The Daily Valet. - 1/23/23, Monday
✔️ Are We In Trouble?
Monday, January 23rd Edition
By Cory Ohlendorf, Valet. Editor
Suddenly, I don’t feel so bad about my credit card debt.
Today’s Big Story
America’s $31 Trillion in Debt
How did we get here? ANd what will happen as the debt ceiling drama deepens?
There's a political storm brewing on Capitol Hill. And there are potentially dire economic consequences looming after the U.S. hit the debt limit late last week. Lawmakers must reach an agreement to either raise or suspend the debt limit to avoid a credit default, which would mean the government couldn't pay its bills and would default on its debt obligations for the first time ever.America is a wealthy nation, but it's also a nation with a lot of debt—and it's growing fast. The United States' debt is now six times what it was at the start of the 21st century. And it's projected to grow an average of about $1.3 trillion a year for the next decade (at least).According to the New York Times, our ballooning debt is the result of choices made by both Republicans and Democrats. “Since 2000, politicians from both parties have made a habit of borrowing money to finance wars, tax cuts, expanded federal spending, care for baby boomers and emergency measures to help the nation endure two debilitating recessions.”But as the BBC points out, we're in the enviable position of being able to issue new debt pretty much whenever we wants. American Treasury securities have been viewed as one of the safest, most stable investments in the modern world. And since spending programs today are so politically popular, budget experts say it is unrealistic to expect the books to balance again for at least another decade. Of course, that doesn't mean it's easy.The last time Congress moved to raise the debt ceiling was in December 2021 when Democrats were able to pass legislation without a single Republican vote. But now that Republicans control the House, it poses greater challenges for reaching an agreement on the debt limit in time. Republicans have used the debt ceiling as a tool to push for spending cuts, reports CBS News, arguing that the nation needs to rein in wasteful spending. Democrats liken these tactics to hostage taking and accuse GOP lawmakers of manufacturing a crisis. Many economists say they expect an agreement will be reached. However, given the current “extremely fractious political environment,” it could be a long, ugly process. That will almost certainly roil the financial markets globally. Meanwhile, millions of Americans could see higher borrowing costs and delays in receiving government checks like Social Security or military pay.
FYI:
Each business day, the U.S. Treasury Department reports the amount of total debt, which can be tracked on the national debt clock.
The End of the Twitter App Era
The third-party apps Twitter just killed made the site what it is today
It's kind of amazing how third-party Twitter clients had been able to survive Twitter's ups and downs over the years, including its various API changes and constantly fluctuating business objectives and policies, only to be unceremoniously killed in 2023 by the whims of its new owner.After Twitter cut off their API access and changed its rules to bar apps that compete with its own, The Iconfactory has announced that it's discontinuing Twitterific, Fenix has been pulled from app stores, and Tapbots has posted a memorial for Tweetbot.The Verge says third-party clients “helped make Twitter the platform it is today, innovating parts of Twitter we take for granted and, in the early days, helping form the company's very identity.” They've also acted as a safe haven from unwanted changes, helping to keep people tweeting when they were ready to give up on the platform. As backlash and outrage grew, Twitter then made matters worse by trying to gaslight its community about the situation. The company tweeted it was only enforcing its “long-standing” rules, then rushed to update its documentation to reflect what those rules actually were.
Partner
Celebrate the Lunar New Year or Valentine’s Day with a new fragrance.
Super Gonorrhea Reaches the U.S.
Authorities investigating first cases of "concerning" new drug-resistant gonorrhea strain
Public health officials says they have found two cases of gonorrhea that appear to have reduced susceptibility to every kind of antibiotic available to treat them. It's the first time strains of gonorrhea this resistant to antibiotics have been identified in the United States.These cases—both of which were in Massachusetts—were thankfully still curable, but it's the latest reminder that this common sexually transmitted infection is becoming a more serious threat. Gonorrhea, caused by the namesake bacteria Neisseria gonorrhoeae, is the second most commonly reported STI in the U.S., with 677,769 cases documented in 2020.Many who are infected by the bacteria often have little to no symptoms. However, some can develop bleeding, discharge and more serious complications that can lead to infertility and pain. Globally, infections that are resistant to antibiotics kill approximately 700,000 people each year. That number is expected to rise to 10 million deaths per year by 2050 if steps aren't taken to stop the spread of resistant organisms.
FYI:
Increased sexual activity during the pandemic, coupled with fewer people getting routine health screenings, supercharged the spread of sexually transmitted infections around the world.
The Science Behind Chocolate
The Reason It's such a joy? IT comes down to Lubrication
As we approach Valentine's Day, it's the perfect time to take a moment and appreciate chocolate. Dark, light, semi-sweet ... with peanut butter or caramel, it's all so good, right? Well, according to the latest scientific research, what makes chocolate taste so good is a “fatty film” that gives “an irresistibly smooth sensation” as we eat it.Scientists have decoded the physical process that takes place in the mouth—when chocolate changes from a solid into a smooth emulsion—as what many people find totally irresistible. “During the moments it is in the mouth, the chocolate sensation arises from the way the chocolate is lubricated, either from ingredients in the chocolate itself or from saliva or a combination of the two.” Sounds so … racy, doesn't it?The team of researchers hopes that their research into how the fats in chocolate interact with saliva could be used to develop a healthier version that feels just as good to eat. In the meantime, I'll be sticking to the real thing, which does have a few health benefits of its own.
Meanwhile:
Is ethical and affordable chocolate possible? The Guardian says yes, with a few industry changes.
In Other News
The president voluntarily offered access to the property to the FBI.
Have you heard about ...
Get Lost
Sometimes being lost can really be good for you and for your brain
Technology has improved so many aspects of our daily lives, that sometimes it's hard to imagine the unplugged world we used to inhabit just a few decades ago. Someone recently made a joke about how not too long ago, we once had to look up directions before a trip, print out a paper Mapquest route and try our best to follow it. And even that was an improvement over the crumpled, dusty map that languished inside the glovebox of our parent's car. Those days are long gone. One 2022 survey by tire retailer United Tires, found that, in the top 20 American cities, 93% of drivers depend on GPS to get around on an almost daily basis.That makes perfect sense, of course. Plug in where you're headed and you might get a quicker or more efficient route. In a new city and not sure how to get to the neighborhood everyone said you had to visit? Plug it into your phone and you've got the choice between mass transit, car share and even bike directions. Even if you head in the wrong direction or miss a turn, GPS will automatically reroute you. I honestly can't tell you the last time I genuinely felt lost.Then again, is that a good thing? Being lost is a part of the process for finding what's important to you. Because if we're never willing to take a risk, we'll never experience any personal growth. And we might miss out on some interesting experiences. Think about it: Your smartphone can easily direct you to the quickest route, but taking it often means you miss out on the best scenery or the ability to slow down and appreciate the local charm.
Read:
Shopping
What We’re Buying
A Portable LED Lamp
Sometimes you need a lamp in a place where you can't plug it in. In a bookshelf, on an accent table or maybe even outdoors. The nice thing about this small enameled mushroom lamp ($49.99)? Its LED light is powered by rechargeable lithium battery. Inspired by the Italian Bellhop lamp, the warm light is dimmable and on most subtle settings can be illuminated for more than 20 hours before needing a recharge. Plus, it's available in half a dozen colors, so take your pick.
Want more?
The five stylish items you should buy this week.
Morning Motto
Check that ego and focus on the bigger picture.
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