Could Joe Biden and Fumio Kishida join the creator economy?

Welcome to funemployment. [Bloomberg]( This is Bloomberg Opinion Today, a newsletter giving off generational vibes much different from those of, say, Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - Japan’s Kishida [steps down](. - She who wears the [boomer crown](. - Musk’s X [won’t stick around](. - This labor gap [makes us frown](. Another One Bites the Dust Today during the White House’s Creator Economy Conference — yes, there is [such a thing]( — President Joe Biden [joked]( with a room full of TikTok and Instagram influencers, telling them: But Biden might have some competition on his little job hunt: Last night, Japanese Prime Minister Fumio Kishida made the shocking announcement that he wasn’t running for another term. Here’s hoping he can share Biden’s sense of humor in a couple of weeks. In very loose terms, Kishida is the Biden of Japan. Think about it: They both assumed office in 2021. They have a mutual [distaste]( for China’s seafaring antics. And regardless of their unpopularity, they’re stepping down in dignity. But one thing is different about the two of them: “Unlike the US president’s swift endorsement of Kamala Harris, there is as yet no heir-apparent in Japan,” [writes]( Gearoid Reidy (free read). Here’s a Venn diagram — if you’re [into that sorta thing]( — that maps it all out: It took Kishida 24 extra days to bow to reality, but the parallels are obvious: “While the millstones around Kishida’s neck are different — his age is not the issue; the controversy is centered on the LDP’s [funding scandal]( and ties to the Unification Church — the upshot is the same. Despite their long list of policy achievements, both leaders struggled to reconnect with the public as they once had, and members further down the ticket began to eye the possibility of a national election, asking how much longer the situation could continue like this,” he writes. Gearoid says the Japanese prime minister’s resignation “sets the stage for the most interesting leadership vote in the country” since 2012. Not that the world needed [another]( one of those! As we know, the US is in the midst of its own shocking political contest, with the sudden rise of Vice President Kamala Harris and Governor Tim Walz of Minnesota. Their entry into the race “has raised many questions,” [writes]( Justin Fox. “Among the most curious: Are they baby boomers or not?” Conventional wisdom says yes: It might seem like an odd fixation to have, but the factor of age has never played such an important role in American politics before. And Harris and Walz are at the tail end of the baby boom, having both been born in 1964. “Harris in particular gives off generational vibes much different from those of, say, Bill and Hillary Clinton, George W. Bush and her November opponent, Donald Trump. As [others]( have [remarked]( she [seems]( more like a member of Generation X. Does she have to accept boomer status?” Justin asks. While Justin says “generational distinctions are bogus” — I share this opinion — there was an actual boom of babies at the end of World War II, with the number of births increasing 19.3% in 1946 and falling 6.6% in 1965. But deciding the cutoff year is “as much a matter of judgment and vibes as it is of demographics.” Vibes! That’s what Harris and the [army of creators]( behind her are [all about]( right? Perhaps those vying to replace Kishida will campaign on that, too. Failing Social Network Syndrome Illustration: Christine Vanden Byllaardt When Anthony Bourdain wrote Kitchen Confidential, he coined the term “Failing Restaurant Syndrome,” which is the idea that multiple factors — shifting clientele, staff burnout, dirty sinks and mountains of unpaid bills — send an eatery under, not just one. Dave Lee [says]( (free read) “the same thing could be said about struggling social networks: Failing Social Network Syndrome.” Elon Musk’s X — Twitter for everybody else — “utterly reeks of it,” Dave writes. Less than two years after Musk “let [that sink]( in,” the social platform is a sputtering mess. Tech [glitches]( abound. Advertising revenue [is MIA](. Regulators [threaten]( a firestorm of fines. And don’t even get Noah Feldman started on all [the legal conflicts]( Musk’s lawyers have filed two lawsuits on behalf of X (formerly Twitter) in a federal district court in Texas. As of 2023, the judge in that district, Reed O’Connor, [owned]( between $15,000 and $50,000 of stock in Tesla. Yesterday afternoon, [reports emerged]( that O’Connor would recuse himself from one of the cases involving X — which is wholly owned by Musk, who is also the controlling shareholder in Tesla. But why not opt out of the second case, too? So far, the judge has provided little clarity there. “If O’Connor’s reasoning for recusing himself from the advertising case was that he recognizes the interplay between X and Tesla, then he should logically step down from the second case as well,” Noah writes. Read [the whole thing](. Telltale Charts Mexico’s first elected female president takes charge in October. Her first job? Getting more women jobs. Juan Pablo Spinetto [thinks]( Mexico’s economy needs a female revolution: “The [gap]( between male and female participation in the labor force in Mexico last year was more than 30 percentage points (77.4% versus 46.8%), one of the largest disparities in Latin America and the Caribbean and seven percentage points higher than the regional average. That’s effectively money that Mexico leaves on the table by not giving women good conditions to access the paid labor market or retain them once they start forming a family. It also feeds many other economic malaises, from labor shortages in particular industries to even inflationary pressures, at a time fertility rates are [collapsing]( It’s hard to believe that [Corn Kid]( is nine years old already. It feels like he [went viral]( yesterday! But really, it was 2022. And back then, prices for corn were a lot higher. Despite all the hand-wringing about our shaky global food supply, Javier Blas [says]( “the cost of wheat, corn and soybeans has already fallen to a four-year low, down about 50% from the all-time high set in 2022 after the Russian invasion of Ukraine.” Now it’s far more affordable to be [a corn lover]( Thank goodness for that. Further Reading Is [private equity]( truly a threat? We need a better answer. — Bloomberg’s editorial board The market may be [too aggressive]( on Fed rate cuts. — Mohamed A. El-Erian A [$36 billion deal]( between Mars and Cheez-It maker Kellanova signals trouble ahead. — Andrea Felsted The new Starbucks chief [might actually tame]( Howard Schultz. — Beth Kowitt UBS is [cutting assets]( people and costs far faster than it promised. — Paul J. Davies Opaque disclosures [might help insiders]( skirt SEC scrutiny. — Jonathan Levin China should [seriously consider]( a 2% inflation target. — Daniel Moss Green power is [losing to Big Oil]( in the battle to clean up hydrogen. — David Fickling ICYMI Victoria’s Secret [nabbed]( Rihanna’s CEO. Apple [is building]( an iPad with a robotic limb. Michael Burry [cut his stock portfolio]( in half. Ivy League’s are [unwilling to pay]( star athletes. An algorithm can [identify disease]( using tongue color. Kickers Tim Walz’s dog got [a Vogue cover](. You can put [tomatoes]( and [pie]( on ice cream. TikTok homesteaders are [an oxymoron](. Nick Jonas loves [well-dressed lettuce](. The most [unserious horse]( on the internet: Notes: Please send [horse memes]( and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads]( [TikTok]( [Twitter]( [Instagram]( and [Facebook](. Follow Us Stay updated by saving our new email address Our email address is changing, which means you’ll be receiving this newsletter from noreply@news.bloomberg.com. Here’s how to update your contacts to ensure you continue receiving it: - Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select “Mark as important.” - Outlook: Right-click on Bloomberg’s email address and select “Add to Outlook Contacts.” - Apple Mail: Open the email, click on Bloomberg’s email address, and select “Add to Contacts” or “Add to VIPs.” - Yahoo Mail: Open an email from Bloomberg, hover over the email address, click “Add to Contacts.” Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. 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