Michael Cohen Gave His Final Testimony in Trump's Trial

Good morning.

You’re not imagining things. Our vibe has changed. This week, the Daily Skimm is debuting a new look — one we're excited to finally show you. We’re still bringing you the info and analysis you need to start your day, but in an updated, easier-to-read format. We know you’re busy. We’ve also added some fun stuff. (The poll at the end will almost definitely incite debate in your group chats.) And we’ll have more new features for you in the days and weeks to come. Now, let’s get to the news…

— Alex Carr / Editorial Director / New York, NY

What's Happening?

US News

Michael Cohen Gave His Final Testimony in Trump's Trial

What's going on: After nearly four days on the witness stand, former President Trump’s ex-lawyer and onetime fixer Michael Cohen finished his testimony. In dramatic fashion yesterday, he admitted to stealing $30,000 from the Trump Organization. Cohen said he was upset about his annual bonus being cut, especially after he used his own money for the $130,000 payment to porn star Stormy Daniels. Cohen said he never paid back the money that he stole from the Trump Organization and was never charged.

What it means: This admission from the prosecution's star witness in Trump's hush money trial could further affect Cohen's credibility in the eyes of the jurors. It also led Trump's attorneys to ask the judge to dismiss the case before it reaches the jury. The judge didn't immediately rule on the request but did reportedly suggest jurors could assess Cohen's credibility for themselves. Jury deliberations could begin next week.

Related: Trump Thinks He Should Take the Stand. No One Else Agrees (Politico)

International

The ICC Seeks Arrest Warrants in Israel-Hamas War

What's going on: Yesterday, the chief prosecutor of the International Criminal Court (ICC) applied for arrest warrants for Hamas leaders and for Israeli Prime Minister Benjamin Netanyahu and his defense minister. Both sides face allegations of war crimes and crimes against humanity. For the Israeli leaders, the prosecutor listed accusations of starving and intentionally directing attacks on civilians. The Hamas leaders are accused of violating international law by taking hostages and other crimes since “at least” Oct 7. President Biden called the ICC's efforts against Israeli leaders “outrageous.”

What it means: The warrant for Netanyahu marks the first time the ICC has targeted the leader of a close US ally. It could undermine diplomatic negotiations to end the war and stands to further isolate Israel. Still, it's seen as a symbolic move since Israel is not a member of the court, which means its leaders do not face immediate risk of prosecution even if warrants go through. It’s now up to a panel of ICC judges to decide whether or not to issue the arrest warrants and that could take months.

Related: How Amal Clooney Played a Role in the ICC Warrants (The Guardian)

Business

A Cheaper Miracle Drug Just Dropped

What's going on:  Digital pharmacy Hims & Hers said it will offer compounded GLP-1 weight loss injections at a fraction of the price of Ozempic and Wegovy. In some states, customers with prescriptions can get their hands on the injections for $199 a month. Following the announcement yesterday, Hims & Hers’ stock jumped by more than 30%.

What it means: The pharmaceutical giant that makes Ozempic has had a grip on the weight loss drug market but is struggling to keep up with demand. This could open up the door for other companies like Hims & Hers to enter the field. But it’s worth noting that the Hims & Hers weight loss drug is a compounded injection and doesn’t require FDA approval. Earlier this year, the agency said patients shouldn’t use a compounded drug if the approved version is available.

Related: Ozempic’s Maker Says It Will Study How the Drug Curbs Alcohol Cravings (CNN)

Let's Unpack This

If the economy is technically doing fine, why don’t Americans feel that way?

There seems to be a disconnect between the state of the economy and how Americans feel about it. Economists are saying the economy is healthy, even though inflation remains high. For many Americans, however, the data economists pay attention to doesn’t reflect their lived experience.

We talked to Joanne Hsu, director of the Surveys of Consumers at the University of Michigan, about the disconnect.

"The American dream doesn’t feel any more in reach and probably feels less in reach than it has in previous decades."

She says inflation, political affiliation, comparisons to pre-COVID, and interactions with the news can all shape people’s perception of the economy. 

“ … In spite of GDP growth and labor markets being strong, none of these things are necessarily helping people pay off their student loans or buy a house.”

At the same time, Hsu doesn’t agree that there is a so-called “silent depression” that’s been echoed on social media platforms like TikTok. “It can be true that you feel like you’re not thriving,” she said. “At the same time, it is true that the economy is better than it’s been historically.”

Featured Expert

Joanne Hsu

Director, Surveys of Consumers at the University of Michigan

Quick Hits

💸 Target just acknowledged inflation the way Erewhon would never.

😬 JLo and Ben Affleck appear to be pap walking their way past the divorce rumors.

👀 Scarlett Johansson is threatening legal action against OpenAI. Ladies and gentlemen, her.

🍼 The internet is losing it over the Four Seasons baby — who isn't playing around with her parents' PTO.

🍍 This is what a $395 “luxury” pineapple looks like.

Game Time

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Extra Credit

Eat

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Settle This

An Indiana judge recently ruled that tacos are sandwiches. Are they?