Could earmarking taxes help reduce the federal deficit?
Thursday, August 7
The Big THINK
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Credit: Plato’s Cave by Michiel Coxie (1499–1592) /Wikimedia Commons / Public Domain |
The thought experiments that test your life, not your logic
Headlines
A war memorial in Kyiv, Ukraine.
Ximena Borrazas/Getty Images
Trump may meet with Putin and Zelensky next week, White House says. Yesterday, a Trump admin official floated the possibility of Trump meeting with Russian President Vladimir Putin in the near future, but stressed that neither a date nor a location had been set yet, and also said POTUS would be open to meeting with both Putin and Ukrainian President Volodymyr Zelensky. Later in the day, Trump told reporters that there was “a very good prospect” of a summit with the three leaders occurring. A new Gallup survey released this morning found that 7 in 10 Ukrainians surveyed in early July said their country should seek a negotiated settlement to end the war as soon as possible.
An Army sergeant allegedly shot five soldiers at Fort Stewart. The suspect, Sgt. Quornelius Radford, is in custody and is accused of shooting five coworkers with a personal handgun. The five victims are in stable condition, Defense Secretary Pete Hegseth said on X. The gunfire broke out at the Army training base in Georgia yesterday shortly before 11am, prompting the commander to lock down the facility until the afternoon. The commander said that Radford had no prior military disciplinary issues. Investigators were still determining a motive as of this morning.
Robert F. Kennedy Jr. pulled $500 million of mRNA vaccine funding. The US health secretary canceled 22 projects related to mRNA vaccines and is taking other steps to divest federal funding from the vaccine technology. In a video posted to X, Kennedy said, “After reviewing the science and consulting top experts at NIH and FDA, HHS has determined that mRNA technology poses more risks than benefits for these respiratory viruses.” Dr. Jerome Adams, who served as the surgeon general during Trump’s first term, said on X, “I’ve tried to be objective & non-alarmist in response to current HHS actions—but quite frankly this move is going to cost lives…mRNA technology has uses that go far beyond vaccines…and the vaccine they helped develop in record time is credited with saving millions.”—HVL
Robert Reich
A baker’s dozen of important steps to fight Trump fascism
Friends,
In light of Trump’s worsening cruelty, vindictiveness, and ever more belligerent attacks on democracy, many of you ask: “What can I do now?” Here are a baker’s dozen of recommendations. (I’ve shared some of these with you previously but wanted to give you a revised and larger version.) If you have others, please feel free to share them with all of us in the comments.
1. Protect the decent and hardworking members of your communities who are undocumented.
This is an urgent moral call to action. As Trump’s ICE accelerates its roundups, detentions, and deportations, many of our hardworking neighbors and friends are being disappeared. ICE is rapidly becoming Trump’s police state enforcers.
One of Trump’s executive orders allows ICE to arrest undocumented immigrants at or near schools, places of worship, health care sites, shelters, and relief centers — thereby deterring them from sending their kids to school or getting medical or legal help they need. This is nuts.
At A Glance
Ketchup is the newest fruit smoothie.
Excessive screen time linked to poorer kids' heart health.
Instagram rolls out new map feature.
The 10 wealthiest US states by income.
... PS—1440's Business & Finance newsletter comes out this morning at 8:30 am ET and covers exchange-traded funds. Sign up here!
NASA's Curiosity rover celebrates 13 years on Mars.
College kids schedule everything on Google Calendar.
Ranking top college football coaches of the past 25 years.
How to get your beer-to-foam ratio right every time.
Clickbait: Is it a cat or a rat?
Historybook: Nobel Peace Prize winner Ralph Bunche born (1904); Operation Desert Shield preps the US to enter Gulf War (1990); US embassies in Kenya and Tanzania are bombed, killing 224 and wounding 4,500 (1998); Track and field star Sydney McLaughlin-Levrone born (1999); Journalist Peter Jennings dies (2005).
In The NEWS
Sports, Entertainment, & Culture
> Department of Homeland Security revises eligibility rules for specific visa categories, which would ban transgender women from traveling to the US to compete in women's sports (More) | ESPN to acquire NFL Network and other NFL-owned assets in exchange for giving the NFL a 10% stake in ESPN (More)
> Legendary rocker Ozzy Osbourne's cause of death revealed as a heart attack; death certificate also notes Osbourne suffered from coronary artery disease and Parkinson’s disease (More)
> Roku launches ad-free streaming service for $2.99 per month, will include 10,000 hours of movie and TV content from Lionsgate and Warner Bros. Discovery (More) | Fox One to launch Aug. 21 at $19.99 per month, will stream all sports and news programming across Fox's broadcast and cable channels (More)
Science & Technology
> NASA acting administrator Sean Duffy announces fast-track plans to build a nuclear reactor on the moon by 2030; part of larger effort to build a permanent lunar base (More) | A brief history of the original space race (1440 Topics)
> Google DeepMind unveils Genie 3, an AI-powered model that creates interactive 3D worlds in real time (More, w/video)
> Pregnant roaches require additional sleep, similar to humans, new study shows; sleep deprivation impacted development of offspring (More)
Business & Markets
> US stock markets close down (S&P 500 -0.5%, Dow -0.1%, Nasdaq -0.7%) as investors process weaker-than-expected jobs data and President Donald Trump floats new tariffs on semiconductors and pharmaceuticals (More)
> Former X CEO Linda Yaccarino named chief executive of telehealth startup eMed, which is designing a population health management platform for GLP-1 weight-loss and diabetes drugs (More) | Chemical giants Chemours, DuPont, and Corteva to pay New Jersey $875M over 25 years in forever chemicals settlement (More)
> US credit card debt rises $27B in Q2, totaling $1.2T, per new report from the Federal Reserve Bank of New York; total is in line with last year's all-time high (More) | An overview of credit cards and how they work (1440 Topics)
Politics & World Affairs
> House Oversight Committee issues subpoena for records from the Justice Department over its probe into late sex offender Jeffrey Epstein; former President Bill Clinton, Hillary Clinton, and eight former law enforcement officials subpoenaed for depositions (More)
> Hong Kong witnesses flooding, heaviest daily rainfall since the city began collecting records in 1884 (More) | Japan records hottest temperature on record yesterday, reaching over 107 degrees Fahrenheit (More)
> FBI data finds crime in the US went down in every category last year, including murder, violent crime, and theft; violent crime decreased 4.5%, with murder and manslaughter down 15% (More)
SOURCE: 1440 NEWS
American Politics
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Despite his failings and shortcomings, Trump has given me:
- Lower Taxes
- A strong military
- A growing economy
- A friend to the working class
- A removal of illegal immigrants
- An end to DEI
- A postponement of Socialism
The Democrats blame the WEALTHY/Billionaires for all our problems and while there is some truth to that accusation, it is the WEALTHY and only the WEALTHY that:
- Create Companies
- Provide jobs
- Donate large amounts to charities
- Invest in startups
- Fund colleges and universities
The middle class and lower class simply cannot do that as they have what they need to survive and save a little for retirement.
So, to try and eliminate the WEALTHY or the SUPER WEALTHY is STUPID and ECONOMICALLY FOOLISH.
American politics is vicious, hateful, and back-stabbing and those are its good points. Most politicians LIE or hide/distort the truth. Most politicians care more about their re-elections that doing what is right for the American People as a WHOLE not as a group of that WHOLE.
It is interesting to note here that while Democrats dislike the WEALTHY, they do not mind their CONGRESSIONAL LEADERS from becoming wealthy while in office, even though their salaries do not support their increase in wealth.
It is this contradiction that bothers me the most.
Earth’s Core Just Became a Power Source
In a groundbreaking development, scientists have successfully demonstrated the feasibility of harnessing renewable energy from superhot rocks deep beneath the Earth's surface, challenging long-held assumptions and opening new avenues for sustainable power generation.
Recent breakthroughs in laboratory experiments have illuminated a new possibility in the realm of renewable energy—harnessing energy from superhot rocks deep beneath the Earth’s surface. This remarkable discovery challenges previously held beliefs about the impracticality of accessing energy from these semi-solid formations.
The research conducted by a team at the Ecole Polytechnique Fédéral de Lausanne (EPFL) has opened up an exciting avenue for energy production that could significantly contribute to a zero-carbon future. As we delve deeper into this subject, it’s crucial to understand the implications and potential of tapping into this newfound energy source.
Wednesday, August 6
Scott Bessent. Magnus Lejhall/Getty Images
Scott Bessent will not be the next Fed chair. That is according to President Trump, who ruled out nominating the US Treasury secretary to be the next central bank leader because “he wants to stay where he is.” Bessent, who’s taken an active role in defending Trump’s trade policies, had been widely floated as a potential replacement for current Fed Chair Jerome Powell, whose term ends next year (and whom Trump has repeatedly threatened to fire for not lowering interest rates). Other contenders for the job reportedly include Trump-appointed Fed Governor Christopher Waller, National Economic Council Director Kevin Hassett, and former Fed official Kevin Harsh. “Both Kevins are very good,” Trump told CNBC.
Trump says pharma tariffs could be as high as 250%. The president revealed that he plans to formally announce tariffs on the pharmaceutical industry “within the next week or so” in an attempt to force drug manufacturing to the US, he told CNBC yesterday. It would start with a “small” tariff, Trump said, before rising to 150% in a year to a year and a half, and eventually to 250%. Pharma companies have argued that tariffs could drive up costs and threaten their ability to fund research for new medicines. Trump also said he will soon unveil tariffs on semiconductors, most of which are made in Taiwan.
Google’s new AI model can generate 3D worlds in real time. According to the tech giant, its Genie 3 model can create interactive virtual worlds at 24 frames per second for up to a few minutes—significantly longer than previous versions. Google says the model is a key step toward achieving AGI (artificial general intelligence, aka humanlike intelligence) because it will allow the company to train AI agents in its simulated environments. For instance, AI-powered robots could be taught how to navigate a warehouse using its 3D replica, which uses realistic physics. However, Google cautioned that Genie 3 is still being researched and is not yet available to the public.—AE
Robert Reich
And what do they provide him, in turn?
Friends,
I don’t believe in conspiracies, but I’ve heard a number of theories about whom Trump is really working for that seem reasonable to me. You don’t have to be a conspiracy theorist to believe at least one of them is sufficiently credible to merit more investigation. Trump fires the commissioner of labor statistics because the job news is bad, he says Obama ought to be convicted of treason, he’s obviously mixed up in the Jeffrey Epstein scandal, he openly takes bribes, he imposes import taxes on Americans, and he cuts Medicaid in order to make room for a giant tax cut for the rich.
Why? For whom is Trump the pawn? Here are the leading theories:
At A Glance
What the "marshmallow test" got wrong about child psychology.
You don't need a credit card on Greece's bartering island.
Forget Elvis, Hellmann's Mayo officiated this Vegas wedding.
Threatened birds top the Mangrove Photography Awards.
Ranking America's most dangerous beaches.
Meet the World Surf League’s youngest contender.
Orca moms teach their babies how to drown prey. (w/video)
... and a Danish zoo seeks small pet donations—for feed.
Clickbait: Find love on Switzerland's "Mountain Tinder."
Historybook: Actress Lucille Ball born (1911); Pop artist Andy Warhol born (1928); "Little Boy" atomic bomb dropped on Hiroshima, killing more than 70,000 (1945); Actress Michelle Yeoh born (1962); Voting Rights Act signed (1965); Curiosity rover lands on Mars (2012).
In The NEWS
Sports, Entertainment, & Culture
> President Donald Trump to sign executive order today creating an intergovernmental task force related to 2028 Summer Olympics in Los Angeles (More)
> The New York Post is set to launch new daily newspaper, The California Post, in early 2026 (More) | Sean "Diddy" Combs denied release on bail, will remain in jail ahead of Oct. 3 sentencing (More)
> South Korean star Son Heung-Min to join Los Angeles FC from the English Premier League's Tottenham Hotspur for an MLS record transfer fee of $26M (More) | Texas and Ohio State top preseason college football coaches poll (More)
Science & Technology
> AI startup Perplexity accused of using techniques similar to those of malicious hackers to evade instructions not to crawl and scrape webpages (More) | OpenAI's ChatGPT nears 700 million weekly users, up 400% from March (More)
> Paleontologists discover new species of long-necked plesiosaur dating to roughly 180 million years ago; creature lived during a mass extinction known as the Toarcian Oceanic Anoxic Event (More) | Climatology 101: Our next Science & Technology newsletter comes out at 8:30 am ET today (Sign up here)
> Researchers discover RNA virus responsible for a mass die-off of British Columbia oysters in 2020; strain is a "mega" virus, with one of the largest viral genomes on record (More)
Business & Markets
> US stock markets close up (S&P 500 +1.5%, Dow +1.3%, Nasdaq +2.0%) after losses Friday (More) | European Union delays countermeasures against US tariffs for six months as trade talks continue (More) | American Eagle shares surge 23.7% after President Donald Trump praises Sydney Sweeney ad campaign (More)
> Elon Musk conditionally awarded roughly $30B in Tesla shares by the company's board to keep him as CEO through 2030 as litigation continues over his 2018 compensation package (More)
> AI company Palantir tops $1B in second quarter earnings for first time and raises full-year revenue forecast after striking $10B, 10-year US Army deal last week (More) | About 3,200 Boeing defense workers in Missouri and Illinois strike after rejecting a contract offer; it's the aerospace company's second strike in less than a year (More)
Politics & World Affairs
> Justice Department to launch grand jury probe into how Obama administration officials handled intelligence about Russian interference in 2016 election (More) | Rep. Nancy Mace (R, SC-1) launches campaign for South Carolina governor (More) | New Hampshire becomes first state in the Northeast to ban medical interventions for transgender minors; joins 27 other states (More)
> Israeli government votes to fire attorney general amid ongoing corruption trial against Prime Minister Benjamin Netanyahu; country's Supreme Court freezes the decision to consider legality (More)
> Canada wildfires prompt air quality alerts throughout the US Midwest and Northeast; see map of affected areas (More)
SOURCE: 1440 NEWS
Discarding the Past
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In 1967, I purchased a red convertible Barracuda for $2,500 as I recall maybe less because we (my dad and I) purchased two at the same time.
I put 100,000 miles on that car in five years, and after 200,000 miles, I had the engine rebuilt, repainted using 1967 paint pigment, and replaced the top that included a glass window. The interior was still in excellent condition.
All of that cost me another $2,500 and I was willing to invest that money because I was never planning to sell the car. After 25 years, I purchased antique license plates and was told that an antique car was worth $1,000 for every year of age, if in pristine condition.
In 1997, I found myself in financial straits and was forced to sell the Barracuda. Needless to say, I made quite a profit, and mourned being forced into that situation for several years before I simply stopped thinking about it and began looking forward instead of backward.
In 2015, my wife and I retired; she was 62, I was 67. My first task to me being retired, was trashing all the remnants of my 45-year career. I made 15 trips to the landfill with my 2015 Venza loaded even with the back seat down and boxes in the passenger front seat.
I had no remorse at all over discarding my previous life.
Eight years later, my wife and I downsized our home and what we gave to Habitat for Humanity filled three of their large trucks, leaving us with plenty of items for a yard sale. Several more trips to the landfill even after the yard sale to get down to the size we needed to be.
Two years later (10 years of retirement) we have missed nothing.
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