American Dreams Out of Reach?

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BUSINESS & ECONOMY

🛤️ 41% of Americans Doubt Achieving the American Dream

41% of Americans now see the American Dream as unattainable, according to a Pew survey. Economic challenges such as debt, inflation, and job instability are major factors. While 31% feel they’ve achieved the dream and 36% are on track, many are redefining success to prioritize personal happiness and freedom over traditional milestones like homeownership. Only 6% believe the dream was never possible.

💳 Average Credit Card Debt Hits $6,329

Americans face record credit card debt, averaging $6,329 per person, a 4.8% rise from last year. Total credit card debt has soared to $1.14 trillion. driven by high inflation, interest rates, and increased post-pandemic spending. With rising delinquency rates, Michele Raneri from TransUnion observes, “That’s usually a pretty good indicator that people are stretched.”

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WORLD

🇺🇦 Zelensky Confirms Ukrainian Troops in Russia

Ukrainian President Volodymyr Zelensky confirmed that Ukrainian troops are fighting inside Russia's Kursk region, marking a significant escalation in the conflict. The surprise cross-border incursion began days ago, catching both Russia and Ukraine's allies off guard. Zelensky emphasized the need for pressure on the aggressor, stating, “Ukraine is proving that it really knows how to restore justice.”

🚫 Hamas Declines Participation in Gaza Hostage-Ceasefire Talks 

Hamas announced it won't join the final talks over the Gaza hostage-ceasefire deal planned for August 15, citing recent Israeli actions, including airstrikes and the assassination of a Hamas leader, as reasons. Hamas called for the mediators to present an implementation plan based on previous agreements. Hamas stated. "Additional rounds of negotiations provide cover for the occupation's aggression. 

🇺🇸 US Pledges $3.5B Military Aid to Israel Amid Gaza Conflict

The U.S. will provide $3.5 billion in military aid to Israel amid its ongoing war in Gaza. This aid, from a $14.5 billion bill, supports the purchase of U.S.-made weapons. Part of the aid goes to an Israeli unit accused of human rights abuses against Palestinians, which the U.S. decided not to sanction after Israel's remediation efforts.

SCIENCE & TECH

📱 Apple's iPhone 16 to Feature Major Upgrades

Apple's iPhone 16 is set to feature several upgrades, according to Bloomberg's Mark Gurman. The new models will include the A18 chip with 8 GB of memory, Apple Intelligence AI, and an action button across all versions. Additionally, expect enhanced camera controls with haptic feedback, larger displays (6.3" Pro, 6.9" Pro Max), and refreshed color options. Official details will be announced next month.  

🔧 JPMorgan Chase Launches AI Assistant for Employees Powered by OpenAI

JPMorgan Chase has introduced LLM Suite, an AI assistant powered by OpenAI's ChatGPT, to over 60,000 employees helping with tasks like writing emails and reports. Designed as a portal for external language models, it protects proprietary data while boosting productivity, marking the first phase of broader AI integration, similar to Zoom.  

SPORTS & ENTERTAINMENT

🎬 Snoop, Billie Eilish, and Red Hot Chili Peppers Film at Long Beach for Olympic Finale

Snoop Dogg, Billie Eilish, Red Hot Chili Peppers, Dr. Dre, and H.E.R. starred in a pre-taped concert at Rosie’s Dog Beach, Long Beach, for the Paris Olympics closing ceremony. Filmed on August 10, the vibrant show featured multiple takes, with a set adorned with banners, palm trees, and "LA28" installations symbolizing the transition to the 2028 Los Angeles Games.   

🥇 U.S. and China Tie for Most Olympic Golds

China and the U.S. both achieved 40 gold medals at the Summer Olympics, resulting in the first tie in Olympic history. China reached its 40th gold with Li Wenwen's win in women’s heavyweight weightlifting, while the U.S. matched this with a narrow 67-66 victory in women’s basketball. Despite intense competition, both nations emerged with the highest number of gold medals, marking the first-ever draw in Olympic history. 

🏅 U.S. Women's Basketball Wins Gold in Paris, Defeats France in Thrilling Final 

Team USA's women clinched Olympic gold with a tense 67-66 victory over France. Gabby Williams' potential game-winning three-pointer was ruled a two-pointer due to her foot being on the line. Despite strong French defense and a dramatic finish, USA secured their eighth consecutive gold. Coach Cheryl Reeve called it “An incredible basketball game absolutely, an incredible basketball game.” 

🚨 Algeria’s Imane Khelif Files Harassment Case Amid Gender Dispute 

Algerian boxer Imane Khelif has lodged a harassment complaint against X, claiming the platform allowed significant online abuse. The complaint accuses prominent figures of fueling a racist and sexist campaign following Khelif’s gold medal victory, which has been overshadowed by disputes over her gender identity. Her lawyer stated, “Imane Khelif has decided to begin a new fight for justice, dignity, and honour.”  

OTHER NEWS

🔍 Biden Reveals Why He Exited White House Race

US President Joe Biden dropped out of the 2024 race, fearing his candidacy would be a "real distraction" for Democrats and harm their chances against Trump. Citing no serious health issues, he blamed illness for his poor debate performance. Biden pledged support for Kamala Harris, stating, "We must, we must, we must defeat Trump," and called Trump "a genuine danger to American security." 

🍽️ Harris Matches Trump's Proposal to Ban Tip Taxes at Las Vegas Rally

Vice President Kamala Harris matched Donald Trump's proposal to eliminate taxes on tips if elected, announced at a Las Vegas rally. Both addressed this in Nevada, a key state with a large hospitality workforce. Critics say it would strain federal revenue without aiding low-income workers. Harris promised, "We will continue our fight for working families of America, including eliminating taxes on tips."

🌪️ New York Breaks Tornado Record for the Year

New York broke a new annual record for tornadoes on August 5, 2024, with a total of 26 confirmed tornadoes, surpassing the previous high of 25 set in 1992. The record-setting tornado struck Buffalo at 12:49 p.m., causing significant damage and power outages. This new record follows a year of heightened tornado activity across the state, including severe storms in Rome and Canastota.

THIS DAY THAT YEAR

On August 13, 1961, East Germany initiated the construction of the Berlin Wall, a defining symbol of the Cold War. This barrier separated East Berlin from West Berlin, marking a physical and ideological division that lasted until 1989.

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