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Wanna see a trick? Give us any topic and we can tie it back to the economy. At Planet Money, we explore the forces that shape our lives and bring you along for the ride. Don't just understand the economy – understand the world.

Wanna go deeper? Subscribe to Planet Money+ and get sponsor-free episodes of Planet Money, The Indicator, and Planet Money Summer School. Plus access to bonus content. It's a new way to support the show you love. Learn more at plus.npr.org/planetmoney


Planet Money

(Note: A version of this episode originally ran in 2022.)

Every time you shop online and make it to the checkout screen, you see those colorful pastel buttons at the bottom. Affirm. Klarna. Afterpay. Asking: Do you want to split your payment into interest-free installments? No credit check needed. Get what you want, right now. 

That temptation got shoppers like Amelia Schmarzo into some money trouble. Back in 2022, she maxed out her credit card after a month of buying now and paying later. She’s not alone. Buy now, pay later is everywhere now. And you can finance almost anything with it. Your clothes, your furniture … even your lips. 

But if these companies don’t charge interest, how do they make money? In short, people buy more stuff using these services and so sellers are willing to pay up. Which makes buy now, pay later, something of a threat to credit card companies. Cue the tussle for your impulse-buying clicks. 

Today on the show, we find out how the companies work, who’s most likely to use these services and who’s getting a good deal. And a warning: those little loans will soon be on your credit report. 

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This episode was produced by Emma Peaslee, engineered by Josh Newell and edited by Molly Messick. Our update was reported by Vito Emanuel, produced by Willa Rubin, engineered by Gilly Moon and edited by our executive producer, Alex Goldmark.

Music: Universal Music Production - "Retro Funk," "Comin' Back For More," "Reactive Emotion," and "EAT."

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Buy now, pay dearly? (update)

When people in Maine prisons started getting laptops to use in their cells for online classes and homework, it sparked this new idea. Could they have laptops in their cells to work remotely for real outside world jobs, too??? And get real outside world wages?

Today on the show, we have reporting from Maine Public Radio’s Susan Sharon about a new experiment in prisons: remote jobs … paying fair market wages, for people who are incarcerated. 

Listen to Susan’s original reporting here: 

 - In Maine, prisoners are thriving in remote jobs and other states are taking notice 

 - Cracking the code: How technology and education are changing life in Maine prisons 

Related episodes:

 - Fine and Punishment 

 - Getting Out Of Prison Sooner 

 - The Prisoner's Solution 

 - Paying for the Crime 

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Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.

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This episode was hosted by Sarah Gonzalez with reporting from Susan Sharon. It was produced by Sam Yellowhorse Kesler with reporting help from Vito Emanuel. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Robert Rodriguez, with help from Patrick Murray. Alex Goldmark is Planet Money’s executive producer. 

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A new experiment in remote work … from the inside

People in the U.S. are feeling the financial squeeze, in part because of rising inflation, higher consumer prices and slowing job growth. The Indicator from Planet Money is tackling a special series on the rising cost of living. Today, two stories from that series. 

First, what’s making ticket prices go up? We look at the economics behind the ticket market and how “reseller bots” are wreaking all sorts of havoc. The industry is not a fan, and yet they do serve an economic function. 

And… why pet care costs have surged. It comes down to unique skills, people’s love for their pets and something called the “Baumol effect.” 

Related episodes:
 - The Vet Clinic Chow Down
 - What Do Private Equity Firms Actually Do? 
 - Kid Rock vs. The Scalpers
 - Ticket scalpers: The real ticket masters 

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Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.

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This episode is hosted by Darian Woods, Adrian Ma, and Wailin Wong. These episodes of The Indicator were originally produced by Angel Carreras. Cooper Katz McKim produced this episode. It was engineered by Robert Rodriguez and fact-checked by Sierra Juarez. Kate Concannon is The Indicator’s editor. Alex Goldmark is Planet Money's executive producer. 

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Everything’s more expensive!! Pet care!! Concert tickets!! (Two Indicators)

This week’s SNAP crisis is just a preview. Tucked inside the giant tax-cut and spending bill signed by President Donald Trump this summer are enormous cuts to SNAP: Who qualifies, how much they get, and who foots the bill for the program. That last part is a huge change.

For the entire history of the food stamp program, the federal government has paid for all the benefits that go out. States pay part of the cost of administering it, but the food stamp money has come entirely from federal taxpayers. This bill shifts part of the costs to states.

How much will states have to pay? It depends. The law ties the amount to a statistic called the Payment Error Rate -- the official measure of accuracy -- whether states are giving recipients either too much, or too little, in food stamp money.

On today’s show, we go to Oregon to meet the bureaucrats on the front lines of getting that error rate down -- and ask Governor Tina Kotek what’s going to happen if they can’t.

Looking for hunger-relief resources? Try here.

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This episode was hosted by Nick Fountain and Jeff Guo. It was produced by James Sneed and Willa Rubin, edited by Marianne McCune and Jess Jiang, fact-checked by Sierra Juarez, and engineered by Debbie Daughtry and Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer.

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After the shutdown, SNAP will still be in trouble

For decades, the U.S. has been the single biggest source of remittances worldwide. A remittance is a transfer of money, typically from an immigrant to their family in their country of origin. But we are in the middle of a big, loud and very public immigration crackdown on those who are here without legal status. And that crackdown is disrupting the global remittance market. 

People who have come to the U.S. from a handful of countries — especially some Central American countries — have been sending more money back to their countries of origin. And it’s a bit of a puzzle because … you might think the opposite would be the case.

As immigration plummets, we try to figure out why remittances are surging in some countries, and not others. And we learn why a surge in money sent home inspires joy — but also fear.

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Register here for our live Zoom event about our board game project on November 1st.

This episode was hosted by Erika Beras and Greg Rosalsky. It was produced by Luis Gallo with help from Sam Yellowhorse Kesler. It was edited by Marianne McCune with fact-checking help from Sierra Juarez. It was engineered by Patrick Murray. Alex Goldmark is Planet Money’s executive producer.

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The remittance mystery

The U.S. Constitution famously outlaws “cruel and unusual punishments.” But there's another, far more obscure part of the Constitution called the Excessive Fines Clause, which basically says that the fine has to fit the crime. So far, the Supreme Court has been pretty mysterious about what that means. But for Ken Jouppi, the fate of his $95,000 plane hinges on it.

Ken is a bush pilot. He used to run an air taxi service in Fairbanks, Alaska. In 2012, police caught one of Ken’s passengers with a six-pack of Budweiser in her luggage. Over that six-pack, Ken was convicted of bootlegging. As punishment, he was ordered to forfeit his $95,000 Cessna.

The Supreme Court is now considering whether to take Ken’s case. And what’s at stake here is more than just a plane. Hanging in the balance is an increasingly popular — and controversial — business model for criminal justice.

More on economics and the law:
 - Fine and punishment
 - The prisoner's solution
 - Paying for the crime
 - Rescues at sea, and how to make a fortune

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Today’s episode was produced by James Sneed and Sam Yellowhorse Kesler with help from Luis Gallo. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Ko Tagasugi Chernovin with help from Robert Rodriguez. Planet Money's executive producer is Alex Goldmark.

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Should the fine have to fit the crime?

When TikTok videos started to go viral on Instagram and Reddit, TikTok turned to professional sound designers to protect their content.

More and more companies are paying to develop a “sonic identity” – a series of sounds, songs, and micro-jingles to help maintain a unified brand.

In this episode, in conjunction with the sound design podcast Twenty Thousand Hertz, we hear the backstory to possibly the most successful audio branding campaigns in history. It’s a tale of guerilla marketing and the power of sonic suggestion.

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Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.

This adapted episode was hosted by Kenny Malone and Dallas Taylor. It was produced by Casey Emmerling and James Sneed. The episode was edited by Jess Jiang. Alex Goldmark is our Executive Producer.

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TikTok’s Trojan Horse Strategy

Bjarne Caesar Skinnerup works as a maritime pilot in the straits of Denmark. That means he’s used to seeing oil tankers. But after the start of the war in Ukraine, the tankers started getting weird. They were flying flags he’d never seen before. They were old, very old, though many had taken on new names. Something was off. 

He’d stumbled on a shadow fleet of hundreds of tankers ferrying sanctioned oil out of Russia … with near impunity. 

Today on the show, how those ships are transforming the global oil market and fueling the war in Ukraine. And why this all might be a financial and environmental disaster waiting to happen.

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This episode was hosted by Alexi Horowitz-Ghazi and Daniel Ackerman. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Kwesi Lee and Cena Loffredo. Alex Goldmark is our executive producer.

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How Russia’s shadow fleet is sailing around oil sanctions

In 1975, New York City ran out of money. For a decade it had managed to pay for its hundreds of thousands of city employees and robust social services by taking on billions of dollars in debt. But eventually investors were no longer willing to lend the city any more money. New York teetered on the edge of bankruptcy — the city shuttered more than a dozen firehouses, teachers went on strike and garbage piled up in the streets.

Rescuing the city required the cooperation of the state of New York, the banks, the city workers unions, giant property owners and … the White House. But President Gerald Ford was adamantly opposed to bailing out NYC, prompting the famous New York Daily News headline — “Ford to City: Drop Dead.”

On today’s show, the story of a group of private citizens who were deputized by the state of New York to try to save the city’s finances. Led by investment banker Felix Rohatyn, the group had to put together a grand bargain that everyone would be willing to agree to, and to come up with the billions of dollars the city needed to survive.

Pre-order the Planet Money book and get a free gift / Subscribe to Planet Money+

Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.

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Today’s episode of Planet Money was hosted by Keith Romer and Nick Fountain. It was produced by James Sneed with help from Sam Yellowhorse Kesler and Julia Ritchey. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Debbie Daughtry and Cena Loffredo. Our executive producer is Alex Goldmark.

Special Thanks: Denis Coleman, David Schleicher, Liall Clarke, Kevin Hennigan and everyone at Classical King FM in Seattle.

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The year NYC went broke

The U.S. government spends a ton of money, on everything from Medicare to roads to defense. In fact, it spends way more than it takes in. So…it borrows money, in the bond market. By selling U.S. Treasurys, basically IOUs with periodic interest payments. And for decades, people have loved to invest in Treasurys, for their safety and security. 

But lately, Treasurys have started to look riskier. 

In part because, in recent years, there’s a new buyer at the table: hedge funds, those loosely-regulated financial companies that invest on behalf of institutions and wealthy clients. They have started doing a special trade called the “Treasury basis trade.” And, depending on who you talk to, this trade could destabilize our entire financial system. Or help the U.S. government borrow more money. Or both. 

On the latest episode: how and why are hedge funds getting into Treasurys? We follow how a Treasury travels from the nest into the hands of hedge funds. And we speak to someone from one of those hedge funds, about what they’re doing and why.

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This episode was hosted by Mary Childs and Kenny Malone. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Jimmy Keeley and Cena Loffredo. Alex Goldmark is our Executive Producer. 

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How the government got hedge funded

Although it seems like the government can spend an endless amount of money, it cannot actually do all the things it wants to do. So the big question in this week's lesson is: How do we decide? Why does the government spend so much money on some things and not on others? And honestly, is there any limit?Get tickets to our August 18th live show and graduation ceremony at The Bell House, in Brooklyn. (Planet Money+ supporters get a 10 percent discount off their tickets. Listen to the July 8th bonus episode to get the discount code!)The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Always free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.

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Summer School 3: How government decides what to spend our money on

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