Good morning. In today’s edition:

• 📈 Guaranteed basic income programs are growing in popularity
• 📉 TikTok’s US growth is stalling
• 🖐️ George Lucas steps into Disney’s proxy fight

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be about a 4.69-minute read.

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"Make failure your teacher, not your undertaker."

–Hilary 'Zig' Ziglar (1926-2012)

Over the past four years, a growing number of US cities and counties have experimented with guaranteed basic income programs that aim to combat poverty by providing direct, unconditional payments to lower-income Americans.

• Houston, Louisville, Nashville, and Birmingham are among the 150+ US locations that have implemented basic income pilots since 2020.
• The programs target low- to moderate-income residents, and generally pay them $500–$1,000 per month for one or two years.

Driving the trend… Covid was the main catalyst for basic income’s recent rise to prominence, with the idea gaining steam after Congress approved nearly $1 trillion in direct payments to Americans. The pandemic also granted billions of dollars in aid to cities, many of which used the money to fund guaranteed basic income pilots.

• These programs reflect a belief among some economists and Democratic lawmakers that distributing no-strings cash aid is one of the most effective ways to combat poverty, since people overwhelmingly spend the funds on necessities.
• Additionally, some US tech entrepreneurs argue basic income programs will be needed as automation and AI threaten jobs in the future.

But other economists, business leaders, and politicians disagree. Critics of basic income programs, including some GOP lawmakers, argue no-strings cash aid is too expensive on a large scale, and would make recipients less self-sufficient by removing their incentive to work – a trait that’s crucial to personal long-term success.

🤔🔢 What does the data say? Short answer: it’s a mixed bag. People in basic income programs say they’re more financially stable, have improved physical/mental health, and find an easier time securing full-time employment compared to before they enrolled, per a peer-reviewed study that followed a pilot in Stockton, California.

• However, other researchers who took a wider look at US basic income programs found the monthly payments had no significant impact on recipients’ job status, either positively or negatively.

📊 Flash poll: In your opinion, are unconditional basic income programs for lower-income Americans a good idea?

• Yes
• No
• Unsure/other

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🇭🇰 Hong Kong approved a national security bill aimed at curbing domestic dissent. The bill establishes new punishments ranging from several years to life in prison for a range of offenses, including treason, sabotage, sedition, external interference, and espionage. It also allows for local criminal trials to be held behind closed doors, and grants Hong Kong’s leader the authority to ban organizations from the city if they’re found "working for foreign forces.” The new measure comes on top of a China-imposed national security law in 2020 that has been used to jail pro-democracy activists in Hong Kong.

🇯🇵🏦 Japan’s central bank ended its eight-year experiment with negative interest rates. Bank of Japan officials said yesterday’s rate hike – from minus 0.1% to a range of 0-0.1% – came in response to Japan’s economic growth and increased inflation since 2016, when the bank made its unconventional rate decision. A negative interest rate means that each year a deposit is worth less, and borrowers earn interest. In theory, negative-rate policies support economic activity and inflation through the same process as conventional interest rate cuts – though the practice has been used sparingly throughout history.

🇵🇸 Famine is “imminent” in northern Gaza, per a leading global authority on hunger. A new report from the Integrated Food Security Phase Classification (IPC) projected that the ~300,000 Palestinians living in northern Gaza will experience famine by the end of May. The IPC also found that as many as 1.1 million Gazans could face what the group characterized as the worst stage of hunger by mid-July, which involves severe levels of starvation, destitution, acute malnutrition, and death.

The Covid-era routine of many Americans: wake up, check-in on Slack/Zoom/Google Classroom, then open TikTok to kill an hour or two (or nine).

But those pandemic days are just like when Hollywood actually made original movies – behind us. And now, for the first time in its history, TikTok’s user growth and engagement in the US is stagnating, according to a recent report from the Wall Street Journal.

By the numbers: TikTok says it has ~170 million US app users, up from ~150 million last year. These latest numbers indicate that ~50% of America is on TikTok, compared to ~68% who use Facebook and ~47% who use Instagram.

But at this point, TikTok’s churn is outpacing growth, especially among young people.

• In Q4 2023, TikTok lagged Snapchat, YouTube, Instagram, and Facebook when it came to the growth rate of daily active users.
• Average monthly users ages 18 to 24 declined by ~9% from 2022 to 2023, according to mobile analytics firm Data.ai.
• Some users in their 20s say they’ve gotten off the app entirely to focus more on life and work. The advent and continuous promotion of TikTok Shop has also alienated many Tokkers.

The app’s issues don’t stop there. TikTok is currently locked in a contract dispute with Universal Music Group, the world’s biggest music label – and Congress is also debating a bill that, if enacted, would force China-based ByteDance, TikTok’s current owner, to sell the app or face a full-on ban in the US.

When we agree to the terms of so many sites and apps, our data is there for the taking. Data brokers then sell it to the highest bidder, which includes spammers, cybercriminals, or insurance companies trying to raise your rates.

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💬 Quoted… “Creating magic is not for amateurs.”

• Star Wars creator George Lucas, one of the biggest individual holders of Disney’s stock, gave his full endorsement yesterday to CEO Bob Iger and company leadership in their proxy fight against activist investor Nelson Peltz and his hedge fund Trian Partners. And the Force could prove quite useful in this situation. Peltz, who is seeking to control two of Disney’s 12 board seats in an upcoming shareholder election, has said he wants the House of Mouse to find a clear successor to Iger, boost its streaming margins, improve output from its studios, and upgrade the guest experience at its parks.

💊🤾‍♀️ Stat of the Day: When it comes to exercise, a common school of thought is “no pain, no gain.” But that could soon be flipped on its head, thanks to a new scientific development from Washington University in St. Louis. A team of university researchers who spent the past 10 years developing a pill that mimics many of the same benefits as exercise presented their results this week at the spring meeting of the American Chemical Society. After examining ~15,000 genes in rats who received the treatment, the scientists found their exercise pill increased the rodents’ fatigue-resistant muscle fiber and noticeably improved their physical endurance without regular physical activity.

🤔 Did You Know?... Due to the prices associated with their materials, it costs the US Mint more than 2.5 cents to make every penny, and over 10 cents to make each nickel.

📰 Worth a Read: The “Reitoff principle”: Why you should add “nothing” to your work-life schedule → (Big Think)

• ☝️ You’re looking at some of the winners from the 17th annual Sony World Photography Awards, which drew over 395,000 entries.

BUSINESS & MARKETS

in partnership with Paleovalley

• 💰 US markets closed up across the board (S&P: +0.6%; Dow: +0.8%; Nasdaq: +0.4%).
• 🍨 Unilever announced plans to spin off its ice cream division – which includes Ben & Jerry’s, Breyers, Magnum, Klondike, Popsicle, and more – into a stand-alone business.
• ✈️ JetBlue is exiting certain cities and removing some less-profitable flight routes; affected US markets include Kansas City, Los Angeles, and Ft. Lauderdale.

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SPORTS, MEDIA & ENTERTAINMENT

• ⚾ The first pitch of the MLB season is scheduled for 6 am ET this morning in Seoul, South Korea, where the Dodgers are taking on the Padres; the MLB’s Opening Day in America is scheduled for March 28.
• 🏈📺 ESPN signed a 6-year extension worth $7.8 billion to remain the sole TV partner for the College Football Playoff through 2032; ESPN has the option to sublicense games to other networks as part of the deal.
• ⚖️ Former Marvel actor Jonathan Majors was accused of assault, battery, and defamation in a lawsuit filed yesterday by his ex-girlfriend.

SCIENCE, SPACE & EMERGING TECH

in partnership with Olyra

• 🍽️🫀 People who intermittently fast – defined as following an eight-hour time-restricted eating schedule each day – have a 91% higher chance of death by cardiovascular disease than those eating within the usual 12-16 hour timeframe each day, per a new American Heart Association study.
• 🔭 The European Space Agency has devised a plan to remove layers of frozen ice currently obstructing the view of its Euclid space telescope (located ~1 million miles away in space).
• 🧬 University of Amsterdam scientists say they’ve successfully eliminated HIV from infected cells using CRISPR gene-editing technology.

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MISCELLANEOUS

• ⚖️ Former President Trump filed a defamation lawsuit against ABC News and anchor George Stephanopoulos over his recent interview of Rep. Nancy Mace (R-SC); the anchor repeatedly said Trump was found “liable for rape,” instead of sexual abuse. | 🗽 New York City Mayor Eric Adams was accused of sexual assault and battery in a lawsuit filed yesterday; the case centers around an alleged 1993 incident when Adams was an NYPD officer, which he denies.
• 🏛️ Congressional leaders and President Biden announced a bipartisan deal to fund the federal government through the end of the fiscal year; a partial government shutdown begins at midnight on Friday should the bills not be passed prior.
• 🚨 The Supreme Court allowed Texas to begin arresting and deporting noncitizens on its own; the court's order is in effect while the issue plays out in appeals court. (From the Left | From the Center | From the Right)

CLICKBAIT

• 🤔💰 How Much Do I Really Need to Retire?

Trudy Handleman turned 102 last month. 

And, if that wasn't impressive enough, the Iowa women spent her big day collecting and donating over 400 items to the local food pantry for families in need. 

It takes a village... When Trudy began asking for donations from her local community, she was shocked at the waves of support that flooded in. 

• She was also part of the team that delivered the physical goods on her actual birthday. 

💬 What she's saying: "No matter how large or how small the project, if you put your heart into it and you really care, you get so many followers, friends, and those are long away and they all want to join you," the centenarian shared. "It’s more fun to give than to receive. That’s an old cliché, and, and that sounds a little corny, but you know it’s true."

Name the movie associated with the following poorly explained plots.

1. Inflation causes homeowner issues.
2. Chef makes numerous health code violations.
3. Stand-up comic kills on-stage.

(keep scrolling for the answers)

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1. Up (2009)
2. Ratatouille (2007)
3. Joker (2019)