On October 13th, a SpaceX rocket lifted off to the edge of the earth and gracefully returned to the gantry tower, almost as if we were watching some smooth movie CGI. I have some very strong feels, Mr. Musk. Lots of eye-rolling and shaking my head, feelings that have kept me from engaging on the app once known as Twitter. But this rocket is an amazing feat, and where else could that have been done except here in America?
Gattaca-Like Futures: Genetic Intelligence and Rising Costs
We might be living in Gattica. US-based Heliospect Genomics is checking wealthy people’s embryos for genetic intelligence markers at $50,000 a pop, claiming your future kid will be at least 6 IQ points smarter than anyone else. A bunch of Japanese scientists said that this will never work, but at least five couples have dropped the cash.
And yet, also last week while DoorDashing in Lee, I swung by McDonald’s and noticed the drive-thru bustling with activity, yet the dining room locked tight. Someone too posted on Facebook a photo of a sign at the Rochester Wendy’s that read “Due to being short-staffed, our dining room is closed. Please visit us in the drive-thru.” The smiley face on the sign made it at least seem like everything was okay.
Economic Struggles in Retail and Beyond
ZipRecruiter shows that New Hampshire retail workers earn an average of $15.56 an hour, which is about $32k a year gross. Which is, by the way, also about twice the salary of what an adjunct professor makes in the state. The average cost of living comes to about $56k per year according to data gathered in 2022 by MERIC.
| Category | Average Annual Per-Capita Cost in New Hampshire |
| Housing and Utilities | $9,367 |
| Health Care | $9,526 |
| Food and Beverages (non-restaurant) | $4,402 |
| Gas and Energy Goods | $1,265 |
| All Other Personal Expenditures | $32,168 |
Many essential goods and services continue to experience substantial price increases. Food prices are up 22% since early 2021, and gasoline has risen by 16%.
Core inflation, which excludes volatile food and energy costs, remains problematic, with sticky-price inflation at 4%, reflecting stubbornness in sectors like rent and medical care. Additionally, household debt has increased significantly, with current delinquency rates at their highest in nearly 12 years, although they still fall slightly below the long-term average.
However, the overall inflation rate has dropped from a peak of 9.1% in June 2022 to about 2.4% in September 2024. Concerns are growing about consumers’ ability to meet their debt obligations, as indicated by various surveys. The Fed remains cautious, emphasizing that the situation isn’t resolved.
Housing Affordability Challenge
With New Hampshire’s new half a million median home price norm coupled with inflation concerns, it’s challenging for someone earning $15.50 an hour to afford housing. Financial experts typically recommend that no more than 28% of gross income should go towards housing costs. For a retail worker earning $15.50 hourly, that translates to a gross monthly income of around $2,480.
New Hampshire’s Workforce Crisis
According to the New Hampshire Hospital Association, the statewide vacancy rate for registered nurses is around 17% (WMUR). The state also has a teacher shortage. Not just retail workers, nurses, and teachers, the U.S. Chamber of Commerce reports that New Hampshire suffers from a general workforce shortage with only 28 available workers for every 100 open job positions.
Matthew Gallant, Senior Manager and Business Development of New Hampshire Housing posted on LinkedIn:
Ohio’s Economic Growth
My home state of Ohio seems to be doing things right. Leaders like Intel, Google, GE Healthcare, and Honda are drawn to Ohio’s thriving innovation ecosystem and diverse industries, including advanced manufacturing, tech, healthcare, and automotive. With the support of JobsOhio, the state’s private economic development corporation, companies can tap into customized incentive packages, construction-ready sites, and workforce development programs to fuel their growth. By partnering with JobsOhio, businesses can leverage Ohio’s unique blend of resources and expertise to drive success, making the Buckeye State an attractive destination for companies looking to expand and thrive.
Overall, America is doing well.
In the early 1990s, experts warned that the US was destined for slower growth than other industrial countries, yet the opposite occurred. The US outperformed its peers, a trend that continues today, exemplified by SpaceX’s pioneering achievements. Key factors contributing to America’s economic prowess include its vast geography, deep financial markets, and world-class universities that attract global talent. The rise of artificial intelligence may further bolster this trend, hinting at a continued optimistic outlook for the future.
Meanwhile, In Cuba
Meanwhile, Cuba is facing a severe power crisis after its largest power plant shut down on Friday, causing a nationwide blackout that has left millions without electricity for four days. The situation worsened with Hurricane Oscar’s landfall, bringing heavy rains and further complicating restoration efforts, which have been hindered by four setbacks so far. This unprecedented grid failure is a result of Cuba’s outdated energy infrastructure, underinvestment, and decline in fuel imports, all of which have been exacerbated by US sanctions and the country’s worst economic downturn in decades. Cuba’s eight power plants, which are nearly 50 years old and haven’t been maintained in 15 years, rely on crude oil, but the country faces a daily deficit of 80,000 barrels, previously made up by shipments from Venezuela, Mexico, and Russia. The crisis has been years in the making, and many Cubans have had enough, with over 1 million people, or 10% of the population, leaving the country between 2022 and 2023.
Stock Market Performance
Stocks enjoyed their sixth consecutive week of gains, fueled by strong earnings from Netflix and anticipation surrounding Tesla’s quarterly results, which are set to be reported on Wednesday. The Dow Jones Industrial Average led the markets with a 1% increase, followed closely by the S&P 500 and Nasdaq, which rose by 0.9% and 0.8%, respectively, with both the Dow and S&P hitting all-time highs. Utilities, Real Estate, and Financial sectors experienced notable upticks, with Utilities climbing 3.4%. A robust earnings season has seen 79% of S&P 500 companies report positive surprises, surpassing the five-year average of 77%. Investors are also focusing on key economic data this week, including consumer sentiment, jobless claims, and housing market developments, as mortgage rates near 6.5%. Tesla’s upcoming earnings are drawing significant attention, especially following its recent robotaxi unveiling, which has generated mixed expectations.
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Here are the other two blogs:
I Quit Smoking and Fast Food and Then This Happened
Inflation: Understanding its Impact on Prices, Wages, and the Economy
