Newsletter Jun 21, 2021

President Joe Biden was warmly welcomed by European leaders last week, but he must use domestic diplomacy now that he's back on U.S. soil.

3 Things

Back to the drawing board: President Joe Biden spent last week focused on foreign affairs, working with western allies to address key issues and warning Russian President Vladimir Putin about overstepping his bounds. This week, it's back to the domestic front.
Biden's desk was piling up with an important-things-to-do list while he was traveling around Europe, but his primary focus will be negotiating and passing his $2 trillion infrastructure package. It seems congressional Republicans aren't as receptive to his ideas as the European leaders he met with last week, but that's nothing new.
Sen. Lindsey Graham, R-S.C., took the the national airways Sunday to send Biden a message that he would get no support for the bill unless he is willing to negotiate the price tag. The GOP has sent a $1 billion counter proposal that Biden and Dems find unacceptable.
â€œWhat they're calling infrastructure, the liberal left, to me, is not remotely related to what's traditionally been called infrastructure," Graham said on NBC's Meet The Press. "It's just -- itâ€™s just a power grab by the Democratic Party in every area of our lives.â€
Biden and Democrats have included investments in education, transportation, clean energy and fighting climate change in their plan. Lowering the Medicare eligibility age to 60, and adding dental, vision and hearing benefits are also part of the Democrats' proposal.
WILL DEMS COMPROMISE OR PASS THE BILL ON THEIR OWN?

Big Tech check: Also on the agenda this week are a series of measures Congress is considering to limit the power of Big Tech and implement safe guards to protect the privacy of Americans online.
The antitrust overhaul package could have far-reaching effects on America's biggest technology companies and how people use the internet. The five bills, due for a committee vote on Wednesday, call for a reorganization or breakup of giants such as Amazon, Apple, Google and Facebook while reshaping the entire internet ecosystem.
The measures would stop tech giants from operating a platform for third parties while offering competing services on those platforms, dealing a major blow to the likes of Apple and Amazon.Lawmakers also are seeking to ban tech firms from prioritizing their own products or services ahead of those third parties, with Google clearly in mind.
Another proposal would require data "portability" to make it easier for people to quit Facebook, for example, while keeping their data and contacts. The largest tech firms also would be barred from acquiring competitors, which would also add funds for antitrust enforcement.
FIND OUT THE IMPACT THE BILLS WOULD HAVE ON USERS

Loss of a Champ: The Bidens spent the weekend mourning the death of their 13-year-old German Shepherd Champ, the first dog to roam the halls of the White House since the Obama administration.
Along with his younger sidekick Major, the dogs made headlines when they joined the Bidens in the White House. While the 3-year-old shelter rescue Major made news with a couple of biting incidents involving security staff and had to be sent back to obedience school, Champ was the calm, wise senior canine who was often by the president's side. Biden expressed his sadness in a statement:
â€œOur hearts are heavy today as we let you all know that our beloved German Shepherd, Champ, passed away peacefully at home. He was our constant, cherished companion during the last 13 years and was adored by the entire Biden family. Even as Champâ€™s strength waned in his last months, when he came into a room, he would immediately pull himself up, his tail always wagging, and nuzzle us for an ear scratch or a belly rub. Wherever we were, he wanted to be, and everything was instantly better when he was next to us.â€
Fellow dog-lovers took to social media to extend their condolences and share their own heartbreaking stories of lost pets from the past.
SEE THE POSTS AND PHOTOS OF BIDEN'S BELOVED CHAMP

Markets

DJIA	33,290.08	-1.58%
S&P 500	4,166.45	-1.31%
Nasdaq Composite	14,030.38	-0.92%
Japan: Nikkei 225	27,980.87	-3.39%
UK: FTSE 100	7,017.47	0.00%
Crude Oil Futures	72.30	0.92%
Gold Futures	1,775.50	0.37%
Yen	110.04	-0.17%
Euro	1.19	-0.02%
* As of market close

New math, new normal

The economy is giving off mixed signals as the U.S. recovers from the coronavirus pandemic that devastated American workers just over one year ago. Now the U.S. is on the verge of returning to normal -- sort of.

Defying the logic of traditional economic statistics, analysts have had to develop a new formula to make sense of the pandemic recovery. The combination of improving numbers and downward trends indicate a return to normal -- or at least as normal as things can be in the post pandemic.

The "Back To Normal" Index considers all the conflicting factors -- from direct data like unemployment claims, small business work hours and job postings to more general data like 30-year mortgage rates, stock market averages and e-commence spending. Add it all up to see the big picture.

Although the formula doesn't yield an actual number, analysts use the BTNI to make predictions about the direction of the economy. They like what they see -- strong business and household finances, productivity trends are growing, and government spending to support growth.

But don't expect the new normal to look exactly like the last one. Some segments of the economy will be forever changed, perhaps for the better.

FIND OUT WHAT THE BTNI SAYS ABOUT LIFE IN THE NEW NORMAL

Prime numbers

Online bargain shoppers have been counting down the days to the start of Amazon Prime Day 2021 since last year's big week of discounts, but this year might not be as fulfilling for customers due to pandemic-induced shortages of several popular items when the annual sale launches today.

Supply chain shortages have a wide variety of goods tied up in ports and warehouses waiting for delivery or simply to clear overworked customs officials. The glut of orders on imports that are anticipated over the four-day sale may cause further shortages as an estimated 2.5 million Amazon customers look to snap up the best bargains before they are gone.

A global shortage of shipping containers and semiconductors have been to blame for several shortages throughout the COVID pandemic, and the increased strain on the system with an avalanche of orders threatens to turn Amazon Prime Day into a not-ready-for-prime time event, especially when eager shoppers find out about the wait after they've placed an order.

FIND OUT WHICH ITEMS ARE IN SHORT SUPPLY FOR PRIME DAYS

Day of the dad

If you forgot to give dear ol' dad a call on Father's Day, it's not too late. In fact, the up side to being a day late (and a dollar short on the greeting card) is that now you have a lot more Father's Day fodder to talk about after witnessing some touching moments on the actual occasion.

Social media was abuzz with Father's Day comments, ranging from humorous anecdotes about dads and some tear-jerking accounts of father-knows-best moments. And, of course, let's not forget the dad jokes: â€œI called my dad to say Happy Fatherâ€™s Day and he said, â€˜Thatâ€™s terrific. Hey, put the dog back on the phone. I got another joke for him' " one read.

There were also some real-world moments in the world of sports, like Jon Rahm winning the U.S. Open and celebrating with his 2-monthold son in his arms. And there was LeBron James reacting to an analyst's break down of his 16-year-old son's game, expressing his wishes to play in the NBA with the future star. Holiday or not, it was one heck of a day for days.

CHECK OUT SOME OF THE HIGHLIGHTS FROM FATHER'S DAY 2021