Value Wars, MDMA, and a "Giga-Goose.

Adam Rogers
June 05, 2024

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For the past three years, companies have raised prices without losing many customers, but this trend may be ending.

As shoppers become less willing to spend, businesses might have to stop increasing prices to maintain their sales. Signs of this change include reports from corporate earnings calls and the Federal Reserve's Beige Book, showing that more households are struggling with credit card and auto loan payments. With pandemic savings running low and wage growth slowing, people are becoming more careful with their money again.
During the pandemic, consumers were less sensitive to prices because they couldn't spend on services and received financial support from the government. Many used the excess cash to splurge on goods. Now, with the economy reopening, people are spending on both goods and services, but they're doing so more cautiously.
As consumers become more price-conscious, fast food chains are competing to offer better deals. McDonald's, Burger King, and Wendy's are all introducing value meals to attract budget-conscious customers. This reflects a return to the pre-pandemic focus on value, as people are less willing to pay higher prices.

On Tuesday, President Biden announced a new rule to deport or turn back migrants caught crossing the U.S.-Mexico border illegally.

The new ban will be enforced when daily border arrests exceed 2,500 for over a week, and numbers are currently higher than that. It will pause when arrests fall below 1,500 for three weeks. The last time crossings were below that level was during the COVID-19 pandemic in July 2020.
The measure has exceptions for unaccompanied children, people with serious medical or safety threats, and trafficking victims. The decision comes as Biden faces pressure on immigration in the lead-up to the November elections, where he will compete against Republican Donald Trump, who focused heavily on strict immigration policies during his term.
There are questions about the implementation, especially concerning deportations to distant countries and Mexico's role in accepting non-Mexican migrants. Critics from both political sides have attacked the ban, with some planning to sue, and others claiming it is politically motivated. However, efforts to pass a tougher border security bill in Congress have failed, leaving Biden's administration to rely on regulatory measures to handle the issue.

An FDA advisory panel voted against approving MDMA (ecstasy) for treating PTSD.

This could be a setback for psychedelic medicine as a whole. The FDA usually follows its committees' recommendations, but a final decision is expected by August 11th.
The panel had concerns about the data used to support MDMA therapy. They questioned if the therapy actually worked, and whether its benefits outweighed safety risks. Some members pointed out missing safety data and possible misconduct in trials.
Many people with PTSD and mental health advocates spoke in favor of approving MDMA therapy. They argue that current treatments are often ineffective, and MDMA offers new hope for millions of people.

Indian Prime Minister Narendra Modi is expected to win a third term, but with fewer votes than anticipated, he will need more help from his allies. This means he must quickly tackle issues like unemployment, inflation, and economic gaps in India. Unlike the last two elections, Modi's party, the BJP, will need its partners to reach the 272-seat majority in the 543-seat parliament. (More)

Nearly two years after thousands of beagles were rescued from unsafe conditions at a Virginia breeding facility, the company responsible, Envigo RMS LLC, has agreed to pay a record $35 million fine. The company pleaded guilty to violating the Animal Welfare Act, while its affiliate, Envigo Global Services Inc., pleaded guilty to violating the Clean Water Act. (More)

Netflix revealed their viewership numbers for 2023. "Leave the World Behind" was the most popular movie, with 121 million views in December alone. Overall, subscribers streamed 183 billion hours of content. The report is part of a new agreement with the Writers Guild that requires Netflix to share some performance data. (More)

Sean "Diddy" Combs sold his majority stake in Revolt, the media company he started, on Wednesday amid multiple sexual assault allegations. Revolt announced that the company will now be owned by its employees. Combs resigned from the company's board in November when the allegations became public and no longer has any stake in Revolt. (More)

By 2050, more than 6 in 10 Americans will have cardiovascular disease, according to a new report from the American Heart Association. The report found that cardiovascular disease, including high blood pressure, will affect over 184 million adults. It also predicts that coronary disease will rise from 7.8 percent in 2020 to 9.2 percent in 2050, and heart failure will increase from 2.7 percent to 3.8 percent during the same period. (More)

First intact skull found of ancient Australian “giga-goose.”

The finalists for the 2024 Drone Photo Awards.

Couple reels in $100,00 while magnet fishing.

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