Friday, January 28, 2022

🥁 Axios PM: Biden's stunning backdrop

Plus: The happiest song on Spotify | Friday, January 28, 2022
 
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Axios PM
By Mike Allen ·Jan 28, 2022

Good afternoon: Today's PM — edited by Justin Green — is 478 words, a 2-minute read.

 
 
1 big thing: Biden's stunning backdrop
Collapsed bridge in Pittsburgh today. Photo: Pittsburgh Public Safety via Reuters

A former campaign road warrior told me, tongue-in-cheek, that it looked like the stealthiest advance move ever:

  • A 50-year-old bridge collapsed in Pittsburgh today, just ahead of a trip by President Biden to talk about his $1 trillion bipartisan infrastructure law, which has strengthening aging bridges as one of its centerpieces.

Biden visited the bridge, and delivered a promise: "We're going to fix them all."

  • 10 people were injured but no one was killed, the Pittsburgh Post-Gazette reports: A city bus was "left stranded in the twisted mess of a bridge that had been listed in poor condition for the past decade."
President Biden and Pittsburgh Mayor Ed Gainey visit the scene of the Forbes Avenue Bridge collapse. Photo: Saul Loeb/AFP via Getty Images

Speaking at the site of a former steel mill that employed more than 5,000 workers during its heyday, Biden said 2021 was the "greatest year of job growth in American history."

🧠 Reality check from Axios chief economic correspondent Neil Irwin: It's true that the economy has roared back from its depressed 2020 levels faster than nearly anyone was projecting a year ago.

  • The exceptional growth path and plunging unemployment rate are true achievements, especially when compared to the long slog of the Obama recovery.

But the Biden economy has featured more than enough demand and not enough supply to match it — not enough workers, not enough semiconductors, not enough commodities.

  • The result is 7% inflation that is sapping Americans' confidence and Biden's popularity.

Go deeper: White House fact sheet on manufacturing renaissance.

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2. NYPD mourns en masse
Photo: Spencer Platt/Getty Images

Thousands of police gathered outside St. Patrick's Cathedral in Manhattan today for the funeral of fallen NYPD Officer Jason Rivera, 22.

Photo: David "Dee" Delgado/Reuters

Rivera and his partner, Officer Wilbert Mora, 27, both died after being shot while answering a domestic violence call in Harlem last weekend. Get the latest.

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A message from Amazon

"This is the first time in my life I've only had to have one job"
 
 

A reliable and bigger paycheck has helped Amazon employees like Mary Kate enjoy a better work-life balance.

"Now I have this great job that pays me enough, and I can do the things that I really love," says Mary Kate.

Amazon employees have seen the difference of earning at least a $15/hr starting wage.

 
 
3. Catch up quick
  1. Virginia's new Republican attorney general said public colleges in the state can't mandate COVID vaccines for students as a requirement for admission or in-person attendance.
  2. Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine. Go deeper.
  3. Police are investigating after swastikas appeared etched around the entrance to Union Station in D.C.
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4. 😎 Happy music, happy markets

Illustration: Aïda Amer/Axios

 

New research finds that when a country is listening to happier songs, markets perform better, Emily Peck writes for Axios Markets.

  • Why it matters: There's an academic divide between economists who argue markets are rational and efficient and those who say emotion plays a role. This paper puts a notch on the board for Team Feelings.

It's not easy to objectively study mood. One of the study's co-authors, Alex Edmans, published a 2007 paper connecting World Cup results to stock market returns.

  • For this paper, researchers looked at data from Spotify, which scores songs for positivity.

🎵 The happiest song on Spotify is "September" by Earth, Wind & Fire, Edmans told the Harvard Business Review.

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A message from Amazon

"Amazon has allowed me to live a comfortable life"
 
 

When Luv-Luv joined Amazon, she was just looking for a job — any job — with health care. What she found was so much more.

Thanks to Amazon's starting wage of at least $15 an hour and comprehensive benefits, she is able to live life on her own terms.

Watch her story.

 
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