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    Fellow Republicans, it’s time to admit that the US economy isn’t bad

    The Republican primaries are under way and – not surprisingly – the candidates have been ganging up on Bidenomics. Spoiler alert: they don’t like it. Fact check: they are wrong.To a man – and one woman – the Republican candidates all say that the US economy is bad and that Americans are struggling financially. They’re warning about sky-high deficits, over-the-top government spending and a potentially catastrophic level of national debt. They point out that interest rates are at a 20-year high and the costs of core things like food, gas and housing are significantly more than they were just a few years ago. They point to a downturn in manufacturing and falling small business confidence.“Bidenomics is crushing American families,” said the Republican candidate Nikki Haley. “We’re paying more for gas, groceries and other basic necessities.”“I’ll rip up Bidenomics on day one of my presidency,” the Florida governor and presidential challenger Ron DeSantis warned.Yes, prices and rates are up. But really? Is the economy so bad? I’m a Republican and a small business owner with hundreds of clients in many industries and honestly the economy isn’t that bad. In fact, it’s been really, really good.Just ask Donald Trump, who implicitly admitted this when he recently said he hoped for a “crash” and that it would “be in the next 12 months because I don’t want to be Herbert Hoover”.If you don’t believe me, just look at the numbers.Last quarter’s gross domestic product showed growth of 5.2%. That’s a number that dwarfs all other pre-Covid recovery numbers in recent memory. Unemployment is at a record low. Each month the economy is adding hundreds of thousands of new jobs. There are millions of more open jobs available today compared with 2019.Yes, prices are higher, but inflation is down from a 9% annual rate to about 3%, so whatever the Federal Reserve did to offset the treasury’s spending on fiscal programs seems to be working. The stock market is near all-time highs, as is household wealth. Credit card delinquency rates are lower than they’ve been for the past 30 years as are delinquencies on all loans across the banking system. Holiday retail sales were strong and online sales boomed. Plenty of capital is available for businesses that need it and corporations have more cash on hand than in any year before the pandemic.skip past newsletter promotionafter newsletter promotionI speak to dozens of industry associations each year and here’s what I’m hearing: just about everyone had a good 2023. The CEOs of our major banks reported strong earnings, after taking into consideration special assessments and one-time charges. Retailers and restaurants have recovered from the pandemic. Convention traffic in Vegas is back to normal. There are almost as many travelers through the airports as there were before Covid. Businesses in the service industries recorded their 12th consecutive month of growth.Sure, there are struggles. Businesses in the real estate industry are challenged by high housing prices and a 13-year low in home sales. Manufacturing has been in contraction for the past 14 months. Media companies are flailing. Technology firms are struggling to find financing. The cost of capital is slowing down financing for small businesses. However, we live in a giant country. California’s economy is as large as that of the entire United Kingdom. North Carolina’s economy is bigger than Sweden’s. Texas’s is bigger than Canada’s. Not every business is going to be doing well in an economy this size. There will always be those that are struggling, be it because of their location, their industry, or the makeup of their customer and supplier base.There are plenty of things that could knock things off course in 2024. Wars. Oil prices. A terrorist attack. Another pandemic. If you want to find the bad in the economy you can do it. And that’s what all the Republican candidates are doing and fair enough, it’s an election year. It’s also true that Bidenomics may not be the reason behind our strong economy. But saying the US economy is bad just isn’t true no matter who you vote for. More

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    Jamie Dimon thinks Trump was ‘kind of right’ about a lot of things. What? | Robert Reich

    On Wednesday, speaking from the World Economic Forum’s confab in Davos, Switzerland, Jamie Dimon – chair and CEO of JPMorgan Chase, the largest and most profitable bank in the United States, and one of the most influential CEOs in the world – heaped praise on Donald Trump’s policies while president.“Take a step back, be honest,” Dimon said. Trump “was kind of right about Nato, kind of right on immigration. He grew the economy quite well. Tax reform worked. He was right about some of China. He wasn’t wrong about some of these critical issues.”What?Mr Dimon, take a step back, be honest.Kind of right about Nato? Trump wanted the US to withdraw from Nato – and may get his way if he becomes president again. This would open Europe further to Putin’s aggression.Kind of right on immigration? Even the conservative Cato Institute found that Trump reduced legal immigration but not illegal immigration. Trump refused to grant legal status to children of immigrants born in the United States or who grew up in the US. He banned Muslims from the US, and when the Muslim ban was found to be unconstitutional, banned people from Muslim countries. He fueled the flames of nativism by describing poorer nations as “shitholes” and has used terms redolent of Nazism to describe foreigners as “poisoning the blood” of Americans.Grew the economy quite well? In fact, under Trump the economy lost 2.9m jobs. Even before the pandemic, job growth was slower than it has been under Biden. The unemployment rate increased by 1.6 percentage points to 6.3%. The international trade deficit that Trump promised to reduce went up. The US trade deficit in goods and services in 2020 was the highest since 2008 and increased 40.5% from 2016. The number of Americans lacking health insurance rose by 3 million. The federal debt held by the public went up, from $14.4tn to $21.6tn.Tax reform worked? Trump’s tax cut conferred most of its benefits on big corporations and the rich, while enlarging the budget deficit. Giant banks and financial services companies got huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-through companies.If not for the Trump cuts – along with the Bush tax cuts and their extensions – federal revenues would keep pace with federal spending indefinitely, and the ratio of the debt to the national economy would be declining.Instead, these tax cuts have added $10tn to the debt since their enactment and are responsible for 57% of the increase in the debt ratio since 2001, and more than 90% of the increase in the debt ratio if the one-time costs of bills responding to Covid-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100% of the increase.Right about China? As the Brookings Institution found, Trump’s China policy only made China less restrained in pursuit of its ambitions. Confrontation has intensified, areas of cooperation have vanished, and the capacity of both countries to solve problems or manage competing interests has atrophied.Oh, and then there are the pesky matters of Trump’s seeking to overturn the results of the 2020 election, facing 91 criminal indictments, causing the US to be more divided than at any time since the Civil War, lying every time he opens his mouth, and planning to use the justice department for “vengeance” against his political enemies if elected again.Why is Jamie Dimon – the most influential CEO in America – spouting these talking points in favor of Trump?Because he thinks Trump has a good chance of becoming president, and Dimon wants to be in his good graces.skip past newsletter promotionafter newsletter promotionAsked which candidate would be better for his business, Dimon said: “I have to be prepared for both. I will be prepared for both. We will deal with both.”Dimon knows that his support for Nikki Haley irked Trump.“Highly overrated Globalist Jamie Dimon, the CEO of JPMORGAN, is quietly pushing another non-MAGA person, Nikki Haley, for President,” Trump said in a post on Truth Social in late November. “I’ve never been a big Jamie Dimon fan, but had to live with this guy when he came begging to the White House. I guess I don’t have to live with him anymore, and that’s a really good thing.”So now, Dimon – like Republican lawmakers across the US, like too many other leaders of American institutions – feels it necessary to cave into the integrity-crushing intimidation of a Trump administration, and lick Trump’s backside.And when Dimon does this, you can bet many other CEOs and financial leaders will now follow his example.At a time in American history when the most influential leaders of the US need to stand up loudly and clearly for the rule of law, for democracy, for decency, and against Donald Trump, Dimon is leading the charge in the opposite direction.This is how fascism takes root and spreads.
    Robert Reich, a former US secretary of labor, is a professor of public policy at the University of California, Berkeley, and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His newest book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com More

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    Britain’s economy grows by more than expected in hope to avoid recession

    For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emailsSign up to our free breaking news emailsBritain’s economy grew by more than expected in November, boosting hopes that the country can avoid recession in 2024.Gross domestic product (GDP) rose by 0.3 per cent in November, after declining by 0.3 per cent in October, according to the Office for National Statistics (ONS).Economists had been expecting GDP to rise by 0.2 per cent, as the prospect of the country entering a recession at the end of the year hangs in the balance.Chancellor Jeremy Hunt hailed the “welcome news” and insisted that the country was in “a strong position for growth into the future”.But opposition parties and union leaders attacked the “dismal” growth figures, and said talk by Rishi Sunak’s claim the economy had turned a corner had “not survived contact with economic reality”.The uplift to growth was driven by the wide-reaching services sector, which rose by 0.4 per cent during the month, and was the biggest contributor to economic growth. It follows the economy shrinking in October, when manufacturing and construction sectors were hit by poor weather conditions.It means that the UK is teetering on the brink of falling into a technical recession at the end of the year, which can be defined as two consecutive quarters of negative growth.Chancellor Jeremy Hunt described the growth in November as ‘welcome’ The economy declined between July and September, according to revised estimates from the ONS. Therefore, monthly GDP would need to be fractionally below zero in December, 0.02 per cent or more, in order for the economy to have shrunk between October and December as well.The ONS’s chief executive Grant Fitzner said falls across manufacturing industries were “partially offset by increases in public services, which saw less impact from strike action”.He added: “GDP bounced back in the month of November, however, led by services with retail, car leasing and computer games companies all having a buoyant month. The longer-term picture remains one of an economy that has shown little growth over the last year.”Mr Hunt said: “While growth in November is welcome news, it will be slower as we bring inflation back to its 2 per cent target.“But we have seen that advanced economies with lower taxes have grown more rapidly, so our tax cuts for businesses and workers put the UK in a strong position for growth into the future.”Labour shadow chancellor Rachel Reeves said the weak growth showed Mr Sunak’s “legacy of failure”. She added: “He failed to beat Liz Truss, he failed to cut waiting lists, he failed to stop the boats, and now he has failed to grow the economy.”Labour’s Rachel Reeves said the government had failed to grow the economy as promised And the Liberal Democrats’ Treasury spokesperson, Sarah Olney MP said Mr Sunak’s “talk of turning a corner has not survived contact with economic reality”. She added: “”This no growth. The prime minister has no plan and no idea how to get the economy moving again.”The TUC’s general secretary Paul Nowak said the year had begun with “another set of dismal growth figures”, saying Tory economic failures were “starving our crumbling public services of much-needed funding”. The Sunak government now fears the British economy could shrink in the face of ongoing attacks on shipping in the Red Sea.On Thursday night, the US and the UK launched scores of airstrikes against targets linked to the Iran-backed Houthi rebel group in Yemen, which has targeted dozens of international cargo ships in the Red Sea, a major artery of world commerce, since the start of Israel’s war with Hamas in Gaza.The Treasury has modelled scenarios, such as crude oil prices increasing by more than $10 a barrel and a 25 per cent rise in natural gas, amid concerns another energy shock is possible if the disruption to cargo traffic spreads to tanker traffic, according to the BBC.The price of Brent crude, which is the international benchmark for oil prices, shot up by two per cent to $78.94 per barrel on Friday, while the cost of US West Texas crude rose by 2.1 per cent to $73.55. More

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    US adds 216,000 jobs in December as stronger than expected rise caps robust year

    The US workforce added 216,000 jobs last month, more than expected by economists, capping another robust year of growth in the face of higher interest rates.Policymakers, weighing when to start cutting borrowing costs, are closely monitoring the strength of the labor market as they try to guide the world’s largest economy to a so-called “soft landing”, where price growth normalizes and recession is avoided.American employers had been expected by economists to add about 164,000 jobs in December, down from 173,000 the previous month. Recruitment across the public, healthcare, social assistance and construction sectors helped drive growth as 2023 drew to a close.Overall, Friday’s official data showed that 2.7m jobs were added in the US economy over the course of last year – down from 4.8m in 2022.While its growth has slowed, the labor force has defied fears of a downturn after the Federal Reserve launched an aggressive campaign to pull back inflation from its highest levels in a generation. It remained resilient last year in the midst of layoffs and strikes.The headline unemployment rate stood at 3.7% in December, according to data released by the Bureau of Labor Statistics, in line with November.While last month’s jobs growth reading was significantly higher than forecast by economists, the agency revised its estimates for October and November lower. As a result, the US workforce in these two months was some 71,000 jobs smaller than previously reported.As price growth continues to decline, officials at the Fed – which last hiked interest rates in July – are now mulling the future of its battle. Jerome Powell, the central bank’s chairman, said last month that the historic tightening of monetary policy was probably over, and that discussions on cuts in borrowing costs were coming “into view”.The official jobs report is closely scrutinized by Wall Street each month for signs of how the US economy is faring. The S&P 500 started the day slightly higher in New York.Nancy Vanden Houten, lead US economist at Oxford Economics, said: “There is a lot of noise in the data, but we continue to expect that there will be enough evidence of a further loosening in labor market conditions and a decline in inflation more broadly to allow the Fed to begin cutting rates in May.”Growth in private sector employment “continues to slow relentlessly, even after the upside surprise” in December, said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “Behind the headline, the trend in job growth is slowing, with more softening to come.” More

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    Senator John Fetterman vows to block ‘outrageous’ $14.9bn US Steel sale

    The US senator John Fetterman has vowed to block the multibillion-dollar sale of US Steel to the Japanese company Nippon Steel, calling the potential deal “outrageous”.The former mayor of the south-west Pennsylvania town of Braddock, which is home to a major US Steel plant, Fetterman has long advocated for the rights of American steel workers and positioned himself as a pro-union Democrat.In the video posted to X and taken from the roof of his house in Braddock, which overlooks the plant, Fetterman criticized the proposed $14.9bn sale, decrying US Steel for selling itself “to a foreign nation and company”.“Steel is always about security,” Fetterman said. “And I am committed to anything I can do, from using my platform or my position, in order to block this.“I’m going to fight for the steelworkers and their union way of life here as well, too.”The acquisition was announced on Monday and saw US Steel’s stock price jump 25%. The company confirmed the deal in a statement on Tuesday, saying its board unanimously approved the acquisition and calling Nippon Steel “a global leader in steelmaking, innovation and decarbonization”.The United Steelworkers (USW) union, meanwhile, denounced Nippon Steel for agreeing to an acquisition deal without prior approval from the union, Axios reported.David McCall, the president, called the deal “greedy” and a “violation” of a union agreement that requires any buyer of US Steel to agree to a new labor agreement prior to any sale.“Neither US Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires US Steel to notify us of a change in control or business conditions,” McCall told Axios, calling the sale “shortsighted”.A previous buyout offer in August, worth $7.3bn, by rival company Cleveland Cliffs, was rejected by US Steel. That offer did have the support of the USW union, which praised the Ohio-based Cleveland Cliffs as being “in the best position to ensure that US-based manufacturing remains strong in this country”, and noted it didn’t cut jobs during previous acquisitions in 2019 and 2020. More

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    Joe Biden signals he has no interest in signing US-UK trade agreement

    Ministers have given up on signing a trade agreement with the US before the next election, after the Biden administration signalled it had no interest in agreeing one.British officials had been hoping to agree a “foundational trade partnership” before both countries head to the polls in the next 12 months, having already decided not to pursue a full-blown free trade agreement.However, sources briefed on the talks say they are no longer taking place, thanks to reluctance among senior Democrats to open US markets to more foreign-made goods. The story was first revealed by Politico.A British government spokesperson said: “The UK and US are rapidly expanding cooperation on a range of vital economic and trade issues building on the Atlantic declaration announced earlier this year.” Multiple sources, however, confirmed the foundational trade partnership was no longer on the table.Vote Leave campaigners said giving the UK the freedom to sign bilateral trade agreements with other countries would be one of the biggest benefits of Brexit, with a US trade deal often held up as the biggest prize of all.Talks over a free trade agreement stalled early on, however, thanks in part to resistance from Democratic members of Congress and concerns in the UK about opening up UK markets to chlorine-washed chicken and hormone-injected beef.Earlier this year, the Guardian saw documents outlining how Washington and London could instead coordinate over a partnership covering digital trade, labour protections and agriculture. The deal would not have included lower barriers for service companies, meaning it fell short of a fully fledged free trade deal, but could have paved the way for one in the future.skip past newsletter promotionafter newsletter promotionSources say the deal was always likely to prove difficult to finalise, in part because the US still wanted greater access for their agricultural products. The prime minister, Rishi Sunak, said at a food security summit earlier this year that he would not allow either chlorine-washed chicken or hormone-injected beef into the UK.It also became clear in recent weeks that the Biden administration had no interest in signing any kind of a deal before the election, given how Donald Trump had weaponised international trade agreements during his first run for president.A spokesperson for Ron Wyden, the Democratic chair of the Senate finance committee, told Politico: “It is Senator Wyden’s view that the United States and United Kingdom should not make announcements until a deal that benefits Americans is achievable.” More

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    ‘There’s no limit’: one congressman’s solitary crusade to rein in sports betting

    As Las Vegas prepares to host Super Bowl LVIII sports betting is preparing to celebrate its remarkable shift from the illegal fringes of American sports to the heart of its establishment. In Congress, one man is not cheering.Congressman Paul Tonko fears the industry has already gone too far. “There’s no limit to this,” he told the Guardian. “You can’t have this wild west environment.” So far Tonko is a rare voice of dissent in Washington, another arena where the new gambling establishment is gaining ground.The gambling capital of the world is playing host to one of its largest sporting events for the first time in February – less than six years after the supreme court set the stage for sports betting’s surge across much of the United States.The transformation of official attitudes to online gambling has been head-spinning. Barely a dozen years ago, US authorities were still arresting and jailing online gambling executives. Now, in most of America, placing a wager has never been so easy.This now-legal sector’s sprint must be stopped, according to Tonko, who has become its fiercest critic on Capitol Hill. The congressman is calling for a federal crackdown to halt a “public health crisis” from engulfing the country – starting with a nationwide ban on advertising.The crusade has so far been a solitary one. No other member of Congress has yet publicly endorsed his campaign against betting ads, launched nine months ago. But Tonko is not prepared to throw in the towel.Over the course of an hour-long interview, the Democrat of New York let rip at a sector he believes must be reined in, accusing it of “preying on” the vulnerable, targeting ads at recovering addicts and putting “profits over people”.Back in May 2018, when the US supreme court struck down a decades-old law which had prohibited legal sports betting across much of the country, it knew the ruling would be divisive. Supporters of the ruling believed it would prompt a financial boon for states and “critically weaken” illegal platforms, Justice Samuel Alito wrote in the court’s opinion. Opponents feared it would “hook the young on gambling” and corrupt professional and college sports.The sports betting industry loudly highlights potential signs that its supporters were right. The American Gaming Association (AGA), which represents legal gambling companies, estimates they paid $13.5bn in taxes to state and local governments last year.So far the opponents of legalization have tended to speak more quietly. Signs of climbing youth addiction rates are more likely found in treatment clinics and helpline call centers than in political press releases.Tonko is trying to turn up the volume. “I’m very academic about this job,” he said. “And if I see something as a looming crisis… then I should respond.”The congressman was drawn to scrutinize the burgeoning gambling market after hearing “routinely” from younger constituents about a “constant bombardment” of ads. This is a “known addictive product” which, as far as he’s concerned, should be regulated like any other.At 74, Tonko noted that his generation was not “much of a target” for the sector’s marketing blitz. “But high schoolers, young children, college students and, believe it or not, people that were on the list as people in recovery were a targeted list of populations that sportsbooks went after.”With online sportsbooks now live and legal in more than two dozen states, Tonko is alarmed that this liberalization has triggered a sharp increase in compulsive gambling rates. “It’s an issue that needs to be addressed before we are overwhelmed by pain and suffering.”Back in February, on the eve of the last Super Bowl, Tonko proposed the Betting on our Future Act, based on legislation that banned tobacco advertisements in the 1960s. It is designed to “protect the innocent” from the betting commercials that have flooded television, radio and the internet in recent years. “We didn’t outlaw smoking,” he said, “and we’re not outlawing gambling here.”Days later, with 115 million people tuned into the Kansas City Chiefs’ victory over the Philadelphia Eagles, and companies reportedly shelling out up to $7m per ad to reach them, gambling giants dug deep. DraftKings, one of the biggest players in sports betting, recruited a cadre of celebrities to promote its special offer: a “FREE BET” for all customers. “Man, that’s big,” the comedian Kevin Hart said during its advert. Only the small print (displayed in the last seven seconds) explained it was impossible to withdraw winnings from such a “non-cashable” wager.The wider industry continues to spend heavily. The top four operators – FanDuel, DraftKings, BetMGM and Caesars – spent $825.3m on advertising last year alone, according to data from the advertising intelligence groups Vivvix and Pathmatics, and an estimated $417.2m on adverts in the first eight months of this year; more than the same period of 2022.These digital gladiators are still battling to dominate this nascent arena. Their extensive marketing campaigns have made gambling more visible than ever before; their innovations have made it more accessible, too. Regular prompts and opportunities to gamble have made the practice “far more destructive”, argued Tonko, who believes legal operators want “free rein” to do as they please. This is a market with “no parameters”, he claimed, laying out his case for swift action.So far, however, support for his proposal has been muted. Privately, some in Washington question whether advertising restrictions would make more sense than outright ban. The pushback has been blunt.The congressman’s comments “ignore the hard work and commitment of thousands of state and tribal gaming regulators who work every day to safeguard consumers, uphold marketplace integrity, and enforce the law”, Cait DeBaun, the AGA’s vice-president for strategic communications and responsibility, said. “The only ‘Wild West’ out there is the unchecked illegal market enabled by failed federal legislation, which handed bad actors a monopoly for almost three decades.“Offshore sportsbooks pad their pockets by targeting kids, college students and those with gambling problems. Anyone interested in protecting vulnerable Americans should focus their efforts on strengthening and enforcing existing laws to stop illegal gambling.”The industry has made some changes. The AGA’s marketing code, for example, was updated in March to prohibit use of the term “risk free”, and clarify that ads should be “designed to appeal primarily” to people aged 21 and over. Insiders deny this move was prompted by anything in particular. (Asked if it still uses the term “free bet” in ads following the change, DraftKings did not respond.)“As legalized gaming expands, our commitment to responsibility continues to grow and evolve in tandem,” said DeBaun. “The changes to the Code enacted by AGA members demonstrate this commitment by raising standards and introducing increased protections for college-aged audiences who are more vulnerable.”Such action is not enough for Tonko. “Intervening here, I think, is the just and right thing to do,” he said. The congressman is focused “for now” on advertising, but in time believes his colleagues should consider the best ways to both prevent and treat compulsive gambling.Congressional hearings could explore what should be “off limits” for this industry, he suggested. “There will be ripple effects of all sorts that, I hope, will be reviewed, and given intense examination. And if it warrants public policy, let’s do the bills. Let’s do that legislation.”Tonko is not sure the current safety net for problem gamblers is sufficient. “We do a lot to fund efforts to address people with alcohol, tobacco and heroin” issues, he said. When it comes to gambling, “you’ll tell me there’s an 800 number. How strong is it? How functional is it? You don’t treat any mental health disorder, any addiction, [with] a simple telephone number.”Media companies selling ads, gambling operators pursuing customers and states collecting tax revenue “all stand to gain” from sports betting’s rise, Tonko observed. “But at what price?”Toward the end of his interview, the congressman trailed off. “Look, I have a horse track in my district,” he said. “I’m not against gambling.”Tonko visits the Saratoga course, in upstate New York, from time to time. His staffers reckon the congressman most recently placed a bet last summer.But attending a track to wager on which horse finishes first seems quaint in an era when smartphones have enabled myriad bets – from the length of the longest touchdown to the number of passes two players might complete – during a single football game. The congressman believes tougher regulations are needed to reduce the odds of addiction trapping a new generation. More

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    Change is coming. The question is: what kind of change will it be? | Bernie Sanders

    We are living in the most difficult moment in modern history. If you feel anxious and overwhelmed about what’s going on, you’re not alone. The extraordinarily challenges we face are very real, but we can never let them become excuses for checking out of the political struggles that address these crises and will define our future.Our nation and, indeed our planet, are at a critical juncture. It is imperative that we recognize what we are up against, and what we must do to move our politics toward justice and human decency. And we can start by acknowledging that the American people have been through a lot, and that their confidence in politics and in government has been shaken.The Covid pandemic, the worst public health crisis in 100 years, took over a million lives in our country, and millions more became ill. The pandemic created the most painful economic downturn since the Great Depression, disrupted the education of our young people, increased isolation, anxiety and mental illness.The climate crisis is ravaging the planet. The last eight years have been the hottest on record and floods, droughts, forest fires and extreme weather disturbances have brought death and destruction to almost every part of the globe. Scientists tell us that unless there is a major reduction in carbon emissions over the next several decades, the planet will become increasingly uninhabitable.Amid unprecedented income and wealth inequality, with three people owning more wealth than the bottom half of American society, a handful of oligarchs control the economic and political life of our nation for their own greedy ends.With a dysfunctional government, and growing economic anxiety for millions of Americans, 60% of whom live paycheck to paycheck, faith that our flawed democracy can respond to the needs of working families is ebbing, and more and more Americans believe that authoritarianism might be the best way forward.Artificial intelligence is exploding. There are deep concerns not only that this new technology will displace millions of workers but about the real possibility that human beings could actually lose control over the future of society.The US healthcare system is broken beyond repair. Despite spending twice as much per capita as any other country, 85 million are uninsured or underinsured, our life expectancy is declining and we have nowhere enough doctors, nurses, dentists or mental health practitioners.Our educational system is in crisis. Childcare is too often unaffordable and unavailable, many of our public schools are unable to attract the quality teachers they need, and 45 million Americans struggle with student debt. In 1990, the US led the world in the percentage of 25- to 34-year-olds who had college degrees. Today, in a competitive global economy, we are in 15th place.And, oh yes, Donald Trump, who is becoming more rightwing and extremist every day, is leading many of the presidential polls. In a recent speech, using language that echoes Adolf Hitler, Trump stated: “We will root out the communists, Marxists, fascists and the radical left thugs that live like vermin within the confines of our country.” He also had strong praise for Hungary’s authoritarian leader, Viktor Orbán. In an interview, Trump said migrants were “poisoning the blood of our country”, promising in another speech that he would round up undocumented people on a vast scale, detain them in sprawling camps, and deport millions of people per year.Frighteningly, the growth of rightwing extremism is not just growing in the United States.As the Washington Post reports, “far-right parties have taken power in Italy, extended their rule in Hungary, earned a coalition role in Finland, become de facto government partners in Sweden, entered parliament in Greece and made striking gains in regional elections in Austria and Germany”. Within the past few weeks, a far-right candidate was elected president of Argentina and a rightwing extremist party won the most seats in the election in Holland.That’s the bad news. The very bad news. But there’s also good news.The good news is that all across the country workers and their unions are fighting back against corporate greed. We are seeing more union organizing and successful strikes than we have seen in decades. Whether it’s the Teamsters at UPS, the UAW at the big three automakers, the Screen Actors Guild (Sag) at the large media production companies, Starbucks workers, graduate students on college campuses, or nurses and doctors at hospitals, working people are making it clear that they are sick and tired of being ripped off and exploited. They are no longer sitting back and allowing large corporations to make record breaking profits while they fall further and further behind. They will no longer accept CEOs making nearly 350 times more than the average worker.The good news is that more and more Americans are making the connections between the reality of their lives and the corrupt and destructive nature of our uber-capitalist system which prizes greed and profiteering above any other human value.Whether they are Democrats, Republicans or independents, Americans want change – real change.They are disgusted by a political system which allows the wealthiest people in this country, through their Super Pacs, to buy elections. They want structural campaign finance reform based on the principle of one person, one vote.They are outraged by billionaires paying a lower effective tax rate than they do because of massive tax loopholes. They want real tax reform which demands that the wealthy and large corporations start paying their fair share of taxes.They are frightened for the future of this planet when they see oil companies make record-breaking profits as the carbon emissions they produce destroy the planet.They are offended to see ten giant pharmaceutical companies making over $110bn in profits last year, while they cannot afford the outrageous price of prescription drugs they need to stay alive.They are shocked as they see Wall Street investment firms buy up affordable housing, gentrify neighborhoods, while they are unable afford to afford the outrageous rents being charged by their unaccountable Wall Street landlords.They are humiliated by having to stay on the phone for an hour, arguing with an airline company machine about a plane reservation, while the industry makes huge profits.The American people today are angry. They are anxious about their present reality and worried about the future that awaits their kids. They know that the status quo is not working and that, in many respects, the system in breaking down.Change is coming. The question is: what kind of change will it be? Will it be a Trumpian, authoritarian type change that exploits that anger and turns it against minorities and immigrants, blaming them for the crises we are experiencing? Or will it be a change that revitalizes American democracy, unites and empowers working people of all backgrounds and has the courage to take on a corrupt ruling class whose greed is causing irreparable destruction in our country and around the world?There is no question but that the challenges we face today are enormous – economic, political and environmental. There is no easy path forward when we take on the oligarchs and the most powerful entities in the world.But, in the midst of all that, here is the simple truth. If we stand together in our common humanity – Black, white, Latino, Asian American, Native American, gay and straight, people of all religions, there are enormous opportunities in front of us to create a better life for all. We can guarantee healthcare to every man, woman and child as a human right. We can create millions of good paying jobs transforming our energy system. We can create the best educational system in the world. We can use artificial intelligence to shorten our work-week and improve our lives. We can create a society free of bigotry.But here is the other simple truth. None of that happens if we are not prepared to stand up and fight together against the forces that work so hard to divide and conquer us. This is a moment in history that cannot be ignored. This is a struggle that cannot be sat out. The future of the planet is at stake, democracy is at stake, human decency is at stake.Let’s go forward together and win.
    Bernie Sanders is a US senator, and chairman of the Senate health, education, labor and pensions committee. He represents the state of Vermont, and is the longest-serving independent in the history of Congress More