This week in the news | 6 Jul 24
News from the past week, and a few other things.
👋 Hello Reader, I hope you had a great week.
Below you’ll find the “quick shot”—a supercharged summary of summaries, followed by the “slow brew”—longer summaries with select graphics, and comments from me.
THE QUICK SHOT 🚀
A supercharged summary of summaries
A lock icon (🔒) indicates articles behind a paywall, and a chart icon (📊) indicates an informative chart/graphic in “Slow Brew.”
North America
As it celebrates its 248th birthday, the United States is facing a crisis in its liberal democracy, largely due to a loss of a common American identity (Liberal Patriot). Despite political challenges, the country remains a preferred destination, as seen in global migration patterns (Six-Chart Sunday). The Global Giving Index also shows the US as the topmost charitable nation. (CEOWORLD)📊.
Hurricane Beryl, the second named storm of 2024, is forecasted to hit Texas as a Tropical Storm (NYT🔒) 📊. New York's traffic congestion pricing plan collapsed, wasting $700 million and halting significant transit improvements (WSJ 🔒). A vehicle count during what would have been the plan's first day suggested it could have generated substantial revenue. Kinky Friedman, a musician, author, and one-time politician, passed away at 79, leaving behind a unique legacy in music and literature (Variety).
Latin America
Satellite images have revealed the expansion of suspected Chinese spy bases in Cuba, raising concerns about electronic eavesdropping near U.S. military installations (WSJ 🔒). José Raúl Mulino was sworn in as Panama’s president and has vowed to halt migration through the Darien Gap, a major transit point for migrants from various countries (AP) 📊.
Europe
U.S. military bases in Europe, including one in Stuttgart, Germany, have heightened their alert status due to potential terrorist threats (CNN). In Ukraine, Russian soldiers using unconventional vehicles like motorcycles and quadricycles are changing the dynamics on the front lines (NYT🔒). The Netherlands now has its first far-right government, reflecting a significant political shift (NYT🔒). The UK's Labour Party has won a landslide victory, bringing a center-left government to power after 14 years of Conservative rule (WSJ 🔒). Greece has implemented a six-day workweek to boost productivity, a move that has drawn criticism and concerns about potential negative impacts (WP).
Africa
In Sudan, the Rapid Support Forces have opened a new front in the ongoing war, worsening famine fears as towns and markets are looted and thousands are displaced (WSJ 🔒) 📊.
Asia-Pacific
China and Australia are competing for influence in the Pacific by donating infrastructure to Vanuatu and the Solomon Islands, respectively (VOA). Japan has introduced new fees and limits for Mount Fuji climbers to manage overcrowding and environmental impact (Reuters). A Chinese rocket mishap during a ground test resulted in a crash, raising questions about the country's space program safety (NYT🔒). Over 100 people died in a stampede at a religious event in India, marking the deadliest such incident in a decade (WP🔒).
Space
Debris from a SpaceX Dragon capsule was found in North Carolina, adding to the growing issue of space junk re-entering Earth's atmosphere (NYT🔒).
Government
The Supreme Court ruled that former presidents have broad immunity from prosecution for their acts while in office, a decision that impacts ongoing cases against Donald Trump (WSJ 🔒). An opinion piece suggests that the next president will face the challenge of managing the Supreme Court's divided factions (Bloomberg). ABC’s George Stephanopoulos interviewed Joe Biden for his first TV appearance since last week's presidential debate (ABC).
Defense
Maj. Gen. Phillip Stewart, the first Air Force general to face a court-martial by jury, was found not guilty of sexual assault but guilty of other charges (Air & Space Forces). Stewart was sentenced to a reprimand, restriction, and forfeiture of pay (Air & Space Forces). The Air Force has opened a new school to train warrant officers, a role reintroduced to meet the needs of technical fields like IT and cybersecurity (Air & Space Forces).
Economy
Federal Reserve Chair Jerome Powell stated that inflation is slowing but it's not yet time to cut interest rates (AP). The U.S. labor market is showing signs of slowing down, with fewer job openings and a slight rise in unemployment (Bloomberg). Employers added 206,000 jobs in June, reflecting a gradual cooldown in the labor market (WP🔒) 📊.
Business
YouTube TV experienced its first quarterly loss of subscribers, dropping 150K members due to the end of the football season (NYT🔒). Nike's stock fell by 20% on a single day after forecasting a drop in sales for the current quarter (Sherwood News)📊.
Energy
In 2023, U.S. energy production exceeded consumption by a record amount, with production rising and consumption falling (EIA) 📊.
Real Estate
Lumber prices have dropped significantly, indicating a slowdown in residential construction and home-improvement markets due to high borrowing costs (WSJ 🔒). 📊
Personal Finance
Young adults are turning to bulk purchases at warehouse stores like Costco and Sam’s Club to combat rising grocery prices (WSJ 🔒).
Technology
An underground network is smuggling Nvidia chips into China, bypassing U.S. export restrictions (WSJ 🔒). A robotic leg controlled by the brain and spinal cord is enabling amputees to walk nearly as fast as people without amputations (Nature).
Artificial Intelligence
A hacker stole internal details about OpenAI's A.I. technologies, raising concerns about the security of sensitive information (NYT🔒).
Life
Teens, isolated during the pandemic, are seeking jobs that offer social interaction as much as cash, coinciding with a labor market in need of summer help (WSJ 🔒).
Education
There is an ongoing discussion about the lack of conservative professors in academia (Chronicle of Higher Education).
Health
The Biden administration has opposed gender-affirming surgery for minors (NYT). A Senate report highlights the rise of hoarding disorder among aging Americans, calling for a national response (Axios). Reynolds American is introducing nicotine-free vaping products, prompting questions about their potential risks to young people (WSJ 🔒). Walmart's attempt to apply its successful retail model to healthcare failed due to unsustainable business models (WSJ 🔒).
Home
After his cat died, possibly due lawn chemicals, Jackson Madnick developed a chemical-free lawn that stays green year-round with minimal maintenance (WP).
Food & Drink
The Caesar salad, invented in Mexico by Italian immigrants, celebrates its 100th anniversary (AP). McDonald’s has discontinued its plant-based burger, the McPlant, in the U.S. due to lackluster performance (Food & Wine).
Travel
Americans who travel internationally are more knowledgeable about foreign affairs and favor a more active foreign policy (Pew Research)📊.
Entertainment
A catchy song from North Korea is going viral on TikTok, despite its propaganda origins (WSJ 🔒).
Sports
Biniam Girmay made history by becoming the first Eritrean to win a stage at the Tour de France, also marking the first win for a Black African cyclist (WSJ 🔒).
For Fun
The Rubik's Cube celebrates its 50th anniversary this year, continuing to be a popular puzzle worldwide (NYT🔒).
THE SLOW BREW ☕
A more relaxed approach to the summaries.
North America
Teaching Students What It Means to Be an American (Liberal Patriot)
The United States is celebrating its 248th birthday at a moment when people across the political spectrum agree that the country’s experiment in liberal democracy is in deep trouble. A central driver is the loss of a common American identity.
NOTE: In honor of the 4th of July, I’m including this little gem. The author argues that “Combating the identity politics of the extreme left and right provides the key to preserving our democracy,” and “Schools should teach that America is exceptional—not because Americans are better people than others—but because we have set up a system of rights that, over time, have become available to people who come to this country from all parts of the world.”
Six-Chart Sunday (#23) – God Bless the USA (Bruce Mehlman Substack)
Mid-way through Thursday’s Presidential debate, after briefly Googling nice homes for sale in New Zealand, I zoomed out to consider the bigger picture. It’s hard not to enter July 4th weekend thankful for our nation’s many blessings, even as we strive to form a more perfect union. Sure, we have a lot of challenges… but where else would you rather live? Here’s how the world votes with its feet.
NOTE: Some things to remind you why the US is a great place to live…also see the article below.
Ranked: The Most Charitable Countries in the World, 2024 (CEOWORLD) 📊
Charitable acts know no geographical or economic boundaries and are often driven by the spirit of giving. In the world of philanthropy, CEOWORLD magazine’s Global Giving Index serves as a beacon, providing insight into global charitable behaviors. This annual report is based on the largest survey of charitable activities worldwide and carefully examines three key aspects: monetary donations, voluntary contributions of time, and helping strangers. It’s worth noting that assisting strangers is the most common charitable behavior, with over 2.5 billion people extending assistance in the past decade.
NOTE: It’s OK to love America!
Hurricane Beryl Tracker (NYT🔒) 📊
Beryl is the second named storm to form in the Atlantic in 2024. In late May, the National Oceanic and Atmospheric Administration predicted that there would be 17 to 25 named storms this year, an above-normal amount.
17 Years, $700 Million Wasted: The Stunning Collapse of New York’s Traffic Moonshot (WSJ🔒)📊
The epic collapse in New York shows how a fear of dramatic change can give the status quo stubborn power over those trying to solve some of America’s most intractable challenges. That leaves policymakers nibbling at the edges of deeply rooted problems, even after investing huge sums of money and political capital. Blown up in a New York minute were plans for around $15 billion of planned improvements to the city’s ailing mass-transit system, the largest transportation network in North America. The reversal cast aside around $700 million in meticulous prep work, including a $555-million contract to install tolling cameras—which are already up and ready to go—and $33 million for a customer-service center with 100 employees who have already been brought on, officials said. Planners invested thousands of hours, including going to London and Stockholm to research their congestion-pricing programs, according to people familiar with the travel.
We Counted 22,252 Cars to See How Much Congestion Pricing Might Have Made in One Morning (NYT🔒)
Monday would have been the first weekday of New York City’s congestion pricing plan. Before it was halted by Gov. Kathy Hochul, the plan was designed to rein in some of the nation’s worst traffic while raising a billion dollars for the subway every year, one toll at a time. A year’s worth of tolls is hard to picture. But what about a day’s worth? What about an hour’s? To understand how the plan could have worked, we went to the edges of the tolling zone during the first rush hour that the fees would have kicked in. In total, we counted 22,252 cars, trucks, motorcycles and buses between 8 a.m. and 9 a.m. on Monday. To try to account for all that fee variance, we used estimates from the firm Replica, which models traffic data, on who enters the business district, as well as records from the Metropolitan Transportation Authority and city agencies. We also made a few assumptions where data wasn’t available. We then came up with a ballpark figure for how much the city might have generated in an hour at those toll points. The total? About $200,000 in tolls for that hour.
Kinky Friedman, Provocative Musician, Author and One-Time Politician, Dies at 79 (Variety)
Kinky Friedman, the satirical and often provocative musician, author and one-time politician, has died at the age of 79. Throughout his career, Richard Samet “Kinky” Friedman developed a cult following for his unique, quirky approach to country and Western music. The self-proclaimed “governor of the heart of Texas” released a robust number of albums starting with 1973’s “Sold American,” often considered his foundational record, and in addition to touring with Bob Dylan on his “Rolling Thunder Revue,” he became the “first full-blooded Jew” to appear at the Grand Ole Opry. Outside of his music career, Friedman was a prolific writer, penning detective novels and serving as a columnist for Texas Monthly. He dabbled in politics, running for Governor of Texas in 2006 with campaign slogans like “My Governor is a Jewish Cowboy.” In the end, he received 12.6 percent of the votes among six candidates.
Latin America
Satellite Images Show Expansion of Suspected Chinese Spy Bases in Cuba (WSJ🔒)
Images captured from space show the growth of Cuba’s electronic eavesdropping stations that are believed to be linked to China, including new construction at a previously unreported site about 70 miles from the U.S. naval base at Guantanamo Bay, according to a new report. The study from the Center for Strategic and International Studies, a Washington-based think tank, follows reporting last year by The Wall Street Journal that China and Cuba were negotiating closer defense and intelligence ties, including establishing a new joint military training facility on the island and an eavesdropping facility. The concern about the stations, former officials and analysts say, is that China is using Cuba’s geographical proximity to the southeastern U.S. to scoop up sensitive electronic communications from American military bases, space-launch facilities, and military and commercial shipping.
José Raúl Mulino sworn in as Panama’s new president, promises to stop migration through Darien Gap (AP) 📊
José Raúl Mulino was sworn in Monday as Panama’s next president, facing pressure to slow irregular migration through the Darien Gap that connects his country with Colombia. The 65-year-old former security minister has promised to shut down migration through the jungle-clad and largely lawless border. More than half a million people traversed the corridor last year and more than 190,000 people have crossed so far in 2024, with most of the migrants hailing from Venezuela, Ecuador, Colombia and China.
Europe
Several US military bases in Europe on heightened alert amid possible terrorist threat (CNN)
Several US military bases across Europe were put on a heightened state of alert over the weekend, with the level of force protection raised to its second-highest state amid concerns that a terrorist attack could target US military personnel or facilities, according to two US officials. The bases, including the US Army garrison in Stuttgart, Germany where US European Command is headquartered, raised their alert level to Force Protection Condition “Charlie” on Sunday, the officials said. The garrison announced that a number of services would be closed or curtailed, and youth centers had cancelled off-post field trips. Other facilities in Germany such as Ramstein Air Base urged service members to “remain vigilant” on social media.
Motorcycles and Mayhem in Ukraine’s East (NYT🔒)
Russian soldiers riding motorcycles, dirt bikes, quadricycles and dune buggies now account for about half of all attacks in some areas of the front, soldiers and commanders say, as Moscow’s forces attempt to use speed to cross exposed open spaces where its lumbering armored vehicles are easy targets. These nonconventional vehicles have been turning up with such frequency that some Ukrainian trenches now overlook junk yards of abandoned, blown up off-road vehicles, videos from reconnaissance drones show. The new tactic is the latest Russian adaptation for a heavily mined, continually surveilled battlefield, as Moscow’s forces work to achieve small tactical gains, often of just a few hundred yards.
What to Know About the Netherlands’ New Far-Right Government (NYT🔒)
The Netherlands swore in its first far-right government on Tuesday, more than seven months after an election sent shock waves through the Dutch political system. The new government has pledged to govern the Netherlands differently after nearly 14 years under Prime Minister Mark Rutte. The coalition was formed out of months of negotiations spurred by the success of right-wing leader Geert Wilders’ party in November elections. Long seen as a bastion of liberalism, the Netherlands is one of several European countries that have experienced electoral swings to the right. Last year, Italy voted in a hard-right leader and Slovakia elected a populist president with ties to Prime Minister Viktor Orban of Hungary; and this weekend in France, the far right surged in the first round of legislative elections. It remains to be seen how the style of governing — and its far-right leanings — will fare in the Netherlands, a country of nearly 18 million people where the political system rests on a culture of consensus building and the art of compromise. There could also be broad implications for the country’s standing on the international stage.
U.K.’s Labour Party Wins Election Landslide as Conservative Vote Collapses (WSJ🔒)
Britain’s Labour Party won a landslide election victory as voters handed its leader Keir Starmer one of the biggest parliamentary majorities in British history, placing a center-left government into Downing Street for the first time in 14 years.
Why work four days a week when you can work six? Greece gives it a shot (WP🔒)
While the four-day workweek has picked up steam in many European countries and even at some U.S. companies, Greece is going in the opposite direction. The country’s new legislation, which took effect this week, introduced a six-day workweek for businesses that operate 24 hours with the goal of boosting productivity. Workers have the option to work up to 48 hours a week, and those who work the extra day will get a 40 percent bump in overtime pay. The news bucks the trend of shortening the workweek to four days, which research has shown benefits productivity and employee well-being and satisfaction. Greece’s government suggests the move will aid with labor shortages, ensure workers get paid for overtime and address tax evasion issues as it relates to undeclared work. But worker advocates say that Greece’s new legislation probably won’t produce the desired results and instead could cause unintended consequences such as high turnover, burnout, illness and even death. In the U.S., 77 percent of workers believe a four-day, 40-hour workweek would have an extremely or somewhat positive effect on their well-being, according to a recent Gallup survey. U.S. companies that have piloted or adopted shortened workweeks say they have seen the benefits. In many parts of Asia and other developing countries, a six-day work week is routine. But globally, more countries are also looking at slashing hours. France is among the most recent countries to pilot a four-day workweek, while Belgium became the first country to officially approve the shortened week back in 2022.
Africa
Militia Opens New Front in Sudan War, Deepening Famine Fears (WSJ🔒) 📊
Fighters from Sudan’s paramilitary-turned-rebel Rapid Support Forces ransacked and looted towns, markets and homes in the southeastern agricultural state of Sennar, opening up a new front in the country’s 14-month-old war as aid groups warn of an impending famine. At least 62,000 people have fled villages and towns across Sennar state in recent days, according to data from the United Nations’ International Organization for Migration. Many of them have now been displaced for a second or even third time, having initially left the capital Khartoum when the war between the RSF and Sudan’s military broke out in April 2023 and then again when the RSF took the central Sudanese city of Wad Medani in December. The renewed displacement and fighting in an important food-producing area are set to worsen Sudan’s hunger crisis, which experts say is already the worst in the country’s modern history. The Integrated Food Security Phase Classification, or IPC, an initiative that brings together experts from the U.N., relief agencies and research groups, said last week that at least 755,000 people across 14 regions, including in Khartoum and the western Darfur region, are on the brink of famine, with many already starving to death. Some 25.6 million people, more than half of Sudan’s total population, are facing crisis levels of hunger, the IPC said.
NOTE: For comparison, there are 29M people in the state of Texas, and 21M in Florida…so 25M in Sudan is A LOT of people to be concerned about.
Asia-Pacific
China, Australia donate buildings, airstrips in Pacific influence race (VOA News)
China has donated a presidential building complex in Vanuatu while Australia and New Zealand inaugurated an airfield in neighboring Solomon Islands, amid competition for influence in the Pacific Islands region. New Zealand Foreign Minister Winston Peters was in Solomon Islands on Tuesday to hand over the $36.55 million airfield in Western Province funded by New Zealand and Australia. Solomon Islands Prime Minister Jeremiah Manele, also at the ceremony, is expected to travel soon to China, after visiting Australia last week on his first overseas visit in the role. Manele told media after returning to Solomon Islands on Saturday that Solomon Islands had asked Australia to fund the recruitment of local police over the next decade, so the nation could "look after ourselves" for domestic security. Solomon Islands has security ties with China and Australia, although the new government elected in April is reviewing its security arrangements, Manele said.
Japan imposes new fees on Mount Fuji climbers to limit tourists (Reuters)
Park rangers on Japan's sacred Mount Fuji officially started this year's climbing season about 90 minutes before sunrise on Monday, levying new trail fees and limiting hiker numbers to curb overcrowding. Climbers must pay 2,000 yen ($12) and their numbers will be limited to 4,000 a day after complaints of litter, pollution, and dangerously crowded trails flowed in last year.
Chinese Rocket Accidentally Launches During Test, Then Crashes (NYT🔒)
A commercial Chinese rocket accidentally launched during a ground test on Sunday, climbing into the air before crashing into a nearby mountain and exploding in flames, the private company that owns the rocket said. Because of a “structural failure,” the Tianlong-3 rocket separated from its testing platform while its propulsion system was being tested and lifted off from its launchpad, the rocket’s owner Space Pioneer said in a statement. The accident occurred at 3:43 p.m. local time on Sunday at a test facility in Gongyi city in central China’s Henan Province, the statement said.
NOTE: Oops. Hate when that happens. It’s like forgetting to put the parking break on…sort of.
More than 100 killed in Indian religious event stampede, officials say (WP🔒)
More than 100 people, most of them women and children, died Tuesday in a stampede at a crowded religious event in northern India, according to local officials, in the country’s deadliest such incident in over a decade. The circumstances that led to the stampede were unclear, but according to statements by witnesses and local officials to local television news channels, it appeared to be a combination of sweltering heat and religious fervor.
Space
Debris Found in North Carolina Came From SpaceX Dragon, NASA Says (NYT🔒)
A hunk of metal found on a remote trail in a luxury camping resort in North Carolina came from a SpaceX Dragon capsule, NASA said, confirming that the mystery object was yet another piece of space junk that has recently landed on Earth. The debris came from the SpaceX Dragon spacecraft that had re-entered Earth’s atmosphere after traveling to the International Space Station, NASA said in an emailed statement. “NASA is unaware of any structural damage or injuries resulting from these findings,” the space agency said.
Government
Supreme Court Deals Blow to Trump’s Prosecution, Ruling He Has Broad Immunity (WSJ🔒)
The Supreme Court dealt a major blow to Donald Trump’s prosecution on charges he sought to subvert the 2020 election, ruling 6-3 Monday that former presidents enjoy sweeping immunity for their acts while in office. The president “may not be prosecuted for exercising his core constitutional powers,” Chief Justice John Roberts wrote for the court, and “is entitled, at a minimum, to a presumptive immunity from prosecution for all his official acts.” The outcome broke along partisan lines, with five Republican-appointed justices joining Roberts on Trump’s side, while three named by Democratic presidents dissented. Roberts said that without such expansive immunity from future prosecution, presidents might hesitate from bold action to further the nation’s interests. To rule otherwise could forever create “an executive branch that cannibalizes itself, with each successive President free to prosecute his predecessors, yet unable to boldly and fearlessly carry out his duties for fear that he may be next,” he wrote, joined by Justices Clarence Thomas, Samuel Alito, Neil Gorsuch, Brett Kavanaugh and, apart from one element of the decision, Amy Coney Barrett.
NOTE: I ran across Professor Jed Rubenfeld’s YouTube channel, Straight Down the Middle, this week. He’s a Yale Law School professor and constitutional scholar, but more than that, he does a great job of breaking down complex legal cases in a way that the common person can understand them. He hasn’t yet put out a full video on the immunity case above, but at the end of this video (below), he provides a brief overview. Also, I found his video on the Trump verdict to be very informative as well.
OPINION | The Next President Will Split Up the Supreme Court’s Factions (Bloomberg🔒)
The bench is currently divided between three liberals, three arch-conservatives, and three centrist conservatives, leading to shifting alliances — and an opportunity for the next president.
NOTE: Interesting take.
Full interview: One-on-one with President Biden l ABC News Exclusive (ABC)
ABC’s George Stephanopoulos sits down with Joe Biden for his first TV interview since last week's presidential debate.
Defense
Air Force General Cleared of Sexual Assault, Guilty of Other Charges (Air & Space Forces)
Maj. Gen. Phillip Stewart, the first general in Air Force history to face a court-martial by jury, was found not guilty of sexual assault but convicted of other charges on June 29. The eight-general panel—the military term for a jury—found Stewart not guilty of two counts of Article 120, which forbids sexual assault. The panel did convict him on one count of Article 133, conduct unbecoming an officer for allegedly inviting a subordinate to spend the night with him; and a count of Article 92, for allegedly controlling an aircraft within 12 hours after consuming alcohol. Earlier this week, on June 24, Stewart pleaded guilty to one count of dereliction of duty under Article 92 of the Uniform Code of Military Justice for pursuing an unprofessional relationship, and to one count of violating UCMJ Article 134, for having an extramarital affair.
Air Force General Sentenced In Historic Court-Martial (Air & Space Forces)
A military judged sentenced an Air Force general on June 29 to a reprimand, restriction to Joint Base San Antonio-Randolph, Texas, for two months, and $10,000 forfeiture of pay per month for 6 months, Air Education and Training Command said in a statement. Maj. Gen. Phillip Stewart, the first general in Air Force history to face a court-martial by jury, was found guilty earlier in the day on one count of Article 133 of the Uniform Code of Military Justice, conduct unbecoming an officer for inviting a subordinate to spend the night with him; and a count of Article 92, dereliction of duty, for controlling an aircraft within 12 hours after consuming alcohol. The eight-general panel—the military term for a jury—found Stewart not guilty of two counts of Article 120, which forbids sexual assault. Six of the eight members of the panel had to vote that Stewart was guilty of a crime in order for him to be convicted. Earlier this week, on June 24, Stewart pleaded guilty to one count of dereliction of duty under Article 92 for pursuing an unprofessional relationship, and to one count of violating UCMJ Article 134, for having an extramarital affair.
Air Force Stands Up New School For Future Warrant Officers (Air & Space Forces)
The Air Force took a step closer to bringing new warrant officers into its ranks for the first time since 1958 by opening a school where Airmen will train for the role. The Air Force Warrant Officer Training School was activated in a ceremony at Maxwell Air Force Base, Ala., on June 28. The school curriculum will focus on five warrant officer foundational principles: communicate, advise, influence, innovate, and integrate, according to a press release. The Air Force and Space Force are the only military services currently without warrant officers, who fill technical rather than leadership functions in the other military branches. But today the Air Force sees the reintroduction of warrant officers as a way to maintain an edge in two fast-moving technical fields: information technology and cybersecurity. “We are in the business of producing Airmen,” Maj. Nathaniel Roesler, the new WOTS commandant, said in the release. “These specialists come to us with technical expertise, and our mission is to develop them to be better warfighters, advisors, and integrators, ready to fly, fight, and win during Great Power Competition.”
Economy
Fed Chair Jerome Powell: US inflation is cooling again, though it isn’t yet time to cut rates (AP)
Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.” Speaking in a panel discussion at the European Central Bank’s monetary policy conference in Sintra, Portugal, Powell said Fed officials still want to see annual price growth slow further toward their 2% target before they would feel confident of having fully defeated high inflation. “We just want to understand that the levels that we’re seeing are a true reading of underlying inflation,” he added.
US Labor Market Shows Signs of Losing Steam, Putting the Fed on Alert (Bloomberg🔒) 📊
Economists and some Federal Reserve officials are increasingly on alert that pain could be on the horizon for American workers amid signs the labor market is losing steam. Companies are posting fewer job openings this year and employees are quitting less as unemployment has begun creeping up from low levels, signaling the end of the historically-tight labor conditions that characterized the rapid recovery from the pandemic shock. Strength in hiring has so far helped the economy weather aggressive Fed tightening, which brought interest rates to the highest levels in two decades. With inflation still running above the central bank’s 2% target, the fear is that any further softening in labor conditions could start to snowball and put economic growth at risk.
The labor market reflects continued resilience amid slowdown (WP🔒) 📊
Employers added 206,000 jobs in June, reflecting a gradual cool-down of the labor market in the first half of 2024, in the latest sign that the U.S. economy is settling after four years of breakneck growth. The unemployment rate, meanwhile, rose slightly to 4.1 percent, the highest level in more than a year and half, the Bureau of Labor Statistics reported Friday. Joblessness among women — and Black workers — increased slightly in June and was up more for Asian workers.
Business
YouTube TV has stopped growing (NYT🔒) 📊
“YouTube TV” might sound like something of an oxymoron — with many turning to YouTube for short hits or highlights — but, since its launch in 2017, the premium service from YouTube had grown steadily to some 8 million subscribers. At least, until Q1 this year, when it took its first backward step. Estimates from MoffettNathanson, reported by Variety’s VIP+, reveal that YouTube TV experienced its first quarterly loss of subscribers, dropping 150K paying members, as the virtual pay TV service begins to grapple with the seasonality of live sports offerings. The end of the football season — live TV's largest draw — makes Q1 particularly challenging for pay TV and this year the exodus wasn’t just limited to traditional cable.
Nike’s Stock fell on 20% on Friday (Sherwood News) 📊
On Friday, shares in Nike dropped some 20%. That’s the worst day in Nike’s 4+ decades as a public company — a period that’s seen the athletic brand survive recessions, pandemics, supply chain issues, and scandals. The sharp fall came after the world’s most valuable provider of shoes and stuff-to-sweat-in forecast that sales are expected to drop about 10% in its current quarter. As Nate Becker astutely observes, that is unusual for Nike not just because the company almost always grows its sales — which topped $51 billion last year — but because this quarter is an Olympic quarter. That means hundreds of Swoosh-adorned athletes will be trying to run, jump, climb, kayak, and pole-vault their way into the history books, to mention but a few of the 329 events that will feature in the upcoming Paris games. The bad news for the company is that there isn’t just one factor being cited. Its classic footwear lines are struggling, demand in China is soft, sales and traffic to its digital properties are down, and the company is expecting to sell less to wholesalers. One factor, at least in its athletic shoe division, is the rise of competitors like On Running and Hoka — two brands that are at the forefront of the boom in “running culture”, as a growing number of communities come together across America, and indeed the world, to embrace the simplest of athletic endeavors.
Energy
U.S. energy production exceeded consumption by record amount in 2023 (EIA) 📊
In 2023, energy production in the United States rose 4% to nearly 103 quadrillion British thermal units (quads), a record. Energy consumption in the United States fell 1% to 94 quads during the same period. Production exceeded consumption by 9 quads, more than at any other time in our records, which date to 1949.
Real Estate
It’s Home-Building Season, but No One Is Buying Lumber (WSJ🔒) 📊
Lumber prices have tumbled into building season, a sign that residential construction and home-improvement markets are buckling under high borrowing costs. The price of two-by-fours, which skyrocketed during the pandemic, is a reliable leading indicator for the housing market. Lately it is flashing caution. Lumber futures shed 3% Friday to end at $452.50 per thousand board feet, down 27% since mid-March. Wood has piled up in the market and pushed cash prices even lower.
Personal Finance
Costco and Sam’s Club Aisles Are Full of Gen Z Shoppers (WSJ🔒)
Young adults are battling sticker shock at the grocery store by supersizing their groceries. They are turning to bulk purchases, splitting their food costs with friends, roommates, family and neighbors. Shoppers in their 20s and 30s are trying to fight higher prices by joining warehouse-store giants such as Costco and Sam’s Club. Generation Z shoppers represent the fastest-growing member group at Walmart-owned Sam’s Club, a spokeswoman says. Memberships for shoppers ages 27 and under rose 63% over the past two fiscal years. Gen Z and millennials—customers 28 to 43—now make up a quarter of Sam’s Club members. Almost four in 10 shoppers between the ages of 25 and 34 split more bulk groceries with friends, neighbors, roommates and family, according to a June survey of over 1,000 shoppers by the market-research firm Advantage Solutions. A third of all people questioned in the survey said they shop this way.
Technology
The Underground Network Sneaking Nvidia Chips Into China (WSJ🔒)
A 26-year-old Chinese student in Singapore was packing suitcases last fall to return
advanced artificial-intelligence chips. A connection from college asked him to bring the chips because the U.S. restricted their export to China. Each chip was roughly the size of a Nintendo Switch game console, and the student didn’t flag any suspicions at the airport. Upon arrival, the student said he was paid $100 for each chip he carried, a fraction of the underground market worth. The student is part of a barely concealed network of buyers, sellers and couriers bypassing the Biden administration’s restrictions aimed at denying China access to Nvidia’s advanced AI chips, The Wall Street Journal has found. Nvidia’s chips are highly coveted for their ability to handle the massive computations needed to train AI systems that are critical to China-U.S. tech rivalry.
Bionic leg moves like a natural limb — without conscious thought (Nature)
A robotic leg that can be fully controlled by the brain and spinal cord has enabled seven people who had lost a lower leg to walk roughly as fast as people without amputations. The bionic limb uses a computer interface that amplifies nerve signals from muscles in the remaining part of the leg and allows the wearer to move the prosthesis with their own thoughts and natural reflexes. In a clinical trial involving 14 people, participants with this interface were able to walk 41% faster than were those with standard robotic legs. They also had better balance and ability to change their speed, climb stairs and step over obstacles. The results were published today in Nature Medicine.
Artificial Intelligence
A Hacker Stole OpenAI Secrets, Raising Fears That China Could, Too (NYT🔒)
Early last year, a hacker gained access to the internal messaging systems of OpenAI, the maker of ChatGPT, and stole details about the design of the company’s A.I. technologies. The hacker lifted details from discussions in an online forum where employees talked about OpenAI’s latest technologies, according to two people familiar with the incident, but did not get into the systems where the company houses and builds its artificial intelligence.
Life
After the Lockdown Years, Teens Want One Thing From Their Jobs: Friends (WSJ🔒)
Isolation during the pandemic, when many teens were cut off from daily contact with family and friends, has unleashed a young generation of workers as eager for social interaction as they are for cash. Their desire for community and friendship has coincided with a labor market that is ravenous for summer help, especially at restaurants, hotels and parks. Desmarais says business owners who don’t work with teens’ schedules, provide a competitive wage and offer an atmosphere that allows them to socialize have struggled to retain young workers. “Things have changed a little bit. They hold the power a little bit more,” he said. During slow hours, he lets his teen workers socialize rather than cutting their hours. “I don’t care if they’re hanging out a little and having a good time. I want the job to be kind of fun,” Desmarais said. Teenagers say it isn’t all about fun. Part of what they want from their summer jobs is the chance to practice social skills and problem-solve.
Education
Why are there so few conservative professors? (Chronicle of Higher Education)
The facts are beyond dispute. The causes and solutions are not.
Health
Biden Administration Opposes Surgery for Transgender Minors (NYT🔒)
The Biden administration said this week that it opposed gender-affirming surgery for minors, the most explicit statement to date on the subject from a president who has been a staunch supporter of transgender rights. The White House announcement was sent to The New York Times on Wednesday in response to an article reporting that staff in the office of Adm. Rachel Levine, an assistant secretary at the Department of Health and Human Services, had urged an influential international transgender health organization to remove age minimums for surgery from its treatment guidelines for minors. The draft guidelines would have lowered the age minimums to 14 for hormonal treatments, 15 for mastectomies, 16 for breast augmentation or facial surgeries, and 17 for genital surgeries or hysterectomies. The final guidelines, released in 2022, removed the age-based recommendations altogether. “Adm. Levine shared her view with her staff that publishing the proposed lower ages for gender transition surgeries was not supported by science or research, and could lead to an onslaught of attacks on the transgender community,” an H.H.S. spokesman said in a statement on Friday evening.
Hoarding concerns rise as America ages (Axios) 📊
The rise in hoarding disorder as America ages requires a national response, a new Senate report shared first with Axios says. Hoarding disorder — a mental health condition associated with an inability to part with possessions that can create dangerous living conditions — affects about 2% of the general U.S. population and 6% of adults over 70 years old.
Reynolds American Introduces Fruity Vapes—Minus the Nicotine (WSJ🔒)
Do nicotine-free vaping products pose a risk to young people? Reynolds American is prompting the question with a new line of vaping devices closely resembling the disposable e-cigarettes that have flooded the U.S. market and gained popularity among teenagers. The tobacco-giant’s new vaping brand boasts one big difference: It contains no nicotine. With this new brand, called Sensa, Reynolds is entering a regulatory gray area. It is unclear whether nicotine-free vaping products are subject to federal oversight the way regular e-cigarettes are. It is also unclear how many adults might be interested in a vaping device that doesn’t deliver a kick of nicotine, the addictive chemical in tobacco. Nicotine-free vaping products could help some smokers quit cigarettes, but they aren’t as effective as those that contain nicotine, public-health experts say.
Why the Walmart Model Doesn’t Work in Healthcare (WSJ🔒)
Walmart became the world’s largest company by revenue because it figured out how to use its size to offer consumers rock-bottom prices. Yet when the big-box retailer tried to apply that winning formula to healthcare, it failed miserably. In late April, the company said it would close its 51 health centers across five states and shut down its virtual-care offering. The company said that many patients loved the convenience of the clinics, but that it couldn’t find a sustainable business model. In other words, the clinics were bleeding money. Walmart isn’t alone in pulling away from the doctor’s office. Walgreens Boots Alliance Chief Executive Tim Wentworth recently told The Wall Street Journal that the company would reduce its stake in VillageMD, a primary-care provider, as part of a broader turnaround plan. That came after the pharmacy chain had already been closing clinics.
Home
Did this citizen scientist develop the perfect, chemical-free lawn? (WP)
Jackson Madnick, a 76-year-old resident of Wayland, Mass., rarely mows, waters or fertilizes his lawn, and he never sprays it with weed killers. Even so, his grass looks like a thriving, emerald-green meadow year-round. It emerges green from under the snow, and it keeps its vibrant hue in summer droughts. If that sounds too good to be true, Madnick has even more surprises to share: He bred this grass himself. Madnick became a citizen grass scientist after his cat, Kitty, died of cancer in 1999. “I moved into a house near a golf course, and I had a cat that went outside all the time,” he says. “And within two months of moving in there, she got a huge lump and she died.” His vet suggested that lawn chemicals may have played a part. As he researched his cat’s death, Madnick, a multimedia show designer who planned concerts, fireworks, theme park shows and other events, learned that the traditional American lawn is a lot less green than it appears. When fertilizers and herbicides became widely available after World War II, manufacturers were eager to sell them not only to farmers but also to homeowners, says Nancy Gift, a weed ecologist who is executive director of Cornell Cooperative Extension. To drive up sales, they promoted perfect plush green turfs as a status symbol. But the amount of water and chemicals needed to keep grass beautiful can be harmful to the environment, according to the Environmental Protection Agency.
NOTE: After reading this article, I was intrigued—after all, I like a green lawn, yet I’m also concerned about the chemicals we put on lawns to keep them green. Plus, I live in Texas, which means we go into water rationing as soon as summer hits. So, I need something hearty. Is it really possible to have a green lawn without all the chemicals and water? I went to the website for Pearl’s Premium, the grass developed by Jackson Madnick (the guy featured in the article), to find out. The price for the seed was cheap enough that I figured I’d give it a try, but I had a few questions, so I called the phone number on the website. It went to voice mail, but I didn’t feel like leaving a message, so I hung up. A minute later, Jackson Madnick himself called me back. And this was early Saturday evening. Talk about customer service. This dude talked me through everything and said that his website was crashing due to the WaPo article, which he didn’t realize was going to get published. I ordered a few bags of seed and look forward to trying his grass out this fall (especially after he told me Bob Villa uses it at his homes). Heck, for the customer service alone I was willing to buy a bag.
Food & Drink
Caesar salad, invented in Mexico by Italian immigrants, is still pleasing palates after 100 years (AP)
Caesar salad has something to celebrate: It’s turning 100. Italian immigrant Caesar Cardini is said to have invented the dish on July 4, 1924, at his restaurant, Caesar’s Place, in Tijuana, Mexico. It was a steamy night, and Cardini was struggling to feed an influx of Californians who had crossed the border to escape Prohibition. In the middle of the dining room, Cardini tossed whole Romaine leaves with ingredients he had on hand, including garlic-flavored oil, Worcestershire sauce, lemons, eggs and Parmesan cheese. A star was born.
Here’s Why McDonald’s Scrapped Its Plant-Based Burger in America (Food & Wine)
If you never had a chance to try the McPlant, McDonald’s plant-based burger, when it was being tested in several hundred restaurants around Dallas-Fort Worth and the in San Francisco Bay area, then you may have to go to Switzerland, Slovenia, or other parts of Europe where it’s still available to order. Because according to McDonald’s USA President Joe Erlinger, the McPlant wasn’t the chain’s biggest success — and it may not return to the menu in the near future.
Travel
Americans who have traveled internationally stand out in their views and knowledge of foreign affairs (Pew Research Center) 📊
Americans who have traveled internationally are more interested in and knowledgeable about foreign affairs, feel closer to others around the world, and favor a more active foreign policy, according to the survey of 3,576 U.S. adults conducted in spring 2023. We also surveyed people in 23 other countries about their international travel habits.
NOTE: Totally agree with this. There’s something about traveling the world that allows you to see just how similar we all are as humans, how we all face similar problems, and how we all really yearn for the same things. I’ve visited 33 countries across five continents, and some things just don’t surprise me anymore (taxis ripping me off), while others still do (the sheer amount of poverty in some countries). Of note, in three of those countries I got food poisoning in (beware of: ice…which is really just water, under-cooked meat, and sauces). Time and time again I count my blessings for being born in, and living in, the United States. We have it VERY good here.
Entertainment
This Song Is Catchy and Going Viral. It’s Also North Korean Propaganda. (WSJ🔒)
Jordan Daniels, a 31-year-old pianist and software engineer in California, posted a cover of a catchy new tune on TikTok. One aspect of the ditty, “Friendly Father,” made Daniels uneasy: It is propaganda from North Korea, the communist country led by brutal strongman Kim Jong Un. “He’s like this dictator,” Daniels said. “But man, this catchy song is actually kind of good.” His video, now viewed more than 19,000 times, carried a disclaimer that he didn’t support the Kim regime in any way.
NOTE: Fun lyrics (“warm hearted like your mother, benevolent like your father…the trust you give me is like the sky”) and the video is great too—from Kim Jung Un hugging kids, to people in Tyvek suits singing, to elderly missing front teeth, to the Army Major in the sound studio pumping his fist, to the…oh well, just watch the video yourself. Honey, North Korea looks great—pack the bags!
NOTE 2: Can’t help but laugh at the comment under the YouTube video: “Taylor swift been real quiet since this dropped.”
Sports
The Cyclist Who Uncorked a Historic Victory at the Tour de France (WSJ🔒)
Over more than 120 years of history, the Tour de France had seen stage winners emerge from 33 different countries. The list included historic cycling powerhouses like France and Belgium, more recent talent hubs such as Denmark and Slovenia, and even a couple that came completely out of nowhere, like Latvia. But the roll call of winners at cycling’s biggest bike race expanded a little Monday when a 24-year-old named Biniam Girmay crossed the line first to become the first Eritrean to take a stage here. With a daring sprint along the barriers, Girmay not only struck a historic first for his country, he also became the first Black African to claim a stage in the Tour.
For Fun
The Rubik’s Cube Turns 50 (NYT🔒)
Mr. Rubik dates the Cube to the spring of 1974. Preparing a course on descriptive geometry and tinkering with the five Platonic solids, he had become especially taken by the cube. But, as he wrote in his 2020 memoir, “Cubed, The Puzzle of Us All,” for quite a while it “never once occurred to me that I was creating a puzzle.” By about the time of his 30th birthday, in July 1974, he had created the structure, realized its puzzling potential and — after playing with it intermittently for a few months — solved the Cube for the first time. He submitted a patent application in January 1975, and by the end of 1977 the “Magic Cube” had debuted in toy stores in Hungary. Travelers spirited it out “in their luggage, next to other Hungarian delicacies like sausage and Tokaji wine,” he recalled.
NOTE: Years ago, my boys and I used this guide to try our hand(s) at speed solving the cube.
List of inventors killed by their own invention (Wikipedia)
This is a list of people whose deaths were in some manner caused by or directly related to a product, process, procedure, or other technological innovation that they invented or designed.
Have a great weekend!
The Curator
Two resources to help you be a more discerning reader:
AllSides - https://www.allsides.com/unbiased-balanced-news
Media Bias Chart - https://www.adfontesmedia.com/
Caveat: Even these resources/charts are biased. Who says that the system they use to describe news sources is accurate? Still, hopefully you find them useful as a basic guide or for comparison.