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We're fine. If we're gonna be sad we're gonna do it with increased consumer spending. Let's take it back. The US's GDP — which measures the value of goods and services produced — has been on the up and up since its drop at the beginning of the pandemic. Last year, the economy experienced the fastest growth since the '80s. But yesterday, the Commerce Dept reported that GDP dropped 1.4% in the first three months of this year.
Why?
A bunch of reasons — from rising COVID-19 cases to inflation to the war in Ukraine. But the biggest takeaway is the US is dealing with a trade deficit. Basically, Americans imported more products than they exported. But thanks to higher wages and a strong job market, they still added to cart and swiped their cards…music to economists' ears. Many looked at yesterday's news and shrugged off warnings of a recession.
Sh. Don't say that word.
Tell that to Bank of America and Deutsche Bank. They say a recession could come as soon as next year. But high consumer spending is a sign of strong economic health. And many think GDP itself could jump next quarter — even if the Federal Reserve raises interest rates as expected. Meanwhile inflation has Dems stressing. Because that's a talker no majority party wants in an election year.
theSkimm
Dear Econ 101, we forgive you but can't forget you. From COVID-19 to inflation, the economy's giving us whiplash. But many say it's not time to start panicking just yet.
PS: We've got tips on how to manage the economy's ups and downs.
States v Roe: Oklahoma
Welcome to our series on abortion rights and restrictions. theSkimm is tracking state actions in the lead-up to a landmark Supreme Court decision expected by July. Here's the latest…
Yesterday, Oklahoma's legislature approved a Texas-style bill that would ban abortions after six weeks. There is no exception for rape and incest. Like Texas, it also incentivizes citizens to sue anyone who performs or helps someone get an abortion. Gov. Kevin Stitt (R) is expected to sign it.
The move comes weeks after the governor signed another anti-abortion bill, this one making it a felony to perform the procedure, punishable by up to 10 years in prison. Since January, hundreds of abortion restrictions have been intro'd in more than 40 states.
If you're gonna let me down, let me down gently. Yesterday, President Biden said he's considering forgiving student loan debt…but not to expect $50,000 per person. There are 43 million federal student loan borrowers. And an estimated 85% of young Americans want the gov to take action. On the campaign trail, Biden promised to erase $10,000. But he's facing pressure from Dems to bump up the check. Instead, Biden has postponed student loan payments until the end of August. Now, he says he's taking a "hard look" at whether there will be any sort of additional forgiveness. And could be giving Americans an answer within weeks. Meanwhile, Republicans are criticizing Biden for even considering more forgiveness. Sen. Mitt Romney (UT) called it a "bribe" in the lead-up to midterms.
What the FDA's trying to stamp out...
Menthol cigarettes. Yesterday, the FDA announced a plan to ban the last remaining flavor in the US market (other than tobacco). In 2009, the agency banned all flavors but menthol and tobacco. At the time, some in the Congressional Black Caucus opposed it. That's because over 80% of Black smokers in the US use menthol products — compared to 30% of white smokers. But now, that's changed, with many supporting the public health initiative. The news comes as smoking remains the leading cause of preventable death in the US, killing more than 480,000 people each year. If it goes through, the ban could also help reduce heart disease, cancer, and stroke.
What's not feeling prime…
Amazon. Yesterday, the company posted its slowest quarterly growth in years and its first quarterly loss since 2015. Pointing to things like supply chain issues and inflation. Amazon also lost $7.6 billion on its investment in Rivian, an electric car company. Now, Amazon warns there could still be more loss ahead. The news caused its shares to drop nearly 10% in after-hours trading.
Why the #sports Slack is blowing up...
The NFL Draft. Yesterday was the first day that teams started picking new players. The Jacksonville Jaguars tapped defensive end Travon Walker as the No. 1 overall pick. The Detroit Lions took Michigan's Aidan Hutchinson as No. 2 — making sportscasters say, 'that's ok I thought Hutchinson was gonna be No. 1.' Kenny Pickett was the first QB to be Pick-etted. And the Tennessee Titans traded star receiver AJ Brown to the Philadelphia Eagles. Because, surprise.
ICYMI, National Masturbation Month kicks off this Sunday. And we've got a prettyyyyy good reason to celebrate: A recent study found that having an orgasm doesn't just release feel-good chemicals like endorphins and oxytocin. It also increases blood flow to your brain, which gives it a good workout.
If you're looking for help gettin' things flowing, meet Dame's tiny but O-so mighty Pom vibrator. It's got five unique patterns and intensity levels. And it flexes to your every move from the (you guessed it) palm of your hand. Plus, Skimm'rs get 15% off with SKIMM15. Brain-ercises, here we come.
TGIF
Are weeks getting longer or is it just us? Here are a few reads to help ease you into the weekend...
Here are today's recs to help you live a smarter life…
1. The ultimate inspo for going green. Earth Day might have passed but Walmart's nowhere near done. With their help, we connected with three women slash environmental leaders who are working to save the planet. Check out their stories.*
2. A deep(ish) dive on the science of skincare. In a veryyyy special episode of "Skimm This," created with our friends at Droplette, we explain how you can use research to your advantage when picking products and building a routine. Don't miss it.*
3. Spring clothes and shoes that'll completely refresh your wardrobe. Hello, sandals and slides, goodbye, winter boots. Looking for more? Here are transitional pieces that'll get you ready for warmer weather. Look good, feel good.
We like to celebrate the wins, big and small. Let us know how your friends, neighbors, coworkers (and yes, even you) are making career moves, checking off goals, or making an impact in the community.
Swapping Homes…Tasneem A and Justine P (CA). They launched their home swapping network, Kindred, which gives access to members to swap houses across the country. Think: 'The Holiday' but IRL. Find out more here.
(Some) Birthdays...theSkimm's Jodi Patkin (NY), Josh Greebel (NY), Jamie Pickard (CA), Susan Lyne (NY), Brendan Butler (IL), Chryssy Alba (IL), Brittany Elias (NY), Anthony Finizio (PA), Lucy Fancourt (NC), Amanda Black (KY), Travis Carnes (NE), Hannah Lang (FL), Jessica Capozzola (VA), Kelsey Keys (TX), Rebecca Wilson (UT)
PS: Paging all members of theSkimm. Reach out here for a chance to be featured.
Skimm More
Elon Musk turned down a tweet at the table — and bought Twitter instead. This week on "Skimm This," we talked with a tech reporter about Elon Musk's $44 billion deal, what his acquisition of the platform means for free speech, and more. Check it out.
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Skimm'd by Rashaan Ayesh, Melanie De Lima, Mariza Smajlaj, and Julie Shain
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