ECONOMY

In the Red

Uncle Sam’s IOU has topped $40T for the first time.

On Tuesday, the Treasury reported that the gross national debt reached $40.05T and has more than doubled since January 2017 (see what $40T really looks like). In the last 10ish years, the U.S. has racked up ~$20.1T in debt (~$11.6T during President Trump’s two terms so far, ~$8.5T during former President Biden’s tenure).

Some major debt contributors:

• Increased spending on federal line items like Social Security, Medicare, and Defense (~$7T)
• COVID-19 relief (~$5.6T)
• Tax cuts and extensions (>$2.2T)
• A rise in interest payments on the national debt (currently ~$1T annually)

Economists say the threshold isn’t economically significant by itself, but pushes the U.S. debt-to-GDP ratio to ~125% (Uncle Sam’s debt is 25% larger than the country’s annual production). Watchdogs warn the spend-more-than-you-make trend could lead to a wider economic crisis if unchecked. (See your share of the tab.)

Wonderin’ how national debt works? Stay on the lookout for TPO Explains tomorrow, where we’ll break it down.

ETERNAL PERSPECTIVE
Because our hope is built on God’s promises—not our financial futures—we can be content and even joyful in the face of massive national debt. In Christ, we are fabulously wealthy. The saints have “become rich” through the poverty of Jesus, guaranteed a “glorious inheritance” that can’t slip suddenly away when the economy takes a turn.

“For you know the grace of our Lord Jesus Christ: Though he was rich, for your sake he became poor, so that by his poverty you might become rich.”
2 Corinthians 8:9 (CSB) (read full passage)

TECHNOLOGY

mRNA vs. Melanoma

Scientists might have a shot at developing a cancer vaccine.

Drug giants Merck and Moderna announced Wednesday that their experimental mRNA-based vaccine, Intismeran, helped prevent melanoma from returning or spreading in late-stage trials of high-risk patients whose tumors had been removed. Unlike chemo, which kills cancer cells, intismeran autogene works with the immunotherapy drug Keytruda to rev up patients’ immune systems and train them to find and fight specific mutations causing cancer.

Each vaccine is tailor-made using genetic code from patients’ tumors, making it expensive to produce. Moderna CEO Bancel called the 10-year project a “pivotal moment” for cancer research, and progress is underway for similar vaccines to treat other cancers (including kidney, lung, bladder, pancreatic and gastric).

The Merck-Moderna study’s full results will be released soon, and they hope to have the drug on the market by 2027.

Wondering how mRNA vaccines work? Check out our shallow-dive explainer.

PRAY WITH US
God Our Creator, You are the Great Inventor of Everything, the only one who creates out of nothing things that did not exist before; who speaks, and the universe bursts into being to do Your bidding. Our drive to invent is a gift from You. We give thanks for those technologies that equip us to work, to learn, to heal, and to serve; thank You for equipping creators to relieve suffering and save lives. As an impressive technology fights for our attention, promising ease and prosperity, we turn our eyes to You, our true comfort and eternal treasure. Amen.
(read full prayer here)

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WORLD NEWS

D-Day Double Down

The conflict with Iran is in its economic era.

President Trump said Tuesday that he’s not seeking to re-up diplomatic efforts, then threatened Tehran Wednesday with “an economic D-Day,” leveraging “economic warfare and isolation on an unprecedented scale.” Iran called the threat a diversion from the U.S. national debt and a “doubling down on failed policies” of isolation and sanctions. The United Arab Emirates joined the pressure campaign against Tehran, halting all trade and financial transactions after accusing it of shooting missiles at Emirati territory.

Oil prices hit a 3-week high Wednesday amid uncertainty in the Strait of Hormuz. (See how your state’s pump prices compare.)

Elsewhere, Israel’s military opened investigations into two high-profile cases involving deaths of civilians during the Gaza war, including a 5-year-old girl and more than a dozen medics.

Verse to consider whether you’re seeking progress in your relationships through conversations, consequences, or the courts… “Mankind, he has told each of you what is good and what it is the LORD requires of you: to act justly, to love faithfulness, and to walk humbly with your God.”
Micah 6:8 (CSB) (read full passage)

The Sunshine State basked in the primary spotlight this week. State Rep. Nixon (D) took the win in the blue Senate primary, adding a tally for Democratic socialists. Trump-backed U.S. Rep. Donalds and red-turned-blue former U.S. Rep. Jolly won the gubernatorial noms. Up and to the left, a Missouri court allowed a new GOP-drawn district map to be used this November.

Closing arguments are expected next week in the Lindsay Clancy trial. The Defense argues Clancy should not be considered criminally responsible for killing her three children due to postpartum psychosis and overmedication; prosecutors allege Clancy planned the murders before faking a suicide attempt. Hundreds of Clancy supporters gathered outside the courthouse yesterday to raise awareness about women’s mental health treatment.

The Pentagon is scaling back the U.S. and South Korea’s annual joint training exercises after President Trump said they send a “hostile” message to North Korea. Later, Trump announced plans to meet with leader Kim Jong Un to discuss North Korea’s nuclear weapons; Pyongyang had denied meet-up plans, meanwhile reportedly launching several test missiles seaward yesterday.

Dr. Fauci’s former NIH advisor pleaded guilty to masking federal COVID records Tuesday. Dr. David Morens admitted to using his personal email to hide NIH grant communications from public records requests to protect scientists accused of involvement in dangerous bat-related experiments in Wuhan. The former NIAID official faces five years in prison; the plea statement didn’t accuse Fauci of wrongdoing.

Prince Harry and Meghan Markle are reversing their royal Brexit. The Duke and Duchess of Sussex will soon re-re-locate from California to a private residence outside London, where their prince (7) and princess (5) begin school in September. The across-the-pond move comes six years after the couple abdicated royal duties; King Charles III reportedly welcomes the chance for some family time.

WHIPPED CREAM ON TOP

Some beauty for your morning…

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