Measles are back, who would have guessed?

All that misinformation has a price.
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Today's Agenda

So Much for Eliminating Measles

This week, Mattel unveiled a Barbie that has Type 1 diabetes and comes with an insulin pump and a glucose monitor. In a press release, Barbie's senior VP Krista Berger said the T1D doll will help "shape children's early perceptions of the world." If Robert F. Kennedy Jr. keeps up his attack on childhood vaccines, maybe the next Barbie will have measles:

"In a grim milestone for public health, measles cases in the US have reached their highest annual level since the virus was declared eliminated in 2000," writes Lisa Jarvis. The kicker? "It's only July."

As if 2025 didn't have enough problems — wars, wildfires, tariffs, floods, AI – we're now knee-deep in a public health crisis that Lisa says was completely avoidable. "Instead of unequivocally endorsing vaccination as the key to stopping the spread of the disease, [Kennedy] offered only lukewarm support for the MMR vaccine, couched between misinformation about its safety and recommendations for unproven treatments," she writes.

Now, the "real-life consequences of Kennedy's months-long assault on vaccines are materializing," Lisa says: The CDC has recorded 1,288 measles cases across 39 states, marking a 33-year high. Thinking about that timeline, I was barely a glint in my mother's eye back in 1992. I'm lucky to have been born into a mostly measles-free America. It's a shame that today's babies won't be able to say the same.

The public health establishment is pushing back against Kennedy's actions: "On Monday, a coalition of six medical associations filed a lawsuit accusing Kennedy of trampling over longstanding processes for setting vaccine policy when he announced on X that Covid shots would no longer be recommended for healthy children and pregnant women," Lisa writes. "Although Covid vaccines are the center of the lawsuit (which could be expanded if Kennedy impedes access to others), the group warned that the policy's impact is much broader."

If that's true, then the return of measles is just the beginning.

The Pentagon Whisperer

The Pareto Principle dictates that 20% of people do 80% of work. At the Pentagon, where one man is singlehandedly masterminding the entire National Defense Strategy, that rule seems to apply. And that man is Elbridge Colby, the under secretary of defense for policy:

Photographer: Bloomberg

"Even a government of the shallow, by the shallow, for the shallow needs depth in certain functions," Andreas Kluth writes. And that depth can be found in Colby. Andreas calls him "a curious person to wield so much sway in such an ostentatiously populist and anti-elitist administration." In addition to his perfectly coiffed head of hair, he's got the academic trifecta — Groton, Harvard, Yale — and nepo baby status (at least in defense circles), thanks to his grandpa, a former CIA director.

Colby is by no means fresh meat, though. Toby Harshaw talked to him about nukes back in 2019 and Andreas says he was already influential in Trump's first term. In the second term, Colby's main prerogative seems to be the looming threat of China.

"Guided by that stance, Colby has been putting his signature on all sorts of other policy moves," Andreas writes. "The other day, the US abruptly paused deliveries to Ukraine of various munitions, from artillery rounds to Patriot batteries, ostensibly because America needed to conserve its own stockpiles. That initiative came from Colby, who views Ukraine as a job for the European allies but a distraction for Washington." Ironic, considering distractions are what gives Colby such a long leash. Read the whole thing.

Bonus Wartime Reading:

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Telltale Charts

Here's something that might make you feel ancient: Pixar's Cars movie is 19 years old. But Lightning McQueen isn't the only one growing up: Actual cars are, too. "The average passenger vehicle is now a teenager, hitting 14 years old at the end of 2024," writes Liam Denning. In the midst of a tumultuous year of tariffs, fixing up those older cars has been a boon for auto dealers: "As anyone who has regarded a mechanic's invoice with queasiness knows, servicing is good business. Across the big six listed dealership companies, aftermarket gross margins are north of 50% versus mid-single digits for selling cars," he explains.

It's been five days since Trump signed the Big, Beautiful Bill. "Many Republicans are somewhere between hopeful and convinced that this time around, the politics — and the 2026 midterm elections — will play out differently," writes David M. Drucker. But "thus far, the polling on the law favors the Democrats and their unanimous opposition — completely." Perhaps that's because the Bloomberg Editorial Board says the final version of the megabill will add more than $5 trillion in debt over the next decade — a gargantuan number that's hard to wrap your head around. "Deep in a fiscal hole, Congress just keeps digging," they write. Yet Allison Schrager says Wall Street isn't bothered by all the digging: "The reason markets are not responding more to the 870-page bill is that they see it for what it is — just another in a very long line of very big bills that add to the debt but won't break the economy, at least not soon."

Further Reading

Linda Yaccarino finally caved! The only question is why it took so long for the X CEO to exit Elon Musk's chaos. — Dave Lee

After a great run before and after the pandemic, Black jobless rates are rising once again. — Justin Fox

Trump wants 200% tariffs on drugs and 50% on copper. For markets, that should be a big deal, but it isn't. — John Authers

Hong Kong's old money tycoons had it easy, borrowing billions for nothing. That's coming to an end. — Shuli Ren

Someone will end up looking dumb in this $9 billion AI merger. — Chris Hughes

More than three years after a bubble in psychedelic drug stocks burst, investors get a sign of hope.  — Chris Bryant

When coffee shops buy Bitcoin, things are bound to get frothy. — Lionel Laurent

ICYMI

Swear to me you haven't taken a PE job.

Good news on homicides in Los Angeles.

Nvidia set a $4 trillion market cap record.

Apple is updating the Vision Pro headset.

Kickers

Welcome back, snack wraps.

A 37,000-year chronicle of what once ailed us.

The milk guy delivers illegal dairy to the rich.

Notes: Please send ranch wraps and feedback to Jessica Karl at [email protected].

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