U.S. budget deficits surge; Inflation outpace wages; Moderna melanoma vaccine in 2025; OpenAI bioweapons risk; China-Philippines sea clash
Ad Astra Podcast
September 17 2024
Good morning citizens of America. This is the Ad Astra Citizen Journal, daily brief for September 17, 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 US budget deficit surge, inflation outpace wages, Moderna melanoma vaccine in 2025, OpenAI Bioweapons Risk, China Philippines Sea Clash. US budget deficit surge to $1.9 trillion, public debt nears $28 trillion. This year, the US budget deficit is projected to exceed $1.9 trillion, which is more than 6% of the nation's economic output, a level only reached during major crises like World War II, the 2008 financial meltdown, and the COVID-19 pandemic. Publicly held federal debt has just passed $28 trillion, nearly 100% of GDP. If Congress doesn't act, the total debt could increase by another $22 trillion by 2034, and the interest payments alone are on track to surpass annual defense spending. Source, the Wall Street Journal. Inflation has outpaced wage growth since 2021. Workers' wages have lagged behind inflation since 2021. While inflation has risen 20% over the last few years, wages have only grown by 17.4% according to the latest data from the Bureau of Labor Statistics. A report from Bankrate Now projects that wages won't outpace pandemic air inflation until mid 2025, pushing the previous estimate back by six months. A cooling job market is the primary reason for this delay. Source, Quartz. Moderna to launch melanoma vaccine by 2025, co-developed with Merck. Moderna could have a new vaccine to treat melanoma, a form of skin cancer, as soon as next year. The mRNA vaccine is being co-developed with Merck. While the original plan targeted at 2027 release, progress has been fast-tracked. Moderna CEO Stefan Bansal says Phase 2 data is available, and production timelines are ahead of schedule. The company is working with the FDA for accelerated approval. Source, Nikkei Asia. OpenAI's new AI models pose bioweapons risk. OpenAI has acknowledged that its latest AI models carry an increased risk of misuse, particularly in creating biological weapons. The company's new models, released just last week, have made significant advances in reasoning, solving complex math problems, and answering scientific research questions. However, this breakthrough raises concerns about the potential for bad actors to use AI technology to develop chemical, biological, and nuclear weapons. Source, Financial Times. China escalates South China Sea Tensions with Philippine boats. Tensions in the South China Sea continue to rise as China's Coast Guard escalates aggressive tactics against Philippine boats. Chinese vessels have swarmed and collided with Filipino ships, used water cannons, and even slashed inflatable crafts. The encounters are growing in frequency, and are now occurring near Sabina Shull, an oil-rich atoll close to the Philippine mainland. These incidents are fueling fears of a potential US-China showdown as the Philippines is a treaty ally of the United States. Source, The New York Times. Today marks the 13th anniversary of the start of the Occupy Wall Street movement. On September 17, 2011, protesters gathered in Zukati Park in New York City, launching what became a global movement against economic inequality. It was a pivotal moment that many see as the beginning of the current wave of populism in both the US and abroad. That's all for today's brief. Join us again tomorrow for more news and updates. This show was produced by Greg Lovett, wishing you a great day ahead. Please follow and rate us on Apple Podcast or Spotify. It helps other listeners find us. Stay informed and add Ashford Glasswood. [Music]