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Morning Brew Daily
US Budget Deficit Skyrockets & Amazon Replacing Employees with Robots?
Oct 23, 2023
28:06
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Topics discussed include the US budget deficit reaching $1.7 trillion, Amazon's use of autonomous robots in warehouses, rising prices of orange juice, and the popularity of Britney Spears's memoir.
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Quick takeaways
- The US budget deficit has reached a dangerous level of $1.7 trillion, doubling from the previous year, posing a fiscal risk to the country's economy.
- Apple's cancellation of 'The Problem with Jon Stewart' highlights the challenge of handling geopolitical issues and maintaining brand safety for companies entering the entertainment industry.
Deep dives
US budget deficit doubles to $1.7 trillion amidst financial challenges
The US budget deficit for 2023 spiked by 23% to $1.7 trillion, doubling from the previous year due to lower tax revenues, higher interest rates, and increased spending on COVID relief benefits. The deficit is considered unsustainable and puts the US on a dangerous fiscal path, especially as it needs to finance allies in ongoing wars and avoid a government shutdown. Economists are concerned that servicing the debt has become one of the largest government expenses, even surpassing some social programs.
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