TikTok binges just got literal: TikTok is teaming up with a ghost-kitchen company to deliver the most viral Tok dishes, like baked feta pasta, from your screen to your doorstep.
Stocks tumbled yesterday as investors worried about new Omicron restrictions. The World Economic Forum postponed its annual meeting in Davos, Switzerland, and major cities like London and Paris canceled New Year’s celebrations. On the bright side: Moderna said its booster appears to be effective against the new strain.BBS
Biden’s $1.7B Build Back Better plan is dead, but Dems might try to Build Back Smaller
Build Back Busted… the president’s nightmare before Christmas. Biden’s $1.7B Build Back Better bill has no path forward: In a surprise move over the weekend, Democratic Sen. Joe Manchin withdrew his support for the bill, which featured big spending on social programs and climate-friendly perks, like universal pre-K, cheaper prescriptions, and EV tax credits. With interest it would have cost over 5 trillion.
- The plan passed the House last month but needs the support of every Senate Democrat (including Manchin) to become law.
- Dems trimmed their original $3.5T plandown for months to appease Manchin and other cost-conscious moderates, but it wasn’t enough.
- The Senate still plans to vote on the plan in the new year. The latest iteration has almost no shot, though a slimmed-down version might pass.
Dinner is not served… The $1T infrastructure bill that the Senate passed in August is still happening. It includes hundreds of billions to modernize roads, bridges, and transit — but Dems saw it as an appetizer to this larger plan. BBB included $500B+ in climate spending, which would’ve been the US’s largest green investment ever.
- Pros: The plan could’ve boosted consumer spending and access to opportunity through programs like subsidized childcare and universal pre-K. It might’ve brought the US much closer to its climate goals.
- Cons: The $1.7B plan would’ve added an estimated $367B to the US deficit over a decade, adding to the ginormous debt and possibly spurring inflation. It could’ve also dampened investment and entrepreneurship by hiking taxes on corporations and the ultrawealthy.
THE TAKEAWAY
Biden’s main course could be toast… A key part of his domestic agenda and economic plan rested on BBB, and now it might be scrapped — while the president’s approval rating has sunk to 41% (its lowest point to date). Meanwhile, analysts lowered the US economy’s growth forecasts on the BBB news. Some clean-energy companies and EV makers might also dim their expectations.
Contributor: Robinhood
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