Interest Payments Hits $1 Trillion

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BUSINESS & ECONOMY

💸 National Debt Interest Hits $1 Trillion Amid Growing Deficit

Interest payments on the U.S. national debt exceeded $1 trillion for the first time, with $1.049 trillion spent on debt service, a 30% increase from last year. The national debt stands at $35.3 trillion, while the budget deficit nears $2 trillion. Former Treasury Secretary Larry Summers warned, "This level of debt is unsustainable and poses long-term risks to our economy."

🔄 IMF Backs Fed Easing Amid Slowing Inflation and Economy

IMF spokesperson Julie Kozack announced Thursday that the IMF supports the U.S. Federal Reserve starting its easing cycle at next week's meeting, as inflation risks have diminished. The IMF expects core PCE inflation to end 2024 at 2.5% and reach 2% by mid-2025, with U.S. GDP growth forecasts at 2.6% for 2024 and 1.9% for 2025. She stated, "We see the imminent start of a loosening cycle... as appropriate."

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WORLD

🇦🇺 Australia Revokes Medals from Afghan War Commanders

Australia has stripped senior military officers of their service medals following the Brereton Report's findings on war crimes in Afghanistan. Defence Minister Richard Marles announced the decision Thursday, citing command accountability for the unlawful killings of 39 civilians. Marles emphasized the professionalism of most personnel, stating, “Bar the actions of a few, they served with honour and integrity.”

⚠️ Putin Warns of NATO Conflict if Ukraine's Missile Restrictions End

Russian President Vladimir Putin warned NATO that lifting restrictions on Ukraine's use of long-range Western missiles would be considered an act of war. As U.S. Secretary of State Antony Blinken hinted at NATO's strategic shift, Ukraine continued pressing for these weapons, while the U.S. hesitated. Putin added, “This will mean NATO countries...are at war with Russia.”

🇪🇬 US Approves Military Aid to Egypt Despite Rights Concerns 

The U.S. has approved $1.3 billion in military aid to Egypt, despite ongoing human rights concerns. Secretary of State Antony Blinken highlighted Egypt's key role in Gaza ceasefire efforts as justification. Rights groups, however, remain critical. Kenneth Roth, former Executive Director of Human Rights Watch, stated, "Egypt continues to violate basic freedoms, overshadowing any progress made with high-profile prisoner releases." 

SCIENCE & TECH

🔊 FDA Approves First OTC Hearing Aid Software

The FDA has approved Apple’s Hearing Aid Feature (HAF) as the first over-the-counter hearing aid software for use with AirPods Pro. It allows users with mild to moderate hearing loss to customize sound settings without professional help. Clinical trials showed its effectiveness comparable to professional fittings enhancing accessibility for millions with hearing loss.

📝 Facebook, Instagram downplay AI labels on edited content

Meta is altering how it labels AI-edited content on Facebook, Instagram, and Threads. Instead of placing the “AI Info” tag visibly under usernames, it will now be tucked within a menu, aiming to better represent the degree of AI use. While the shift improves clarity, concerns have arisen about users potentially missing signs of manipulated content amid increasingly advanced AI tools.

SPORTS & ENTERTAINMENT

🕊️ Chad McQueen, ‘Karate Kid’ Star, Passes Away at 63

Chad McQueen, actor and son of Hollywood legend Steve McQueen, has passed away at 63 from organ failure at his Palm Desert home. Best known for his role as Dutch in The Karate Kid franchise, McQueen also pursued a successful career in auto racing, competing in events like Le Mans and Sebring. He later founded McQueen Racing, specializing in high-performance vehicles. Reflecting on his life, his family shared, "He lived a full and fearless life, just like his father."

🧠 Dolphins’ Tua Tagovailoa leaves game after concussion in loss to Bills

Dolphins quarterback Tua Tagovailoa exited Thursday's 31-10 loss to the Buffalo Bills after sustaining a concussion in the third quarter. Tagovailoa collided helmet-first with Bills safety Damar Hamlin, leading to a fencing response. Medical personnel attended to him before he walked off under his power but he was ruled out for the game. Coach Mike McDaniel stated, "We’ll evaluate and take it one day at a time."

OTHER NEWS

🌍 Magnitude 4.7 earthquake shakes Los Angeles area

A magnitude 4.7 earthquake shook the Los Angeles area Thursday at 7:28 a.m., with an epicenter 4.3 miles north of Malibu, at a depth of 7 miles. The quake, initially measured at 5.1, was widely felt across Southern California. No injuries or major damage were reported. Seismologist Dr. Lucy Jones noted, "It seems to have been pretty widely felt."

🧑‍💼 More Americans Juggle Multiple Jobs to Make Ends Meet

More Americans are taking on multiple jobs to cope with increasing expenses, as 5.3% of workers held two jobs in July, a rise from 5.2% in June. The surge in costs, particularly for essentials like rent, is fueling this trend. Many workers are now balancing full-time employment with part-time work. Economist Christopher Taber stated, “People need extra hours to make ends meet.”

📈 U.S. Latino Economic Output Hits $3.6 Trillion

The U.S. Latino economy grew by 13%, reaching $3.6 trillion in 2022, up from $3.2 trillion in 2021, according to a report from the Latino Donor Collaborative and Wells Fargo. This growth was 2.6 times faster than the overall U.S. economy. If ranked globally, it would be the fifth-largest economy. Sol Trujillo, Chairman of the Latino Donor Collaborative stated, “The U.S. Latino economy is a formidable force.”

THIS DAY THAT YEAR

On September 13th, 1971, a revolt at New York's Attica Correctional Facility came to a violent end when state police launched a deadly assault on the prison. The crackdown resulted in the tragic deaths of 29 inmates and 10 hostages. The incident remains one of the most infamous in U.S. prison history.

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Why is there an iPhone 1-10 but there's not an iPhone 9?

The answer is: Because 7 8 9(7 ate 9).

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