Good morning. In today’s edition:

• 📝 It’s getting harder to break into the American middle class
• 🤔 Is Musk’s $1 million/day giveaway legal?
• 🍽️ New York’s most-exclusive restaurant

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.74-minute read (1,263 words).

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“If you want to be happy, set a goal that commands your thoughts, liberates your energy, and inspires your hopes.”

–Andrew Carnegie (1835-1919)

With Election Day fast approaching, inflation has largely been tamed and wage gains in recent years have lifted incomes – but many Americans still see the economy as the most pressing issue in the 2024 race.

According to Bloomberg analysts, this economic discontent can be explained by one main reason: for many Americans, the building blocks of a middle-class lifestyle are increasingly becoming unattainable.

By the numbers: Many of the biggest expenditures for US families have seen significant price increases dating back to the eve of the 2016 election, per Bloomberg’s calculations.

• The standard 20% down payment on a median-priced home currently costs ~83% of a year’s salary for the typical US home-buying family, up from 65% eight years ago.
• The average time to save up for that home down payment has risen from 14 years to 19 years over the same period, while the median monthly mortgage payment almost doubled from 14% of median income to 26%.
• Child care cost the median US household ~25% of its weekly income eight years ago; today, that figure stands at over 33%.
• The average new car purchase takes nearly two extra weeks of labor for the median US family compared to late 2016.

But… It’s not all bad for the middle class. Wage growth has outpaced inflation since the onset of the pandemic. And the recent run-up in home prices across the country – one of the steepest in US history, per Zillow senior economist Orphe Divounguy – has represented a historic wealth-building opportunity for American families who already own a home.

Looking ahead: Both leading presidential candidates recently unveiled policies they say are aimed at boosting the prospects of the US middle class. But regardless of who wins next month, Americans’ economic discontent is expected to stick around.

📊 Flash poll (long-form): In your opinion, what, if anything, should be done to make a US middle-class lifestyle more affordable?

• Click here to leave a response.

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🎤🏆 The Rock & Roll Hall of Fame inducted several big names. The five-hour induction ceremony on Saturday featured performances by Dua Lipa, Demi Lovato, Kelly Clarkson, Dr. Dre, Sammy Hagar, Keith Urban, and more. Among others, the 15-member Class of 2024 includes: Cher, Mary J. Blige, Ozzy Osbourne, Jimmy Buffett, Kool & the Gang, A Tribe Called Quest, Dave Matthews Band, and Foreigner.

🏎️ Ferrari unveiled its first new supercar in over a decade. The Ferrari F80, which is inspired by the aerospace industry and carries a 1200-horsepower V6 hybrid engine, is one of the carmaker’s most expensive models ever, at $3.9 million. Only 799 of the cars will be made – all of which have already been informally reserved by potential clients, who will start receiving deliveries before the end of next year.

💥 Israel expanded its Lebanon bombing campaign to include Hezbollah-linked banks. Lebanese state-run news said a series of Israeli strikes hit Beirut’s southern suburbs last night, including three strikes on branches of a bank Israel says is central to Hezbollah’s economic functioning. Separately, House Speaker Mike Johnson confirmed the US government is investigating a “very concerning” leak of classified American intelligence documents detailing Israel’s plans for a retaliatory strike on Iran (in response to Iran's October 1 ballistic-missile barrage on Israel).

For some swing-state voters, this election has turned into an episode of Who Wants to Be a Millionaire?

Elon Musk, the world’s richest person, announced in a town hall in Pennsylvania on Saturday that, until the November election, he’ll be giving away $1 million/day to a random individual in a swing state who signs his PAC’s online petition (and also awarded the giveaway’s first check).

• The petition reads: "The First and Second Amendments guarantee freedom of speech and the right to bear arms. By signing below, I am pledging my support for the First and Second Amendments."
• Petition-signers have to provide contact details, potentially allowing AmericaPAC – which was created by Musk and is doing the bulk of Donald Trump’s ground game operation in battleground states – to contact them about their vote.
• Per Musk, the goal is to get 1 million–2 million voters in battleground states to sign the petition.

Mo’ money moves: Musk also announced he’s increasing the reward for referring registered Pennsylvania voters to sign the petition from $47 to $100.

Is all this legal?

While it’s illegal to pay, offer to pay, or accept payment for voting or registering to vote – Musk’s strategy could fall under a loophole in US election law because no-one is being directly paid to vote (just sign a petition), the BBC reports.

On the flip side: Some, like prominent election law expert Rick Hasen, say the offer is “clearly illegal” since only a certain portion of the populace is eligible (registered voters in battleground states).

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“[A] flight simulator for QBs.”

The life of Washington Commanders quarterback Jayden Daniels isn’t so different from a typical Twitch streamer – for the first few hours, at least.

Every morning, Daniels puts on a VR headset that mimics lifelike game scenarios down to the stadium, opposing defense, time on the clock, etc.

• Daniels began using the tech, created by German company Cognilize, prior to his final season at LSU. It was initially designed for top-level soccer players to get in additional reps without physical wear and tear.
• In Daniels’ case, the simulation has a lot in common with Roscoe Dash – it’s all the way turnt up. The virtual players move at speeds ~20x what flesh-and-bone NFL players do, per Daniels – so when normal speeds are used “it [feels] like slow motion.”

So far, so good: Daniels won the Heisman Trophy in his final year at LSU (2023-2024) en route to becoming a first-round draft pick, after being initially slated as a mid- to late-round pick prior to the season’s start.

And his tenure in the NFL has been more of the same. Daniels was named Offensive Rookie of the Month in September, and is being tossed around as a nascent MVP candidate following the Commanders’ 5-2 start.

🥽 Over in corporate America… VR has also been touted as an effective tool for workplace training. A 2022 PwC report found employees trained using VR were up to 275% more confident in applying skills learned after training, a 40% improvement over traditional methods.

• ☝️ A rare copy of the US Constitution sold for $11+ million to an anonymous bidder at auction late Thursday; the 237-year-old document was printed shortly after the Constitutional Convention in 1787, and played a role in the document’s adoption by the original 13 states. (Background)

BUSINESS & MARKETS

in partnership with Caliber

• 💰 US markets rose last week (S&P: +0.9%; Dow: +1.0%; Nasdaq: +0.8%).
• 💼 CVS Health CEO Karen Lynch stepped down on Friday, she'll be replaced by David Joyner, a veteran CVS Health exec. | 🏪 K-Mart closed its last full-size store in the US on Sunday night. | 🤝 Boeing and its striking machinists have reportedly reached an agreement; the union's ratification vote is set for Wednesday.
• 🤖 Perplexity, an AI search-engine startup, is in talks to raise new funding at a $8 billion valuation, according to the Wall Street Journal; the company was valued at $3 billion in a funding round this past summer.

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SPORTS, MEDIA & ENTERTAINMENT

• SCOREBOARD: 🏀 WNBA: The New York Liberty won the franchise's first-ever WNBA Finals after defeating the Minnesota Lynx in a decisive Game 5 last night. | 🏈 CFB: The #1 ranked teams in the FBS, FCS, and Division II college football all lost on Saturday night; see a full Week 6 recap. | ⚾ MLB: The Yankees advanced to the World Series after a 4-1 series win over the Guardians; they’ll face the Dodgers, who advanced to the World Series last night after a 4-2 series win over the Mets. | 🏈 NFL: See a full Week 7 recap.
• 🍿 Smile 2 led the domestic box office with $23 million in its opening weekend; Palme d’Or-winning Anora earned $90,000/location across six theaters, ranking as the best screen average of 2024.
• 📺🔪 The true story behind The Woman of The Hour dating show serial killer.

SCIENCE, SPACE & EMERGING TECH

in partnership with Arro

• 🩸 Scientists created “smart” insulin that can automatically switch itself on and off depending in response to varying glucose levels in the blood, per a new study published in Nature.
• 🤖🏃 Chinese company Robot Era built a humanoid robot it says can run at a top speed of just over 8 miles/hour (with the help of sneakers), making it the fastest machine of its kind.
• ☄️ The Orionid meteor shower is experiencing a two-day peak that ends after tonight.

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MISCELLANEOUS

• 🧇 Hundreds of frozen waffle products sold at Walmart, Target, and other major supermarkets across America have been recalled due to possible listeria contamination.
• 🏕️🇺🇸 Girl Scouts of the USA is raising its membership prices from $25 to $65 over the next two years, amid a projected $5 million budget deficit for the 2024 fiscal year.
• 🙏 Georgia authorities are investigating an incident on Saturday where seven people died and eight others were hospitalized due to the collapse of a ferry dock on the state’s Sapelo Island. | 🇨🇺 Cuba has experienced power blackouts affecting all 10+ million residents over the past two days; the country’s electrical grid collapsed four times over 48 hours ahead of Hurricane Oscar making landfall late Sunday night.

CLICKBAIT

• 🎃👻 The top trending Halloween costumes this year, per Google.

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🍽️ Stat of the Day: New York City, home to 65+ Michelin-starred restaurants, is often referred to as the food capital of America. But for a few days this week, the most exclusive eatery in the city will be a humble Pizza Hut. In honor of National Pizza Month, the restaurant chain will open a brand-new restaurant for one in Queens on Tuesday and Wednesday. The single-person location comes with a six-inch personal pan pizza, and is available via reservation or in-person waitlist.

🤔 Did You Know? Only a single genuine 1983 model year Corvette exists in the world, on display at the National Corvette Museum in Bowling Green, Kentucky.

📰 Worth a Read: This AI Pioneer Thinks AI Is Dumber Than a Cat → (Wall Street Journal)

Monday: Back to the Future Day

Tuesday: NBA season tips off; Russia hosts the 16th BRICS summit

Wednesday: Disney begins rolling out its “Lightning Lane Premier Pass” at parks

Thursday: One week to Halloween

Friday: Venom: The Last Dance hits theaters; Game 1 of the World Series⚾️

On Friday, we covered how Ukrainian President Volodymyr Zelensky unveiled the details of his “victory plan,” which is aimed at bringing an end to his country’s yearslong war against Russia.

❓ Our question to you: Which of the following best describes your thoughts regarding Ukrainian President Zelensky’s “victory plan?”

• I support all major points: 24%
• I support most major points, but oppose some: 22%
• I oppose most major points, but support some: 17%
• I oppose all major points: 19%
• Unsure/other: 18%

Click here to read some of the most thoughtful longform responses.

+Note on sample size: We received 3,097 votes and 329 longform responses.

Dog groomer Gabriel Feitosa has been in the business for twenty years. Known for his intricate designs on dogs of all breeds, Gabriel's recent masterpiece came just in time for spooky season.

💀 Gabriel spent six hours transforming his poodle client into a skeleton for Halloween. He started by carving the "bones" out of the pooch's coat, and then dyed some of the fur black with a special, dog-safe dye. 

• “[The] dogs don’t understand that they look yellow, red, or pink, but when she walks down the street, everybody’s looking at her, everyone wants to pet her, and she loves the attention,” said Gabriel.

Guess the definitions of the following Greek/Latin root words:

1. Am
2. Basi
3. Civ
4. Duct
5. Etym

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1. Am = Love (e.g, amorous)
2. Basi = At the bottom (basic)
3. Civ = Citizen (civilian)
4. Duct = Lead (conduct)
5. Etym = True (etymology)