May 23, 2022
Controversy Increases Over Texas Social Media Bill as Traffic Deaths in The US Reach a 16 Year High
This week, controversy has increased over a Texas bill that bans large social media platforms from moderating content. Traffic deaths in the US reach a 16-year high. The US economy is beginning to crack and may fall into a recession. FDA relaxes regulation to combat baby formula shortage. Boeing’s Starliner successfully docks to the International Space Station. Here are this week’s stories.
1. The Debate over The Texas Social Media Bill
Last year, Texas passed a bill that would make it illegal for any social media platform with over 50 million US users to “block, ban, remove, deplatform, demonetize, de-boost, restrict, deny equal access or visibility to, or otherwise discriminate against expression.” The law was blocked by a federal judge initially, but Texas appealed, and the Fifth Circuit Court of Appeals is letting Texas enforce the law. This decision conflicts with the decision made by a different court, which blocked a similar law in Florida, and this discrepancy will likely lead to a Supreme Court case. Tech giants and Democrats argue that the law would lead to more misinformation and chaos, while Republicans say it will ensure free speech and that the law allows for content removal on a neutral basis. Over the past decade, Social Media companies have grown their influence over the global population and used their power to ban high-profile individuals like Donald Trump. Mark Zuckerberg should not have the ability to prohibit the President from communicating with almost 3 billion Facebook users. There still needs to be regulation on the content posted on these sites, but tech giants should not have the power to ban high-profile politicians or restrict political posts. If Twitter buys a plot of land in the US, they can’t make their own rules and construct unauthorized buildings on that land. They will have to follow the laws of the government in power. The same applies to their websites.
2. Traffic Deaths in The US Reach a 16 Year High
Although new cars are the safest and often have autonomous driving, traffic deaths are rising. The National Highway Traffic Safety Administration (NHTS) estimates that 42,915 people have died in motor vehicle traffic crashes in 2021, the highest since 2005 and a 10.5% increase from 2020. Several factors, heavier cars, reckless driving, and more trucks and SUVs, are causing the increase. The average horsepower and weight of a vehicle have steadily increased and reached 246 horsepower and more than 4,100 pounds for 2021. The rise of electric vehicle sales has contributed to this increase, as they have very hefty batteries and high performance. The sale of trucks and SUVs has also significantly increased, and these vehicles are good at protecting passengers but can be lethal to pedestrians, bicyclists, and drivers in smaller cars. Data suggests that over 7,300 pedestrians were killed by motor vehicles in 2021, a 13% from 2020. Drivers have also become more reckless during the pandemic, causing an increase in fatalities during 2020 despite fewer miles driven because of lockdowns. This reckless driving has continued into 2021, resulting in more fatalities. Estimates put the fatality rate for 2021 at 1.33 deaths per 100 million vehicle miles traveled, compared with 1.34 deaths the previous year.
3. The US Economy is Beginning to Crack
The US economy is showing signs of cracking, and notable firms like Bank of America, Wells Fargo, and Goldman Sachs are predicting a recession. Although the unemployment rate remains low at 3.6% and consumer spending remains robust, rising interest rates and inflation could cause an economic downturn. Earlier this month, the Bureau of Labor Statistics reported that the nation’s GDP contracted by 1.4% annually in the first quarter of 2022 despite expectations for growth. The Federal Reserve is also trying to combat inflation by hiking interest rates and tightening policy, leading to a significant economic downturn. The Federal Reserve has raised interest rates by 0.75 percentage points this year and will make more aggressive increases. Inflation remains high at 8.3% from a year ago, and gas prices keep hitting record highs as the national average now sits at over $4.59 per gallon. Diesel prices also remain high at $5.57 per gallon and could reach $10 per gallon this summer. With all this uncertainty, the stock market is also tumbling. The S&P 500 and the Nasdaq Composite have entered their bear market, and the Dow Jones Industrial Average has plunged for nine consecutive weeks. The housing market is also slowing down, and consumers are pulling back on spending after rising prices, further slowing down the economy.
4. Baby Formula Shortage Continues
The infant formula industry is the most regulated in the world and is a multi-billion dollar industry controlled by just four companies. These four companies control over 90% of the industry in the US, and they operate a very few number of factories to maximize profits. Earlier this year, one of the largest formula plants closed because of contamination, which stopped the production of a large share of the country’s regular baby formula and specialized formula for infants with allergies and other health conditions. The plant reportedly supplied as much as 20% of all the infant formula in the country, and because of strict regulation, additional formula could not be imported, leading to the shortage. In the beginning of May, over 40% of infant formula was out of stock at retailers. To address the current formula shortage, the FDA has announced emergency measures and relaxed rules to allow for imported formula and reopen one of the largest formula plants. President Biden used the Defense Production Act on Wednesday to ensure that formula producers have access to any required ingredients. Biden also authorized the Defense Department to employ commercial airline contracts to expedite the shipment of formula from other countries.
5. Boeing’s Starliner Successfully Docks to The International Space Station
After years of delays and failures, Boeing’s Starliner successfully docked to the International Space Station (ISS) in an uncrewed mission. Boeing has developed a capsule for NASA’s Commercial Crew Program to transport astronauts between the ISS and Earth. The Spacecraft was launched earlier this week, and during the flight, two out of the twelve thrusters failed, but the capsule’s flight control system adapted and resolved the issue. The capsule docked and marked the first time spacecraft from NASA’s partners SpaceX and Boeing were simultaneously attached to the space station. The Starliner is docked for about five days and packed with resources and an instrumented mannequin collecting data. Next week, the capsule will plunge back to Earth if all goes according to plan. Boeing hopes to launch a crewed mission to the ISS by the end of the year and catch up to SpaceX, which has already launched five astronaut missions for NASA and two tourism missions. NASA hopes to sustain the ISS and eventually send astronauts back to the Moon this decade and Mars in the future.
Above were my top stories for the week of May 22, 2022. Thank you, and see you next week!
