The root of American economic malaise; Congress faces urgent shutdown deadline; AI triggers historic investment surge; Harris-Trump debate reactions, Swift endorses Harris; China’s economy falters
Ad Astra Podcast
September 11 2024
Good morning citizens of America. This is the Ad Astra Citizen Journal, daily brief for September 11, 2024 AD. I'm here to bring you the latest news headlines from around the world. Let's dive into today's top stories. In today's pod, we're tracking the root of American economic malaise. Congress faces urgent shutdown deadline. AI triggers historic investment surge. Harris Trump debate reactions, swift endorses Harris, and China's economy falters. Breaking news, Hurricane Francine is set to hit Louisiana today as a Category 1 or 2 storm. Residents are bracing for potential flooding and power outages, with emergency services on high alert. Stay tuned for updates as this storm develops. The root of American economic malaise. US home prices surge, housing supply shrinks. The housing market continues to confound economists, with US home prices soaring while supply shrinks. Despite outperforming Europe and Japan in many economic metrics, Americans remain anxious. Home prices in the US are up over 50% since the 2008 financial crisis, far outpacing Japan's and Europe's more modest increases. The shortage of entry-level homes and persistent local regulations have contributed to an ever-growing supply gap. New households are forming faster than new houses are built, pushing housing costs further into unaffordable territory. While inflation has eased below 3%, home prices continue to rise over 5% annually, forcing more Americans into longer-saving periods for down payments and larger portions of their incomes going toward mortgages. Congress faces urgent deadline. Can Congress prevent a government shutdown? The clock is ticking as Congress returns to Washington with just weeks left to prevent a government shutdown. Funding expires on September 30th, and a lack of agreement could freeze federal operations just as millions of Americans are casting their votes in November. A temporary funding solution, called a continuing resolution, might buy legislators more time, but political wrangling, including voter ID provisions, is complicating the negotiations. President Biden has already threatened to veto the current version. All eyes are on Congress as the deadline approaches. AI Investment Boom Historic surge on certain profits Generative artificial intelligence is driving one of the largest investment booms in modern history. Companies are betting hundreds of billions on AI technologies, hoping they will lead to revolutionary changes in the economy. But questions remain about when, and if, these investments will pay off. Big tech companies are spending record amounts on the hardware and research needed for AI. While apps like ChatGPT are popular, converting users to paid models and demonstrating long-term profitability are still uncertain. Election Roundup Harris vs. Trump debate reactions and Swift's endorsement, The first debate between Vice President Kamala Harris and former President Donald Trump has left pundits divided. From the left, Harris was seen as the clear winner, emphasizing a positive vision for America's future. From the right, Trump supporters argue that the debate coverage was biased in favor of Harris. Despite the differing opinions, many agree this debate won't shift entrenched voter sentiments. Meanwhile, Taylor Swift made headlines by endorsing Kamala Harris for President. China's economy falters, crisis of confidence and data transparency. China's economic troubles continue to deepen as confidence erodes, both within the country and internationally. A slowdown in services, a property crisis, and growing distrust in the accuracy of China's economic data are all feeding a vicious cycle. Foreign firms are withdrawing investments, and experts warn that China's ability to restructure its economy is being hampered by poor transparency. The world's second largest economy faces a historic moment of uncertainty, reminiscent of other autocratic regimes that struggled with balancing control and economic growth. On this solemn day, we reflect on the legacy of 9/11 and how it continues to shape America. Last year, we published a column titled "Legacy of 9/11" to explore the profound effects of that day on American society, politics, and foreign policy. For a deeper reflection on how the attacks of 9/11 still echo today, visit our archives. That's all for today's brief. Join us again tomorrow for more news and updates. This show was produced by Greg Loving, wishing you a great day ahead. Please follow and rate us on Apple Podcasts or Spotify. It helps other listeners find us. Stay informed and add Astra-Peraspora. [Music] [BLANK_AUDIO]