner’s Streaming Service Has New Name: Its Old One. Meet ‘HBO Max.’" from The Wall Street Journal

Got a message for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

In today’s show, Kimber-Kai are answering your questions about all the wild things going on in the U.S. economy. Isn’t the 30% tariff rate on China still crazy high? And, how are local governments preparing for potential federal funding cuts? We’ll discuss how states are weighing their next moves, and how the “Trump Slump” has taken shape in California. Then, we’ll get into the Federal Reserve’s wait-and-see tariff strategy.

Here’s everything we talked about today:

• “State of U.S. Tariffs: May 12, 2025” from The Budget Lab at Yale
• “States, Cities Face Funding Collapse Threat With Trump Cuts” by Bloomberg
• “Higher prices or higher unemployment? The economy could face a no-win dilemma” by NBC News

Join us tomorrow for “Economics on Tap.” The YouTube livestream starts at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.

Donate during our May Fundraiser and get a classic public radio thank-you gift: tote bags, mugs, t-shirts, hats, and more! Give now: https://support.marketplace.org/smart-sn