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Cramm for 7/29/22
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THE HIGHLIGHTS

Everyone’s talking about a recession. 

 

THE BACKGROUND.

The past few months have not been all that great for the world economy. Think: a rise in inflation, Russia’s war on Ukraine…you get the idea. Then, last month, things got even worse when the World Bank warned everyone that global growth will be choked - and that “recession will be hard to avoid” for many countries. Not long after, a key report showed inflation in the US is accelerating, impacting every corner of the economy. Also last month: the US stock market fell into a bear market - just the 7th in the last 50 years. And just this week, the Federal Reserve upped interest rates by three-quarters of a percentage point, just one month after making the same hike.  

 

THE HAPPENINGS. 

Yesterday, it came out that a key measure of US economic output fell for the second straight quarter. More specifically: gross domestic product, adjusted for inflation, dropped 0.2 percent in the second quarter - following a decline of 0.4 percent in the first quarter. GDP is the broadest measure of goods and services produced in the US, for the record. 

 

THE REACTION. 

Alarm bells. Experts are worried that the back-to-back drops mean a recession is on the way. Some fear that a recession has already begun. The why: it’s common for economists and even countries to define a recession as two quarters of falling GDP. 

 

THE TAKE. 

It’s not entirely clear what this means for the US economy. What is clear: economic growth is slowing down. 


THE ACTION

RIGHTS: Over the past few months, Texas and Arizona have been offering state-funded bus rides to Washington, DC, for undocumented migrants who had been released from federal custody in the states. The goal? Protest against Prez Biden’s immigration policies. Fast forward to this week, and Washington, DC’s mayor has asked for National Guard troops to be activated to help process these migrants. Meanwhile, new data shows that nearly one third of people killed by US police since 2015 were running away, driving off, or attempting to flee when the officer fatally shot or used lethal force against them. Yes, really. In other news, the Miami-Dade County School Board just OK’d health and sex ed textbooks - reversing a reversal of its initial decision to approve the books. 

 

HEALTH: Yesterday, the National Health Service in England announced that it was closing the country’s only youth gender clinic. Instead, the NHS will open new clinics that will both expand England’s gender services and ensure that kids are properly treated for autism, trauma, and mental health problems. This comes after a review of the existing clinic uncovered issues like long wait times and inadequate mental health support. Over in the US, it looks like the Biden team is planning to offer updated covid booster shots in September. The new Pfizer and Moderna shots are expected to perform better against the Omicron subvariant BA.2. Also making headlines in the US: San Francisco just declared a state of emergency over rising monkeypox cases and a shortage of vaccines. Stay tuned. 

 

WORLD: Recently, Russia carried out a series of missile strikes throughout Ukraine, killing at least 8 people. This comes as Ukraine attempts to retake the south. See: Ukrainian forces just struck a bridge into the occupied city of Kherson - making it impossible for Russia to send deployments and weaponry across the bridge while also cutting Kherson off from other occupied territories. In response, Russia is redeploying its forces from eastern Ukraine to the region. Meanwhile, heavy rains across southeastern Kentucky just triggered “one of the worst, most devastating flooding events” in state history. At least 8 people were killed, with countless people still in danger as high waters and strong currents make rescue missions difficult. 


WHAT TO KNOW

Instagram:” what just rolled back some new changes after user backlash. BRB, posting about this. 


SAY WHAT?

“There Are Holes on the Ocean Floor. Scientists Don’t Know Why” - a recent headline. Well that’s not creepy at all. 




ICYMI, Cramm This Book is OUT NOW! Cramm This Book is a dive into the history that’s shaped the world as it is today, looking at the wars, the movements, the disasters, and more. Get your copy today!
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The Cramm · The Cramm · Santa Barbara, CA 93101 · USA