Happy Sunday, everyone! Welcome to the Six.
We begin with a “this day in history.” Eighty-one years ago, on June 22, President Franklin Roosevelt signed the G.I. Bill into law. This piece of legislation is considered the last of FDR’s massive “New Deal” reforms that began when he took office in 1933. The G.I. Bill gave returning servicemen (thousands and thousands were coming back to the U.S. from World War 2) access to unemployment compensation, low-interest home and business loans, and—most importantly—funding for education.
Before WW2, going to college was largely reserved for the privileged class. By 1947, veterans made up half of the nation’s college enrollment; three years later, nearly 500,000 Americans graduated from college, compared with 160,000 in 1939.
FDR accomplished many notable achievements as president. When considering all the lives impacted to this day, signing the G.I. Bill has to be one of his most lasting legacies.
Let’s proceed with the Six.
THE BUSINESS OF ICE
We begin with this story from Bloomberg on ICE… Right now, $45 billion is earmarked for a colossal expansion to immigration detention space in the United States, and 41 companies are vying to get a bite of the business. Half of the companies have no direct contracting experience with the Department of Homeland Security over the past 25 years. So, there are lots of players, wholly new to the business, that may very well be entrusted with the lives of thousands of people by simply making the lowest bid for the business. Currently, U.S. Immigration and Customs Enforcement is funded to hold an average of 41,500 people in detention at a time. However, over 50,000 people are in detention today, and the administration has indicated a need for another 100,000 beds. My guess is they’ll be heavy demand for that matress contract.
SUMMER OF LOVE 2.0
ICE agents are already very busy in Chicago… and more are likely on the way. House Speaker Mike Johnson was in the city this past week to tour the ICE field office. Johnson criticized the combativeness of Chicago’s political leaders towards efforts to deport criminal illegals and told reporters, “Any politician—it doesn’t matter what party you’re in—you should be in favor of the people who are upholding the law and trying to keep our communities safe…the idea that the mayor here would say the crazy things that he has said about ICE, he’s got it completely upside down.” A terrific column from the great John Kass that sums up the ridiculousness of the moment (thank you, TKR reader Laurie, for the suggestion).
JIMMY BUFFETT ESTATE DRAMA
Summer is officially here… which is awesome (could be 10 degrees cooler, but not complaining too loudly). One downer to summer vibes: no Jimmy Buffett shows to look forward to. The famous singer/songwriter/Parrotthead inventor died in 2023, and fortunately for fans, the songs live on. So do his beneficiaries, now battling in public over Buffett’s $275 million estate. His widow, Jane Buffett, recently sued the man charged with overseeing the estate, Richard Mozenter, calling him “openly hostile and adversarial.” Jane Buffett wants Mozenter removed as co-trustee. The courts will have to sort it all out, and this piece from CNBC explains how the Buffett drama is not all that uncommon with family trusts and how analysts predict over “$100 trillion of wealth is expected to be passed down from older generations to spouses and families over the next 25 years” and how “more wealth being passed down means more litigation, since families often fight over who gets what.”
AMERICANS DO LOVE THEIR CHICK-FIL-A
Another business-related story… In 2024, the systemwide sales of Chick-fil-A hit $22 billion, one of only three chains in the U.S. to crack $20 billion alongside McDonald’s ($53.5 billion) and Starbucks ($30.4 billion). The thing is, Chick-fil-A pulled this feat off with much fewer stores: 3,109 stores compared to McDonald’s 13,559 locations. According to this article in QSR Magazine, the average unit volume at a Chick-fil-A is $7.5 million, by far the highest among their peers, and it’s not particularly close. I’ve never not been to a Chick-fil-A when it wasn’t at least semi-busy.
CAN A WOMAN RESIST A RICH HUSBAND?
There’s a new movie out… It’s titled “The Materialists.” The premise: a woman played by Dakota Johnson, who happens to be a professional matchmaker, is herself torn on the romantic front between a struggling actor (played by Chris Evans) and a wealthy financier (played by Pedro Pascal). What does a woman do with such competing options? This piece in The Free Press writes about the film from a cultural viewpoint, comparing the plot to Jane Austin’s book “Persuasion” and how “Materialists makes a persuasive case that even now, a thousand years and four full waves of feminism since the era of the bridal dowry, this choice is harder than we’d like to think.” The film grossed $12 million opening weekend, making it a hit.
DELIVER ME FROM NOWHERE
And finally… On the heels of “A Complete Unknown,” the story of Bob Dylan, we will get a full-throated Hollywood treatment on Bruce Springsteen. As a Springsteen fan, I’m super excited about the movie, and the trailer dropped this week. But this is arguably not the most anticipated music-related film of 2025. In September, we get a sequel to the 1984 cult classic “This is Spinal Tap,” with the aptly titled “This is Spinal Tap 2.” Leave it to the lads to release a 41st anniversary trailer. Enjoy.
Have a great rest of your weekend. Stay and be cool.
Have a suggestion for The Kerr Report? Send email to jonjkerr@gmail.com.
Jon, great piece about FDR and the GI Bill. It was unfortunate that it did not benefit all returning WW2 vets equally.
https://www.history.com/articles/gi-bill-black-wwii-veterans-benefits