7.3.2023

Happy Birthday (Eve), America

Congratulations, America—Tuesday marks the 247th commemoration of the day the Declaration of Independence was adopted by the Second Continental Congress. The Congress actually voted to separate from Great Britain two days earlier, and most didn't sign the document until August ... and some argue the US didn't really become a country until we began operating under the Constitution in 1789.

Still, since then, the country has grown from 13 colonies with about 2.5 million people to 50 states and 14 territories with a population of more than 330 million. The economy has swelled to over $26T, with a median household income above $70K. 

Scientific and technological advances—public sanitation, the germ theory of disease, and more—have revolutionized public health, with our citizens living 35 years longer on average since the mid-20th century. Deaths during childbirth have dropped fiftyfold, while the child mortality rate—the percentage of children dying before age five—has plummeted from 45% to 1%. 

We've built almost 4 million miles of paved roads and more than 5,000 public airports. More than 2.7 million miles of power lines electrify the country, with about 85% of households having access to broadband internet and 92% having at least one computer. In 1800, 95% of the population lived in rural areas, and now about 83% live in urban areas.

Almost 90% of adults have a high school degree or equivalent, while just over one-third have a college degree. About 45 million immigrants call America home—the most of any country—while a roughly equal number of international tourists visit each year.

While there will always be challenges to face and improvements to make, we've come a long way since the beginning. So grab a hot dog (or alternative) and your drink of choice—here's to the next 247 years.

PS—Please be careful with fireworks, unlike this family.

Markets Close Strong Half

The US economy grew at a much stronger rate in the first quarter of the year, according to revised figures released Thursday, reporting annualized growth of 2%—a larger-than-normal revision from 1.3%. Economists credited robust consumer spending and higher-than-expected exports for the boost. 

Meanwhile, the stock market ended one of its better first halves of the year Friday, with the Nasdaq, S&P 500, and Dow up 31.7%, 15.9%, and 3.8% for the year, respectively. It marks the Nasdaq's best start to a year since 1983, due mostly to growth in tech stocks amid a surge in AI development. 

Key to the success was Apple, which saw its stock price jump over 2% Friday to close the day with a market capitalization of $3T, a first for a publicly traded company. 

French Protests Continue

Protests in France over the Tuesday police shooting of 17-year-old Nahel Merzouk during a traffic stop stretched into the weekend, with more than 3,000 people detained and roughly 45,000 officers deployed to quell demonstrations across the country.

According to reports, two officers attempted to stop Merzouk after observing him driving erratically in morning traffic. Police opened fire on Merzouk's vehicle after stopping him, saying he tried to hit them while driving away. Video later posted on social media appeared to undermine those claims—though Merzouk did appear to try and flee the scene (see here). 

Widespread property damage and looting have accompanied the protests following the killing, including reportedly crashing a car into a local mayor's home and setting it on fire. 

Observers say Merzouk's killing has become a flashpoint for long-simmering accusations of misconduct and racial bias by French police. See photos from the protests here.

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Science & Technology

Business & Markets

Politics & World Affairs

Fifty-six amazing facts about America.

How fireworks work.

... and why some cities are rethinking them.

The history of the American barbecue.

Twelve common flag-etiquette faux pas. 

Test your grasp of US history with the Independence Day quiz. 

Meet Gouverneur Morris, the forgotten Founding Father.

The ultra-American treat? American cheese-topped apple pie.

Clickbait: Time to start planning for the nation's semiquincentennial. 

Historybook: Battle of Gettysburg ends on Pickett’s Charge (1863); Dow Jones publishes its first stock average (1884); Tom Cruise born (1962); Musician Jim Morrison dies (1971); Actress Olivia Munn born (1980)