RFK Jr. Tapped To Head HHS, Trump & Government Bonds, Biden Meets Xi In Peru

Summary

Up First from NPR: RFK Jr. Tapped To Head HHS, Trump & Government Bonds, Biden Meets Xi In Peru

NPR's "Up First" delivers a comprehensive overview of the day's most pressing news stories. In this episode, hosts Michelle Martin and Steve Inskeep delve into three major topics: President Elect Donald Trump's nomination of Robert F. Kennedy Jr. to head the Department of Health and Human Services (HHS), the bond market's reaction to Trump's economic plans, and President Joe Biden's final meeting with Chinese President Xi Jinping in Peru. Below is a detailed summary of each segment, enriched with notable quotes and attributions.

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1. RFK Jr. Nominated to Lead the Department of Health and Human Services

Nomination Announcement and Background

• [00:03] Steve Inskeep introduces the news: "President Elect Trump wants Robert F. Kennedy Jr. to lead the Department of Health and Human Services."
• [00:08] Michelle Martin raises concerns: "Kennedy is a vaccine skeptic who's pushed conspiracy theories. So how would he handle a department overseeing public health?"

RFK Jr.'s Profile and Controversies

• [02:34] Michelle Martin reiterates the nomination: "Robert F. Kennedy Jr. will be nominated by President Elect Trump to run the Department of Health and Human Services."
• [03:08] Rafael Nam, NPR Health Policy Correspondent, provides exposition: "He went to Harvard in the 70s and got his law degree at UVA. He struggled with drug addiction... which led to a whole career in environmental advocacy. And around 20 years ago, he got interested in vaccine conspiracy theories, especially in the disproven link between vaccines and autism."
• [03:27] Nam further elaborates on RFK Jr.'s public persona and past statements, highlighting his vaccine skepticism and conspiracy theories, including claims that "wifi causes cancer" and linking "school shootings to antidepressants."

Potential Implications for HHS

• [04:07] Nam describes the vastness of HHS: "It's got one of the biggest budgets in the federal government, $1.7 trillion... HHS employs about 90,000 people."
• [04:55] He speculates on Kennedy's approach: "He recently said he'd like to fire 600 NIH employees. He's talked a lot about rooting out corruption... but he has some views that are really far out of the mainstream."

Industry Concerns and Confirmation Prospects

• [05:49] Michelle Martin raises the issue of confirmation: "This is a Senate confirmed position. Do we have a sense of whether he will have the votes to be confirmed?"
• [05:55] Nam discusses the political landscape: "Some Republican senators have responded enthusiastically to his nomination. Others won't say yet... he supports abortion access, which might impact his standing among Republicans focused on curtailing abortion federally."

Notable Quote:

• [05:08] CDC Director Mandy Cohen expresses concern: "I don't want to go backwards and see children or adults suffer or lose their lives to remind us that vaccines work."

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2. Trump’s Economic Plans and the Bond Market Reaction

Stock Market vs. Bond Market Response

• [00:14] Inskeep transitions to economic news: "Stocks climbed after the election, while bond markets sent a different signal."
• [00:34] Michelle Martin summarizes the issue: "Bond prices suggest investors see higher inflation and higher debt in President Elect Trump's economic plans. How might that affect your economic situation?"

Understanding Bonds and Their Impact

• [06:36] Jake Sullivan, NPR Senior Business Editor, explains bonds: "The government sells bonds to investors... it's like a loan. The government promises to pay back with interest. When investors demand more interest, bond prices drop."
• [07:05] Sullivan further clarifies: "Bonds influence interest rates, which affect everything from credit cards to mortgages."

Reasons Behind the Bond Sell-Off

• [07:40] Sullivan identifies key concerns: "Trump's economic agenda could exacerbate inflation through tariffs and tax cuts. The budget deficit was $1.8 trillion last fiscal year, the third highest on record."
• [08:32] He introduces the concept of "bond vigilantes": "These investors could stop buying bonds, signaling the government that lending terms are unfavorable."

Potential Consequences for the Economy and Individuals

• [09:34] Sullivan discusses the broader impact: "Pain in the bond market affects interest payments for everyone, making loans more expensive."
• [09:47] Michelle Martin underscores personal implications: "This could be people like you and me."

Notable Quote:

• [08:32] Sullivan explains bond investor influence: "They can essentially tell the government, we won't be lending you any more money unless you reconsider some of your policies."

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3. President Biden Meets President Xi in Peru: Final Summit Before Transition

Context and Importance of the Meeting

• [09:58] Michelle Martin introduces the segment: "President Biden is in Lima, Peru, where he's meeting with leaders from the Asia Pacific region, including China's President Xi Jinping."
• [10:14] Selena Simmons-Duffin highlights the significance: "It's an important meeting... there is actual work to do in this critical moment between the US And China to ensure that we don't run into any problems in this transition of power."

Biden’s Objectives and Policy Continuity

• [10:43] Mike Waltz, NPR White House Correspondent, outlines Biden's goals: "Biden wants to cement the policy cooperation... stop the flow of fentanyl, coordination on climate issues, discussions around artificial intelligence."
• [11:27] Selena Simmons-Duffin emphasizes stability: "Transitions are uniquely consequential moments in geopolitics... we need to maintain stability, clarity, predictability through this transition."

Navigating US-China Relations Amid Political Shift

• [12:00] Waltz discusses bipartisan efforts: "Export controls regulating the sale of certain technology to China may continue in a Trump administration."
• [13:13] Questions arise about policy negotiation: "Do we know whether Biden is going to talk about tariffs with Xi?"
• [13:20] Waltz responds: "Biden is expected to talk about unfair trade practices... Xi has his own relationship with Trump, so it's unclear how much influence Biden will have."

Looking Forward: Potential Policy Continuity

• [13:57] Waltz notes: "Competition with China is the defining issue for the coming decades... export controls may persist under Trump."

Notable Quote:

• [13:20] Waltz shares an expert opinion: "China needs to shift its ways rather than just threaten to escalate and retaliate."

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Conclusion and Production Notes

• [14:16] Michelle Martin concludes the episode, mentioning weekend coverage and credits the production team.

Supporting Quotes:

• [06:18] Rafael Nam on the bond market: "If interest rates climb, life gets more expensive fast."
• [10:05] Steve Inskeep introduces the upcoming summit: "The two will sit down tomorrow in what is expected to be their final summit before Biden leaves office."

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Summary: In this episode of "Up First," NPR highlights significant political and economic developments shaping the United States. The nomination of RFK Jr. to lead HHS raises concerns due to his controversial stance on vaccines and public health. Concurrently, the bond market reacts negatively to Trump's economic proposals, indicating fears of increased inflation and debt, which could have widespread repercussions for everyday Americans. Meanwhile, President Biden's final diplomatic engagement with China underscores the fragile balance of US-China relations amidst a looming transition of power. These stories collectively underscore the complex interplay between politics, public health, and economic stability in the current American landscape.

Transcript

[Steve Inskeep]

President Elect Trump wants Robert F. Kennedy Jr. To lead the Department of Health and Human Services.

[Michelle Martin]

Kennedy is a vaccine skeptic who's pushed conspiracy theories. So how would he handle a department overseeing public health?

[Steve Inskeep]

I'm Steve Inskeep with Michelle Martin, and this is up first from NPR News. Stocks climbed after the election, while bond markets sent a different signal. Bond prices suggest investors see higher inflation and higher debt in President Elect Trump's economic plans. How might that affect your economic situation?

[Michelle Martin]

And President Biden sits down with China Xi Jinping in Peru for their last meeting before Biden leaves office.

[Selena Simmons-Duffin]

There is actual work to do in this critical moment to ensure that we don't run into any problems.

[Michelle Martin]

Biden is focused on keeping relations steady during a delicate transition of power. Will their meeting help maintain stability? Stay with us. We'll give you the news you need to start your day.

[Asma Khalid]

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[Selena Simmons-Duffin]

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[Steve Inskeep]

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[Selena Simmons-Duffin]

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[Asma Khalid]

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[Michelle Martin]

Will be nominated by President Elect Trump to run the Department of Health and Human Services.

[Steve Inskeep]

The environmental advocate and vaccine skeptic made many claims during the presidential campaign. He said he will drastically reduce rates of chronic disease in Just two years. He also spread several conspiracy theories. While chatting with the podcast host Joe Rogan, RFK Jr. Said wifi causes cancer. While talking on X with Elon Musk, he claimed that school shootings are linked to antidepressants. And elsewhere, RFK questioned the link between AIDS and hiv, which is the virus that causes it.

[Michelle Martin]

Joining us to tell us more about Kennedy's background and what his confirmation could mean for the agency is NPR health policy correspondent Selena Simmons Duffin. Selena, good morning.

[Rafael Nam]

Morning, Michelle.

[Michelle Martin]

So, obviously, many people have heard of Kennedy. He's part of a very famous Democratic political family that includes the former president John F. Kennedy. But tell us more about him as a public figure.

[Rafael Nam]

Well, most recently, he ran for president as an independent before dropping out in August and endorsing Trump, who's been enthusiastically using his Make America Healthy Again line. Kennedy is an attorney. He went to Harvard in the 70s and got his law degree at UVA. He struggled with drug addiction, and it was actually an arrest for heroin possession in the 80s that led to volunteering with the Natural Resources Defense Council to fulfill community service hours. That led to a whole career in environmental advocacy. And around 20 years ago, he got interested in vaccine conspiracy theories, especially in the disproven link between vaccines and autism. That has been a huge focus of his work and life since then.

[Michelle Martin]

Okay, so what about the agency he would be in charge of? Give us a tour of the Department of Health and Human Services.

[Rafael Nam]

So HHS is enormous. It's got one of the biggest budgets in the federal government, $1.7 trillion. That's trillion with a T. That's about the GDP of Australia. And within HHS are a lot of health agencies. Medicare and Medicaid are under hhs. So is the Food and Drug Administration, the National Institutes of Health, the Centers for Disease Control and Prevention. Those are probably the health agencies people hear the most about. But there are all these other agencies, like one that runs community health centers across the country. There's another for mental health. In all, HHS employs about 90,000 people. Across these agencies. Trump has promised to let Kennedy, quote, go wild on health and dramatically shake things up.

[Michelle Martin]

Do we have any idea of what Kennedy going wild on health might look like?

[Rafael Nam]

Well, he recently said he'd like to fire 600 NIH employees. He's talked a lot about rooting out corruption. Some of his ideas are pretty mainstream, like promoting nutritious foods and addressing chronic disease. He said he wants to ban prescription drug advertisements. He rightly points out that American life expectancy is really pretty bad and lags behind other wealthy countries by a lot. But he has some views that are really far out of the mainstream. We've talked about vaccine skepticism. Current CDC director Mandy Cohen wrote to NPR yesterday, quote, I don't want to go backwards and see children or adults suffer or lose their lives to remind us that vaccines work. And so I'm concerned uncovered, quote, the idea of someone who's actively sewed misinformation about vaccines being in charge of the government's scientific research and public health agencies really horrifies a lot of people in those fields.

[Michelle Martin]

This is a Senate confirmed position. Do we have a sense of whether he will have the votes to be confirmed?

[Rafael Nam]

Well, we'll have to see. Some Republican senators have responded enthusiastically to his nomination. Others won't say yet. Interestingly, his campaign website says he supports abortion access. He wrote, quote, I'm for choice and medical freedom. We'll see how that position plays out among Republicans who are eager to curtail abortion access federally once they take power in Washington.

[Michelle Martin]

That is npr. Selena Simmons Duffin. Selena, thank you.

[Rafael Nam]

You're welcome.

[Michelle Martin]

Stocks surged following Donald Trump's reelection, but the bond market is a different story. They've been selling off in a big way, and that affects everything from interest rates to inflation.

[Steve Inskeep]

Yeah. Bond investors say they're alarmed about parts of the president elect's economic agenda, which is important because the bond market matters so much for business and governing. If interest rates are low, your company and your government can borrow lots of money cheap. And if interest rates climb, life gets more expensive fast.

[Michelle Martin]

For more on this, we are joined by NPR senior business editor Rafael Nam. Rafael, good morning.

[Jake Sullivan]

Hey, Michelle.

[Michelle Martin]

So just briefly give us the basics of what are bonds and why do they matter? We've said a little bit about that, but just what are they?

[Jake Sullivan]

Good question. A lot of people don't get bonds, but it's actually pretty simple. The way it works is that the government sells bonds to investors. We're talking banks, other countries, individual people. Think of it as a loan. The government needs to borrow money to function and to afford all of its spending. These investors are the bank, and they're lending their money to Uncle Sam. Then Uncle Sam promises to pay back these investors with interest. And when bond investors get spooked, they demand more interest from the government, and that's exactly what's happening now.

[Michelle Martin]

So why the sell off?

[Jake Sullivan]

Well, there are two critical things to the economy that could get worse under a new Trump administration, inflation and the government's finances. Now, let's tackle inflation first. Although Trump has promised to lower inflation. Many bond investors believe he could actually do the opposite and take tariffs. Trump is proposing a wide range of tariffs. And the US Imports a lot of things, clothes, toys, shoes, tech gadgets, you name it. Tariffs obviously make those things more expensive. Trump also wants to cut taxes. For example, he wants to exempt workers in restaurants and other places from paying taxes on tips. All of that could make the country's finances a lot worse. And they are already pretty bad. The budget deficit in the last fiscal year was $1.8 trillion, the third highest on record.

[Michelle Martin]

So you heard Steve earlier say that bonds wield a lot of power. How do bond investors wield their power?

[Jake Sullivan]

Because they can essentially tell the government, we won't be lending you any more money. And that would put the government in a pinch. Now, if the interest the US Pays on its bond surges, and it can also a lot of pain to the country's finances. And these fears in bond markets can spread to other markets like stocks. Fear is pretty contagious, after all, and it has happened before around the world. About two years ago in the United Kingdom, bond investors revolted. It helped create a financial storm, and it took down the prime minister in a matter of weeks. There's even a term for bond investors that wield their power this way. Bond vigilantes, these investors could stop buying bonds. It's effectively telling the government like I was telling you, we're not going to lend you any more money unless you reconsider some of your policies. Now, the US Is obviously much bigger than the UK and we also don't know what Trump is actually going to do. But things could get rocky very quickly if he does all the things he's promised.

[Michelle Martin]

So very briefly, how would this affect regular people?

[Jake Sullivan]

Yes, because the US Bond market influences all kinds of interest payments, from credit cards to auto loans to mortgages. So when there's pain in the bond market, it's not just the Trump administration that will feel the impact. It could be people like you and me.

[Michelle Martin]

That is NPR's Rafael Nam Raphael. Thank you.

[Jake Sullivan]

Thank you.

[Michelle Martin]

President Biden is in Lima, Peru, where he's meeting with leaders from the Asia Pacific region, including China's President Xi Jinping.

[Steve Inskeep]

The two will sit down tomorrow in what is expected to be their final summit before Biden leaves office. Here's how the president's national security adviser, Jake Sullivan, described it.

[Selena Simmons-Duffin]

So it's an important meeting. It will not be just a valedictory, although there will be an element of reflecting over the course of their long relationship, there is actual work to do in this critical moment between the US And China to ensure that we don't run into any problems in the next two months in this transition of power.

[Michelle Martin]

NPR White House correspondent Asma Khalid is in Lima with the president, and she is with us now. Good morning.

[Mike Waltz]

Good morning, Michelle.

[Michelle Martin]

So, as, of course, we all know, President Biden is at the end of his time in office. What can he actually get done at this meeting tomorrow?

[Mike Waltz]

I mean, there are two main missions for this meeting. One is that Biden wants to cement the policy cooperation fee he feels he's been able to achieve in this relationship over the course of the last four years. You know, work to stop the flow of fentanyl coordination on climate issues and discussions around the challenges of artificial intelligence. But I would say most importantly, the other main mission here is to emphasize that it is important to keep the lines of communication open, particularly the lines of military to military cooperation. You, you might recall those stopped for a bit because of tensions over spying. And Biden wants to make this point clear during this transition period, where one administration is handing off to the next because they believe this administration believes that it is a delicate moment. Here's how Biden's national security advisor, Jake.

[Selena Simmons-Duffin]

Sullivan, explained that transitions are uniquely consequential moments in geopolitics. They're a time when competitors and adversaries can see possibly opportunity because you have this change in government here. And so part of what President Biden will communicate is that we need to maintain stability, clarity, predictability through this transition.

[Michelle Martin]

But how can he credibly make that point about predictability, given that President Elect Trump wants to roll back and change much of what President Biden has done?

[Mike Waltz]

That is a fair understanding, given how much disagreement there is in Washington over policy. But one rare area of bipartisanship is China. There's been a degree of continuity. For example, Trump in his first term put sweeping tariffs on imports of Chinese goods, and Biden, for the most part, has kept those in place. And one thing that caught my ear is that Biden's national security adviser told reporters that he sees some continuity in China policy. Based on who Trump has selected for national security adviser, that's Congressman Mike Waltz and also his pick for Secretary of state, Senator Marco Rubio. Both of these men have been really focused on the challenges with China. And this White House feels that competition with China is going to be the defining issue for what the world looks like in the coming decades. And so in order for the US to succeed over the long run, they feel that US China relationships really need to have bipartisan support. And to that point, one thing the Biden administration really aggressively went after during its time in office was something called export controls. This is the regulating the sale of certain technology to China. And experts think that that may continue in a Trump administration.

[Michelle Martin]

Trump has said he wants to hike tariffs on China. That is something he promised during the campaign. Do we know whether Biden is going to talk about that with Xi?

[Mike Waltz]

Biden is expected to talk about unfair trade practices, but what that looks like isn't clear. I mean, one person I spoke to before this trip, Danny Russell, he was a top State Department official during the Obama years. He told me he thinks Biden could use this meeting to try to underscore that China needs to shift its ways rather than just threaten to escalate and retaliate. And President Xi, though, I should point out, has his own relationship with the former and now future President Trump. They had meetings during Trump's first term, and trade was always front and center. So I'm not sure that Xi or Trump will be looking for advice there.

[Michelle Martin]

That is NPR's Asma Khalid. Asma, thank you.

[Mike Waltz]

My pleasure.

[Michelle Martin]

And that's up first for Friday, November 15th. I'm Michelle Martin.

[Steve Inskeep]

And I'm Steve Inskeep. Up first comes your way on the weekend, too. Aisha Roscoe and Scott Simon have the news in this feed or wherever you get your podcasts.

[Michelle Martin]

Today's episode of up first was edited by Diane Weber, Pahlavi Gagoi, Roberta Ramton, Mohammed Elbardisi and Alice Wolfley. It was produced by Ziad Butcher, Nia Dumas and Julie Deppenbrock. Our executive producer is Erica Aguilar. We get engineering support from Robert Rodriguez, and our technical director is Zach Coleman. We hope you'll join us again on Monday.

[Asma Khalid]

Want to hear this podcast without sponsor breaks? Amazon prime members can listen to Up First Sponsor free through Amazon Music, or you can also support NPR's vital journalism and get up first [e-mail] that's plus.NPR.org this message comes from Warby Parker. What makes a great pair of glasses At Warby Parker, it's all the invisible extras without the extra cost, like free adjustments for life. Find your [e-mail] or visit one of their hundreds of stores around the country. This message comes from Warby Parker. Prescription eyewear that's expertly crafted and unexpectedly affordable glasses designed in house from premium material starting at just $95, including prescription lenses. Stop by a Warby Parker store near.