Pays not matching Inflation!

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BUSINESS & ECONOMY

📉 Study Reveals Percentage of US Salaries Spent on Food and Housing

During a severe inflation period, Americans faced challenges in budgeting, especially for food and rent. In 2022, they spent 11.3% of disposable income on food, the highest since 1991, influenced by post-COVID dining habits and high grocery prices. Over 22.4 million households allocated over 30% of income to housing. However, slowing rent growth and increasing wages offer some relief, suggesting paychecks may start to "catch up."

📈 Is Your Pay Matching Inflation's Pace?

The Atlanta Fed's Wage Growth Tracker indicates that since 1997, the lowest wage earners have never surpassed inflation, while top quartile earners frequently do. About 40-50% of people lose to inflation half the time, a situation worsened for renters and those trying to buy homes, as CPI doesn't include home prices. The critique notably includes, "Despite massive deficits, even Republicans are handing out more free money," highlighting systemic economic disparities and policy impacts.

WORLD

🔥 UK Parliament's Gaza Ceasefire Vote Sparks Chaos

The UK House of Commons erupted in chaos as Speaker Lindsay Hoyle's decision on a Gaza ceasefire vote led to an SNP and Conservative walkout. Breaking precedent, Hoyle allowed amendments favoring a Labour "humanitarian pause" over an "immediate ceasefire," sparking a "constitutional crisis" accusation. The procedural turmoil overshadowed the crucial Gaza debate, ending with Hoyle's apology for the mishandled situation.

🌐 Leaked Chinese Firm Files Reveal Massive Global Hacking Campaign

Leaked documents from a Chinese state-linked hacking group, iSoon, reveal extensive cyber intrusions against 20 governments and entities, exploiting vulnerabilities in software from Microsoft, Apple, and Google. The credible cache, including over 570 files, exposes systematic data extraction efforts and the competition within China's national security data-gathering industry. John Hultquist of Mandiant Intelligence remarked, "We rarely get such unfettered access to the inner workings of any intelligence operation." 

SCIENCE & TECH

🤖 Google Launches Gemma, a Free Open-Weight AI Chatbot Family

Google announced Gemma, its new AI model family with free, open-weights, designed for desktop use, contrasting the more powerful, closed Gemini models. Developed by Google DeepMind, Gemma offers 2B and 7B parameter versions, outperforming Meta's Llama 2 in benchmarks. This strategic release aims to boost developer engagement and transparency in AI, complemented by the "Responsible Generative AI Toolkit" for safe AI development.

🍏 Apple Enhances iMessage Security with Post-Quantum Encryption

Apple's iMessage update introduces PQ3, heralded as its "most significant cryptographic security upgrade," featuring post-quantum encryption for unmatched protection against quantum attacks. This "Level 3" security, deemed the strongest globally, exceeds existing app protections, receiving praise from experts like Matthew Green for its "overkill" approach to future-proofing digital communications against emerging quantum computing threats.

SPORTS & ENTERTAINMENT

⚽️ Arsenal Grapples with Lingering Champions League Curse

Arsenal must overcome a 1-0 deficit against Porto to progress in the UEFA Champions League, a task Mikel Arteta believes is possible despite a lackluster first-leg performance. Arteta emphasizes the need for aggression and purpose, urging unity: "If you want to be in the quarterfinals you have to beat your opponent... with all our supporters together." Arsenal's inability to register a shot on target underscores the urgency for tactical and strategic adjustments ahead of the return leg.

🌟 Ewen MacIntosh, Known as Keith from 'The Office' U.K., Passes Away at 50

Ewen MacIntosh, best known for his role in "The Office" (U.K.), passed away at 50 on February 19th due to a prolonged illness, his management confirmed. The entertainment community, including Ricky Gervais, mourns his loss, honoring his contributions to television. His family requests privacy during this time.

OTHER NEWS

✈️ Boeing Dismisses 737 Max Program Chief

Boeing Co. ousted Ed Clark, leader of its 737 Max program, amidst the fallout from an Alaska Airlines incident and manufacturing flaws. CEO Stan Deal's commitment to quality and safety highlights a reevaluation of practices, particularly at the Renton factory. This action follows the 737 Max's troubled history, including two fatal crashes, aiming to rebuild trust and recover from a 12.5% stock decline.

🎓 Biden Highlights $1.2 Billion Student Loan Relief Aiming for 2024

President Biden, following the Supreme Court's block of his broad student loan forgiveness plan, has canceled $1.2 billion in debt for 150,000 borrowers, totaling $138 billion for 3.9 million people during his presidency. Despite criticism and high expectations, he highlights the economic uplift of relieving "crushing debt," emphasizing the gradual approach to fulfill his promise to millions.

📋 Trump Unveils VP Candidates: DeSantis, Scott, Ramaswamy, Noem, Donalds, Gabbard

In a Fox News town hall in South Carolina, Trump disclosed a VP shortlist including DeSantis, Scott, Ramaswamy, Noem, Donalds, and Gabbard, with special praise for Tim Scott, saying, "He’s been much better for me than he was for himself." Amidst leading the GOP primary polls, Trump also dismissed Nikki Haley's persistence in the race, emphasizing her significant loss in her home state.

🐕 Biden's Dog Commander Bites Secret Service Agents Over 24 Times

President Joe Biden's German Shepherd, Commander, bit US Secret Service agents 24 times, leading to a tactical shift where agents were advised to "give lots of room." Documents obtained via Freedom of Information requests detail these incidents from October 2022 to July 2023, culminating in the Commander's removal after causing serious injuries and operational challenges for the presidential security team.

THIS DAY THAT YEAR

On 22 Feb, 1782, George Washington originally instituted the Purple Heart, a U.S. military decoration, to honour bravery in battle. It was later revived as an award for those wounded or killed in action against an enemy.

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