Slowing Economic Growth, Rising Inflation Raises Concerns

Economists have been hoping for a ‘soft landing’ scenario, in which the Federal Reserve’s monetary tightening would tame inflation without causing a recession. In the closing months of 2023, it appeared that this ideal scenario was in reach. with falling inflation numbers, low unemployment, and talks of cutting interest rates. However, recent economic data has cast doubt on whether the US economy can stick the landing.

Inflation numbers for the first quarter of 2024 came in higher than expected, with consumer prices rising 3.5% in March year-over-year, up from February’s 3.2% inflation rate. The target inflation rate is 2%.

Meanwhile, US GDP growth for the first quarter of 2024 was 1.6% annualized, a decrease from the 3.4% growth rate in Q4 2023. This slowing growth, combined with the rising inflation, has raised fears of possible ‘stagflation,’ in which the economy shrinks while prices rise. Typically, prices decrease in recession, reducing the hardship on consumers amid job losses and reduced economic output. In a stagflation scenario, customers pay higher prices while still facing job losses.

Equity markets have pulled back in response to the data as investors have become far less confident of the Fed cutting interest rate cuts this year.

The current economic situation remains relatively strong on paper: Unemployment remains low, job growth remains strong, and inflation remains far below the high levels seen in 2021 and 2022. These positive economic indicators have been blunted by what some have called a cost of living crisis, most notably felt in rising housing costs and wages not keeping up with rising costs in general.

 

Baltimore Bridge Collapse Caused by Cargo Ship Kills 6, Threatens City Economy

The container ship Dali struck the Francis Scott Key bridge in Baltimore, Maryland, on March 26, resulting in the death of 6 construction workers on the bridge. The ridge was closed to traffic just before the Dali lost power and collided with the bridge.

Traffic across the river will be detoured for the foreseeable future to Baltimore’s two tunnels as crews work to remove the fallen bridge, a challenge given the bridge’s size and structure. Baltimore’s port will largely remain closed, posing a threat to the metro area’s economy.

 

Former US Senator and Vice Presidential Nominee Joe Lieberman Dies at 82

Former US Senator and Democratic Vice Presidential nominee Joe Lieberman died Wednesday at 82. His family said in a statement that his death was caused by complications from a fall.

Lieberman, born on February 24, 1942, to a Jewish family in Stamford, Connecticut, attended Yale University for his undergraduate and law degrees. He was elected to the Connecticut State Senate in 1970 as a Democrat, where he later became majority leader. He became Connecticut attorney general in 1983, and in 1988 he challenged incumbent US Senator Lowell Weicker, a liberal Republican. With the support of fellow Yale alumni William F. Buckley, founder of the National Review, and his brother, former Senator James L. Buckley, Lieberman won the Senate seat.

In 2000, Al Gore chose Lieberman as his running mate. The ticket later narrowly lost to George W. Bush. Lieberman lost the Democratic nomination in his 2006 reelection campaign to future governor Ned Lamont, but won the general as an independent. He continued to caucus with the Democrats to maintain his committee assignments.

He endorsed John McCain for president in 2008 and was considered as a possible VP pick for McCain. Lieberman retired from the Senate in 2012.

 

Biden Ramps Up Campaign as Trump Faces Financial Headwinds

The Biden campaign raised around $26 million from a New York City fundraiser last week attended by celebrities and two of the three former Democratic presidents. This adds to the president’s and the Democrats’ large fundraising advantage over Donald Trump and the Republicans.

The fundraiser consisted of musical performances by Queen Latifah and Lizzo, along with a panel discussion with Biden, Barack Obama, and Bill Clinton and hosted by comedian Stephen Colbert.

Biden’s team has tapped into their funds for a $30 million ad blitz in the swing states, where he largely trails Trump. Biden has closed some of the gap with Trump in these states, but he still trails Trump in the RealClearPolitics polling aggregate, both in the swing states and nationally.

Trump, facing financial setbacks as a result of his legal troubles, may have gotten a needed boost when his social media company, Truth Social, went public last week under the ticker DJT. The long-awaited listing allowed the company to reach a market capitalization of over $8 billion. Trump’s 58% stake in the company gives the former president $5.2 billion, in addition to his existing wealth from real estate and other investments.

However, a large selloff of his holdings may cause the stock price of Trump Media & Technology Group to fall, reducing the liquid wealth from which he can draw. Trump also faces a lock up period in which he cannot sell his shares for six months. He may, however, obtain a waiver from this restriction or borrow money against his holdings.

 

Former Costa Rican First Lady Marita Camacho Quiros Celebrates 113th Birthday

Marita del Carmen Camacho Quirós, the former First Lady of Costa Rica, celebrated her 113th birthday today. Born on March 10, 1911, in San Ramón, she married businessman and politician Francisco José Orlich Bolmarcich, a descendant of Croatian immigrants, who became president of Costa Rica in 1962, serving until 1966. Both shared March 10 as their birthday. 

During her husband's presidency, she promoted children's education and shelters throughout the country. She and her husband also met US Presidents John F. Kennedy and Lyndon B. Johnson on official state visits.

Her husband died a few years after leaving office at 62 in 1969. Now at 113, Camacho Quirós is the world's oldest former first lady ever, the oldest living Costa Rican, and the 28th oldest living person in the world. She is the oldest living person who remains notable for reasons other than their longevity. 

Camacho Quirós in 1962
Credit: US State Department

More information on her life and images of her throughout her life can be found on her Gerontology Fandom page.

Haley Vows to Stay in Until Super Tuesday

While former South Carolina Governor Nikki Haley has failed to win any states so far in her quest for the Republican nomination, she has vowed to remain in the primary race until Super Tuesday. Former President Donald Trump has finished first in all states that have voted so far, including Haley’s home state of South Carolina.

Haley is the last major candidate still challenging Trump for the nomination, with all other major GOP challengers dropping out prior to the Iowa caucuses or shortly after. A longshot contender, Texas pastor and businessman Ryan Binkley, dropped out of the race this week and endorsed Trump.

Trump leads Nikki Haley in the RealClearPolitics average of polls 78.7% to 14.5%. So far, Haley has performed much better in each state that has voted than 14.5%, though in Michigan, the latest state to hold its primary, she failed to break 30% of the vote.

Trump’s campaign has appeared to transition to general election campaigning, with Trump choosing not to mention Haley in his victory speech after the South Carolina primary.

 

Odysseus Lunar Lander Shuts Down After Week-Long Mission

The Odysseus lunar lander has been shut down by its operators after successfully transmitting data for the past week. The lander, developed by Houston-based Intuitive Machines and launched by a SpaceX rocket, was part of the first private mission to the moon, as opposed to government-sponsored missions.

The mission did face a challenge when the lander tipped over shortly after reaching the lunar surface, a result of a harder-than-expected landing that broke two of its legs, but the lander continued to communicate with the earth-based team.

Intuitive Machines hopes that the lander will be able to be brought back online once solar power becomes available to its solar panels again.

 

Biden, Trump Make Dueling Visits to Texas Border Cities

President Joe Biden and Former President Donald Trump both made visits to the Texas-Mexico border on Thursday. Biden visited Brownsville, the southernmost city in the state, and Trump visited Eagle Pass, one of the most active crossing sites for migrants for the past several years.

Trump landed first in Del Rio before traveling to Eagle Pass, where he was joined by Texas Governor Greg Abbott and by National Border Patrol Council President Brandon Judd, both staunch backers of Trump in his rematch against Biden in November.

In his speech, Trump blasted Biden, calling him the “worst president” in American history and pledged to reinstate the policies of his presidency, including Remain in Mexico, where asylum claimants waited in Mexico while their claims were adjudicated.

In Brownsville, Biden met with local leaders and border patrol agents, where he had a brief tour of the border and then gave a speech at the border patrol station. After he spoke briefly on the wildfires in the Texas Panhandle, he called on Republicans to pass a bipartisan bill that would allocate money to hire more border patrol agents and judges.

Democrats have accused congressional Republicans of bowing to pressure from Trump to not pass the bill in order to prevent Biden from claiming credit in reducing the number of migrants coming to the US. Republicans counter that Biden can take executive action without the bill and that the bill should not be tied to funding for Ukraine in the war against Russia.

The trip to Brownsville is Biden’s first trip to South Texas and his second to the US-Mexico border.

 

Trump Looks Likely to Take GOP Nod, Haley Vows to Stay In

Coming off two straight victories in Iowa and New Hampshire, former President Donald Trump has moved closer to becoming the Republican nominee in November. While still early in the contest, Trump only faces one major competitor for the race, former South Carolina Governor Nikki Haley, over whom he holds a nearly 55-point lead nationwide, according to the RealClearPolitics average of polls.

Even with this large polling advantage, Haley has vowed to remain in the race, putting her hope in a strong showing in her home state of South Carolina, which votes next month. While it is Haley’s home state, Trump currently has a 30-point polling lead over Haley in the South Carolina.

Trump recently rebuffed an effort by some Republican National Committee (RNC) members to declare Trump the presumptive nominee. Trump wrote on his Truth Social page, “While I greatly appreciate the [RNC] wanting to make me their PRESUMPTIVE NOMINEE...I feel...that they should NOT go forward with this plan...and finish the process off AT THE BALLOT BOX.”

 

US Says It Will Respond to Recent Deadly Drone Attack

The Biden administration has promised a response to the drone strike that killed three American servicemembers in Jordan. According to National Security Council spokesman John Kirby, the US holds the Islamic Resistance in Iraq responsible for the attack, which itself is an umbrella organization that contains Kata'ib Hezbollah, an Iran-backed Shia militant group.

Kirby also said that the response from the US  would not ‘be a one-off,’ but would come in phases.

The three soldiers killed in the drone strike were Sgt. William Jerome Rivers, 46, Specialist Kennedy Ladon Sanders, 24, and Specialist Breonna Alexsondria Moffett, 23. All three were from Georgia.

Kata'ib Hezbollah did announce that it would suspend military operations against US force in the region, though whether it will truly back off from targeting US assets in the region is questionable.

The commander of Iran’s Islamic Revolutionary Guard Corp (IRGC), Hossein Salami, warned that Iran was willing to respond to US retaliatory strikes, also saying, "We (Iran) are not looking for war, but we are not afraid of it either.” This echoes a similar sentiment from President Biden, who has also sought to avoid escalating the conflict in the Middle East.

The Middle East erupted into conflict after the October 7 attack by Hamas on Israeli civilians, killing 1,139. Israel responded with large scale airstrikes and a ground invasion of the Gaza Strip, which has resulted in over 25,000 dead (both civilians and Hamas militants). In response, the Iran-backed Houthi rebels, which control Yemen’s capital Sana’a and much of its western region, have launched attacks on cargo ships and US military vessels, leading to US strikes on Houthi targets.

 

Fed Declines to Cut Rates at Latest Meeting, May Cut in Future

The Federal Reserve kept interest rates unchanged after their latest meeting Wednesday, but future cuts may in store as inflation declines and concerns over an economic slowdown grow.

In the latest statement from the Fed, they expressed that rate cuts were not warranted currently as inflation remains elevated, but they dropped a reference to ‘additional policy firming,’ possibly signaling the cuts could come in the future and that additional rate increases are unlikely unless higher inflations returns.

The latest economic growth numbers remain strong, with job growth continuing, even amid notable layoffs at large companies this January.

 

In Memoriam: Those Lost in the Final Weeks of 2023

Charlie Munger (1924-2023)

Chares “Charlie” Munger, the longtime vice president of Berkshire Hathaway and right-hand man to fellow investing legend Warren Buffett, died on November 28, just weeks shy of his 100th birthday. Born on January 1, 1924, in Omaha, Nebraska, he served as a weather forecaster in World War II. After the war, he received his law degree from Harvard, even though he never completed his undergraduate degree. He became a successful corporate lawyer before pivoting to becoming a businessman himself.

He met Buffett in 1959 at a dinner, becoming inseparable business partners and friends. Together, they grew Berkshire Hathaway, once a struggling textile manufacturer, into an corporate juggernaut, investing in myriad companies and posting outsized returns for decades.

Henry Kissinger (1923-2023)

Henry Kissinger, one of the central figures in 20th century American diplomacy, died November 29 at 100. Kissinger, who was born in Germany, came to the US in 1938, his family fleeing Nazi rule. His accounting studies interrupted by World War II, Kissinger served in the army. He later studied political science at Harvard, eventually earning his Ph.D. He became a noted foreign policy expert by the time Richard Nixon appointed him as National Security Adviser in 1969 and later as Secretary of State in 1973.

His diplomatic contributions include establishing relations with communist China and negotiating a peace with the North Vietnamese. His controversial actions include advocating for bombing Cambodia, support for Argentina’s military during the Dirty War, and support for the coup which led to Augusto Pinochet’s dictatorship in Chile.

Kissinger remained an influential voice on diplomacy in the decades after his public service, most recently making a surprise visit this year to China to speak with leader Xi Jinping amid growing tensions between the US and China.

 

Sandra Day O’Connor (1930-2023)

Sandra Day O’Connor, the first woman appointed to the United States Supreme Court, died December 1 at 93 following a five-year battle with Alzheimer’s, the same disease that afflicted her late husband, who died in 2009.

O’Connor, born in El Paso, Texas, in 1930, graduated from Stanford Law School, but found difficulty finding work following graduation. She eventually found work with the San Mateo County DA’s office and started her involvement in Republican politics. She and her husband later moved to Arizona, where she ran for state senate, rising up to majority leader. After her stint in the legislature, she became a judge.

In 1981, President Ronald Reagan appointed her as the first female Supreme Court, fulfilling a campaign promise. O’Connor became known as a conservative-leaning moderate, retiring in 2006. In retirement, she launched a project to teach kids about civics.

Norman Lear (1922-2023)

Norman Lear, television pioneer and political activist, died December 5 at 101. Lear was a prolific creator of television shows, with some of his best known including ‘All in the Family,’ ‘The Jeffersons,’ and ‘Good Times,’ often including commentary on social issues.

Lear was also noted for his activism, most notably founding the progressive advocacy group People for the American Way.

 

Former First Lady Rosalynn Carter Dies at 96

Former First Lady Rosalynn Carter died last Sunday at her Plains, Georgia, home at 96. She was the second oldest first lady ever, after Bess Truman, and her marriage to her husband former President Jimmy Carter was the longest presidential marriage in US history at 77 years.

Carter was born in Plains, Georgia, on August 18, 1927. She started dating her future husband Jimmy in 1945, and they married in 1946. They would have four children together.

Carter became first lady of Georgia in 1971 and first lady of the US in 1977. She took an active role her husband's administration, acting as an adviser and attending cabinet meetings. She was a fierce advocate for mental health reform, both as first lady and during her husband’s post-presidency.

 

JFK Assassination 60 Years Later

Today marks the 60th anniversary of the assassination of John F. Kennedy, a pivotal point in 20th century US history.

On November 22, 1963, President Kennedy was riding along with his wife, Jackie Kennedy, and Texas Governor John Connally and his wife, along a Dallas street. At approximately 12:30 PM CST, both Kennedy and Connally were shot by an unseen gunman. Kennedy was struck by a third fatal bullet that shattered part of his skull and pierced his brain, and he would be pronounced dead at 1:00 PM.

While conspiracy theories abound six decades after his death, most recognize Lee Harvey Oswald, a former US marine and Soviet sympathizer, as the shooter who fired the fatal shots. Oswald himself was murdered two days later by nightclub owner Jack Ruby.

His vice president, Lyndon B. Johnson, was sworn in as president soon after, whose presidency ushered in a new era of American politics, including advances in civil rights, racial and geographic party realignment, and massive social welfare programs. Johnson's administration saw increased American involvement in Vietnam and the rise of the 1960s counterculture.

The 'End of Camelot' and 'The Day America Lost Its Innocence' have both been used to describe the day and its effects on the country. Regardless of the possible hyperbole of the latter, his death did mark a transition into a more turbulent era of American history.

Two other notable deaths that occurred that day that were overshadowed by the Kennedy assassination were those of author and academic C.S. Lewis and author Aldous Huxley.

Questions Remain After Spree Shooter Leaves 18 Dead in Maine

After 40-year old Richard Card was found dead of a self-inflicted gunshot wound two days after his shooting rampage left 18 dead and 13 more injured, questions over his motives, mental health, and access to firearms have continued to mount.

Card, an Army reservist, had been held in a hospital for psychiatric care in July of this year after behaving erratically while training at West Point. Card had told others he had been hearing voices and was disturbed by their content.

Card was released in August from the hospital. He had tried to purchase a firearm suppressor, the purchase of which was initially approved but later denied after Card admitted on his form that he had previously been committed to a mental institution.

The next month, Sagadahoc County Sheriff’s Office launched a search for him after someone from his Army unit reported that he feared Card was dangerous and could even commit a mass shooting. The sheriff’s office called off the search in October.

On October 25, Card opened fire at a Lewiston, Maine bowling range, killing 7. He later opened fire at a bar, killing 11. After a statewide manhunt and residents being urged to shelter in place, his body was found on October 27.

 

Israel Expands Ground Operation in Gaza

The Israel Defense Forces (IDF) have expanded their ground operations in the Gaza Strip after weeks of building up forces along the narrow strip of land. Israeli forces have moved into the north area of the strip just north of Gaza city as well just south of the city.

The beginning of the ground invasion comes after weeks of aerial bombardments throughout the strip, a response to the October 7 terrorist attack by Palestinian group Hamas, which governs the Gaza Strip. The attacks by Hamas left over one thousand Israelis dead, with around 200 others taken hostage and brought back to the Gaza Strip. Hamas has only released a handful of hostages since, all foreign citizens.

The air strikes on Gaza by Israeli forces have drawn criticism for the collateral damage. Over 8,000 Palestinians are believed to have been killed in the strikes, with Israel responding that they try to avoid civilian causalities and blaming Hamas for keeping military targets near civilians.

Israel has claimed responsibility for a strike on a refugee camp on the Jabalia refugee camp on October 31. Israel says the strike killed Ibrahim Biari, a suspected key planner in the October 7 attacks.

 

Louisiana Congressman Mike Johnson Elected Speaker

Louisiana Congressman Mike Johnson was elected speaker of the US House of Representatives on October 25, capping over three weeks of political drama which left the House paralyzed following the ouster of Speaker Kevin McCarthy, the first in US history.

Johnson, a staunch conservative, managed to attract unanimous support among his Republican colleagues on the House floor after winning the nomination from House Republicans. His victory followed three GOP nominees failing to win enough Republican support to win in a vote from the full House. Of the three, only Jim Jordan’s (R-OH) nomination received a vote on the floor, in which he lost three votes amid staunch opposition from GOP moderates.

 

Dianne Feinstein, Longest Serving Female Senator, Dies at 90

US Senator Dianne Feinstein (D-CA), the longest serving female US senator in history, died Friday at 90. Feinstein, who had announced that she would not run for reelection in 2024, had been facing health issues the past few years, including shingles, encephalitis, Ramsay Hunt syndrome (causing face paralysis and other sensory issues), and possible dementia. 

Feinstein, born in 1933, started her political career on the San Francisco Board of Supervisors in 1970. She became president of the board in 1978, which allowed her to become acting mayor after the assassinations of Mayor George Moscone and Supervisor Harvey Milk. Feinstein won election as mayor in 1979, where she served until 1988.

Feinstein ran for California governor in 1990, losing to Republican candidate, US Senator Pete Wilson. Feinstein made a political comeback in 1992, winning Wilson’s Senate seat in a special election in a year that saw six other women elected to or currently serving in the Senate (often termed ‘The Year of the Woman.’)

Her death leaves the Senate with a 50-49 Democratic majority. Until a replacement is named, only one Democratic senator needs to vote against his or her party to block legislation. California Governor Gavin Newsom, a Democrat, has vowed to appoint a black woman to replace Feinstein in the Senate. While one black woman, Bay Area Congresswoman Barbara Lee (D) is already running for the seat, Newsom has said he will not appoint anyone currently in the race for the seat, which he says will create an unfair advantage against the other candidates, which include Democratic House representatives Katie Porter and Adam Schiff.

 

Congress Struggles to Avoid Shutdown

The federal government is nearing another shutdown of non-essential operations, which would make it the fourth such occurrence since September 2013. Congressional leaders have so far failed to arrive at a spending agreement, with House Republican leadership unable to pass their own proposal as a group of conservative lawmakers have voted with Democrats to stop any GOP proposal from advancing.

The GOP proposal would fund the government for thirty days as both parties work to reach a more long-term solution. However, the group of breakaway Republicans has criticized any funding proposal that does not meet their demands for deep spending cuts and other conservative priorities. The small GOP majority in the House (221-212) gives this group near veto power absent GOP leadership relying on Democratic votes to pass their plan.

One of these lawmakers, Representative Matt Gaetz (R-FL), has given no indication of backing down, saying, “I’m doing everything in my power to stop the uniparty…The battle is on.” The ‘uniparty’ is a term some use to describe the establishment of both the Democratic and Republican parties.

 

Heavy Rains Flood New York Subways

 

Nearly eight inches of rain fell in some areas of New York City this past week, causing flash flooding in the nation’s most populous city. New York Governor Kathy Hochul (D) declared a state of emergency for the area. Some areas in Westchester County just north of the city required rescues using inflatable rafts to retrieve people from flooded buildings. 

The rain caused the New York City subway system to flood, disrupting the method of transportation many in the city rely upon for getting to work. Some bus riders were also stranded for hours on flooded streets.

 

Trump Enters Not Guilty Plea in Fulton County, GA Case

Former President Donald Trump entered a not guilty plea to 13 state felony counts, including racketeering, Thursday. Trump did not appear in court in person in Atlanta, Georgia, where the charges were filed, but rather filed a written plea which also waived a formal arraignment. Trump surrendered last week to the Fulton County Sheriff’s Office, where he was booked and had his mugshot taken. Trump is one of 19 defendants to be charged by Fulton County District Attorney Fani Willis’s office. 

Fani Willis, a Democrat, launched an investigation into Trump and his allies in February 2021 after Trump’s team challenged the results of the 2020 election and in the aftermath. Willis believes Trump and his co-defendants broke the law by their actions challenging the results.

 

Hurricane Idalia Strikes Florida and East Coast

Hurricane Idalia struck Florida as a category 3 hurricane on Wednesday after briefly peaking in strength as a category 4 storm. Idalia struck the Big Bend area of Florida, where the Florida Panhandle connects to the larger Florida peninsula.

Idalia’s storm surge flooded coastal communities and low-lying inland areas. However, Idalia’s damage was nowhere near the destruction brought by last year’s Hurricane Ian, which struck as a strong category 4 storm in Southwest Florida, devastating the cities of Fort Myers Beach and Sanibel. Unlike Ian, Idalia was a fast-moving storm, leaving less time for storm surge and heavy rains to inundate populated centers. Still, insured losses from Idalia are projected to exceed $9 billion. Ian’s damages, in contrast, were $113 billion, making it the third-costliest Atlantic hurricane on record after Katrina and Harvey.

After striking Florida, Idalia moved up into Georgia, bringing rain and wind as it weakened over land. Idalia is currently hugging the North Carolina coast and moving offshore, where it is projected to move out to sea and possibly affect Bermuda in the coming days as weak hurricane.

 

Celebrated Television Host Bob Barker Dies at 99

Game show host and television personality Bob Barker died last Saturday at 99, just months before his 100th birthday. Barker was perhaps best known for his 35-year long stint as host of The Price is Right, where he ended every broadcast with a plea for pet owners to get their pets spayed or neutered.

Barker was born in 1923 in Washington and was raised in South Dakota on an Indian reservation (Barker was one-eighth Sioux). After serving in World War II, he began his broadcasting career in 1950. In 1956, he began hosting the gameshow Truth or Consequences. In the 1975, he began hosting The Price is Right, from which he retired in 2007 and was replaced as host by Drew Carey.

He also had several acting roles, including in Happy Gilmore and Spongebob Squarepants.

 

Israeli Knesset Approves Judicial Changes Amid Protests

The Israeli legislature (Knesset) has approved changes to the country’s judiciary, most notably the selection system for its highest court. The changes would remove the ability for current Supreme Court judges to block candidates to the court. In addition, it removes the ability of the court to strike down laws they deem as ‘unreasonable.’

Prime Minister Benjamin Netanyahu’s government and its supporters argue the reforms are necessary to prevent activist judicial decisions. Opponents of the changes, many of whom have joined protests against them, argue that it removes critical checks and balances against the among branches of government.

 

Incandescent Lightbulb Ban Takes Effect in August

The Biden administration’s new ban on the sale of most incandescent light bulbs takes effect August 1, capping a nearly sixteen year long effort to phaseout the lighting from most consumer use. The Trump administration had delayed implementation of the rule, with the Biden administration reinstating it.

People can still own incandescent bulbs, but retailers can no longer sell them after August 1.

The market has long been shifting toward more energy efficient LED lighting, which uses a fraction of the power that traditional incandescent bulbs use. LED lighting also does not contain any toxic elements like fluorescent lighting does.

LED lighting does have its limitations: They are more difficult to dim than incandescent lights, and the spectrum of light they emit is different from incandescent light, requiring adjustments to emulate the light of incandescent bulbs.

Praise for the new rule focuses on the expected environmental benefits from using less energy. Criticism has focused on perceived government overreach and that consumers can no longer choose incandescent lighting even if they prefer it.

 

2024 Contest Marked by Trump Legal Troubles, Biden Investigations

The two likely general election opponents in the 2024 presidential race are both dealing with their own legal issues. Former President Donald Trump’s are more pressing given his three state and federal indictments, but President Biden faces increased scrutiny over alleged involvement in his son Hunter’s business dealings, with calls for impeachment growing among congressional Republicans.

Trump was indicted for the third time this month; in a superseding indictment, he is now alleged to have obstructed justice by scheming to erase video surveillance at Mar-a-Lago in an attempt to cover up his retention of classified material. Trump has denied the charges.

Trump is also expected to face another federal indictment over his actions in challenging the results of the 2020 election and the Capitol riot on January 6, 2021. He may also face a state indictment in Georgia over his actions to overturn Biden’s victory in the state in 2020.

Meanwhile, President Joe Biden and Hunter Biden remain the subjects of House GOP inquiries. Biden has long denied any knowledge of his son’s business dealings, which have been linked to previous money laundering, tax evasion, and foreign lobbying investigations, which have led to misdemeanor failure to pay tax charges (Hunter Biden has pleaded not guilty to those charges after a recent plea deal was effectively rejected during a recent hearing).

Republicans have so far failed to tie Joe Biden directly to Hunter’s business activities, though an FBI document reporting a source’s claim that Joe Biden was bribed by Ukrainian company Burisma has been uncovered. To date, no evidence to confirm that claim has been found.

 

Wagner Group Insurrection Shows Weaknesses in Russian Government

This past weekend, the Russian government experienced the most direct challenge to its rule since the fall of Soviet Union in 1991 when the head of the mercenary Wagner Group, Yevgeny Prigozhin, took control of some Russian cities and ordered his troops to advance towards Moscow. The advance was called off after Prigozhin agreed to an agreement brokered by Belarusian President Alexander Lukashenko, with the Wagner Group withdrawing from occupied cities and the criminal charges against Prigozhin dropped.

The Wagner Group is a private military company (PMC) that since 2014 has operated closely with the Russian government and other governments in operations across the world, from the Central African Republic to Syria to Venezuela. Wagner troops have been heavily involved in the war in Ukraine, with some troops suspected of committing war crimes in the course of the war. Prigozhin is known for recruiting from prisons to fill his ranks, with the promise of amnesty after a six-month deployment.

Prigozhin had long been one of Putin’s closest associates, originally heading a catering company with a number of government and military contracts. Since then, he has transformed Wagner Group into a military juggernaut, which this weekend challenged the Russian military for dominance. Prigozhin has for months expressed frustration with the leadership of the Russian military, claiming they have mishandled the war and failed to provide his troops ammunition.

While the attempted rebellion failed to take control of the Russian government or depose top military leaders, it was the greatest internal challenge to Putin’s rule since he first took power in 2000.

 

Investigation Begins in Implosion of Submersible

The US Coast Guard has launched an investigation into the implosion of lost submersible Titan, which was created by private company Oceangate to take tourists to see the wreck of the Titanic. The investigation will also include involvement from authorities in Canada, the United Kingdom, and France.

 Five crew members, including Oceangate CEO Rush Stockton, died on the trip, likely during the descent on June 18, when the submersible lost communication with the ship on the surface.

Stockton and Oceangate had faced criticism and concerns over the perceived lack of attention to safety in the construction of their submersibles, using commercial-of-the-shelf materials and a carbon fiber hull. Unlike steel and similar materials, carbon fiber does not have strong compression strength, which made it unsuitable for use in deep sea navigation, where high water pressure can lead to failure of the vehicle.

The US Navy had picked up audio consistent with an implosion on June 18, and confirmed that disovered debris was from the Titan on June 22. Wreckage is now being recovered.

 

Midwestern Air Quality Drops as Canadian Wildfire Smoke Moves South

Midwestern states are facing an onslaught of smoke from Canadian wildfires, experiencing the same phenomenon that eastern states endured earlier this month. 

Residents of Chicago experienced the worst air quality in the world as 488 wildfires send their smoke into the US, 259 of which are deemed as ‘out of control’ by the Canadian Interagency Forest Fire Center. Other local and state authorities have issued advisories on the hazardous air conditions, advising residents to stay indoors.

Biden, McCarthy Reach Debt Ceiling Deal

President Joe Biden and House Speaker Kevin McCarthy reached a deal this past weekend to the raise the debt ceiling by $4 trillion, which would avoid a default on certain federal government obligations, something projected to occur by June 5. The deal caps weeks of negotiation, with Republicans seeking to cap spending levels and roll back increased IRS funding and Democrats seeking to preserve their many of the programs passed in the last congress, most notably certain green energy subsidies.

The debt ceiling deal caps 2024 and 2025 discretionary spending levels based upon 2023 levels, with a 1% increase allowed for 2025. Republicans win’s also included imposing new work requirements on childless, able-bodied Supplemental Nutrition Assistance Program (SNAP) recipients, as well as also adjust the formula states use to calculate aid as part of the Temporary Assistance for Needy Families (TANF) program.

The deal also will cut $1.9 billion in additional IRS appropriation this year, and a further $20 billion is now set to be reallocated in 2024 and 2025. Democrats, who passed an additional $80 billion in IRS funding as part of the Inflation Reduction Act (IRA) in 2022, claim the additional funding passed last year will lead to a net revenue gain by auditing primarily high earners. Republicans in contrast say the additional funding will primarily increase audits on lower- and middle-earners.

The deal will also force the Biden Administration to resume collecting student loan repayments this summer. It does not prevent Biden’s proposal to cancel $10,000 in student loan debt, which is currently in litigation before the Supreme Court.

 

Turkish President Erdogan Wins New Term

Turkish President Recep Tayyip Erdogan won reelection as president of Turkey Saturday, defeating his rival Kemal Kilicdaroglu 52% to 48% in a runoff. Erdogan’s victory in the election preserves his 20-year rule as Turkey’s head of government, beginning his third decade in power.

Erdogan’s Justice and Development Party (AKP) also retained its control in the Turkish Parliament, winning a coalition majority with its partner Nationalist Movement Party (MHP) in the May 14 elections. Erdogan himself narrowly fell short of a majority in that election, leading to Sunday’s runoff.

Erdogan, who has strong support from the country’s working class and rural areas, has been a populist force in his two-decade tenure leading the country, often appealing to nationalist and economically populist policies and rhetoric to maintain support. In his victory speech to supporters, he made allusions to Monday’s 570th anniversary of the Ottoman conquest of Constantinople (modern day Istanbul), a pivotal date in Turkey’s history.

Former US Secretary of State Henry Kissinger Turns 100

Former US Secretary of State and National Security Advisor Henry Kissinger celebrated his 100th birthday Saturday. Kissinger, who served in the Nixon and Ford administrations, is most noted for negotiating a ceasefire in the Vietnam War and engineering the US opening of relations with communist China. After his service, he became a widely sought-after voice on foreign affairs.

Kissinger’s legacy has also been marked with controversy, including his role in the US bombing of Cambodia, support for the Argentinian military junta during the ‘Dirty War’, and support for Augusto Pinochet’s 1973 coup in Chile.

Regulators Reportedly to Take Control of First Republic

First Republic Bank, the large regional bank known for its customer service and high net worth clientele, is reportedly set to be taken over by federal regulators and brought into receivership in the near future. The rumored move comes after over $100 billion in deposits have flowed out of the bank, spurred by depositors unsure about the bank’s stability.

First Republic has faced similar issues as the recently collapsed Silicon Valley Bank, whose unrealized losses on long-term bond holdings combined with deposit outflows led to its collapse. First Republic’s financial instability has led to the collapse of its stock price, which has fallen in three months from $141.01 to $3.51 at Friday’s close. In the case of First Republic’s failure, shareholders would be the last to receive any proceeds from sold assets.

Both JP Morgan Chase and PNC Bank are reportedly interested in buying First Republic. Both banks were part of an earlier consortium of large banks who deposited $30 billion to try to shore up the bank’s finances. 

 

House Passes Debt Ceiling Bill

The House passed the Republican debt ceiling package Wednesday on a near party line vote, with four GOP defections and all Democrats voting against. The bill would raise the debt ceiling by $1.5 billion while reducing discretionary spending by 9%.

President Biden and Senate Democrats have said the bill is dead on arrival. House Speaker Kevin McCarthy hopes the bill will bring Biden and Senate leadership to start negotiations. Biden ally Sen. Chris Coons (D-DE) has called Republican attempts to use the debt ceiling limit to force spending cuts as ‘hostage negotiations’ and has called for such discussions to be part of regular appropriations talks. 

 

Biden Announces Reelection Campaign

President Joe Biden’s campaign released an announcement video this past week that formally announced his reelection bid in 2024, a move widely expected. Biden enters the race the overwhelming favorite to win the Democratic nomination, with his two announced opponents, self-help author Marianne Williamson and environmental and anti-vaccine activist Robert F. Kennedy, Jr. polling in the high single digits to low double digits. 

The Republican field, while becoming more crowded, remains  overshadowed by former President Donald Trump’s campaign, and to a lesser extent, the unannounced campaign of Florida Governor Ron DeSantis. Trump has retained a strong consistent lead over DeSantis throughout the past few months, experiencing a bump following his indictment by Manhattan District Attorney Alvin Bragg for business falsification charges related to the 2016 hush money payment to pornographic actress Stephanie Clifford (aka Stormy Daniels). DeSantis has a consistent second-place lead, and the only other candidate, unannounced or otherwise, consistently polling in double digits.

Other Republican candidates include former South Carolina Governor and UN Ambassador Nikki Haley, who is running a campaign appealing to her gender and traditional Republican politics, former Arkansas Governor Asa Hutchinson, who has criticized Trump’s influence over the GOP, former California gubernatorial candidate and radio host Larry Elder, and technology entrepreneur and political activist Vivek Ramaswamy. South Carolina Senator Tim Scott has formed an exploratory committee and is expected to announce a run in the near future.

 

Bank Failures Send Fear Throughout Economy

The failures of three notable banks linked to the tech and cryptocurrency industries have sparked concerns about the stability of regional banks in the US, some of which may face similar issues to the three.

Silicon Valley Bank (SVB), Signature Bank, and Silvergate Bank all failed during March, with SVB, long considered the main banking partner for Silicon Valley tech firms, becoming the second largest American bank to fail, after Washington Mutual in 2008.

In the case of SVB, the failure was largely the cause of a decline in the value of their bond holdings because of rising interest rates. SVB had bought long-term treasury bonds to increase the rate of return back when interest rates were low. As the Federal Reserve raised interest rates to fight inflation, the value of SVB’s bond holdings decreased (price moves inversely to yield), leading to large unrealized losses for the bank. As depositors withdrew their cash to cover expenses, SVB was forced to sell their bond holdings at the reduced prices, leading to insufficient capitalization for the bank, which ultimately led to regulators seizing SVB.

 

Former President Donald Trump Indicted by Manhattan Grand Jury

Former US President Donald Trump was indicted by a Manhattan grand jury Thursday. Trump is the first president, former or current, to be indicted on a felony charge.

The indictment stems from an October 2016 payment from Michael Cohen, Trump’s then personal lawyer, to pornographic actress Stephanie Clifford, better known by her stage name Stormy Daniels, to cover up a 2006 affair between her and Trump. Cohen, who was reimbursed by Trump for the payment, was later convicted for violating campaign finance law for making the payment without it being disclosed as a campaign expenditure. The conviction was part of a larger criminal investigation in which Cohen pleaded guilty to multiple charges of fraud and tax evasion related to his businesses.

The indictment comes amid other probes into Trump’s conduct during his presidency and his post-presidency. He is under investigation by state authorities in Georgia over his alleged attempts to improperly influence election officials in the 2020 election. He also is facing a federal investigation into his handling of classified documents after he left the presidency as well as potential obstruction. Attorney General Merrick Garland appointed special counsel Jack Smith to investigate in the federal case.

Trump is expected to surrender to police on Tuesday next week, where he will be fingerprinted and have his mugshot taken.

One of Trump’s lawyers, Joe Tacopina, is making television appearances defending his client from the alleged charges, also saying that Trump will not take a plea deal in the case.

Republicans have vocally criticized the indictment, accusing Manhattan District Attorney Alvin Bragg (D) of political animus. Some congressional Republicans have said they will call on Bragg to testify before Congress regarding the prosecution. Bragg has denied any political motivation for the prosecution. 

Bragg himself is a controversial figure. Elected in 2021, Bragg ran on a progressive platform, promising a less punitive approach to criminal justice focused on rehabilitation rather than punishment. Critics argue his policies are in part responsible for an increase in crime in New York City.

 

East Palestine, OH Residents Grapple With Toxic Fallout

Nearly a month after a Norfolk Southern freight train derailed near the village of East Palestine, Ohio, local residents are still contending with the fallout of the toxic chemicals that were spilled in the initial derailment, as well as those burned in an attempt to clean the area.

After the initial derailment on February 3, officials began evacuations within a 1-mile radius. Three days later on February 6, the vinyl chloride, a toxic, carcinogenic chemical used in the manufacture of PVC, was burned to prevent possible explosions. The evacuation order was lifted on February 9 after Environmental Protection Agency (EPA) officials reported that the area was safe. However, local residents have reported health issues since that time, and numerous animal deaths have been documented, including thousands of fish and frogs.

Officials hosted a town hall for residents to ask questions. Representatives from Norfolk Southern were set to appear at the event, but the company pulled out at the last minute, citing what they perceived as safety issues.

Grocery chain Giant Eagle has pulled its branded water, which is bottled 25 miles away from the derailment site. Some high school teams have also forfeited games rather than play in the affected region, concerned about possible health effects from the released chemicals.

Some have criticized the state and federal response to the derailment and chemical contamination. While FEMA sent an assistance team, because there was technically no property damage to the residents of the area, it did not qualify as a “major disaster.”

 

US Energy Department: COVID Most Likely Caused by Lab Leak

The United States Department of Energy (DOE) released an updated report this past week on the origins of the coronavirus outbreak, with the department now saying that the pandemic was a result of a leak in the Wuhan Institute of Virology in 2019. The report says that it has made this judgment with ‘low confidence,’ which means it has low certainty in its claim.

It joins the FBI in federal agencies that believe that the virus escaped from the lab (the FBI has ‘moderate confidence’ in this belief). Four other agencies believe that the pandemic was the result of natural transmission.

China has criticized the DOE report, with Chinese foreign ministry spokeswoman Mao Ning claiming that the US is using the lab leak theory to score political points, rather than seek a scientific conclusion. She cited the previous WHO investigation, which had concluded that the virus was likely the result of natural transmission. The WHO’s report has also been criticized, with China accused of obstructing the organization’s investigation.

Winter Storm Leads to Rare California Snow

 A strong winter storm led to snow across the state, along with high winds that took down power lines, causing over 170,000 power outages. Cars were stranded on I-15 because of snow, hail, and strong winds, with snowflakes and hail even reported at the famed Hollywood sign.

The storm caused severe weather across the US, with blizzard conditions reported in Midwestern states and tornado watches issued in several Southern states.

While the storm caused blizzard conditions in some of the country, some areas outside the storm’s path reported record high temperatures.

 

Mishandled Classified Documents Scandal Plague Biden, Trump, Pence

The Biden White House continues to work to limit the political and legal fallout from classified documents dating from his time as vice president found at the Penn Biden Center as well as his personal residence.

Biden’s lawyers first alerted the National Archives and Records Administration (NARA) on November 2, 2022, of classified documents found at the Penn Biden Center. NARA alerted the Department of Justice (DOJ), which began investigating the handling of the documents. CBS News reported on January 31 that the FBI searched the Penn Biden center in mid-November 2022, something the White House has not yet revealed.

On January 9, the White House revealed the released information about the document situation while trying to draw differences between Biden’s case and former President Donald Trump’s handling of classified documents after his presidency. Trump’s Florida residence Mar-a-Lago was raided by the FBI on August 8, 2022, and Attorney General Merrick Garland appointed a special counsel into Trump’s case on November 18.

Garland would do the same in Biden’s case on January 12.

More documents were reported found in Biden’s Wilmington, Delaware residence on January 11. The FBI later conducted a voluntary search of his residence, finding additional documents.

On January 24, NARA revealed that former Vice President Mike Pence also retained classified documents at his Indiana home, leading to speculation that such mishandling of documents may be widespread among high-ranking government officials.

 

Memphis Deals With Aftermath of Tyre Nichols’ Death

The city of Memphis continues to work to contain the fallout following the beating death of 29-year-old Tyre Nichols earlier this month. Nichols was killed by five police officers, who alleged that Nichols had been engaging in reckless driving. All five officers have been charged with murder, along with other crimes, for their involvement. Nichols and the five charged officers are all black.

The Memphis Police Department (MPD) has also removed two other officers, one of whom has been named. Neither officer has yet been charged criminally.

The five charged officers belonged to MPD’s SCORPION Unit, an anti-gang unit charged with reducing crime in high-crime areas of the city. The city police department has announced that unit will be disbanded, and investigations into the unit’s culture and methods are likely.

Nichols’ death has led to protests over police brutality, similar to the summer of 2020 demonstrations following the death of George Floyd. Violence and looting, while occurring at or following some demonstrations, has been far more subdued than in 2020.

 

Ice Storms Sweep Across the US

At least 1,800 flights were cancelled as winter storms swept across the US on Tuesday. Icy conditions were responsible for numerous car crashes on roads in Texas, with 7,000 power outages reported across the state.

In Arkansas, Gov. Sarah Huckabee Sanders (R) declared a state of emergency as motorists in the state struggled with icy road conditions as well.

Icy road conditions from the storm are expected to affect several states into Thursday.

 

Pioneering TV Journalist Barbara Walters Dies at 93

Pioneering television journalist Barbara Walters died Friday at 93. Walters' history in media largely coincided with women's involvement in the industry, with Walters breaking many of the barriers female journalists faced.

Walters was born September 25, 1929 in Boston, Massachusetts. She attended Sarah Lawrence University, graduating with a degree in English in 1951. 

Walters began working in advertising before landing a job at NBC's New York affiliate WNBT-TV (now WNBC), where she wrote press releases. 

She joined NBC's The Today Show in 1961, first as a writer before appearing as a 'Today Girl,' where she presented news pieces that were seen as lighter topics. She began doing more serious pieces, and though she was famously prohibited from asking questions to guests until her male cohosts asked their questions, she was finally made cohost of the show in 1974. 

In 1976, she moved to ABC, where she cohosted ABC Evening News until 1978. In 1976, she moderated the final presidential debate between incumbent Gerald Ford and eventual winner Jimmy Carter.

Walter was known for conducting interviews with notable figures including Fidel Castro, Margaret Thatcher, Jiang Zemin, and Monica Lewinsky. 

In 1997, she co-created The View on ABC, and served as co-host until 2014. 

She had her final ABC appearance in 2015 with an interview with then-presidential candidate Donald Trump. Her last public appearance was in 2016. 

She died at home in Manhattan on December 30, 2022. 

Pope Emeritus Benedict XVI Dies at 95

Pope Benedict XVI, who was the first pope to resign the position in centuries and took the title 'pope emeritus,' died Saturday at 95. 

Benedict, who was born Joseph Ratzinger in Bavaria, Germany, on April 16, 1927, wished to become a cardinal in the Roman Catholic Church since age 12. His life took a detour in childhood, when he was forced into Hitler Youth during Hitler's rule. Never an enthusiastic member of the organization, he was later drafted into the German military and was trained in the infantry. He managed to desert the army just prior to Allied victory, and was held as a prisoner of war until the war's end. 

Ratzinger entered seminary after the war, and he was ordained in 1951. Over the next few decades, he established himself as an intellectual force in the Catholic Church, seen as a leading liberal prior to 1968, supporting the reforms of the Vatican II conference. After 1968, he shifted to a more conservative point of view, for which he would be well known in his later years as cardinal and as pope. 

In 1977, Pope Paul VI elevated Ratzinger to cardinal shortly after Ratzinger becoming Archbishop of Freising and Munich. In 1981, Pope John Paul II made Ratzinger Prefect of the Congregation for the Doctrine of the Faith, where he became an influential voice in the Vatican under John Paul II's papacy.

In 2005, he was elected pope following the death of John Paul II. His papacy was noted for a staunch adherence to conservative theology and tradition. 

Benedict's papacy also was marked by an increased effort to tackle sexual abuse within the Catholic Church, though he was criticized for the slow pace of progress on that front. 

Benedict also made headlines in December 2012 when he joined Twitter under the handle @Pontifex.

In February 2013, he announced his resignation as pope, the first to do so completely voluntarily since Celestine V in 1294. He would take the title 'pope emeritus,' and his successor, Archbishop of Buenos Aires Jorge Bergoglio, was elected in March 2013. Bergoglio, who would take the regnal name 'Francis,' was the second place finished in the 2005 papal conclave which elected Benedict.

Benedict lived a quiet life between 2013 and 2022, remaining in the Vatican. He became the longest living pope (former or reigning) in 2020, and he celebrated his 70th anniversary as a priest in 2021.

Pope Francis had requested prayers for Benedict on December 28, 2022, announcing the former pontiff was in poor health. Benedict died three days later on December 31. 

Winter Storm Leaves 91 Dead, Leads to Travel Mayhem

 Last week’s Christmas winter storm has left at least 91 dead, with over 2.5 million left without power for at least some period of time.

Many of the US deaths were caused by cold exposure, some of whom were pedestrians who became disoriented when walking outside in blizzard conditions. Some became trapped in their cars and were unable to get to warm shelter. Traffic accidents also claimed several victims.

In Synder, New York, near Buffalo, 56.5 inches of snow fell.

The cold temperatures from the storm spread across the US. Even in Houston, temperatures dropped so low that bats lost their grip on the bridges where they make homes. Volunteers managed to gather the affected bats so they could warm them sufficiently, and afterwards they released the bats back to their bridges.

Millions lost power during the storm. The Tennessee Valley Authority (TVA) began rolling blackouts to prevent more widespread power outages. In Texas, power outages were much more limited than what was seen in the February 2021 winter storm.

The storm also led to mass cancellations of flights, leading to travel mayhem as travelers were stranded in airports trying to get to their destinations before Christmas day. Southwest Airlines was the hardest hit, with the airline experiencing a meltdown of their planning software. Employees were left to manually schedule crews for flights, and customers were forced to spend several hours on hold with customer service agents in attempts to rebook their flights. The US Department of Transportation has launched an investigation into the cancellations.

Soccer Legend Pelé Dies at 82

Pelé, considered by many to be the greatest soccer player of all time, died Thursday at 82 in São Paulo. His cause of death was multiple organ failure caused by colon cancer.

The Brazilian’s 22-year career helped lead to three World Cup victories for Brazil and established the nation as a powerhouse in the sport.

Pelé, whose real name was Edson Arantes do Nascimento, was born in 1940 in Três Corações, Brazil. His father was also a footballer (soccer player), though his family was impoverished. His family’s economic condition did not stop him from learning the sport and training further, and at 17, he made his World Cup debut in 1958, in which Brazil defeated Sweden 5-2 in the final.

In 1969, he scored his 1000th career goal, making Pelé the first to achieve the feat.

He later played for the New York Cosmos, helping revive the sport’s popularity in the US.

Pelé appeared at the 2012 Olympics closing ceremony, in which the Brazil was handed host responsibilities for the 2016 Olympics.

His death comes in the same month that Argentina, another South American country, won the World Cup. 

 

Suspect Arrested in Idaho College Murders

Authorities in Pennsylvania have made an arrest in the case of four University of Idaho students murdered in Moscow, Idaho. The suspect has been identified as 28-year-old Bryan Kohberger.  He was arrested on a warrant for first-degree murder.

The four victims, Kaylee Goncalves, Madison Mogen, Xana Kernodle, and Ethan Chapin, were murdered by stabbing at an off-campus house on November 13.

Kohberger is a graduate student in criminology and criminal justice at nearby Washington State University.