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| Presented By Meta |
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| Axios AM |
| By Mike Allen · Oct 21, 2022 |
| Happy Friday. Smart Brevity™ count: 1,124 words ... 4½ minutes. Edited by Noah Bressner. 🪔 Situational awareness: Diwali — the Hindu festival of lights, which begins Monday and is India's biggest holiday — will become a public school holiday in New York City starting next year, Mayor Eric Adams announced. Go deeper. |
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| 1 big thing: World's free lunch is over |
| Prime Minister Liz Truss announces her resignation yesterday. Photo: Henry Nicholls/Reuters The swift humiliation of U.K. Prime Minister Liz Truss is a warning sign for the U.S. and policymakers around the world: Deficits matter again. - Truss resigned yesterday after just 45 days at No. 10 Downing Street, making her the shortest-serving British prime minister — an office that goes back 300 years.
Why it matters: As inflation and debt both soar, the market is much less forgiving of grandiose taxation and spending plans, Axios managing editor Javier E. David writes. 🖼️ The big picture: The events in Britain signal the end of the free-lunch era, Axios' Neil Irwin writes. - For the past 15 years, rich countries could enact fiscal stimulus, cut taxes, and massively replace lost income without worrying too much about inflation, or spiking interest rates.
- But with the world drowning in debt, the U.K.'s woes strongly suggest investors won't continue to cut a check for government profligacy.
🧠 What's happening: The Truss government's aggressive tax-cutting plans roiled bond markets. The resulting surge in yields wreaked havoc on U.K. pensions. The bottom line, from Jason De Sena Trennert, chairman and CEO of Strategas, a research firm: - "The nearly 14 years of financial repression that allowed politicians to escape the economic consequences of their actions without fear of retribution from the frontier justice of free markets appears to be ending. ... The bill has come due."
Today's London front pages. Photo: David Cliff/AP 🔮 What's next: Former Prime Minister Boris Johnson and former finance minister Rishi Sunak are the leading potential contenders in the coming race to be the fifth British premier in six years, Reuters reports. - Why it matters: It would be an extraordinary comeback for Johnson, who was ousted by lawmakers just over three months ago amid scandals over his ethics and finances.
Truss' successor will be determined next week by an internal Conservative Party election. Cover: Pete Reynolds/The Economist 🥊 The cover of The Economist in the U.K. and Europe is "Britaly": - Both Britain and Italy are hobbled by chronic political instability, low growth and regional inequality — and are under the thumb of the bond markets.
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| 2. 🤨 Midwest is least trusting region |
 Data: 2022 Edelman Trust Barometer; Table: Jacque Schrag/Axios People in the Midwest are more distrustful of major American institutions than any other part of the country, Sam Baker writes from Edelman Trust Barometer data shared first with Axios. - Trust is highest in the Northeast.
Why it matters: Midwesterners' skepticism spares no one. Compared with the Northeast, South and West, the Midwest has the lowest levels of trust in every institution — the government, the media, business and nonprofits. 💡 Two officials who worked on the regional analysis told Axios the heartland distrust is rooted in economic disappointment: - Debora Spar, senior associate dean of Harvard Business School's Institute for the Study of Business in Global Society: "We know from data and experience that the Midwest, in the manufacturing and hospitality sectors, was hit harder by the pandemic and has taken longer to recover."
- Kevin Cook, Edelman's Chicago president: "[W]e've seen the heartache of the Rust Belt, of Flint, of the farm economy — and we've seen the jobs come back slowly, if at all."
Between the lines: Strong feelings about corporate America help drive Midwest mistrust. - 70% of Midwesterners — more than any other region — believe businesses should serve their customers' and employees' interests, not just the interests of their investors.
- 87% of Midwesterners believe businesses should invest in their communities — and less than half believe businesses actually do so.
Read the report ... Share this story. |
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| 3. 🎒 Rising regrets about Zoom school |
| Miles Fallon — who has asthma, and is the son of a single mom — studies at his computer in his Chicago home last week. Photo: Charles Rex Arbogast/AP Preliminary test scores around the country confirm: The longer many students studied remotely, the less they learned, AP reports. - Some educators and parents are questioning decisions in cities from Boston to Chicago to Los Angeles to remain online long after clear evidence emerged that schools weren't COVID super-spreaders — and months after life-saving adult vaccines became widely available.
👀 What we're watching ... Here are some of the fears about the futures of students who don't catch up: - They run the risk of never learning to read, long a precursor for dropping out of school.
- They might never master simple algebra, putting science and tech fields out of reach.
- The pandemic decline in college attendance could continue to accelerate, crippling the U.S. economy.
Keep reading. |
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| A message from Meta |
| Future surgeons will get hands-on practice in the metaverse |
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| Surgeons will engage in countless hours of additional low-risk practice in the metaverse. The impact: Patients undergoing complex care will know their doctors are as prepared as possible. The metaverse may be virtual, but the impact will be real. See how Meta is helping build the metaverse. |
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| 4. ☀️ Forecast: Spreading drought |
 Data: NOAA. Map: Erin Davis/Axios Visuals The third straight La Niña winter in the U.S. is likely to bring an expanding, deepening drought from California to the Plains and branching out across the Southeast, the NOAA warned yesterday, Axios' Andrew Freedman writes. - What's happening: Water levels along some stretches of the Mississippi River are low enough to reveal centuries-old shipwrecks and imperil modern-day barge traffic.
Get Axios Generate. |
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| 5. 😟 David Brooks: Dems' defects |
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| Illustration: Brendan Lynch/Axios |
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| David Brooks' column in today's N.Y. Times — "Why Republicans Are Surging" — lists what he says are Democratic weaknesses: - "It's hard to win consistently if voters don't trust you on the top issue," the economy.
- "Democrats have a crime problem" — voters see it as a major problem.
- "Democrats have not won back Hispanics" after movement to Republicans in 2016 and 2020.
- "The Jan. 6 committee and the warnings about MAGA fascism didn't change minds."
- "The Republicans may just have a clearer narrative. ... G.O.P. candidates are telling a very clear class/culture/status war narrative in which common-sense Americans are being assaulted by elite progressives."
Read the column (subscription). |
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| 6. 🐦 Elon's deep cuts |
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| Photo illustration: Annelise Capossela/Axios. Photo: Theo Wargo/WireImage |
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| Elon Musk told potential investors in his deal to buy Twitter that he wanted to get rid of about 75 percent of Twitter's workforce, The Washington Post reports. - Why it matters: Musk's acquisition could be "a golden ticket for the struggling company — potentially helping its leadership avoid painful announcements that would have demoralized the staff," the Post writes.
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| 7. 🎃 Inflation hits Halloween |
 Data: Datasembly. Chart: Axios Visuals Prices for Halloween treats surged this season fairly in line with inflation for overall food. Skittles and Starburst prices jumped way more — up 42% and 35% from last year, respectively — Axios Markets' Emily Peck writes from a Datasembly analysis. |
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| 8. 🚗 Our car expert's favorite assignment |
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| The electric Endurance pickup truck from startup Lordstown Motors. Photos: Joann Muller/Katie Sharp |
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| Axios' auto expert Joann Muller just completed her favorite assignment of the year: three days of driving the newest crop of cars and trucks on the market to pick the industry's best. - Joann is one of 50 automotive journalists on the jury for the annual North American Car and Truck of the Year awards.
She tested close to 50 vehicles in three days. - This could be the first year that the winners in all three categories — car, truck and sport utility — are electric.
Keep reading. |
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| A message from Meta |
| Building more efficient cities will be possible with the metaverse |
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| In the metaverse, urban planners will bring their designs to life and collaborate with engineers, architects and public officials in real time — paving the way for less congested cities. The metaverse may be virtual, but the impact will be real. Learn how Meta is helping build the metaverse. |
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