Ohio Republicans tried to pull a fast one on voters

Plus: WeWork's collapse, China's EV victory and more. [Bloomberg]( This is Bloomberg Opinion Today, a clever scheme of Bloomberg Opinion’s opinions, which will be greatly improved once you, distinguished reader, complete [this survey](. Today’s Agenda - Ohio, you did [that](. - WeWork, you did [that](. - China, you did [that](. - Olive oil, you did [WHAT](?! Issue 1 When you were a kid, maybe you tried to pull a fast one on your mom at the grocery store by tossing a pack of gum or a box of Trix in the shopping cart, hoping she wouldn't notice during checkout. Inevitably, she does notice your nefarious actions and scolds you. She then forces you to do the walk of shame, making you take the item allllll the way back to the aisle where it came from. But now that you’re an adult, you don’t do that stuff anymore, right? Right. That is, unless you’re a Republican official who happens to live in Ohio. Maybe you didn’t learn your lesson: “Facing a ballot measure in November that would enshrine abortion rights in the state constitution, Ohio Republicans came up with what they thought was a clever scheme: They scheduled a ballot measure in August that would have made it harder for ballot measures to pass. The attempt blew up in their faces Tuesday, with the proposal [rejected by some 57% of voters](.” Instead of shoving candy in the shopping cart, Ohio Republicans — who control both chambers and every state office that matters — placed Issue 1 on a ballot in the dog days of August, with the assumption that turnout would be low, Andreas Kluth writes. The people of Ohio were not about to let that happen. They showed up in full force, nixing the assault on direct democracy outright. As Jonathan Bernstein writes: “Democratic activists saw Issue 1 as [an attack on abortion rights](, and their energy and enthusiasm produced a huge turnout in an August election with nothing else on the ballot — some 2.8 million votes cast, compared to 1.7 million in last year’s primaries.” On a day when Ohio’s three traditional branches of government were failing to impose checks and balances, “voters therefore stood up as the fourth,” Andreas writes. Trix are for kids, not pro-life government officials from Ohio. Read [the whole thing](. We Don’t Work No More I thought it might be fun to make one of those ugly word cloud thingies for WeWork's Q2 earnings. But in hindsight, it’s really not fun at all: In a surprise to literally no one, things are [not working out]( for the co-working space. The [message]( investors received this morning basically amounted to: “Uh, hey guys? Yeah, so, as you can see, business isn’t looking great. We really gotta double down on our [real estate]( otherwise we might not be in business for much longer.” Chris Bryant [says]( the company’s [second-quarter resultsÂ](suggest “the next 12 months will every bit as fraught as WeWork’s near implosion four years ago. Absent effective remedial action or another capital raise, it could be lights out” for good at Adam Neumann’s [mojo dojo casa house](. So how did We —ugh — get here? The company managed to burn an impressive amount of cash — about $17 billion — since it was founded more than a decade ago, partly thanks to its truly atrocious attempt at going public in 2019. Since then, its workforce has shrunk by 70% and its [$60 million private jet]( was put on the block. Adding to its troubles is a leadership vacuum: Its CEO and CFO unexpectedly [jumped ship]( in May. Now, nobody wants to drink WeWork’s free kombucha and cold brew because, duh, who in their right mind would be eager to do business with a company that admits that its cash reserves might go *poof* into the night at any given moment within the next 12 months? Idk. “Rectifying this situation in a depressed commercial real estate market will be tough,” Chris writes: “Tech clients are trimming budgets and WeWork generates most of its sales in the US and UK — chiefly in big cities like London, San Francisco and New York that have a growing surfeit of office space.” At a time when employers are begging on their hands and knees to get [butts]( back in [office chairs](, the prospects are certainly not good for a company that relies on people who willingly sit their butts in office chairs (next to strangers!!!) — and pay for it, too. I, for one, would rather just go to [the library](. It’s free! And … also not on the verge of financial collapse, so, yeah. Fast Car The other day, the Washington Post published [a neat interactive story]( that asks readers: “Is it cheaper to refuel your EV battery or gas tank?” The answer — for all 50 states — is that electric is cheaper. Here’s the map, for those who are curious. If you live in Washington, you best be charging up. The funny thing is, if you lived in China, you wouldn’t need an article to tell you that. You’d immediately know the answer because [it’s already cheaper to buy an EV]( as opposed to a gasoline car. Electric is — and has been, for quite some time — the way in China. “Seven of the 10 best-selling cars in China in June came with a plug,” David Fickling writes, adding that “battery and plug-in hybrid vehicles now account for 37% of sales, far ahead of earlier expectations.” In every sense, China is leading the way in making battery vehicles mainstream. As the pandemic dust settles, David sees a clear “shift in the competitive position of electric vehicles,” now that “Tesla’s Model 3, which previously retailed at twice the price of comparable premium mid-sized sedans such as the BMW AG 3 Series,” is the cheaper option. Helping the cause is China’s EV exemption from its 10% vehicle purchase tax. “The effects in terms of market share been stunning,” he writes. In the US, gasoline-powered trucks and cars still have [a price tag advantage]( at the dealership, David writes. But China is proving that an EV-powered mass commute is more than possible. The rest of the world just needs to speed down the same road and find out. Bonus Car Czar Reading: Tesla’s shallow bench is even shallower, now that its [CFO is out]( of the picture. — David Fickling Telltale Charts Listen, nobody is happy about olive oil turning into the caviar of cooking fat. But Javier Blas — a Spaniard who was all but baptized in a tub of olive oil — says “[the price shock is personal](.” As his family’s “in-house commodity expert” he is required (by birth) to provide supply, demand and price forecasts over his own kitchen table. “A lot is at stake, as my father would rush into the supermarket and stockpile on my recommendation,” he writes, adding that “a blown call would certainly be reflected in” his next Christmas present. “What comes next is what really worries me,” he says. The supply outlook has reached critical levels, and “demand rationing is inevitable,” he says. Just last week, the benchmark price for EVOO surged to an all-time high of $8,500 per metric ton. Even at that price, the glug, glug, glug of the bottle is still a lullaby to any chef’s ears — that is, unless it runs out. Remember [that book](, “If You Give a Mouse a Cookie?” Well, I think we need Nir Kaissar to [write the sequel](: “If You Give a Baby $10,000?” Hear me out: First off, a children’s book about retirement would be rather trippy, not to mention groundbreaking. This is uncharted territory! And Nir has the facts down already: He argues that if the government were to give individuals $10,000 in stocks at birth, that money could grow to roughly $10 million in 70 years. The program would “cost the federal government $37 billion, adjusted periodically for inflation, a small fraction of the more than $1 trillion the government spends on Social Security every year,” he writes. Easy math! At a time when [just 37% of people]( say they are “very likely” to reach their retirement goals, the bold proposal to fix retirement is worth considering: Further Reading Fitch [had a point](. And the reluctance to admit it only proves its case. — Bloomberg’s editorial board Covid [is back](, and its summer resurgence has no easy answers. — F.D. Flam What’s better than [revenge (travel)](? Staying home, apparently. — Andrea Felsted and Brooke Sutherland Credit Suisse bankers, don’t despair: Life on the other side [of layoffs]( isn’t so bad. — Shuli Ren [Land powers]( are now superior to sea powers. — Adrian Wooldridge China is still the one issue that [unites]( Democrats and Republicans. — Minxin Pei Ron DeSantis’s [violent rhetoric]( takes the US in the wrong direction. — Howard Chua-Eoan We're [spending more]( on stuff in the summer of 2023 than we did in 2022. — Conor Sen ICYMI Women are catching up to men … in [a bad way](. Biden’s [health care wins]( are slipping. [Rice prices]( are a pain in the … grain. [Maui wildfires]( are unprecedented. Google mulls a [“deepfake” song]( deal. Kickers [10,000 steps a day]( isn’t a magic number. (h/t Bobby Ghosh) It’s a really weird time to [be Ken](. (h/t Timothy L. O’Brien) The girlies want 27 [wedding dresses](. How to explain the mystery that is [Grimes](. [Collectible glasses]( need a comeback (sans lead). Notes: Please send [olive oil]( and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](