Green bank, go!

Summary

Marketplace Podcast Episode Summary: "Green Bank, Go!" Released on December 18, 2024

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1. Rising Bond Yields and Economic Implications

Timestamp: [01:08] - [04:31]

Host Kai Rysdal opens the episode by delving into the complexities of the bond market. He discusses how rising yields on government and corporate debt indicate economic optimism but also pose potential risks. T. Rowe Price has forecasted that the yield on the 10-year Treasury note could exceed 6%, a level not seen in nearly 25 years.

Colin Martin, a fixed income strategist with Charles Schwab, elaborates on the factors driving these increases:

"Tax cuts can be inflationary because they stimulate consumer spending. And if a huge number of immigrants are deported, the labor force shrinks."
[02:32]

This reduction in the labor force may lead to higher wages as companies compete for fewer workers, further fueling inflation. Randy Vogel, Head of Fixed Income at Wilmington Trust, adds:

"When bond investors expect that prices will rise, they start reevaluating how much interest they want to get paid on 10-year treasuries."
[03:09]

Abby Ertz from FHN Financial explains the broader impact:

"Another example is the yield on state and city bonds. If Treasury yields jump to 5 or even 6%, that could absolutely translate into layoffs, suspended capital projects, and certain infrastructure plans may have to get postponed."
[03:54]

Chuck Tomes with Manulife Investment Management notes the Federal Reserve's awareness of these dynamics:

"I don't expect that yields will jump that high this coming year. But the possibility is something the Federal Reserve is mindful of."
[04:02]

Kai Rysdal concludes the segment by highlighting the current state of the bond market:

"Yield on the 10-year T note 4.39% down just a hair. The rest of Wall Street today, red across the board..."
[04:25]

---

2. Cocoa Prices Surge and Consumer Behavior

Timestamp: [04:31] - [10:53]

Kai Rysdal transitions to the rising cost of cocoa, noting that cocoa futures in New York have hit record highs, nearly doubling since the beginning of the year due to droughts and diminished harvests in West Africa.

Abby Ertz provides insights into consumer reactions:

"Apparently some people are willing to pay $400 for a very special single bar of chocolate. It's from Ecuador and even comes with a special tool."
[05:59]

Alexis Villasis, a chocolate industry researcher at Ohio State University, explains the premium pricing:

"Kraft chocolate lovers, the kind that splurge for those bougie dark chocolates in the candy aisle, they'll absorb higher costs. Regular Joe Sixpack, though, might switch to less expensive alternatives like Skittles."
[07:20]

Kelsey Olson from Mintel adds:

"Some consumers may switch to desserts that contain chocolate as opposed to chocolate-first desserts, like chocolate chip cookies instead of a Lindt bar."
[07:10]

Despite the high prices, Karla Martin at the Fine Cacao and Chocolate Institute remains optimistic:

"Commodities experts expect cocoa bean prices to remain high next year, but I don't expect demand to drop all that much."
[07:31]

Matt Levin summarizes consumer behavior:

"People buy based on mood. Even if it's more expensive, chocolate is still a relatively cheap coping mechanism."
[07:31]

---

3. Establishment of a National Green Bank

Timestamp: [08:05] - [12:17]

Kai Rysdal discusses the slow progress of government initiatives in green energy funding, particularly under the Biden administration's Inflation Reduction Act. With the change in administration, there is urgency to utilize the allocated funds before potential policy shifts under President Trump.

Reid Hunt, founder of the Coalition for Green Capital, outlines the formation of a national green bank:

"The Coalition for Green Capital and two other groups will share that pool. Hunt's group will have $5 billion to invest."
[09:36]

Elena Peterson, Executive Director of Spruce Root in Southeast Alaska, highlights specific projects:

"Spruce Root will use some of the money to refinance debt for a hydropower project on Prince of Wales Island. This refinance will allow them to reduce their payments for up to four years at least."
[10:08]

Dale Brick from Harvard Environmental and Energy Law Program addresses concerns about funding under a potential Trump administration:

"All the money from the greenhouse gas reduction fund has been awarded. It's either in the hands of grantees or in escrow accounts with legal contracts that would make it difficult to claw back funds."
[10:40]

Reid Hunt emphasizes the strategic investment in Republican-led districts:

"Most of his group's investments will be in red states because that's where most emissions come from."
[12:02]

With the EPA's estimates, significant reductions in climate pollution are anticipated:

"Projects by 8 recipients of greenhouse gas reduction funds will reduce climate pollution by up to 40 million metric tons of carbon dioxide per year, the equivalent of nearly 9 million cars."
[12:15]

---

4. Trends in Mergers and Acquisitions (M&A)

Timestamp: [12:59] - [15:03]

Henry Epp reports on the fluctuating landscape of M&A activity. After a surge in 2021, the following years saw a slowdown, with a slight uptick in 2024.

Brian Quinn, a corporate law professor at Boston College, explains the cautious approach businesses take:

"If you run a company, choosing to buy or merge with another company is a complicated and risky move, so the best time to do it is when the broader economy feels stable."
[13:27]

Christine Sauter from Southern Methodist University comments on the current economic climate:

"Much of 2024 was not a particularly good time for that... There was a lot of still cautiousness this year with respect to macroeconomic and political landscapes."
[13:50]

Suzanne Kumar at Bain & Company discusses the impact of interest rates:

"The shift towards lower interest rates will still end up at a place that is likely to be relatively high versus the very heady days of early 2021."
[14:37]

As Brian Quinn notes the narrowing gap between buyers and sellers:

"The gap between buyers and sellers has started to narrow... If it keeps trending that way, we could see more M&A next year."
[15:00]

---

5. Addressing Physician Shortages in the U.S.

Timestamp: [19:05] - [23:37]

Kai Rysdal shifts focus to the American healthcare industry's looming crisis, with projections of a shortage of up to 86,000 physicians by 2036, particularly in rural areas. Rose Horowitz, writing for The Atlantic, discusses the challenges of tuition-free medical education as a solution.

Rose Horowitz critiques NYU's tuition-free medical program:

"NYU's medical school went tuition-free in 2018... Their percent of financially disadvantaged students actually decreased and the proportion of black students slightly declined."
[20:07]

She explains the shortcomings of this approach:

"Research shows that the income differential between primary care specialties and specialty care is more significant than medical school debt in influencing career choices."
[20:48]

Rose Horowitz suggests alternative solutions:

"More targeted financial aid or subsidies for low-income students or for those choosing primary care, and expanding medical school and residency slots."
[22:44]

Kai Rysdal summarizes the findings:

"NYU was really the only school where this change was made long enough ago that we can have results of how it went. It reduces stress for students marginally but doesn't address the larger scale needs."
[23:22]

---

6. Sustainable Food Initiatives for Truck Drivers

Timestamp: [23:57] - [28:17]

Kai Rysdal highlights the health challenges faced by long-haul truck drivers, including limited access to healthy food and high obesity rates. Jerita Fraser King, a chef from Natchez, Mississippi, shares her entrepreneurial journey to address these issues.

Jerita Fraser King describes her initial foray into truck driving:

"The lack of healthy food, plus the sedentary nature of driving, are two of the reasons truck drivers have higher rates of certain diseases."
[25:13]

Bailey Hotaling, a registered dietitian, emphasizes the need for better nutrition options:

"Over two-thirds of truckers reported having obesity compared to less than one-third of average working adults."
[25:45]

Faced with limited healthy choices, Jerita pivoted back to her passion for cooking:

"I was developing a pre-prep meal system for truck drivers, a new innovative way to get healthier options to them while they're out there on the road."
[27:10]

Her solution includes selling nutritious, ready-to-eat meals at truck stops:

"Dishes like black-eyed pea and collard green fritters... served with a sweet pepper dipping sauce."
[27:28]

Jerita plans to launch her business in Mississippi by summer, aiming to provide healthier food options that cater to truckers' needs:

"King is launching the new business next year and hopes to have her first meals available to truckers in Mississippi this summer."
[27:52]

---

7. Guinness Shortage in the United Kingdom

Timestamp: [28:17] - [End]

The episode concludes with a light-hearted note on a significant consumer shortage in the UK. Kai Rysdal reports that pubs across the United Kingdom are experiencing a shortage of Guinness, the iconic stout beer.

Diageo, the brand's owner, attributes the scarcity to exceptional demand:

"Pubs across the UK are literally running out of Guinness. It is in fact the number one selling beer over there."
[28:17]

This shortage underscores the strong consumer affinity for classic beverages amidst varying economic conditions.

---

Conclusion

In this episode of "Marketplace," Kai Rysdal and his team explore a diverse range of topics from the intricacies of bond yields and their economic impact to innovative solutions addressing public health and sustainable business practices. The discussions provide listeners with a comprehensive understanding of current economic trends, consumer behaviors, and forward-thinking initiatives shaping the future.

---

Notable Quotes:

• Colin Martin:
  "Tax cuts can be inflationary because they stimulate consumer spending. And if a huge number of immigrants are deported, the labor force shrinks."
  [02:32]

• Abby Ertz:
  "Apparently some people are willing to pay $400 for a very special single bar of chocolate. It's from Ecuador and even comes with a special tool."
  [05:59]

• Abby Ertz:
  "Some consumers may switch to desserts that contain chocolate as opposed to chocolate-first desserts, like chocolate chip cookies instead of a Lindt bar."
  [07:20]

• Rose Horowitz:
  "Making medical school tuition free doesn't actually do anything to solve these specific issues... the income differential between primary care specialties and specialty care is actually much more significant in what people choose to go into than medical school debt."
  [20:48]

• Jerita Fraser King:
  "King is launching the new business next year and hopes to have her first meals available to truckers in Mississippi this summer."
  [27:52]

---

This detailed summary encapsulates the key discussions, insights, and conclusions from the "Marketplace" episode "Green Bank, Go!" providing a comprehensive overview for listeners and newcomers alike.

Transcript

[Justin Vineyards]

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[Kai Rysdal]

You know what's better than one day of bond market stories? Yeah, two days. From American Public Media, this is Marketplace in Los Angeles. I'm Kai Rysdal. It is Tuesday today. This one is the 17th of December. Good as always to have you along, everybody. We started our coverage of this economy this week yesterday that is talking about bonds, specifically how rising yields on government and corporate debt is a sign of economic optimism. And it is. But there is rarely only one way to look at something as complicated as the bond market. And there is a case to be made that at some point those higher yields will be too high. T. Rowe Price predicted this week that the Yield on the 10 year treasury note could top 6%, which hasn't happened in almost 25 years. But if you think about the likelihood of more tax cuts and thus a higher budget deficit, which will force the Treasury Department to borrow more money, that is Issue a whole bunch of new bonds that will then drive rates higher. Right? You think about that. Also the prospect of more tariffs, which could push up inflation. Do I need to go on? Marketplace's Justin Ho takes it from there.

[Colin Martin]

The reason why bond yields could keep rising boils down to inflation. Kai just mentioned tariffs and tax cuts. There's also the threat of mass deportations.

[Kai Rysdal]

Those all smell a bit inflationary to us.

[Colin Martin]

Colin Martin is fixed income strategist with Charles Schwab, a marketplace underwriter. He says Tax cuts can be inflationary because they stimulate consumer spending. And if a huge number of immigrants are deported, the labor force shrinks.

[Kai Rysdal]

If we lose some of those workers, we need to find people to fill those voids. And chances are other potential workers might start to demand higher wages to do those jobs.

[Colin Martin]

Again, inflationary, when bond investors expect that prices will rise, Randy Vogel, head of fixed income at Wilmington Trust, says they start reevaluating how much interest they want to get paid on 10 year treasuries.

[Abby Ertz]

So investors are going to want to adjust that higher to compensate for higher inflation.

[Colin Martin]

And remember, there's a reason why the last thing we say in the numbers every day is the rate on 10 year treasuries, because as goes the yield on the 10 year t note, so goes a bunch of other stuff.

[Matt Levin]

You know, mortgage rates being one notable example.

[Colin Martin]

That's Abby Ertz with FHN Financial. She says another example is the yield on state and city bonds. If treasury yields jump to 5 or even 6%, that could absolutely translate into.

[Walmart Express]

Layoffs, suspended capital projects, you know, certain infrastructure plans may have to get postponed.

[Colin Martin]

Corporations might have to make similar decisions, says Chuck Tomes with Manulife Investment Management. To be clear, he doesn't expect that yields will jump that high this coming year. But he says the possibility is something the Federal Reserve is mindful of.

[Kai Rysdal]

They do want to continue to move forward with the rate cuts that they have been envisioning. It's just maybe they don't do as much as they were once planning.

[Colin Martin]

That means interest rates may not be coming down much farther. I'm Justin Ho for Marketplace 10 year today.

[Kai Rysdal]

By the way, 4.39% down just a hair. The rest of Wall street today, red across the board, not lot, but read nonetheless. Remember though, if you would, the major indices are operating within spitting distance of their recent record highs. Details, numbers. When we get there, remember that line from Forrest Gump, life is like a box of chocolates. You never know what you're going to get. Well, to Update that for 2024, life is like a box of chocolates and whatever you're going to get is going to be increasingly more expensive. Cocoa futures in New York hit yet another all time high today. The price of a metric ton of cocoa beans has basically doubled since the beginning of the year. Drought, diminished harvests in West Africa are partly to blame for that. So at what price point do you think will even the most loyal chocoholics pare back the $26 billion they spend every year on chocolate candy? Marketplace's Matt Levin is on the Price Elasticity of Demand desk today.

[Abby Ertz]

Apparently some people are willing to pay $400 for a very special single bar of chocolate. It's from Ecuador and even comes with a special tool. You grab it with the tongs. Tongs, not fingers. Alexis Villasis researches the chocolate industry at the Ohio State University. And why is this? Because our skin has natural oils and that natural oil actually changed the flavor of the chocolate bar. Obviously, most people don't pay 400 bucks for chocolate, but Viassa says Kraft chocolate lovers, the kind that splurge for those bougie dark chocolates in the candy aisle, they'll absorb higher costs. Regular Joe Sixpack, though, who occasionally pairs his Bud light with some MM's, he's got options. So instead of buying, you know, a pack of M&M's, he might say, well, I'm just gonna stay with Skittles. Some consumers may switch to desserts that contain chocolate as opposed to chocolate first desserts. Think chocolate chip cookies instead of that Lindt bar, although we may see companies push the limit of that ever so delicate chip to cookie ratio, says Kelsey Olson at Mintel.

[Walmart Express]

Maybe we'll see manufacturers and brands shifting their formulations to be less chocolate in there.

[Abby Ertz]

Commodities experts expect cocoa bean prices to remain high next year, but Karla Martin at the Fine Cacao and Chocolate Institute says she doesn't expect demand to drop all that much.

[Matt Levin]

People buy based on mood.

[Walmart Express]

You can be in a bad mood and consume chocolate and then report being.

[Abby Ertz]

In a good mood. And even if it's more expensive, chocolate is still a relatively cheap coping mechanism. I'm Matt Levin for Marketplace.

[Kai Rysdal]

The wheels of government grind slowly, as you know, which is part of why it's taken a good two years or so for money from the big Biden administration green energy bills to start flowing, the Inflation Reduction act in particular. President Trump, though, has called climate change a hoax. He has and is said to be considering again pulling the United States out of the Paris Agreement. He's called the EV tax credits wasteful. So as Marketplace's Amy Scott reports, there is new urgency afoot to get that money spent as the change in administration grows ever closer.

[Matt Levin]

For more than 15 years, Reid Hunt has been pushing for a national green bank to use public money to attract private investment in clean energy projects.

[Kai Rysdal]

Offshore wind, solar farms, transmission systems, rebuilding houses and commercial buildings.

[Matt Levin]

Hunt, a former chairman of the Federal Communications Commission, tried to convince the Obama administration to set up such a Bank back in 2008 and Nine.

[Kai Rysdal]

They passed up the opportunity on the Grounds that they had a lot of problems with banks that they had to fix and they didn't need a new bank.

[Matt Levin]

Remember that whole financial crisis back then? So instead, Hunt started a nonprofit to create a network of state and local green banks called the Coalition for Green Capital. Then, during the Biden administration, his dream of federal funding finally came through.

[Kai Rysdal]

In the Inflation Reduction act, the administration created a pool of money to capitalize a national green bank at last, and that is us.

[Matt Levin]

The Coalition for Green Capital and two other groups will share that pool. Hunt's group will have $5 billion to invest. Some of it in the form of a $10 million line of credit will go to Spruce Root, a Native community development financial institution in Southeast Alaska. Elena Peterson is executive director.

[Abby Ertz]

My Tlingit name is Gakitin. I am a part of the Tlingit tribe.

[Matt Levin]

She says Spruce Root will use some of the money to refinance debt for a hydropower project on Prince of Wales Island.

[Abby Ertz]

And that refinance will allow them to reduce their payments for up to four years at least.

[Matt Levin]

Savings that will be passed on to customers. A separate grant from the Department of Energy will help install highly efficient heat pumps in hundreds of homes and buildings on the island powered by that clean energy.

[Abby Ertz]

The combination of the heat pump installations on homes will increase demand because there's excess hydropower. And then refinancing that debt has an immediate rate reduction effect for people in the communities on that island.

[Matt Levin]

The Coalition for Green Capital has also announced public private investments in a fleet of electric vehicles and clean energy upgrades in commercial buildings. It's not clear what Donald Trump's reelection and a Republican led Congress might mean for future investments. Trump has threatened to rescind any unspent funds from the Inflation Reduction Act. Dale Brick is with the Harvard Environmental and Energy Law Program. She says all the money from the greenhouse gas reduction fund has been awarded. It's either in the hands of grantees or in escrow accounts with legal contracts that would make it difficult to claw back funds.

[Walmart Express]

Still, it's always safer when people can see the benefits in real life. So I think there is an urgency to show what this money can do.

[Matt Levin]

And she says once people start to see those benefits, the jobs it can.

[Walmart Express]

Create, the energy bill savings it can deliver, the clean air and clean water benefits, I don't think those are benefits that Congress or the administration is going to want to take away from their constituents.

[Matt Levin]

Most of the money from the Inflation Reduction act has gone to Republican congressional districts. And the Coalition for Green Capital's Reid Hunt says most of his group's investments will be in red states because that's.

[Kai Rysdal]

Where most emissions come from.

[Matt Levin]

The EPA estimates projects by 8 recipients of greenhouse gas reduction funds will reduce climate pollution by up to 40 million metric tons of carbon dioxide per year, the equivalent of nearly 9 million cars. I'm Amy Scott for Marketplace.

[Kai Rysdal]

This was supposed to have been the year that mergers and acquisitions got hot again. 2021 was a big year, and then over the next two, according to the consulting firm EY Parthenon, not so much. There has been some pickup in M and a activity in 2024, but not as much and not as quickly as people had been hoping. Marketplace's Henry Epp reports on what held M and A activity back this year and what might change next.

[Brian Quinn]

If you run a company, choosing to buy or merge with another company is a complicated and risky move, so the best time to do it is when the broader economy feels stable, says Brian Quinn, who teaches corporate law at Boston College College. Law school executives, he says, want to.

[Abby Ertz]

Look ahead and have a general idea.

[Walmart Express]

Of what the future is going to.

[Abby Ertz]

Hold with respect to the macroeconomic environment.

[Walmart Express]

Whether or not they can make money.

[Abby Ertz]

Given the models that they put together.

[Brian Quinn]

Much of 2024 was not a particularly good time for that, says Christine Sauter at Southern Methodist University.

[Walmart Express]

There was a lot of still cautiousness this year with respect to macroeconomic and political landscapes.

[Brian Quinn]

Business leaders were hoping for the Fed to cut interest rates. That didn't happen until September, and they were waiting for the outcome of the presidential election. Now they have a bit more clarity. For one President Elect Donald Trump's administration, Sauder thinks, could take a more hands off approach to mergers.

[Walmart Express]

And so I think that that is really going to push deals forward.

[Brian Quinn]

And there's an expectation that the Fed will keep cutting rates, which could lower borrowing costs for companies looking to merge. But, says Suzanne Kumar at Bain and company rates won't likely go all that.

[Walmart Express]

This shift towards lower interest rates will still end up at a place that is likely to be relatively high versus the very heady days of early 2021, when no or low, very low interest rates fueled such high M and A activity.

[Brian Quinn]

Those heady days were a really good time for companies looking to get bought up, kumar says. They were highly valued.

[Walmart Express]

Those numbers are still in sellers heads.

[Brian Quinn]

But companies looking to acquire them don't want to pay as much. The gap between buyers and sellers has started to narrow, though, Kumar says. If it keeps trending that way, we could see more MA next year. I'm Henry Epp for Marketplace.

[Kai Rysdal]

Coming up.

[Abby Ertz]

Now my kind of go to on the road is I get nuts, jerky.

[Kai Rysdal]

Juice, gotta have a snack, right? First though, let's do the numbers. Dow Industrial is off 267 today 6. 10% 43,449 the NASDAQ down 64 points 3. 10% 20,100 9. The S&P 500 subtracted 23 points. 4. 10% 6,050 Fresh numbers from the U.S. census Bureau show retail sales topped expectations last month, up 0.7% from October. It's a sign consumers are still eager to spend despite higher interest rates. Holiday shopping, of course, helped fuel that increase. Online retail sales jumped 1.8% from the month sales. Also up in furniture, home and garden supplies and electronics. Matt Levin was telling us about those high cocoa prices. So how about some chocolate makers, huh? Hershey Co. Melted three 10% Rocky Mountain chocolate Factory was flat. Mondelez International, maker of Toblerone and Milka, shrank a quarter percent. Bonds rose yield on the 10 year T note 4.39%. You're listening to Marketplace.

[Justin Vineyards]

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[Kai Rysdal]

Turn to Marketplace for up to the minute news for stories that show you the connections between global events and your personal economy. And you're not alone. Marketplace is the most widely consumed business and economic news program in the country. We're proud to make fact based journalism freely accessible and Marketplace investors make it all possible. Your year end donation today will make a real difference in our nonprofit newsroom and in the lives of millions of Marketplace listeners every single day. So please contribute what you can [e-mail] donate.

[Walmart Express]

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[Kai Rysdal]

This is Marketplace. I'm Kai Rysdal. The American healthcare industry is not without its challenges. It's expensive, it can be hard to access care. There aren't enough nurses and there aren't enough doctors. The association of American Medical Colleges says we're going to be short as many as 86,000 physicians by 2036, a crisis that will be especially acute in rural parts of this country. Philanthropists a couple years ago came up with a possible solution. Subsidize medical school tuition in the hopes that students would not only choose lower paying specialties, but that student bodies in medical schools would diversify as well. In the event the tuition free experiment has not gone as hoped. Rose Horowitz wrote about it in the Atlantic the other day. Rose, welcome to the program.

[Walmart Express]

Thank you so much for having me.

[Kai Rysdal]

So talk to me just as a place to start about nyu, which was one of the schools that went completely tuition free for medical school like six or something years ago. And you say in this piece it has been a failure. Discuss.

[Walmart Express]

So NYU went, NYU's medical school went tuition free in 2018. And you know, at the time they set out these metrics and were kind of saying that, you know, it will be a success because more students will go into primary care, you know, will admit students who otherwise maybe couldn't have gone to medical school. And so judged against those metrics, you know, it really hasn't succeeded. Their, you know, percent of financially disadvantaged students actually decreased and, you know, the proportion of black students kind of slightly declined with, you know, Latino students having just a small increase as well.

[Kai Rysdal]

Okay. Why?

[Walmart Express]

Yes, so that is the million dollar question. So making medical school tuition free is based on this great idea that that will solve the problems that there are in the medical profession. And it's true that students are graduating with hundreds of thousands of dollars of debt. But if you really think about it, making medical school tuition free doesn't actually do anything to solve these specific issues. There's research showing that the income differential between primary care specialties and specialty care is actually much more significant in what people choose to go into than medical school debt. And then it also just makes, you know, makes getting into that school much more competitive because, you know, everybody wants to go to the, one of the few medical schools that are tuition free. And you know, we know that medical school, you know, application processes really advantage wealthier students. And so it just makes sense that the students who get in would be wealthier.

[Kai Rysdal]

So look, if literally giving away a medical school education won't get it done, what's the answer to the, the undercount of physicians that we have in this country? Which is critical, right?

[Walmart Express]

Yes. So it is a very important issue and everyone agrees that it's a really important problem. So some of the solutions that came up in my reporting were more targeted financial aid or subsidies for low income students or for people that choose to go into primary care. And then also just focusing on how to expand kind of the support supply of medical school and residency slots. You know, it's more of a supply issue than a demand one. So it's really about, you know, increasing that.

[Kai Rysdal]

When you talked to the schools and said, how's this going? What did they, what did they say to you?

[Walmart Express]

NYU was really the only school where this, you know, the change was made long enough ago that we can kind of have results of how it went. And you know, they were sort of saying that it shouldn't be evaluated solely on the metrics and that, you know, this does have real benefits for students. And that is true that the students who do end up going to these schools, you know, it's a great thing, it reduces their stress and on the margins it might, you know, lead a few more of them to go into primary care or to practice in an underserved area. But it's just not, you know, kind of having the changes on, on the larger scale that we would hope.

[Kai Rysdal]

Rose Horowich in the Atlantic about free medical school. Rose, thanks a bunch. I appreciate your time.

[Walmart Express]

Thank you so much for having.

[Abby Ertz]

It.

[Kai Rysdal]

Is getting down to it for holiday shopping. Stores are getting crowded. Amazon, UPS and FedEx vans are making all those last mile deliveries. And semi trucks by the millions are crisscrossing this country carrying products and packages and gifts. Those long haul truckers can be on the road for days at a time. And if you have ever taken a road trip of any length, you know that healthy food options are few and far between on the American interstate. Think fast food. Hot dogs on those metal rollers. Yum. Fried chicken under a heat lamp. You know what I'm talking about. But one entrepreneur is trying to change that and create a new business in the process. David Weinberg has the story.

[Jerita Fraser King]

In Natchez, Mississippi, chef Jerita Fraser King likes to put her own spin on classic soul food dishes at her catered events.

[I]

We just had the consulate from Ghana here and so I just fed them, made plantain chips and I made a mango.

[Jerita Fraser King]

King runs the Natchez heritage school of cooking, offering classes in cooking and the history of southern cuisine. But during the pandemic, she had to close down and find a new job. She decided on truck driving. She got her CDL commercial driver's license and hit the road in an 18 wheeler.

[I]

You gotta take a physical to get CDLs, can't be insulin dependent, and you cannot have uncontrollable high blood pressure. So I was like, how the heck do they think people supposed to manage this stuff? And it ain't nothing out here to eat. It's fast food.

[Jerita Fraser King]

That lack of healthy food, plus the sedentary nature of driving for long stretches are two of the reasons that truck drivers have higher rates of certain diseases. Bailey Hotaling is a registered dietitian and scientist who has researched this problem.

[Walmart Express]

Over 2/3 of truckers reported having obesity compared to less than one third of average working adults.

[Jerita Fraser King]

She says there are efforts that trucking companies have made to educate drivers about good nutrition, but that doesn't really matter if there are no healthy options.

[Walmart Express]

At a truck stop, there were no questions asked of truckers about, like, how would you like your environment to change? Like, what would be useful to you?

[Abby Ertz]

In my opinion, there's two types of truckers. Ones that eat too much and ones that eat too little. I started to fall into the too little category.

[Jerita Fraser King]

Daniel Schubert is a long haul driver who called me on his route from LA to Florida. He's eating less in part because he wants to steer clear of unhealthy options.

[Abby Ertz]

Now my kind of go to on the road is they get nuts, jerky juice and you know, kind of protein shakes.

[Jerita Fraser King]

If he's lucky, he can stop at a grocery store.

[Abby Ertz]

But you know, parking an 18 wheeler, you know, things just aren't really convenient or easy.

[Jerita Fraser King]

As for jurida King, her time on the open road was short lived.

[I]

We were going to Illinois, went to Jersey, Minnesota, and that was the straw that broke the camelback.

[Jerita Fraser King]

What happened in Minnesota?

[I]

It was seven below. I was like, no ma'am, it is too cold for me.

[Jerita Fraser King]

So she quit and reopened her cooking school. A few weeks later, King pitched an idea at a business competition.

[I]

So I'm developing a pre prep meal system for truck drivers, a new innovative way to get healthier options to Dr. While they're out there on the road.

[Jerita Fraser King]

King wants to sell her own recipes in truck stops. Dishes like black eyed pea and collard green fritters, which she makes for me at her cooking school.

[I]

And so these are Italian breadcrumbs that I use. So we're gonna do an egg wash on them and then we're gonna roll them in those breadcrumbs.

[Jerita Fraser King]

Each fritter is about the size of a golf ball and is made from mashed black eyed peas and collard greens with potato.

[I]

And these just take a minute to get brown.

[Jerita Fraser King]

They're served with a sweet pepper dipping sauce.

[I]

Bon appetit.

[Jerita Fraser King]

King is launching the new business next year and hopes to have her first meals available to truckers in Mississippi this summer. In Natchez, I'm David Weinberg for Marketplace.

[Kai Rysdal]

This final note on the way out today, a key consumer shortage over in the United Kingdom. Saw this in the Wall Street Journal today that pubs across the UK are literally running out of Guinness. Guinness is of course a classic, maybe the classic stout beer. Exceptional consumer demand, says the brand's owner, Diageo. It is in fact the number one selling beer over there. Our Digital and On Demand team includes Kerry Barber, Jordan Manji, Dylan Mietenen, Janet Wynne, Olga Oxman, Ellen Rolfus, Virginia K. Smith and Tony Wagner. Francesca Levy is the executive director of Digital and On Demand and I'm Kai Rysdal. We will see you tomorrow. Everybody, this is apm. You turn to Marketplace for up to the minute news for stories that show you the connections between global events and your personal economy. And you're not alone. Marketplace is the most widely consumed business and economic news program in the country. We're proud to make fact based journalism freely accessible and Marketplace investors make it all possible. Your year end donation today will make a real difference in our nonprofit newsroom and in the lives of millions of Marketplace listeners every single day. So please contribute what you can [e-mail] donate.