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    Inside Donald Trump’s Dominance of a Primary He Wasn’t Supposed to Win

    Listen and follow ‘The Run-Up’Apple Podcasts | Spotify | AmazonDoug Mills/The New York TimesThere was a moment in early 2023 when Donald Trump seemed like a politician in decline.And it wasn’t just his political opponents who thought so. National Republicans, who blamed Mr. Trump for the party’s run of bad results in the midterms, largely agreed.But now it’s starting to set in: It appears the former president’s staying power was underestimated … again. Mr. Trump is the overwhelming favorite to be the Republican presidential nominee — and his supporters remain the most influential force in the party’s politics.This week, through conversations at an event with South Carolina Republicans, we try to understand why the party continues to back an embattled Mr. Trump — and how it came to feel as though this primary ended before it even began. Then, Astead talks with Jonathan Swan, a New York Times political reporter, about how the Trump team has approached this campaign with discipline and strategy, and what it is planning should he win back the White House.About ‘The Run-Up’“The Run-Up” is your guide to understanding the 2024 election. Through on-the-ground reporting and conversations with New York Times colleagues, newsmakers and voters across the country, our host, Astead W. Herndon, takes us beyond the horse race to explore how we got to this unprecedented moment in American politics. New episodes on Thursdays.Credits“The Run-Up” is hosted by More

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    Why Our “Great” Economy Is Making Young Americans Grumpy

    As a part-time commentator on things economic, I’m often asked a seemingly straightforward question: If the economy is so good, why are Americans so grumpy?By many measures — unemployment, inflation, the stock market — the economy is strong. Yet only 23 percent of Americans believe the country is headed in the right direction, a strong headwind for President Biden’s approval ratings. Meanwhile, Donald Trump’s formidable base of disgruntled voters endures.As I’ve engaged with my many interlocutors, I’ve concluded that voters have valid reasons for their negativity. In my view, blame two culprits: one immediate and impacting everybody, and another that particularly affects young people and is coming into view like a giant iceberg. Both sit atop the leaderboard of reasons for the sour national mood.While inflation has provided the proximate trigger for unhappy feelings, an understandable grimness about our broader economic prospects, particularly for younger Americans, is playing a major part. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    ‘This Is Grim,’ One Democratic Pollster Says

    The predictive power of horse-race polling a year from the presidential election is weak at best. The Biden campaign can take some comfort in that. But what recent surveys do reveal is that the coalition that put Joe Biden in the White House in the first place is nowhere near as strong as it was four years ago.These danger signs include fraying support among core constituencies, including young voters, Black voters and Hispanic voters, and the decline, if not the erasure, of traditional Democratic advantages in representing the interests of the middle class and speaking for the average voter.Any of these on their own might not be cause for alarm, but taken together they present a dangerous situation for Biden.From Nov. 5 through Nov. 11, Democracy Corps, a Democratic advisory group founded by Stan Greenberg and James Carville, surveyed 2,500 voters in presidential and Senate battleground states as well as competitive House districts.In an email, Greenberg summarized the results: “This is grim.” The study, he said, found that collectively, voters in the Democratic base of “Blacks, Hispanics, Asians, LGBTQ+ community, Gen Z, millennials, unmarried and college women give Trump higher approval ratings than Biden.”On 32 subjects ranging from abortion to China, the Democracy Corps survey asked voters to choose which would be better, “Biden and the Democrats” or “Trump and the Republicans.”Biden and the Democrats led on six: women’s rights (ahead by 17 points), climate change (15 points), addressing racial inequality (10 points), health care (3 points), the president will not be an autocrat (plus 2) and protecting Democracy (plus 1). There was a tie on making democracy more secure.Donald Trump and the Republicans held leads on the remaining subjects, including being for working people (a 7-point advantage), standing up to elites (8 points), being able to get things done for the American people (12 points), feeling safe (12 points) and keeping wages and salaries up with the cost of living (17 points).In the case of issues that traditionally favor Republicans, Trump and his allies held commanding leads: patriotism (11 points), crime (17 points), immigration (20 points) and border security (22 points).Particularly worrisome for Democrats, who plan to demonize Trump as a threat to democracy, are the advantages Trump and Republicans have on opposing extremism (3 points), getting beyond the chaos (6 points) and protecting the Constitution (8 points).There is some evidence in both the Democracy Corp survey and in other polls that concerns specific to Biden — including his age and the surge in prices during his presidency — are driving the perception of Democratic weakness rather than discontent with the party itself.The survey found, for example, that Democratic candidates in House battleground districts are running even with their Republican opponents among all voters, and two points ahead among voters who say they are likely to cast ballots on Election Day.Along similar lines, a November 2023 NBC News poll found Trump leading Biden by two points, 46-44, but when voters were asked to choose between Trump and an unnamed Democratic candidate, the generic Democrat won 46-40.In a reflection of both Biden’s and Trump’s high unfavorability ratings, NBC reported that when voters were asked to choose between Biden and an unnamed generic Republican, the “Republican candidate” led Biden 48-37.Other nonpartisan polls describe similar Democratic weaknesses. A September Morning Consult survey found, for example, that “voters are now more likely to see the Republican Party as capable of governing, tackling big issues and keeping the country safe compared with the Democratic Party” and that “by a 9-point margin, voters also see the Democratic Party as more ideologically extreme than the G.O.P.”In the main, according to Morning Consult, these weaknesses result from declining confidence within Democratic ranks in their own party, rather than strong support for Trump and the Republican Party: “The trends against the Democratic Party are largely driven by worsening perceptions among its own voter base, which suggests that the party will have to rely more than ever on negative partisanship to keep control of the White House.”Morning Consult posed the same set of questions to voters about the political parties in 2020 and again this year in order to track shifting voter attitudes.Asked, for example which party is more “capable of governing,” 48 percent of voters in 2020 said the Democrats and 42 percent said the Republicans. This year, 47 percent said the Republicans and 44 percent said the Democrats.Similar shifts occurred on the question of which party will “keep the nation safe” and which party can “tackle the big issues.”In what amounts to a body blow to Biden and his Democratic allies, Republicans are now virtually tied with Democrats on a matter that has been a mainstay of Democratic support since the formation of the New Deal coalition during the Great Depression. A September 2023 NBC News survey “found that 34 percent of voters believe Republicans are better at looking out for the middle class, while 36 percent say the same of Democrats. The 2-point margin in favor of Democrats is the lowest it has been in the history of the poll.”“Democrats have held over 30 years as high as a 29-point advantage as being the party better able to deal with and handle issues of concern to the middle class, ” Bill McInturff, a partner in the Republican firm Public Opinion Strategies, which joined with the Democratic firm Hart Research to conduct the NBC poll, told me.Neil Newhouse, who is also a partner at Public Opinion Strategies, emailed me to say that the opinion trends among Black and Hispanic voters “are figures G.O.P.’ers could only dream about a few years ago.”Although many of those with whom I discussed the data voiced deep concern over Biden’s prospects, let me cite a couple of experts who are more optimistic.Simon Rosenberg, a veteran Democratic operative and former president of the New Democratic Network, emailed me a series of bullet points:The last four presidential elections have gone 51 percent-46 percent Democratic, best run for Dems since F.D.R.’s elections. Only 1 R — George W. Bush 2004 — has broken 48 percent since the 1992 election, and Dems have won more votes in seven of last eight presidential elections. If there is a party with a coalition problem, it is them, not us.Our performance since Dobbs remains remarkable, and important. In 2022 we gained in AZ, CO, GA, MI, MN, NH, PA over 2020, getting to 59 percent in CO, 57 percent in PA, 55 percent in MI, 54 percent in NH in that “red wave” year. This year we’ve won and outperformed across the country in every kind of election, essentially leaving this a blue wave year.We got to 56 percent in the WI SCOTUS race, 57 percent in Ohio, flipped Colorado Springs and Jacksonville, flipped the VA House, Kentucky Governor Andrew Beshear grew his margin, we won mayoralties and school board races across the United States. Elections are about winning and losing, and we keep winning and they keep losing.In a recent post on his Substack, “Why I Am Optimistic About 2024,” Rosenberg elaborated:Opposition and fear of MAGA is the dominant force in U.S. politics today, and that is a big problem for super-MAGA Trump in 2024. Fear and opposition to MAGA has been propelling our electoral wins since 2018, and will almost certainly do so again next year.Alex Theodoridis, a political scientist at the University of Massachusetts-Amherst, expressed similar optimism concerning Biden’s chances: “Once Democrats come to terms with the fact that Biden will be the nominee (and, more importantly, that Trump will in all likelihood be the G.O.P. nominee), a lot of the internal malaise expressed in current polls should dissipate.”When Biden begins campaigning in earnest, Theodoridis wrote,He will likely still come across as relatively competent and steady. And, while Trump always looms over G.O.P. politics, we will certainly see more coverage of him as G.O.P. nominee to remind less engaged Democrats and the few true independents that he is a deeply flawed figure who has and would again pose a real threat to our Republic.When voters finally make up their minds, Theodoridis predicted, “The anti-MAGA, pro-democracy, pro-reproductive-rights message that has boosted turnout and served Democratic candidates well the last two Novembers will likely do so again.”Jim Kessler, a senior vice president of Third Way, a Democratic think tank, is nowhere near as confident in Democratic prospects as Rosenberg and Theodoridis are. In an email, Kessler observed that polls at this time need to be taken with a grain of salt — remarking that in 1991, George H.W. Bush appeared to be the prohibitive favorite to win a second term and that in 2011, Mitt Romney was well ahead of President Barack Obama.In addition, Kessler wrote, in the past month,The price of gasoline has fallen 20 cents to a national average of $3.24 a gallon. Headline and core inflation have begun their final descent toward benign, historic levels. Interest rates have fallen about 40 basis points in the past several months. The so-called “misery index” (inflation + unemployment rate) could very well be at a level that is incumbent friendly.That said, Kessler continued, there are clear danger signs:Biden won in 2020 because he was perceived as having a more positive brand than the Democratic Party. That brand advantage over the Democratic Party is now gone. Exhibits A and B are crime and immigration. In 2020, Biden was perceived as tougher on crime and the border than the typical Democrat.In one primary debate, Kessler pointed out,Biden was the only candidate onstage not to raise his hand on a question that essentially could be interpreted as wanting open borders. He also loudly and repeatedly voiced his opposition to “defund the police” and never ran away from the 1994 crime bill that he authored in the Senate.That, in Kessler’s view, “is not the Joe Biden voters are hearing today. Voters actually hear almost nothing from the administration on crime or the border, and this allows the opposition to define them on an issue of great salience.”Biden, Kessler argued, has a credible record on tougher border enforcement and cracking down on crime, but he and other members of the administration don’t promote itbecause these are issues on which our active, progressive base is split. But if you are silent on these issues, it is like an admission of guilt to voters. They believe you do not care or are dismissive of their very real concerns. That means Biden must accept some griping from the left to get this story out to the vast middle.Will Marshall, president and founder of the center-left Public Policy Institute think tank, responded to my query with an emailed question: “Trump is Kryptonite for American democracy, so why isn’t President Biden leading him by 15 points?”Marshall’s answer:Biden’s basic problem is that the Democratic Party keeps shrinking, leaving it with a drastically slender margin of error. It’s losing working class voters — whites — by enormous, 30-point margins — but nonwhites without college degrees are slipping away too.The ascendance of largely white, college-educated liberals within party ranks, in Marshall’s view, haspushed Democrats far to the dogmatic left, even as their base grows smaller. Young progressives have identified the party with stances on immigration, crime, gender, climate change and Palestinian resistance that are so far from mainstream sentiment that they can even eclipse MAGA extremism.“Democrats,” Marshall wrote, in a line of argument similar to Kessler’s,have been aiming at the wrong target and have less than a year to adjust their sights. That means putting high prices and living costs front and center, embracing cultural pragmatism, confronting left-wing radicalism on the border, public safety and Israel and embracing a post-populist economics that speaks to working Americans’ aspirations for growth and upward mobility rather than their presumed sense of economic victimhood.Jacob Hacker, a political scientist at Yale, contended that the view of Biden and the Democratic Party as elitist and weak on the very values that were Democratic strengths in the past lacks foundation in practice. Instead, the adverse portrait of the Democrats represents a major success on the part of right-wing media — and a complicit mainstream media — in creating a false picture of the party.In a forthcoming paper, “Bridging the Blue Divide: The Democrats’ New Metro Coalition and the Unexpected Prominence of Redistribution,” Hacker said he and three colleagues found thatDemocrats have not changed their orientation nearly as much as critics of the party argue. In particular, the party has not shifted its emphasis from economic to social/identity issues, nor has it moderated its economic positions overall. Instead, it has placed a high priority on an ambitious economic program that involves a wider range of policy aims and instruments than in the past (including industrial policy and pro-labor initiatives as well as social and health policies and public investments) as well as levels of public spending that dwarf those contemplated by party elites in at least a half century.Why then, Hacker asked, is “the Democratic Party widely perceived to have abandoned pocketbook politics in favor of identity politics?”His answer:Conservative media have relentlessly focused on this critique and there’s strong evidence that media framing shapes how voters view the parties. Indeed, the role of the media in shaping the negative current climate — including more mainstream sources — should not be neglected. The obsessions of right-wing media with the “wokeness” of the Democratic Party seeps into the broader media coverage, and mainstream sources focus on criticisms of the Democrats, in part to uphold their nonpartisan ideal.Ryan Enos, a political scientist at Harvard, warned that there are major consequences that could result from the weakness of Biden’s support. In an email, Enos wrote:There is no doubt that Democrats and — given that the likely Republican nominee is a would-be authoritarian — Americans more generally should be alarmed by Biden’s poll numbers. He is saddled with the need to dig economic perceptions out of a deep inflationary hole, an unsteady international world and the view that his party went too far to the left on social issues.If the election were held today, Enos argued, “Biden would likely lose.”During the campaign, “Biden’s numbers will improve,” Enos wrote, but Biden faces a large number of idealistic young voters who maynever come back to him because they believe that he has abandoned the core values that animated their support in the first place. Faced with the reality of surging immigration across the southern border, Biden has largely failed to liberalize his administration’s approach to immigration — in fact, he has left much of the Trump era policies in place. To many young voters, who were first attracted to Biden’s social progressivism, such moves may feel like a betrayal. Additionally, Biden has seemed to greenlight Israel’s campaign of violence against civilians in Gaza. Especially for young voters of color, this seems like a betrayal and could cost Biden crucial states such as Michigan.Jonathan Weiler, a political scientist at the University of North Carolina-Chapel Hill, stands somewhere between Rosenberg and Marshall.“There’s no gainsaying Biden’s poor polling numbers at the present,” Weiler wrote by email:However unhinged Trump appears increasingly to be, for now that’s an abstraction for many voters. In the meantime, what they see in ways that feel up close and personal are signs of an unsettled and unsettling world impinging on their day to day lives, including inflation, higher crime and a big increase in migrants across our southern border and into cities around the United States.On the plus side for Biden, Weiler wrote, “the data show clearly that inflation is trending substantially downward.” In addition,Violent crime has returned to prepandemic levels. Americans always think crime is going up, no matter what the data say. But if the actual drop in crime results in people thinking about it less, that could also lessen people’s sense of a chaotic and unsettled reality.Rogers Smith, a political scientist at the University of Pennsylvania, made the case that Biden’s age and his visible infirmities interfere with his ability to reassure the electorate:The biggest factor that is neglected in many polls is the widespread belief that Biden is simply too old and insufficiently vigorous to remain president for four more years. This belief is reinforced by the reality that Biden does not inspire confidence in his vigor or energy in most of his public presentations. The problem is particularly acute among young voters but goes throughout the electorate, Democrats and Republicans alike. It means that voters don’t give much weight to Biden’s arguments on the issues.Democrats are trapped, Smith maintained:None will challenge Biden; he must choose to step aside. If he did so, he would feel compelled to support Kamala Harris. But most Democrats, and probably Biden himself, rightly believe that she would do even worse than he is doing.The one ace in the hole for Democrats is Donald Trump himself. As the center of attention in the elections of 2018, 2020 and even 2022, Trump was the key to Democratic victory. Trump is doing all he can to become the focus in 2024, but the question remains whether the Democrats, with Biden at the top of the ticket, can successfully demonize him again.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More

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    Big Donors Rally Around Nikki Haley

    The former governor of South Carolina is winning support from some Democrats and business-minded conservatives as the G.O.P. candidate who can beat Donald Trump.Nikki Haley is beginning to gain in the polls and has won financial backing from donors such as Reid Hoffman, the LinkedIn co-founder and Democratic donor, and the Koch brothers.Maansi Srivastava/The New York TimesA bipartisan boost for HaleyAs the four remaining prominent Republican presidential contenders not named Donald Trump assemble for the latest G.O.P. primary debate tonight, just one will arrive with any sort of positive momentum.Nikki Haley is gaining traction as the leading anti-Trump Republican, particularly among Democrats and business-minded conservatives alike. But growing support from elites may not be enough to help her catch the former president.Reid Hoffman recently donated $250,000 to a super PAC supporting Haley. The LinkedIn co-founder and a major Democratic donor has funded an array of anti-Trump initiatives. His donation, first reported by The Times, is the latest sign that some Democrats see bolstering Haley as the best way to beat Trump.News of Hoffman’s contribution came after Jamie Dimon, JPMorgan Chase’s C.E.O., urged liberals to back Haley. “Get a choice on the Republican side that might be better than Trump,” he said at the DealBook Summit last week. That’s on top of growing support from business-minded Republicans. The political network founded by Charles and David Koch recently endorsed Haley, and deep-pocketed donors including Stanley Druckenmiller and Andy Sabin have attended fund-raising events for her.A reality check: Despite skipping all of the Republican primary debates and facing a staggering array of criminal and civil trials, Trump still leads Haley and the rest of the G.O.P. field in polls.And support from Democrats and corporate moguls may not endear Haley to the Republican base that will start voting on the G.O.P. candidate next month: A recent fund-raising email from Trump argued that “globalist special interest donors from both parties” are forging “an unholy alliance to beat us.”Other Republican contenders are faring even worse. The campaign of Ron DeSantis, Florida’s governor, is in turmoil. Chris Christie, the former New Jersey governor, barely qualified for the debate and faces calls to drop out to avoid fracturing the anti-Trump opposition. And Vivek Ramaswamy, the outspoken “anti-woke” entrepreneur, is fading in the polls.Some donors are just throwing up their hands. Marc Rowan, the C.E.O. of Apollo Global Management, said that the 2024 race would come down to President Biden and Trump. “Personally, I’m disappointed,” he told Bloomberg on Tuesday.In other 2024 news: Liz Cheney, the former Wyoming representative who vehemently opposes Trump, is weighing a third-party presidential run. And Biden said “I’m not sure I’d be running” for re-election were Trump not in the race for the White House.HERE’S WHAT’S HAPPENING The Supreme Court appears wary of broadly disrupting the U.S. tax code. In oral arguments for Moore v. United States, a majority of justices seemed to favor narrowly upholding a Trump-era one-time tax on foreign income. Legal experts warned that a broad ruling could lead to a redefinition of income, potentially requiring major portions of American tax law to be rewritten.CVS will change how its pharmacies are paid for drugs. The nation’s biggest pharmacy chain said it would move to a system based on how much it pays for medicines, rather than the current model that involves complex formulas. CVS said the new arrangement would give more insight into drug pricing, but skeptics argued that it may not lead to lower costs for consumers.The N.C.A.A.’s president proposes uncapped compensation for college athletes. Charlie Baker suggested that top schools set aside educational trust funds of a minimum of $30,000 annually for at least half of their athletes, and raise compensation for women. The plan — which would take a long time to put in effect — is aimed at helping protect the N.C.A.A. from antitrust inquiries.Patrick McHenry, the chair of the House Financial Services Committee, will retire. The North Carolina Republican, the first interim speaker and a champion of the crypto industry, said he wouldn’t seek re-election. Because of term limits, he wouldn’t be able to hold onto his chairmanship anyway, though his district will most likely remain in Republican hands.Bank bosses head to the Hill The heads of America’s biggest banks, including Jamie Dimon of JPMorgan Chase and David Solomon of Goldman Sachs, are expected to go on the offensive on Wednesday at a Senate Banking Committee hearing, arguing that new regulation would help create further instability in the sector and harm borrowers.Capital rules will be in focus. Industry lobbying groups have pushed back in recent months against the so-called Basel III Endgame that would require banks to keep billions on their books as a backstop for potential losses. (Basel refers to the international banking standards committee.) The Fed and the Federal Deposit Insurance Corporation are among the regulators seeking higher capital requirements after the regional banking crisis set off by the collapse of Silicon Valley Bank.The hearing may be the bankers’ last best chance to push their case that the Basel proposal should be watered down or scrapped. In prepared remarks, Dimon said the proposal “would unjustifiably and unnecessarily increase capital requirements by 20-25 percent for the largest banks.” That would force lenders to pull back, creating “a harmful ripple effect on the economy, markets, businesses of all sizes and American households,” he said.The proposal would have an inflationary side effect, driving up the cost of credit for its clients, Solomon warned in his prepared remarks, which in turn “will likely get passed on to consumers.”The pushback comes as America’s lenders contend with a slew of challenges. High interest rates and a slowing economy have put the crimp on their core lending business. Banking watchdogs, meanwhile, remain concerned about lenders’ exposure to the pandemic-hit commercial real estate sector.Don’t expect progressive senators to be swayed. In a statement, the committee wrote that “while Wall Street banks argue that stronger rules to protect the public will be too expensive, they are actually making trillions of dollars in profits every year and paying C.E.O.s several hundred times more than their median workers.”Europe races to regulate A.I. The first big regulatory regime for artificial intelligence could be signed as early as Wednesday, with European Union lawmakers in the final stages of debating the A.I. Act. The rules wouldn’t take effect for 18 months, but they represent an effort by governments to catch up with the development of a transformative technology that has exploded into the public consciousness since the introduction of ChatGPT a year ago.Europe has long been one of the most aggressive tech regulators. From data privacy to tech sector M&A, the E.U. has often been ahead of others. But the fast pace of A.I. development is testing regulators’ ability to keep up. The A.I. Act was introduced in 2021, but the tech has advanced significantly during that time. Other governments are deliberating their own rules. President Biden issued an executive order in October focused on A.I. and national security; Japan is drafting nonbinding guidelines for the technology and China has imposed restrictions on certain types of A.I. Last month, Britain hosted an A.I. safety summit for tech leaders and policymakers that included the U.S. and China.E.U. lawmakers are trying to impose guardrails without killing innovation. Some say the rules need to address the underlying technology, and are pushing to stop the use of A.I. in biometric surveillance.But some member states want opt-out options. Last month, France, Germany and Italy came out against strict regulation of general-purpose A.I. models for fear of hurting domestic start-ups. Some member states also want exceptions for national security, defense and military purposes.The latest draft of the A.I. Act focuses on “high risk” uses, including law enforcement, school admissions and hiring. Some applications, like chatbots and software that creates manipulated images, will have to make clear to people that they are A.I.-generated. Congress takes on campus battles The presidents of Harvard, M.I.T. and the University of Pennsylvania faced a congressional grilling on Tuesday over a growing wave of hate speech and antisemitism on their campuses that has angered some business leaders and prominent donors since the war in Gaza began in October.College leaders admitted to difficulties in confronting hate and preserving free speech. “I know that I have not always gotten it right,” Claudine Gay, Harvard’s president, told the House Committee on Education and the Workforce. She has come under intense pressure from influential professors, graduates and donors, including the former Treasury secretary Larry Summers and Pershing Square Capital Management’s Bill Ackman, to do more to protect students.After the hearing, Ackman called on all three to “resign in disgrace.” Summers said that Gay’s ideals were “just the right ones,” but that “there’s a lot of work to do.”Preserving students’ safety and civil rights has become a national focus. The Education Department’s Office for Civil Rights recently opened an investigation into complaints of antisemitism at Harvard. That came after a series of federal civil rights investigations into complaints of discrimination against students at some of America’s most prestigious universities, including Harvard, Penn and Columbia. Some schools have formed new task forces to address the growing concerns.The financial stakes are high. Schools that run afoul of civil rights laws could risk losing federal funding. Meanwhile, major university donors are using their clout to call attention to the rise of antisemitism on campus, pushing schools to do more to address the matter. These wealthy alumni are urging others to fight back, too.“We have our own war here in the U.S.,” Marc Rowan, the C.E.O. of Apollo Global Management, said at a recent fund-raiser. Rowan, who has criticized his alma mater, Penn, for its handling of antisemitism, renewed his call to hold the institutions accountable, “financially or otherwise.”THE SPEED READ DealsShares in British American Tobacco tumbled after the company announced a $31.5 billion write-down of its U.S. cigarette brands, six years after buying Reynolds American for $49 billion. (NYT)Elon Musk’s artificial intelligence start-up, xAI, filed to raise up to $1 billion in new capital. (The Verge)How Jeff Ubben’s second act, as an environmentally minded activist investor, fell apart. (FT)PolicyChina’s leader, Xi Jinping, is conducting a purge of the top ranks of the country’s political system, a move that could have implications for the global economy and regional stability. (Politico)A group of nuns that owns a stake in Smith & Wesson sued the gun maker, arguing that its sales and marketing strategy for the AR-15 rifle is putting shareholders’ investments at risk. (WSJ)Best of the restHollywood actors ratified their union’s labor deal with movie and television studios, but some had reservations about its guardrails on the use of artificial intelligence. (NYT)Israeli securities regulators said they found no trading abnormalities ahead of the Oct. 7 Hamas-led attacks, after researchers said they had found a spike in short-selling. (Bloomberg)Is it time to give up vinyl records in the name of climate change? (Guardian)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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    Biden Says ‘I’m Not Sure I’d Be Running’ if Not for Trump

    President Biden has portrayed a second term for Donald Trump as an existential threat to American democracy.President Biden suggested on Tuesday that he might have been content to serve only a single term if his predecessor, former President Donald J. Trump, were not attempting to recapture the White House.At a campaign fund-raiser in the Boston area, Mr. Biden presented his decision to run for re-election as driven largely by his determination to defeat Mr. Trump a second time and prevent him from returning to power. Mr. Biden has at times portrayed a second term for Mr. Trump as an existential threat to American democracy.“If Trump wasn’t running, I’m not sure I’d be running,” he told donors at the Weston, Mass., home of Alan Solomont, a longtime Democratic financial backer who served as ambassador to Spain. “But we cannot let him win.”The president’s remark came at a time when polls show that most Democrats would prefer someone other than Mr. Biden, who turned 81 last month, to represent the party in next year’s election. A survey by CNN in August found that 67 percent of Democrats and independents who lean Democratic wanted another nominee, and 70 percent listed Mr. Biden’s age, health, mental competence or ability to handle the job as their main concern about him.Although he described himself as “a bridge” to the next generation during his 2020 campaign, a comment that some interpreted as a hint that he would serve only one term, Mr. Biden has concluded that he is best positioned to beat Mr. Trump again, justifying a re-election campaign. He faces only long-shot challengers in the Democratic primaries in the form of Representative Dean Phillips of Minnesota and Marianne Williamson, the author.Mr. Trump, who is 77 and has demonstrated his own cognitive issues lately, has outpaced his rivals for the Republican nomination by double digits in the polls and appears poised to steamroller to his third general election. That is despite four criminal indictments on 91 felony counts of illegally trying to overthrow an election, endangering national security and other charges. Despite his political liabilities, surveys show he is either tied with Mr. Biden or leading slightly both nationally and in the battleground states that will decide the Electoral College.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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    Is Liz Cheney Really Thinking About Running for President in 2024?

    The former congresswoman is working to ensure that Donald Trump never returns to the Oval Office. She is also keeping her own door wide open.Liz Cheney was widely seen as a Republican superstar in the making, perhaps even a future president, before she was elected to Congress in 2016. Ms. Cheney never discouraged the talk, but Donald J. Trump shattered her glittering future after she voted to impeach him in 2021 and became a pariah in the G.O.P.Now, while vowing to do “everything I can” to ensure that Mr. Trump never returns to the White House, Ms. Cheney, a former congresswoman from Wyoming, has suggested that she has not abandoned her own presidential ambitions. In interviews with The Washington Post and USA Today ahead of the publication on Tuesday of her new book, “Oath and Honor: A Memoir and a Warning,” Ms. Cheney broached the possibility of a third-party challenge to Mr. Trump’s candidacy.“Several years ago, I would not have contemplated a third-party run,” Ms. Cheney told Maeve Reston of The Post. But, she said, “democracy is at risk” in the United States as well as overseas. Ms. Cheney said she would make a final decision in the next few months.Her comments were in keeping with the answer she gave in October to Jake Tapper of CNN about whether she was ruling out a presidential run. “No, I’m not,” she said.Ms. Cheney declined to comment to The New York Times.Despite her remarks, there is no evidence that Ms. Cheney has taken any steps toward running beyond keeping her options open while maximizing her relevancy during a book-promotion tour.She has not hired any campaign staff members. Close associates of hers say they are unaware of any polling, signature-gathering or related efforts associated with mounting a third-party campaign. Her political action committee, the Great Task, has stalled in activity since the 2022 midterms, when Ms. Cheney backed efforts by some Democratic candidates against Republicans who had claimed the 2020 election was stolen.In the meantime, time is running short. Filing deadlines to appear on ballots as a third-party candidate in 2024 begin as early as March in some states. Though she expressed an openness to USA Today to “setting up a new party” that might supplant a Trump-centric G.O.P., such an effort would require the kind of money, personnel and legal maneuvering that would take months if not years to produce.A Cheney presidential run is also likely to undermine her mission of thwarting Mr. Trump’s 2024 ambitions, said one close friend, because her candidacy could siphon some votes away from President Biden. According to the friend, Ms. Cheney’s comment to The Post that she would not have contemplated a third-party run until recently seemed more about her long allegiance to the G.O.P. and less about a new appetite for running as an independent.Among Beltway conservatives, including lobbyists and military hawks, Ms. Cheney remains a popular figure and a woman of presidential timber. Lawmakers and staff members who served with Ms. Cheney on the House committee investigating the Jan. 6, 2021, assault on the Capitol privately wondered whether the vice chairwoman was prioritizing her ambitions over a comprehensive investigation of the Capitol riot. To Mr. Trump’s allies, of course, the question answered itself.If the current moment suggests anything beyond the desire to sell books, it is a reminder that Liz Cheney, like her father, former Vice President Dick Cheney, has long understood the importance of political leverage in furthering her core beliefs. For now, she holds no office and has no place in either major party. But she has her voice. More

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    Primaries Are Not the Most Democratic Way to Choose a Presidential Nominee

    Is the Democratic Party making a mistake by renominating President Biden to face the likely Republican nominee, Donald Trump, in 2024? A nontrivial number of voices in and outside the party seem to think so.But it’s already a mostly moot point. The system Americans use to nominate presidential candidates is not well equipped to make swift strategic adjustments. Voters choose candidates in a sequence of state-level primaries and caucuses. Those contests select delegates and instruct them on how to vote at a nominating convention. It’s an ungainly and convoluted process, and politicians begin positioning themselves a year in advance to succeed in it.It wasn’t always this way, and it doesn’t have to be. Political parties in most democracies have the power to choose their leaders without going through a monthslong gantlet.The best way for a party to choose its leader is for that party to convene, confer and compromise on a candidate who serves its agenda and appeals to voters. The conventions of the mid-20th century, deeply flawed as they were, were designed for that purpose. If those flaws were fixed, they would be far better than what we use today.Should Mr. Biden run again or step aside? On the one hand, he has stubbornly low approval ratings, and a number of polls show him trailing Mr. Trump. On the other hand, polling a year out is often misleading, and so are job approval ratings in a polarized age. Mr. Biden is old, but so is Mr. Trump, and Mr. Biden defeated him last time.Replacing an incumbent president with another nominee is very rare and probably should be. But a convention could do it if necessary. In 1968, President Lyndon Johnson stepped down at the beginning of the year, and Democrats could realistically expect to find a nominee before Election Day.The system was different then. When Mr. Johnson decided not to run for re-election, he declared, “I shall not seek, and I will not accept the nomination of my party for another term as your president.”The “and I will not accept” matters. Mr. Johnson was acknowledging that the party might nominate him even if he didn’t run. In 1968, when the decision was made at the national convention, the party could do that. That’s not something it can easily do today.Only a small fraction of states held primaries that year, and most of those didn’t commit delegates. Primaries were a tool to gauge public support, not make the final decision. Hubert Humphrey, the eventual nominee, won no primaries or caucuses. Instead, he won with support of unpledged delegates selected through state conventions — delegates who represented an older, more establishment part of the party.The apparent injustice of Mr. Humphrey winning the nomination without winning primaries was a big part of how we got to our current system. Many members of the Democratic Party felt that their perspectives weren’t well represented by those establishment delegates; their voices were being heard in the primaries and caucuses.The party set out to create a national convention that was more representative of the party, but what evolved was something else, the system we use today — the one that has all but locked us into a candidate almost a year out from Election Day.Early states winnow the field. The next states largely determine who the nominee is. States that vote late in the process often have little effect. Success depends on the ability to stand up a campaign in state after state in the first few months of the year, which in turn depends on the ability to raise money and attract media attention. It’s a process, not a simple decision.This system could produce a candidate who is battle tested by the primaries and otherwise broadly popular. It might also select a candidate who appeals narrowly to a group of dedicated followers, especially in early states, where a close victory can be leveraged into later success. (Think of Mr. Trump in 2016.)In no way does it let party leaders take stock of an awkward situation, such as what Democrats face now (low approval ratings for an incumbent) or, for that matter, what Republicans face (a front-runner facing multiple indictments).Party leaders are not completely helpless. In “The Party Decides,” the political scientists Marty Cohen, David Karol and John Zaller and I argued that party activists and leaders could exert a lot of influence on their party’s choice — so much so that they typically get their way. When they can agree on a satisfactory candidate, they can help direct resources to that candidate and help that person stay in the race if he or she stumbles. (Think of Mr. Biden in 2020.)But that takes time. It is, at best, a blunt instrument (hence its failure among Republicans in 2016). The nomination is still won in the primaries, and an incumbent is especially hard to replace.Most democracies give far less power than that to a single political leader, even an incumbent or influential former leader. Healthy parties can limit their leaders.Empowering the Democrats to replace Mr. Biden or the Republicans to move on from Mr. Trump would come with costs. A party that could persuade a sitting president to stand down would also have the power to persuade outsiders, like Bernie Sanders and Mr. Trump, to not run at all.For some, giving party leaders this kind of influence is unsettling. It shouldn’t be. The job of choosing a nominee is complicated. It involves the strategic trade-off between what kind of candidate can win in November and what kind of candidate represents what the party wants in a leader.Letting the party make these decisions is not inherently undemocratic. Just as voters select members of Congress, who then gain expertise, forge compromises and bargain to make policy, so too could voters select party delegates, who would then choose nominees and shape their party’s platform.Polling and even primaries could continue to play a role. In many years, the voice of the party’s voters might speak loudly, and party leaders would simply heed it. In other years, such as for Democrats in 2008, voter preferences might be more mixed. It’s worth noting that in 2008, Democratic superdelegates (those not bound by the results of any primary) switched their support from Hillary Clinton to Barack Obama after seeing his appeal in the primaries. If all of the delegates had been free to switch, would the outcome have been the same? We don’t know, but in a representative democracy, elected representatives do often listen to voters.In other words, the development of a more active, empowered party convention would not have to be a return to the past. The nomination of Mr. Humphrey in 1968 was a problem, but it wasn’t because the decision was made at a convention. It was because the delegates at that convention didn’t represent the party’s voters.Moving the decision back to the convention would not be a trivial matter. Even if voters and politicians could adjust to the change — a big if — each party would need to select representative and competent delegates. Our experience with representative democracy should tell us that this is possible but far from inevitable.But such a convention would still be superior to the current system, in which a small number of voters in a handful of states choose from a pool of self-selected candidates who have been tested mostly by their ability to raise money and get attention in debates.Both of these systems have a claim to being democratic. But only the first would give the party the kind of agency implied by claims that it is making a mistake by renominating the incumbent.Hans Noel, an associate professor of government at Georgetown, is the author of “Political Ideologies and Political Parties in America” and a co-author of “Political Parties” and “The Party Decides: Presidential Nominations Before and After Reform.”Source images by Drew Angerer, Rost-9D, and ajt/Getty ImagesThe Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More

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    R.F.K. Jr. Allies Say They’ll Spend Over $10 Million on Ballot Access

    A super PAC backing Robert F. Kennedy Jr.’s independent presidential candidacy is leading the costly and legally complex effort, which the Democratic establishment is trying to fight.A super PAC backing the independent presidential candidacy of Robert F. Kennedy Jr. is planning to spend $10 million to $15 million to get Mr. Kennedy on the ballot in 10 states, a substantial effort that, even if partly successful, could heighten Democratic concerns about his potential to play the role of spoiler in 2024.The hefty sum underscores the challenge facing Mr. Kennedy, an environmental lawyer and prominent purveyor of conspiracy theories, as he pursues his long-shot White House bid. It also shows the substantial financial support he has generated so far.The super PAC, American Values 2024, has raised at least $28 million. (The group last disclosed its unofficial fund-raising haul in early October, but has not filed official records since mandatory midyear reports with the Federal Election Commission in July, when it had $9.8 million on hand.) The group was planning to announce the strategy on Monday, according to a draft announcement reviewed by The New York Times.The states, which include several battlegrounds, are among the country’s most populous and carry, between them, 210 Electoral College votes — Arizona, California, Colorado, Georgia, Illinois, Indiana, Michigan, Nevada, New York and Texas.Mr. Kennedy’s campaign, as well as efforts from No Labels, the Green Party and other independent candidates, have worried President Biden’s campaign and its Democratic allies. They fear that such campaigns could siphon votes away from Mr. Biden and tilt the election toward his likely Republican opponent, former President Donald J. Trump.States make their own rules governing ballot access. Independent candidates must navigate a labyrinthine network governing signature collections and financial reporting requirements. The effort is time-consuming and expensive.Tony Lyons, the super PAC’s co-founder, said that the goal was to get Mr. Kennedy on the ballot in every state, but that the group was focusing on the 10 states where it expected the most difficulty, particularly in terms of expensive legal challenges. “That’s where we believe we can have the most impact,” he said.He said the campaign was working on its own ballot access efforts — the campaign’s website includes a sign-up for people who would like to be contacted by volunteers.In an interview this year, Ralph Nader, who twice ran for the presidency as the Green Party’s candidate, estimated that it would cost at least $5 million simply to collect signatures to qualify for ballots. The inevitable legal fights to defend ballot access, he said, would require many more millions of dollars.Marc Elias, one of the Democratic Party’s leading election lawyers, has been retained by the super PAC American Bridge to vet third-party and independent candidates’ ballot access in battleground states where such candidates could damage Mr. Biden.Mr. Elias said in an interview last month that he would work to make sure that any candidate who might be a threat to Mr. Biden followed the precise letter of the law when it comes to qualifying for the ballot.“The law is the law. The law requires candidates to get on the ballot in a certain way,” Mr. Elias said. “Once you have the rules you have for ballot access, you have to meet them and there’s no exception to it.”Mr. Kennedy entered the presidential race in April as a Democratic challenger to Mr. Biden, but ended his bid for the party’s nomination in October, arguing that Democrats’ primary system was rigged against him.From the outset, Mr. Kennedy has drawn support from disaffected Democrats, Republicans and independents, some of whom have been drawn to his anti-establishment message. A poll from The New York Times and Siena College that was released last month found that unfavorable opinions of Mr. Biden and Mr. Trump left an opening for independent candidates like Mr. Kennedy.Democrats are not alone in their concerns about Mr. Kennedy’s candidacy. The Republican National Committee, on the day he announced his independent bid, sent out an email titled “23 Reasons to Oppose RFK Jr.,” listing ways in which he has been aligned with Democrats in the past. More