National Debt Crisis Ignored

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BUSINESS & ECONOMY

💰 US Debt Nears $35 Trillion, Overlooked at GOP Convention

The U.S. national debt, nearing $35 trillion and over 120% of GDP, is scarcely mentioned at the GOP convention and on President Biden's campaign trail. Interest payments now exceed defense spending. Maya MacGuineas  president of the Committee stated, "The fiscal warning signs are really just so bright, so loud, and it's as though nobody who's running for office is paying attention."

🔺 Unemployment Claims Surge, Fueling Rate Cut Hopes Amid Labor Market Strains

U.S. jobless claims increased by 243,000 last week, surpassing the expected 230,000. Continuing claims also hit their highest since November 2021, signaling labor market weaknesses. Investors believe these developments might prompt the Federal Reserve to consider interest rate cuts to support the economy as cracks in the labor market become more apparent.

💸 IMF Advises US to Raise Taxes, Delay Rate Cuts Until Late 2024 

The IMF advises the U.S. to raise taxes, including on households earning below $400,000, to address rising federal debt. Interest rate cuts should be delayed until late 2024 to manage inflation risks. IMF chief economist Pierre-Olivier stated, "It would be prudent to lower the policy rate only after there is clearer evidence in the data that inflation is sustainably returning to the FOMC’s 2% goal." 

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WORLD

🏳️‍🌈 South Korea Grants Rights to Same-Sex Couples

South Korea's Supreme Court granted same-sex couples the right to national health insurance dependent coverage. This breakthrough decision highlights serious discrimination and advances LGBTQ+ rights, with activists hoping it paves the way for same-sex marriage legalization. So Seong-wook, the plaintiff, remarked, "I hope today’s ruling will serve as a steppingstone toward equality."

🎉 Macron Ally Re-Elected as National Assembly Speaker

Yaël Braun-Pivet, a member of Macron’s centrist bloc, won re-election as the National Assembly speaker with 220 votes, beating leftwing André Chassaigne who got 207. This election amidst a political gridlock is crucial for forming alliances. The assembly now has three similarly sized blocs. Braun-Pivet’s win is seen as a potential step towards stability. 

🇦🇪 UAE Ready to Join Gaza Peace Force

The United Arab Emirates has expressed readiness to join a multinational stabilization mission in Gaza post the Israel-Hamas conflict. UAE special envoy Lana Nusseibeh stated this would require US leadership, support for a Palestinian state, and an invitation from a reformed Palestinian Authority. Nusseibeh emphasized, "The alternative... will only lead to more violence, radicalism, and suffering for both Palestinians and Israelis."

SCIENCE & TECH

📱 Samsung Aims for Ultra-Slim 7.7mm Foldable

Samsung is working on an "extra-slim" foldable phone, aiming to achieve a thickness of 7.7mm when folded, comparable to the Galaxy S24. This initiative, led by Samsung's TM Roh, seeks to surpass the current thinnest foldable, Honor’s Magic V3 at 9.2mm. The new device aims to be lighter than the Galaxy Z Fold 6, which weighs 239g. 

🤝 Top AI Leaders Unite to Boost Security

Google, OpenAI, Microsoft, Amazon, Nvidia, Intel, IBM, PayPal, Cisco, and Anthropic have formed the Coalition for Secure AI (CoSAI). This initiative aims to tackle AI security issues by developing best practices, open-source tools, and addressing AI challenges. CoSAI operates under OASIS, focusing on ensuring responsible and secure AI integration, mitigating risks, and leveraging AI benefits .

SPORTS & ENTERTAINMENT

🎬 Apple in Talks for More Licensed Movies

Apple is in discussions with major movie studios to license more films for its Apple TV+ platform following the successful licensing of movies like "Titanic" and "Mean Girls" earlier this year. By expanding its film library, Apple plans to bolster its content offerings and better compete with platforms such as Netflix and Disney+. 

😢 Bob Newhart, Sitcom Star and Comedian, Dies at 94

Bob Newhart dies at 94. The beloved comedian and Emmy-winning actor, known for his deadpan humor and Grammy-winning album "The Button-Down Mind of Bob Newhart," transitioned to TV fame with "The Bob Newhart Show" and "Newhart." He passed away at home after a short illness. Newhart once said, "Comedy has given me a wonderful life."

OTHER NEWS

📚 Biden Grants $1.2B in Student Debt Relief to Public-Sector Workers

President Joe Biden announces $1.2 billion in student debt relief for 35,000 public-sector workers, including teachers, nurses, and firefighters, through the Public Service Loan Forgiveness (PSLF) program to ease qualifications for debt relief and builds on previous efforts. Biden stated, "I will never stop working to make higher education affordable."

🔫 Hunter Biden Requests Dismissal of Tax, Gun Cases, Citing Trump Docs Decision

Hunter Biden seeks dismissal of his tax and gun cases, citing a ruling that dismissed Trump's classified documents case due to unconstitutional appointment of the special counsel. Biden's lawyers argue the same logic applies to his cases stating "The Attorney General relied upon the exact same authority to appoint the Special Counsel in both the Trump and Biden matters."

THIS DAY THAT YEAR

On July 19th, 1980, the largest boycott in Olympic history occurred as a response to the Soviet Union's invasion of Afghanistan in December 1979. U.S. President Jimmy Carter spearheaded the call for the boycott of the Moscow Olympics, with approximately 60 other countries joining the United States in abstaining from the event.

BRAIN TEASER

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Here’s what Yesterday’s teaser was:

Nobody has ever walked this way. Which way is it?

The answer is: The Milky Way

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