Good morning. In today’s edition:

• 📈 America’s national debt continues its upwards climb
• 🍿 Deadpool & Wolverine is helping boost theater stocks
• 🧠🥽 Brain implants + Apple’s Vision Pro

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.69-minute read (1,249 words).

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"Be thankful for what you have; you'll end up having more. If you concentrate on what you don't have, you will never, ever have enough."

–Oprah Winfrey (b.1954)

If America’s finances were a renowned architectural structure, they would be the Leaning Tower of Pisa – because Uncle Sam is slowly losing the ability to balance his checkbook.

The US national debt has eclipsed $35 trillion for the first time, according to Treasury Department data published this week, with the US government’s red ink accumulating more quickly than previous projections.

Analysts point to several factors behind the recent larger-than-expected increase to America’s national debt:

• Elevated interest rates over the past year-plus have made it harder for the US government to manage its debt burden.
• Some federal programs created during the pandemic have been more costly than projected due to fraud and abuse.
• Demand for tax credits included in the 2022 Inflation Reduction Act has been higher than expected, adding to annual US deficits.

America’s rising national debt has also led to record-high interest costs. For the first time in recorded history, the US government is spending more money on interest payments associated with its national debt than both defense and Medicare, according to Treasury Department data published in May.

Looking ahead… Starting next year, America’s interest payments on the national debt ($951 billion) will be larger as a share of US GDP than any time since records began in 1940, per the nonpartisan Congressional Budget Office.

The future doesn’t look any brighter:

• America’s national debt is projected to jump from $35 trillion currently to ~$57 trillion by 2034, with interest costs nearly doubling over that period to reach $1.7 trillion/year.
• By 2053, interest payments are projected to reach $5.4 trillion/year – which would make it the single largest line item in the federal budget (surpassing Social Security, Medicare, Medicaid, etc). For context, the overall federal budget was $6.1 trillion in 2023.

📊 Flash poll: In your opinion, how should the US government deal with its rising national debt and associated interest payments?

• Raise taxes
• Cut spending
• Print more bonds/money to cover interest
• Some combination of the above
• Nothing needs to be done
• Unsure/other

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🇷🇸 Thousands of Serbians are protesting plans for Europe's largest lithium mine. The $2.4 billion Rio Tinto project, a joint effort by Serbia and the EU, aims to eventually produce 90% of Europe's lithium, which is widely used in batteries for EVs, cellphones, laptops, and more. Protesters calling for the project's cancellation say it would cause irreversible environmental damage and deplete local water sources. Serbia’s government plans to organize a referendum on the project by the end of 2025.

💥 Israel-Hamas update: An Israeli military court held a preliminary hearing yesterday for nine IDF soldiers arrested earlier this week on allegations of sexually abusing and assaulting a Palestinian prisoner. The soldiers’ legal counsel has denied allegations of sexual abuse, and accused the prisoner – a high-ranking Hamas militant – of attacking officers during a search. On Monday, several hundred Israeli protesters demanding the soldiers’ release broke into the military base where they were being held, but were soon forced out.

🇪🇹 Ethiopia reached a $3.4 billion bailout deal with the International Monetary Fund. The IMF funds, which will be spread out over four years, aim to stimulate economic growth and combat high inflation in Ethiopia following its two-year civil war from 2020-2022. As part of the deal, Ethiopia reversed its long-standing policy of government-fixed currency exchange rates, with the Ethiopian birr falling 30% against the US dollar yesterday following the move.

Marvel’s new film Deadpool & Wolverine, which hit screens late last Thursday, is already helping theater chains break records. And Wall Street is happier about it than the foul-mouthed superhero in the midst of a bad-guy killing spree.

• AMC Entertainment, the biggest theater chain globally, said Thursday through Sunday set 2024 records for weekend attendance and admissions revenue in the US. The chain also saw its highest food-and-beverage revenue for a single weekend since 2019.
• Regal, America’s #2 chain, said Deadpool & Wolverine was responsible for its highest R-rated, 3-day opening weekend ever, and the highest 4DX weekend for the chain of all time.
• Cinemark, the third-largest US chain, saw record breaking box office and concessions as well, as Deadpool & Wolverine beat out every other film opening from May–August in the company’s history, Deadline reports.

Since the movie hit theaters: Shares of AMC (+0.0%), Regal (+2.7%), Cinemark (+5.7%), Imax (+3.3%), and Marcus (+3.4%) have all either increased or halted their recent declines (looking at you AMC👀).

🍿 Zoom out: After a slow start to the year, the box office is gaining momentum. Before the release of Inside Out 2 on June 14, US box office sales year-to-date were trailing the same period in 2023 by over 25%. As of yesterday, however, the real-time revenue gap has shrunk to 17%, with tentpole movies like Joker: Folie à Deux, Gladiator 2, and Mufasa: The Lion King still to come.

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“We are moving towards a new Bluetooth standard for Human Computer Interactions that don’t require touch or speech.”

• Controlling objects with the human mind was once the exclusive domain of Professor X – but this ability is becoming increasingly common in the real world. Yesterday, neurotechnology startup Synchron announced it has successfully connected its brain implant to an Apple Vision Pro headset, allowing a 64-year old man with ALS to control the device using only his thoughts. Synchron, which belongs to the increasingly competitive brain-computer interface industry alongside Elon Musk’s Neuralink and Blackrock Neurotech, says it plans to eventually connect its brain implant to other headsets outside Apple’s ecosystem.

• ☝️ Brazilian surfer Gabriel Medina hit this celebration after recording the highest single-wave score in Olympic history during Monday’s surfing competition at Teahupo’o, Tahiti (aka “the place of skulls”).

BUSINESS & MARKETS

in partnership with "Switch” by Game Show Network

• 💰 US markets closed mixed yesterday (S&P: -0.5%; Dow: +0.5%; Nasdaq: -1.3%) | 🏦 Goldman Sachs has a higher market cap than banking rival Morgan Stanley for the first time since 2020. | 📝 Earnings: Microsoft and Starbucks both reported earnings after the bell.
• 📦 Amazon is legally responsible for recalling dangerous and defective products sold on its site, per a unanimous ruling from US regulators. | 👤 Meta agreed to pay $1.4 billion to settle a facial recognition data lawsuit brought by the state of Texas.
• ✈️ Spirit Airlines unveiled plans to introduce business class seating; the option includes amenities like larger front seats, checked/carry-on bags, priority boarding, a snack, and a drink. | 💼 Automaker Stellantis is further reducing its US employee headcount through a broad voluntary buyout.

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SPORTS, MEDIA & ENTERTAINMENT

• 🥇 The Olympics: The US won gold in the women’s gymnastics team final, as Simone Biles became the most decorated US Olympic gymnast ever. | US tennis star Coco Gauff was eliminated in a third round match, which featured a heated exchange between Gauff and an umpire. | Stephen Nedoroscik, aka “Pommel horse guy” on the US men’s gymnastics team, has become an internet favorite. | See the overall medal count.
• 📚 The Booker Prize, which awards the best English-language fiction published in the UK and/or Ireland, released a longlist of 13 nominees for this year’s prize.
• ⚾ The MLB trade deadline came and went yesterday evening; catch up on all the deals.

SCIENCE, SPACE & EMERGING TECH

in partnership with Commons

• 👤 People’s facial appearances tend to change over time to align with stereotypes associated with their names, per a new study; volunteers were able to match adult faces to names at a significantly higher rate than random chance (without previous knowledge of the people). | 📈 US states with legal online sports gambling saw their residents’ likelihood of filing for bankruptcy increase by 28% between 2018-2023, per a new study.
• 🖱️ Logitech is working on a “Forever Mouse,” a premium computer mouse that customers can use indefinitely with regular software updates (likely via subscription). The question is: will anyone actually buy it?🤔
• 🧠 A new Alzheimer’s drug called Leqembi slowed disease progression in patients over three years, per new data from Japanese firm Eisai (which owns the drug alongside Biogen); the findings indicate that patients need to stay on the drug long-term.

*From our partners: 🌎🥳 Living sustainably? Get rewarded with the FREE Commons app… Join thousands of people saving money, living sustainably, earning rewards, and learning about the planet. Learn more about Commons here.

MISCELLANEOUS

• 💥 Israel’s military said it killed one of Hezbollah’s top leaders in an airstrike in Lebanon yesterday; the attack was intended as retaliation for a Saturday missile strike in Israel-controlled Golan Heights. | 💥 Hamas' top political leader outside of Gaza, Ismail Haniyeh, was killed in Tehran, according to separate statements from Iran and Hamas; Israel has not commented as of 5:00 am ET.
• 🏛️📵 The US House is reportedly banning all staffers from using apps from ByteDance, the Chinese owner of TikTok, on official government devices.
• 📝 Paul Dans, director of the conservative Heritage Foundation’s Project 2025 plan for a sweeping overhaul of the US government, stepped down from his role yesterday; the move follows public criticism of Project 2025 by the Trump campaign in recent weeks. (From the Left | From the Center | From the Right)

CLICKBAIT

• 🧑‍🚀 Astronauts Hold Their Own Olympics on Board Space Station.

🤑🎥 Stat of the Day: Together, Robert Downey Jr. and the Russo brothers have a strong history of box office success in the Marvel Cinematic Universe – but their services don’t come cheap. According to a new Variety report, Marvel is paying Anthony and Joseph Russo a combined $80 million to direct the next two Avengers films, while Downey is earning “significantly more” than the brothers for his role as uber-villain Doctor Doom. Downey is reportedly the highest-paid member of the MCU by far (both in the films and real life), with $500 million–$600 million in earnings across his previous seven starring roles and three cameos.

🤔 Did You Know? Europe has lacked any reigning female monarchs since Denmark’s Queen Margrethe II unexpectedly abdicated in December 2023 – marking the first such time period since 1730.

📰 Worth a Read: Einstein’s 7 rules for a better life → (Big Think)

Archaeologists in Naples, Italy, recently discovered an underwater marble floor from an ancient Roman villa, which was preserved almost perfectly on the sea floor.

😮 What a find... The flooring is still being uncovered during underwater missions, with some pieces being brought to the surface for cleaning and restoration. The researchers hope to restore the entire section of the ancient floor in the near future. 

• Local mayor Josi Gerardo Della Ragione called the find “stupendous." 

Can you name the top three best-selling albums of the 1990s? (Hint: Two were from solo female artists)

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• The Bodyguard: Original Soundtrack Album – Whitney Houston (45 million)
• Millennium – Backstreet Boys (40 million)
• Come On Over – Shania Twain (40 million)

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