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      Why Wall Street Loves Gridlock in Washington

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      Stocks tend to rally after midterm elections, historical data shows. They perform even better when voters deliver divided government.“Midterm elections are one of the best historic buy signals.”Brendan Mcdermid/ReutersDivided we rise? It’s become a favorite data point among sell-side Wall Street historians: In the year after every midterm election since 1950, the S&P 500 has gone up, regardless of the party in power.“It’s no exaggeration to say that midterm elections are one of the best historic buy signals for equities we have,” Jim Reid, a markets strategist at Deutsche Bank, wrote in a client note this morning.Even better: Stocks tend to outperform when there’s a divided government. According to LPL Financial, since 1950, the S&P 500 has outperformed (on a 52-week basis) whenever voters produce the power scenario of a split or Republican-controlled Congress and a Democratic president. (The benchmark S&P has climbed 17.5 percent in those years versus an overall average annual return of 12.3 percent.) That combination is looking more likely this morning, with the polls suggesting that the Republicans will most likely take control of the House, while the Senate is a tossup.As always, past performance is no indicator for future gains (or losses). Still, it’s worth examining how politics and investor psychology have tended to influence the markets after midterm elections over the past eight decades.There are two central reasons markets rally after the midterms. First, say the LPL markets strategists Barry Gilbert and Jeffrey Buchbinder, “uncertainty associated with the election is behind us, and markets don’t like uncertainty.” More crucially, investors view the midterms as “something of a course correction from presidential elections.” If the opposing party gains ground, it’s more likely businesses and investors will see greater “prospects of a better policy balance ahead, regardless of who is in the Oval Office.”One result: ambitious tax and government spending increases would be off the table, a scenario that could buoy corporate profits, according to Brian Gardner, the chief Washington policy strategist at Stifel, an investment bank and wealth management firm. A potential drawback? It could open the door to a debt-ceiling standoff, higher odds of a government shutdown and partisan paralysis when it comes to trying to get stuff done — i.e., a fiscal spending plan to lift the country out of a looming recession.The way-too-early winners and losers view: The energy and defense sectors would do well, Gardner says. Big Pharma could also benefit, if Republicans succeed in rolling back Medicare’s ability to negotiate on prescription drug prices, a key pillar of the Inflation Reduction Act. A potential loser is Big Tech, which has critics in both parties.HERE’S WHAT’S HAPPENING Donald Trump drops a hint about 2024. The former president stole the spotlight at a rally in Ohio, telling supporters in a speech for J.D. Vance, the Republican Senate candidate, that he would make “a very big announcement on Nov. 15 at Mar-a-Lago.” The comments fueled speculation that he was gearing up for another White House run.FTT, the digital coin tied to the leading crypto exchange FTX, plunges. The token has lost nearly a quarter of its value in the past day. It is also raising fears about more instability in crypto land, causing drops in Bitcoin, Ether and Solana. Alameda Research, the hedge fund operated by the crypto mogul Sam Bankman-Fried, has big holdings in FTT and Solana.The State of the 2022 Midterm ElectionsElection Day is Tuesday, Nov. 8.Final Landscape: As candidates make their closing arguments, Democrats are bracing for potential losses even in traditionally blue corners of the country as Republicans predict a red wave.The Battle for Congress: With so many races on edge, a range of outcomes is still possible. Nate Cohn, The Times’s chief political analyst, breaks down four possible scenarios.Voting Worries: Even as voting goes smoothly, fear and suspicion hang over the process, exposing the toll former President Donald J. Trump’s falsehoods have taken on American democracy.Nvidia starts selling a China-only chip. The U.S. chip-maker is reportedly selling an alternative to a high-end chip banned from sale in China under new American export restrictions. Meanwhile, Apple’s warning that it would not be able to produce enough iPhones for the holiday season because of Covid-19 lockdowns in China highlights how enmeshed the tech giant is there, even as many of its Western peers are shut out.The owners of Liverpool F.C. put the soccer club up for sale. Goldman Sachs and Morgan Stanley have been hired to sell the franchise, one of the most popular worldwide. The club could sell for far more than the $3 billion that Chelsea fetched this year; Forbes values Liverpool at nearly $4.5 billion.Elizabeth Holmes is denied a new trial. A federal judge that the Theranos founder’s arguments for a new one didn’t introduce any new evidence. Holmes is set to be sentenced on Nov. 18 on four counts of criminal fraud.Activists at COP27 in Egypt.Sean Gallup/Getty ImagesMoney matters dominate COP One of the big questions to emerge so far from COP27: Who is paying for efforts to combat global warming, and is it fair? Here’s what’s happening at the gathering in Sharm el Sheikh, Egypt:The Switzerland plan — pay poorer countries to reduce their carbon emissions, then claim credits toward its own carbon footprint — is drawing scrutiny.Egypt may be hosting a conference dedicated to reducing carbon emissions, but it’s eager to sell fossil fuels to Europe to raise money for its debt-ridden economy.Climate activists are protesting Coke’s sponsorship of COP27, pointing to its increasing use of plastics.A new study by Oxfam said that the world’s 125 wealthiest individuals collectively produce 393 million tons in annual carbon emissions — or 3 million tons each on average.Musk, and the power of one Is Elon Musk’s frenetic management style, which is often punctuated by a daily tweet barrage (including a now-deleted one engaging with a quote from a white nationalist), a sign of genius, or an indication that he’s in over his head? Yesterday, the prominent venture capitalist Chris Sacca, an early Twitter investor, spoke on the matter.“One of the biggest risks of wealth/power is no longer having anyone around you who can push back, give candid feedback, suggest alternatives, or just simply let you know you’re wrong,” he wrote.Musk’s management of Twitter has been chaotic. He pushed for a huge round of layoffs, only to ask some of those workers to return. He delayed the rollout of Twitter’s subscription product amid internal pushback. Advertisers have paused their spending. While Musk says Twitter usage is at a record high, others point to potentially troubling data. And just yesterday, he publicly urged independent voters to back Republican candidates in today’s midterm elections.Others are seizing on the moment: The news publisher Axios has promoted its newsletters to potential advertisers as a “well-lit alternative to Twitter,” according to an email to ad buyers obtained by DealBook.Many of his supporters remain in his corner. The investor Ron Baron, an early Tesla investor, told CNBC that the opportunities at Twitter were “gigantic.” Meanwhile, Musk allies in charge at Twitter include his personal lawyer and a crowd nicknamed “Elon’s goons.” Sacca was unimpressed: “I’ve recently watched those around him become increasingly sycophantic and opportunistic.”Sacca sees a corollary in Travis Kalanick, Uber’s co-founder. In 2017, Kalanick resigned from the ride-hailing company after shareholders revolted over a toxic workplace culture. Other tech founders have been similarly humbled: Musk was fired from PayPal in 2000.To be clear, Sacca isn’t calling for Musk to leave Twitter. “I really want this thing to work,” he tweeted. “The only way I see that happening is if anyone around Elon can speak some truth to power and complement his bold and ambitious instincts with desperately needed nuance.”In fashion, green clashes with antitrustFashion brands are under pressure to go green. But an effort by some big houses to collaborate on sustainability initiatives has put them in the cross hairs of antitrust authorities, with European regulators claiming that some attempts may have resembled collusion, write The Times’s Lizzie Paton and Jenny Gross, and DealBook’s Ephrat Livni.The coronavirus pandemic inspired fashion to rethink its practices. During lockdowns, a group of clothing executives and designers spoke on Zoom about limiting waste, and went on to publish ambitious statements in 2020 on making the industry more environmentally friendly. But those declarations set off alarm bells in Brussels: E.U. antitrust regulators raided unnamed fashion houses in May, stating that the targets may have violated rules against price fixing and created a cartel. (People at several of the companies confirmed they had been contacted. The brands declined to comment, and the E.U. has not publicly identified them.)Many sustainability policies would end up raising prices and reducing quantity, said Hill Wellford, a former antitrust official at the Justice Department now at the law firm Vinson & Elkins. “Multiple client consortiums have called me about making agreements for environmental purposes,” he said, “and I have to say to them, ‘Those are dangerous to do.’”The clash between sustainability and competition policy is hot political fodder. “Congress will increasingly use its oversight powers to scrutinize the institutionalized antitrust violations being committed in the name of E.S.G.,” Senator Tom Cotton, Republican of Arkansas, and others wrote in a Nov. 3 letter to 51 major law firms advising clients on environmental practices. With Republicans likely to win back at least one chamber in the midterm elections, conservative lawmakers are gearing up for more of these kinds of fights.“Inside counsel at major companies who really want to be sustainability leaders see antitrust as their biggest hurdle,” Amelia Miazad, an expert in sustainable capitalism and the founder of the Business in Society Institute at Berkeley Law, told The Times. “Companies cannot continue to produce products for consumers in the future unless they’re able to collaborate.”THE SPEED READ DealsThe actor Matthew McConaughey reportedly may join a potential bid by Jeff Bezos and Jay-Z for the N.F.L.’s Washington Commanders. (N.Y. Post)Investment losses at Tiger Global’s flagship hedge fund have grown to nearly 55 percent as the firm’s bets on tech companies and on China suffered. (FT)Foxconn will invest $170 million in the electric truck maker Lordstown Motors. (WSJ)SoftBank’s C.E.O., Masayoshi Son, reportedly plans to put an end to his memorably unusual earnings presentations. (WSJ)PolicyThe Justice Department seized Bitcoin once valued at nearly $3.4 billion from a man who pleaded guilty to stealing from the Silk Road online black-market bazaar. (WSJ)Oil companies have called Britain “fiscally unstable” as its government weighs a windfall tax on the industry. (FT)The Supreme Court’s conservative justices signaled that they were open to further limiting the power of federal regulators like the S.E.C. (NYT)Best of the restJohn Tyson, the C.F.O. of the meat processor Tyson Foods, was arrested after he reportedly became intoxicated and fell asleep in the wrong house. (CNBC)British companies have an “appalling” shortfall of women in executive positions, according to new research. (FT)Inside the messy split — Rolexes and handbags held as hostages and more — of Rome’s soccer legend and his estranged wife. (NYT)John Foley, Peloton’s co-founder and former C.E.O., has found his next act: selling custom rugs directly to consumers. (Insider)Evelyn de Rothschild, who helped unite branches of his family’s banking dynasty and advised the British government and Queen Elizabeth II, has died. He was 91. (Bloomberg)Thanks for reading! We’ll see you tomorrow.We’d like your feedback. Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Midterm elections: the candidates who will make history if they win

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      Midterm elections: the candidates who will make history if they winElections could usher in a younger and more diverse Congress in the House and governor’s mansions across the US American voters will head to the polls on Tuesday to cast ballots in the crucial midterm elections, and a number of candidates will make history if they prevail in their races.In particular, the departure of 46 members from the House of Representatives has created an opening for a new class of young and diverse candidates to seek federal office.Two House candidates, Democrat Maxwell Frost of Florida and Republican Karoline Leavitt of New Hampshire, would become the first Gen Z members of Congress if they win their elections. Leavitt would also set a record as the youngest woman ever elected to Congress if she can defeat Democrat Chris Pappas in their hotly contested race, which is considered a toss-up by the Cook Political Report.In Vermont, Democrat Becca Balint is favored to win her House race, which would make her the first woman and the first openly LGBTQ+ politician to represent the state in Congress. If Balint wins, all 50 US states will have sent at least one woman to Congress, as Vermont became the sole outlier on that metric in 2018.Some House races will even make history regardless of which party’s candidate prevails. In New York’s third congressional district, either Democrat Robert Zimmerman or Republican George Devolder-Santos will become the first openly gay person to represent Long Island in the House.As Republicans look to take back the House, their playbook has relied upon nominating a diverse slate of candidates in battleground districts that will probably determine control of the lower chamber. The strategy builds upon the party’s momentum from 2020, when Republicans flipped 14 House districts where they nominated a woman or a person of color.Overall, Republicans have nominated 67 candidates of color in House races, according to the National Republican Congressional Committee. Those candidates could allow the party to dramatically expand its ranks of members of color, given that just 19 non-white Republicans serve in the House now. With Republicans heavily favored to take back the House, many of those candidates of color could join the new session of Congress in January.Latina Republicans have performed particularly well in primary races, with several of them expected to win their general elections as well. The nominations of candidates like Anna Paulina Luna in Florida’s 13th congressional district and Yesli Vega in Virginia’s seventh district, which is another tossup race, led Vox to declare 2022 to be “the year of the Latina Republican”.“Republicans have an all-star class of candidates who represent the diversity of our country,” Tom Emmer, chair of the NRCC, said late last month. “These candidates are going to win on election day and they will deliver for the American people.”Republicans’ strategy of nominating people of color in some key House races comes even as members of the party continue to make headlines for their racist comments on the campaign trail. For example, Republican senator Tommy Tubberville of Alabama was widely denounced last month after he suggested Democrats support reparations for the descendants of enslaved people because “they think the people that do the crime are owed that”.And while Republicans boast about the diversity of this year’s class of candidates, Democrats’ House caucus remains much more racially diverse. Fifty-eight Black Democrats serve in the House currently, compared to two incumbent Black Republicans. Similarly, House Republicans hope to double their number of Latino members, which now stands at seven, but 33 Latino Democrats currently serve in the lower chamber.Beyond Congress, several gubernatorial candidates are eying the history books. Two Democratic gubernatorial candidates, Maura Healey in Massachusetts and Tina Kotek in Oregon, would become the first openly lesbian women governors in US history if they are successful on Tuesday. Sarah Huckabee Sanders, the former White House press secretary under Donald Trump, will also likely be the first woman to win the Arkansas governorship.Stacey Abrams had hoped to make her mark as the first Black woman to serve as Georgia’s governor, but incumbent Republican Brian Kemp has pulled ahead in the polls. Other candidates like Oklahoma Democrat Madison Horn, who would be the first Native American woman to serve in the US Senate, also face long-shot odds of prevailing on Tuesday.But even if certain historic candidates do not succeed, it appears certain that the halls of Congress and governor’s mansions across America will look a bit different after 8 November.TopicsUS midterm elections 2022US politicsHouse of RepresentativesRaceLGBTQ+ rightsnewsReuse this content More

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      Midterms scenarios: will Republicans take the Senate and the House?

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      Midterms scenarios: will Republicans take the Senate and the House?A handful of general scenarios could play out on Tuesday, each having huge significance for Biden and Donald Trump As Americans go to the polls on Tuesday they are voting in what Joe Biden has framed as a vital test for American democracy in the face of a Republican party fielding candidates who buy into the big lie of a stolen 2020 election.Republicans, meanwhile, have tried to capitalize on widespread economic anxiety in the face of rising inflation as well as stoking culture war themes and fears over crime, often spilling over into racism and intolerance.Why the US midterms matter – from abortion rights to democracyRead moreMillions of voters are casting their ballot as Republicans and Democrats fight for control of Congress, numerous state governorships as well as many local offices and ballot initiatives on issues like abortion.A handful of general scenarios could play out, each having momentous significance for the Biden presidency and the tactics of a resurgent Republican party and its de facto leader Donald Trump.Republicans win the House, Democrats hold the SenateIn a split decision, expect Republicans to thwart Biden’s legislative agenda and launch a flurry of congressional investigations, for example into the botched military withdrawal from Afghanistan and the president’s son Hunter’s business dealings in China and Ukraine. Trump ally Jim Jordan might take the lead.A Republican majority would also doom the House select committee investigating the January 6 attack on the US Capitol. They might even seek revenge by launching a counter-investigation into telecom companies that handed over phone records to the committee or into members of the panel themselves.Policy-wise, Republicans could seek to reverse some major accomplishments of Biden’s first two years, such as climate spending, student loan forgiveness and corporate tax increases.Kevin McCarthy, the House minority leader and current favourite to become House speaker, has told Punchbowl News that Republicans would use a future battle over raising the national debt ceiling as leverage to force cuts in public spending.McCarthy has also warned that the party will not write a “blank cheque” for Ukraine, while Marjorie Taylor Greene, expected to be a prominent figure in the Republican caucus, told a rally in Iowa: “Under Republicans, not another penny will go to Ukraine. Our country comes first.”But a Democratic-controlled Senate would be able to continue rubber-stamping Biden’s nominations for cabinet secretaries and federal judges.Republicans win House and SenateDespite polarisation in Washington, Biden has so far achieved some bipartisan victories on infrastructure, gun safety, health benefits for veterans and manufacturing investments to compete with China. But Republicans would be less likely to allow him further wins as the next presidential election draws closer.Instead, expect a new antagonism between the White House and Congress. A Republican-controlled Senate could slow down or block Biden’s judicial nominees, including if there is an unexpected opening on the supreme court.Conversely, Republican attempts to harden rules on immigration, gun rights or ban transgender women from playing in women’s sports would surely be met by a Biden presidential veto.The Republican policy agenda remains nebulous. Mitch McConnell, the Republican minority leader in the Senate, has resisted publishing a platform, fuelling criticism that the party has a cult of personality around Trump.Former president Barack Obama told a recent rally in Atlanta, Georgia: “These days, right now, just about every Republican politician seems obsessed with two things: owning the libs and getting Donald Trump’s approval.”Rick Scott, chairman of the National Republican Senatorial Committee, did publish a 12-point plan that includes forcing poorer Americans who do not currently pay income tax to do so and reauthorising social security and Medicare every five years instead of allowing the programmes to continue automatically.And Senator Lindsey Graham of South Carolina introduced a bill to create a national ban on abortions at 15 weeks, dividing Republicans and infuriating progressive activists. If far-right members put it to a vote, Senate Democrats would be sure to filibuster it.The White House, meanwhile, would be forced on the defensive against a slew of congressional investigations into Afghanistan, Hunter Biden and other targets.Democrats hold House and SenateThis would be a huge surprise and defy historical trends. Opinion pollsters would be crying into their beer, fearing that their industry is well and truly broken.A Democratic sweep would give Joe Biden a mandate to enact a sweeping agenda that would again invite comparisons with former presidents Franklin Roosevelt and Lyndon Johnson.Biden said last month that, if Democrats win control of Congress, the first bill he sends to Capitol Hill next year would codify Roe v Wade, the 1973 supreme court decision that overturned the constitutional right to abortion. The party could also push for national protections for same-sex marriage and voting rights.The president wants further actions on gun safety including a ban on assault weapons. He could seek to resurrect elements of his Build Back Better agenda, including more climate measures and expanding the social safety net, and make another attempt to tackle racial discrimination in policing.And some Democrats are drafting legislation to prevent Trump from running for president in 2024 due to his instigation of the January 6 insurrection, the New York Times reported, although that would be a long shot.But much would depend on how big – or small – the Democratic majority turns out to be. If it is slender, the conservative Democrats Joe Manchin of West Virginia and Kyrsten Sinema of Arizona could once again call the shots and frustrate the president’s ambitions.TopicsUS newsUS politicsUS midterm elections 2022House of RepresentativesUS CongressDemocratsRepublicansnewsReuse this content More

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      We Don’t Know What Will Happen on Election Day, but We Do Know How We’ll Feel About It

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      Gail Collins: OK, Bret — it’s elections week! Tell me the one outcome you’re most hoping to see and the one you’re most dreading.Bret Stephens: The idea of Herschel Walker being elected a United States senator is the political equivalent of E.L. James, the author of “Fifty Shades of Grey,” being awarded the Nobel Prize for literature: the preposterous elevation of the former equals the total debasement of the latter.On the other hand, and despite my reservations about him, I’m rooting for Lee Zeldin for New York governor. Our state is overtaxed, underpoliced and chronically misgoverned, and I’d like to see it the other way around. And a Republican victory in New York might finally jolt the Democratic Party into getting serious about crime and urban decay.You?Gail: Zeldin is awful. There are New York Republicans you could imagine running the state well, and there are New York Republicans who will inevitably create a mess of political polarization and stalled services. Mr. Z is definitely in that category.Bret: I would be more inclined to agree with you about the overly Trumpy Zeldin — until I consider his opponent, the uninspired, ethically challenged and insipid Kathy Hochul.Gail: In my rooting-for category, I’m going to bring up Senator Maggie Hassan in New Hampshire — just so I can mention her dreadful opponent, Don Bolduc. He’s long been known as an opponent of legal protections for transgender people. Last week, he claimed schools were giving out litter boxes to support kids who identify as cats. Which is, um … not true.Who’s your most-to-be-avoided?Bret: I’m with you on Hassan, a conscientious and bipartisan legislator. Who — I am amazed to say — might lose on Tuesday. As for my most-to-be-avoided? I’d have to go with Arizona’s Blake Masters. He gives me the sense of being the love child of Ayn Rand and Hans Gruber, the Alan Rickman character in “Die Hard.”Gail: I adore it when you get mean about people like ol’ Blake.Bret: Actually, that’s probably unfair to Gruber, who had a twinkle-in-the-eye panache that made his villainy interesting and often funny. Masters is neither interesting nor funny, and his only talent seems to consist in sucking up to rich guys.Gail: You would be referring to Peter Thiel, billionaire co-founder of PayPal and backer of rancid Republicans.Bret: And Donald Trump — assuming he’s actually rich. Let me ask you a different question: Is there any Republican in this whole election cycle you might see yourself supporting?Gail: This goes back to the question I’ve been wrestling with since the world watched that Fetterman-Oz debate.There are plenty of decent Republicans running for Senate, and some who are smarter than their Democratic opponents. And at least one Republican who can out-debate a Democrat who’s recovering from a stroke. But they all share one thing — they’d immediately vote to put their party in power.Bret: They do tend to do that.Gail: And that’s the crucial question this season — which party will be in charge? Right now the partisan rift is so deep you really have to decide which side you want to run the show and let that be your guide.Does that make sense to you?Bret: Yes and no. I powerfully sympathize with the impulse to oppose everyone who belongs to the party of Trump. But the idea of voting for your own side, no matter how lousy the candidate, also explains how Republicans talk themselves into voting for Trump, Walker, Bolduc, Masters and the rest of the evil clown parade. Parties should not be rewarded by voters when they sink to the lowest common denominator.But … predictions! Any upsets you see coming?Gail: When I worry about election results my thoughts almost always turn to Arizona, land of the you-never-can-tell voter. You’ve got Senator Mark Kelly neck-and-neck with Blake Masters. The only positive thing I can think of to say about Masters is that he hasn’t yet expressed any deep concern about litter boxes in public schools.But the most terrifying Arizona race is for governor, where Kari Lake, a former TV anchor and current election denier, appears to be leading Katie Hobbs, the responsible but sorta boring secretary of state. Do not want to imagine the vote-counting crisis there in 2024 if Lake wins.Bret: I’m going to venture that Lake is going to win handily and that Masters will win by a hair.Gail: Aaauuughhh.Bret: Part of my overall prediction that Democrats will wake up on Wednesday morning with a powerful impulse to move to Canada or Belgium to take advantage of their permissive assisted-suicide programs.Gail: And what would your own reaction be, pray tell? I know you theoretically support the Republican Senate agenda, but I’ve noticed you find a lot of the Republican senators kinda … repulsive.Bret: Again, very mixed feelings. Seeing the Republican Party go from bad to worse is depressing and scary. But as long as Joe Biden is president they won’t be able to do much except embarrass themselves.If there’s one saving grace for me here, it’s the faint hope that a Republican majority in at least one house of Congress will pump the brakes on spending. Our gross national debt is $31 trillion and rising. And it’s going to cost more to service as interest rates rise.Gail: I’m touched to hear you express such confidence that the Republicans we’ve seen on the hustings this year are going to be able to come up with a smart plan to completely redo government spending.Bret: Fair point.Gail: My first response to the idea of sane Republican spending policy is sad giggles.But I do feel obliged to offer at least one suggestion. The best way to tackle debt issues is not to cancel Covid relief or stop fixing the nation’s infrastructure. Tax the folks who can afford it, like those pharmaceutical billionaires who’ve done so very well off the pandemic.Bret: Not sure these billionaires could pay off so many trillions in debt, even if we confiscated every penny they have.Gail: It would be a start, and I suspect that even under a very serious new tax plan they’d be left with enough coins in their pockets to allow them to soldier on.But speaking of good/bad government spending plans, what do you think about recent Republican calls to cut back on Social Security and Medicare entitlements?Bret: The devil is in the details. Regarding Social Security, it was designed in the 1930s, when the typical life expectancy was around 60. It’s now around 76. The program is predicted to be insolvent in about 13 years if we do nothing to change it. My basic view is that we should honor our promises to those now benefiting from Social Security, pare back the promises to younger workers and eliminate them completely for those who haven’t yet spent decades paying into them.How about you?Gail: I say leave Social Security alone. It was meant to help protect Americans who reach retirement age, give them a reliable cushion to make their old age comfortable or at least bearable. Can’t do much better than that.The fact that it’s seen as a plan for everybody — not just a program to aid the poor — gives it a special survivability. And on the fairness end, wealthy folk who don’t need it will give a good chunk back when it’s taxed as part of their income.Bret: True, but it’s still going broke.Gail: Of course I’m not crazy enough to say the government can never touch Social Security if its finances get truly shaky. I just want to be sure whoever’s doing the fixing is dedicated to protecting the basic concept.And Medicare — oh gosh, Bret, let’s save Medicare for next week. It can be our postelection calming mechanism.Bret: Gail, I don’t want to get too far ahead of ourselves, but any thoughts on the news that Trump is very likely to declare his candidacy for president later this month?Gail: Now that was the immediate postelection conversation I was yearning to avoid. Of course we knew it was going to happen, but, gee, don’t you think he could have let us have the holidays off?Bret: I know very little about what goes on in Trump’s mind, but I think we can safely say that giving either of us a break isn’t high on his list of priorities.The silver lining here is that if Democrats take the kind of electoral drubbing I suspect they will on Tuesday, it should help concentrate their minds. Time for President Biden to give up on the idea — or fantasy, really — that he’s going to run for re-election and devote his time to saving Ukrainians, Iranians and Taiwanese from tyranny as the centerpiece of his presidential legacy.Gail: I’m with you in the Joe-Don’t-Run camp.Bret: Time also for party strategists to start thinking a whole lot harder about how they lost the working-class vote and how they can recapture it. Time, finally, for Democratic politicians to focus on middle-class fears about crime, education and inflation, not progressive obsessions with social justice and language policing.Who knows? Maybe that’s just the wake-up call we all need if we’re going to keep Trump in Mar-a-Lago.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, Twitter (@NYTopinion) and Instagram. More

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      in Elections

      What’s at Stake in These Elections

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      Midterm elections in the United States are often presented as a referendum on the party in power, and that message appears to be resonating this fall. But voters need to consider the intentions of the party that hopes to regain power, too, and what each vote they cast will mean for the future of this country.Eight Republican senators and 139 Republican representatives sought to overturn the results of the 2020 election on the basis of spurious allegations of voter fraud and other irregularities. Many of them are likely to win re-election, and they may be joined by new members who also have expressed baseless doubts about the integrity of the 2020 election. Their presence in Congress poses a danger to democracy, one that should be on the mind of every voter casting a ballot this Election Day.It will also be the first time that the U.S. electoral machinery will be tested in a national election after two years of lawsuits, conspiracy theories, election “audits” and all manner of interference by believers in Donald Trump’s lies about the 2020 election. That test comes alongside the embrace of violent extremism by a small but growing faction of the Republican Party.The greatest danger to election integrity may, in fact, come from the results of state and local races that will determine who actually conducts the election and counts the votes in 2024. In the weeks that followed the 2020 election, Mr. Trump and his supporters saw their efforts to deny the election results and prove rampant voter fraud thwarted by two things: first, their inability to produce credible evidence that such fraud had occurred and, second, an election infrastructure that was defended by honorable public servants who refused to accept specious claims of wrongdoing.Over the past two years, Republicans in dozens of states have tried to dismantle that infrastructure piece by piece, particularly by filling key positions with Trump sympathizers. As this board wrote in September, “Rather than threatening election officials, they will be the election officials — the poll workers and county commissioners and secretaries of state responsible for overseeing the casting, counting and certifying of votes.” Many of those positions are being contested this week.With Mr. Trump said to be readying his bid to return to the White House, this board urges American voters to consider how important each vote cast on Election Day, at every level of government, will be. Even if the member of Congress in your district has refused to accept Mr. Trump’s lies about this election, there are other races on the ballot in many states for offices — including secretary of state, attorney general and governor — that will play crucial roles in overseeing and certifying the 2024 presidential election.Still, with that election two years away, many voters say they are more concerned with the present threats to their livelihoods than with the equally serious but less visible threat to democracy. A recent New York Times/Siena College poll found that “more than a third of independent voters and a smaller but noteworthy contingent of Democrats said they were open to supporting candidates who reject the legitimacy of the 2020 election, as they assigned greater urgency to their concerns about the economy than to fears about the fate of the country’s political system.”Indeed, voters have good reason to look at the current moment and wonder whether the Biden administration and congressional Democrats are doing enough to meet it. High inflation is making it harder for Americans to afford what they need and want. Overall crime has risen, causing people to fear for their safety. The federal government is struggling to enforce the nation’s immigration laws. Russia’s invasion of Ukraine and America’s increasingly tense relations with China are undermining global peace and prosperity.Republicans have presented these midterm elections as a referendum on Democratic leadership, and that message appears to be resonating.But voters need to consider the intentions of the party that hopes to regain power, too.Republicans have offered few specific plans for addressing issues like inflation, immigration and crime — and even if they win control of Congress, they are unlikely to win enough seats to shift federal policy significantly over the next two years.A Republican-controlled Senate would, however, be able to block President Biden from filling vacancies on the federal bench and on the Supreme Court. It would become more difficult to obtain confirmations for executive branch officials, as well.Republican candidates have also pledged to devote significant time and energy to investigating the Biden administration. “I don’t think Joe Biden and his handlers are exactly eager to sign Republican legislation into law, so our hearings are going to be the most important thing that we can have,” Representative Lauren Boebert of Colorado told a recent rally.In addition to that spectacle, Republicans are threatening to stage another showdown over federal spending.At some point in the next year, the government is expected to hit the limit of its authorized borrowing capacity, or debt ceiling. To meet the commitments Congress already has authorized, it will need to raise that limit. This ought to be a matter of basic housekeeping, because failing to pay the nation’s bills would risk a global financial crisis. But debt ceiling votes have instead become recurring opportunities for extortion.This board has called for Congress to eliminate the debt ceiling, replacing it with a common-sense law that says the government can borrow whatever is necessary to provide for the spending authorized by Congress. There is no public benefit in requiring what amounts to a second vote on spending decisions. But for now, the ceiling endures, and Republicans have made clear that if they win control of Congress, they intend to use it as a bargaining chip with the White House to advance their party’s fiscal goals.One priority on that list is cutting taxes. Republicans already are preparing to move forward with legislation to extend the 2017 tax cuts for individuals, which mostly benefit wealthy households, while eliminating some of the offsetting increases in corporate taxation — a plan that is not easily reconciled with the party’s stated concerns about inflation or the rising federal debt.Republican proposals would also make it more difficult for the Internal Revenue Service to prevent wealthy Americans from cheating on their taxes. Representative Kevin McCarthy, the House minority leader, who is in position to become speaker if Republicans win a majority, has said the “first bill” that would pass under his leadership would reverse an $80 billion funding increase for the I.R.S. Congress approved that funding in August so the I.R.S. can crack down on rampant tax fraud by high-income households.Some senior Republicans have called for repealing another key piece of the August legislation, known as the Inflation Reduction Act: a measure that limits drug costs for seniors on Medicare, including a $35 monthly cap on payments for insulin.Republicans also have floated plans to roll back more firmly established benefits. The Republican Study Committee, a conservative policy working group whose membership includes more than half of the current crop of House Republicans, published a budget plan in June calling for Congress to gradually increase the retirement age for full Social Security benefits to 70 to check the rising cost of the program. The plan also would increase the age of eligibility for Medicare.Democrats could make it more difficult for Republicans to pursue these goals by raising the debt limit or changing the rules in the weeks between the election and the end of the year.Democrats have largely failed to connect with voters’ concerns about inflation and public safety during this campaign season. They have struggled to communicate their tangible achievements, including a big boost in funding for local law enforcement and bipartisan gun safety legislation, a historic federal investment in developing clean and low-cost sources of energy to confront climate change and the cost of living, and a breakthrough measure to bring down the cost of prescription drugs for Medicare recipients.Undoubtedly, there is more work to be done on these and other issues, including the health of the economy and the broken state of immigration policy. Voters need to decide which party they trust to do that work.But the 2022 elections are also an opportunity for every American to do their part in defending the integrity of American elections. The task of safeguarding our democracy does not end with one election, and it requires all of us to play a role. Our nation’s governance depends on it.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, Twitter (@NYTopinion) and Instagram. More

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      in Elections

      Biden Faces One More Inflection Point After a Life of Struggle

      by

      President Biden had hoped to preside over a moment of reconciliation after the turmoil of the Trump years. But the fever of polarizing politics has not broken ahead of Tuesday’s midterm elections.ALBUQUERQUE, N.M. — Before heading into a community center for a campaign rally the other day, President Biden stopped to speak to the overflow crowd that could not squeeze into the small facility.As often happens whenever Mr. Biden finds a microphone and a willing audience, his family made a cameo appearance. This time it was his long-dead grandparents. “Every time I’d walk out of my grandpop’s house, he’d yell, ‘Joey, keep the faith,’” the president recounted. “My grandmother would yell, ‘No, Joey, spread it.’ Go spread the faith.”Mr. Biden has been spreading the faith across the country in recent days, undaunted by the polls and prognosticators forecasting a devastating defeat for his party in Tuesday’s midterm elections. Faith has been Mr. Biden’s calling card in his nearly two years in office — faith in the system in which he has been a fixture for more than half a century, faith that he could repair the fissures of a broken society, faith that he and he alone could beat former President Donald J. Trump if they face off again in 2024.It is not a faith shared by everyone, not even among fellow Democrats, not even among his own advisers and allies, some of whom view the coming days with dread. After turning to Mr. Biden for a sense of normalcy two years ago following the turmoil of Mr. Trump, voters now appear poised to register discontent that he has not delivered it the way they expected, regardless of whether it was realistic in the first place.History has rarely favored first-term presidents in midterm elections and Mr. Biden’s party does not even have to lose in a landslide for him to lose the presidency as he has known it. The turnover of just a handful of House seats and a single Senate seat will severely constrain his options going forward and raise questions about whether he should lead the Democrats into the next election.And so these are frustrating, even perplexing times for Mr. Biden, who according to confidants had expected the fever of polarizing politics to have broken by now and was surprised that it had not. The presidency he envisioned, one where he presided over a moment of reconciliation, is not the presidency he has gotten. He thought that if he could simply govern well, everything would work out, which in hindsight strikes some around him as shockingly naïve if somewhat endearing.Mr. Biden speaking during a campaign event at MiraCosta College in San Diego for Representative Mike Levin, Democrat of California. Mr. Levin is running for re-election.Tom Brenner for The New York Times“In the old days, when I was a United States senator, we’d argue like hell with one another, disagree fundamentally, and go down to the Senate dining room and have lunch together,” Mr. Biden reflected to an audience in San Diego last week. “Because we disagreed on the issues, but we agreed on the notion that the institutions matter.”“Well, the institutions are under full-blown attack,” he added. “I’m already being told, if they win back the House and Senate, they’re going to impeach me. I don’t know what the hell they’ll impeach me for.”Like other presidents in stressful moments, he has turned to Abraham Lincoln for inspiration. As he traveled in recent days, he brought with him “And There Was Light,” the new biography of the 16th president by Jon Meacham, the historian who has become a friend and outside adviser to Mr. Biden.The State of the 2022 Midterm ElectionsElection Day is Tuesday, Nov. 8.House Democrats: Several moderates elected in 2018 in conservative-leaning districts are at risk of being swept out. That could cost the Democrats their House majority.A Key Constituency: A caricature of the suburban female voter looms large in American politics. But in battleground regions, many voters don’t fit the stereotype.Crime: In the final stretch of the campaigns, politicians are vowing to crack down on crime. But the offices they are running for generally have little power to make a difference.Abortion: The fall of Roe v. Wade seemed to offer Democrats a way of energizing voters and holding ground. Now, many worry that focusing on abortion won’t be enough to carry them to victory.“One possible lesson for President Biden, who’s engaged in a profound battle to preserve the Constitution and the rule of law, is that moral commitment matters and can prevail, no matter how difficult the struggle,” Mr. Meacham said. “There will be bad days and good days. The key thing is to remember why you’re fighting for what you’re fighting for.”The bad days often seem to outnumber the good days in this challenging autumn, although Mr. Biden, the self-described “wacko Irishman,” would hardly put it that way. “I’m optimistic,” he says regularly, even while outlining all the ways his optimism is taking a beating lately.He does not indulge often in introspection, nor subject himself to much cross-examination about where he believes he has gone wrong, if in fact he does. He avoids interviews with major networks and newspapers, preferring friendlier questioners like the podcaster who told him mid-interview recently that “you’re the coolest guy in the world.”As he approaches his 80th birthday this month, Mr. Biden’s life is less in his control than it has been in years. He starts his day at 8 a.m. with exercises, then heads to the Oval Office, returning to the residence around 7 p.m. for dinner with Jill Biden. Since she teaches in the morning, she goes to bed earlier, around 9:30 p.m., while he tells people that he stays up with his thick briefing book until around 11 p.m. He does not read much for pleasure, and when he watches television, it is mainly the news or sports.He elliptically acknowledges the effects of age. During a conversation with the actors Jason Bateman, Sean Hayes and Will Arnett for their podcast “SmartLess,” Mr. Biden said he cannot skip workouts without penalty. “The thing I learned, the difference in age, if I let it go for a week, I feel it,” he said. “I used to be able to go for a week and nothing would change.”Perhaps sharing more than his wife might prefer, the president confided that Mrs. Biden insists he combat the effects of age in other ways. “She gets very upset if I have not fully shaven, all this excessive amount of hair I have,” he said. “You know what I mean?”His family remains an inseparable element of his life and his politics. Barely a speech on the trail goes by that he does not mention his son Beau, who died of brain cancer in 2015. His dad and mom are quoted with great regularity. He makes a point of texting or calling each of his seven grandchildren every day.And so those around him know the most important voice in his ear as he contemplates what comes next is Jill Biden. While aides make tentative plans for a re-election campaign in case he opts for one, the president has not had extensive conversations about it with some of his closest aides. He insists to them, though, that Mrs. Biden is all-in if he wants to run, a self-justifying contention some view with skepticism.In that sense, the return to the campaign trail this fall after a largely shelter-in-place Covid-19 campaign in 2020 has served as something of a test run of what a 2024 bid might look like.He is not a rip-roaring speaker nor does he have the celebrity factor that electrifies a crowd beyond the trappings of the office. His crowds have been enthusiastic but nowhere near as large as his recent predecessors drew at similar points.At an event in Hallandale Beach, Fla., one of his warm-up speakers had to goad the audience into showing a little more spirit. “Come on, people, let’s wake up!” exhorted Representative Debbie Wasserman Schultz, Democrat of Florida. “We got the president of the United States in the house. Come on, now! I know you got a little more energy than I hear.”At a rally in Miami Gardens later that day, he was an hour late and the crowd, which had been there for hours to get through security, had faded by the time he was halfway through his speech, some even slipping out before he was finished.Mr. Biden has adjusted his style lately, abandoning the lectern for a hand-held mic that lets him better project his voice, which is softening with age, and allows him to wander the stage, hand in pocket. But his speeches are peppered with familiar Biden-isms like “I’m serious” and “look folks” and “I really mean it.”Mr. Biden seems to think he comes across as funnier than he does. “Not a joke!” he says again and again, four, eight, 10 times in a single speech. In San Diego last week, he told one audience that his remarks were “not a joke” a full 17 times — and threw in “I’m not joking” four more times. (A Biden speech is like a drinking game for political nerds — “Not a joke!” Drink!)Indeed, Mr. Biden has always connected with audiences not through humor so much as humanity. His speeches are animated by stories of pain — his young wife and daughter killed in a car accident, his own near-death experience with two brain aneurysms, his son Beau’s death. He still summons the name of the nurse who took care of him in the hospital more than three decades ago.“People understand that I understand loss and I think it’s so important that people understand that from that loss — the pain never goes away but you can do incredible things,” he said last week. “The person you lost never leaves your heart. I don’t know how many times I ask myself what would Beau do?”Even now, his childhood struggles with stuttering define him. To this day, he divides his speech texts with hash marks, a technique he learned to make public speaking earlier. And the insecurities that come from it are never far from the surface. He brought it up last week seemingly at random.“I used to ta- ta- ta- talk — talk like that wh- wh- wh- when I w- wa- was a kid,” he told one audience. “It’s awful hard to ask the girl, ‘Will you go to the p- pr- pr- prom with me?’ And it sounds funny, but guess what? It makes you feel like an idiot.”Anticipating the next few days, Mr. Biden refuses to concede defeat. He was encouraged by the energy of Saturday night’s rally in Pennsylvania with former President Barack Obama and Lt. Gov. John Fetterman, the Senate candidate, as well as positive indicators from Arizona and New Hampshire.His mood, aides said, is one of fighting through the tape. “He’s spent the last weeks pushing us — what else can he do?” said Anita Dunn, his senior adviser.But if he takes a licking on Tuesday, aides said, he will own it and move ahead. In a life of falling and getting back up, it would be one more stumble, not the end. On that at least, he has faith. More

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      in US Politics

      National security adviser visits Kyiv as US announces $400m in aid to Ukraine – as it happened

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      National security adviser Jake Sullivan visited Kyiv on Friday to “underscore the United States’ steadfast support to Ukraine” while announcing a $400 mn infusion in new weapons, including tanks and drones, the White House announced.“National Security Adviser Jake Sullivan met with Ukrainian president Volodymyr Zelenskyy, head of the office of the president Andriy Yermak, Minister of Defense Reznikov, and others in Kyiv today to underscore the United States’ steadfast support to Ukraine and its people as they defend their sovereignty and territorial integrity,” national security council spokesperson Adrienne Watson said in a statement.“To that end, Mr Sullivan announced an additional $400m security assistance package, which includes refurbished T-72 tanks, unmanned aerial vehicles, and the refurbishment of 250 HAWK surface to air missiles for eventual transfer to Ukraine. He also affirmed the continued provision of economic and humanitarian assistance, as well as ongoing efforts with partners to hold Russia accountable for its aggression.” Opinion polls, extremist trials and finger pointing were all in the news on the last Friday before Tuesday’s midterm election, in which Democrats are fighting to maintain their majorities in the House and Senate for another two years. Meanwhile, one of Donald Trump’s top fundraisers was acquitted of obstruction and false statement charges by a jury, while the former president appeared to blow a deadline to answer a subpoena from the January 6 committee.Here’s a rundown of what happened today:
      Elon Musk made good on plans to enact major layoffs at Twitter, the extent of which are still not clear.
      The latest government employment data was surprisingly good in October, despite the economy’s ongoing struggles with high inflation.
      A majority of Americans fear political violence, though are divided on which party is responsible, according to a poll.
      House Republicans plan to press for answers about the business dealings of Hunter Biden as soon as the midterm elections are over.
      National security adviser Jake Sullivan paid a visit to Ukraine, and announced another $400 mn in weapons to fend off Russia’s invasion.
      Georgia poll shows Warnock vs Walker is tiedPolls are polls, of course: i.e. they can be unreliable. But another suvey on Georgia’s intense senate battle between scandal-prone Republican ex-football player Herschel Walker and Democrat incumbent Raphael Warnock shows the race is likely a nail-biter.To many observers that might be a surprise, given Walker’s litany of bad press, especially allegations that he has paid for abortions. But in the 2022 midterms it seems that very little can be taken for granted.The Hill has more: Sen. Raphael Warnock (D-Ga.) and his Republican rival, Herschel Walker, are heading into Election Day deadlocked, according to a new Marist College poll. The poll, released Friday, shows the two candidates tied at 48 percent each among voters who say they will “definitely” vote in the 2022 midterm elections. With a margin of error of 4.2 percentage points, the race could swing either way come Election Day.Warnock performs slightly better among registered voters overall, taking 49 percent support to Walker’s 45 percent. He also has the edge among independents; 48 percent of those voters are backing Warnock, while 36 percent are supporting Walker. And there are also signs that some GOP voters could cross party lines to cast their ballots for Warnock. Eight percent of Republicans say they are supporting the Democratic incumbent, while only 1 percent of Democrats are behind Walker, the Marist poll found. Notably, neither candidate is breaching the 50 percent threshold needed to win the election outrightSupreme court to hear Navajo Nation water caseThe US Supreme Court has said says it will hear a water dispute involving the American government and the Navajo Nation.AP has the details: The high court said Friday it would review a lower court ruling in favor of the Navajo Nation, which spans parts of Arizona, Utah and New Mexico. The government signed treaties with the Navajo Nation in 1849 and 1868 that established the reservation. It was later expanded westward to the Colorado River, which forms the reservation’s western boundary. At issue in the case is water from the Colorado River, which itself is shrinking in part because of overuse and drought.The case dates back to 2003, when the tribe sued, alleging that the federal government in its Colorado River projects had failed to consider or protect water rights of the tribe. Most recently, a trial court dismissed the case but a federal appeals court allowed it to proceed. The federal government is challenging that result.The case of David DePape, who is accused of attacking Nancy Pelosi’s husband Paul Pelosi last week, is beginning its journey through the court system, and the Associated Press reports the judge presiding over the opening proceedings disclosed a connection to the Pelosi family.Loretta “Lori” Giorgi, a superior court judge in San Francisco, said in a hearing today that she worked with Christine Pelosi in the San Francisco city attorney’s office in the 1990s. Christine is one of Nancy Pelosi’s five adult children, the AP said. While there was no immediate effect on the trial, the disclosure could lead to either the defense or prosecution moving to have another judge take the case.Here’s more from the AP:.css-knbk2a{height:1em;width:1.5em;margin-right:3px;vertical-align:baseline;fill:#C70000;}In court filings released earlier this week, officials said DePape broke into the home, carrying zip ties, tape and a rope in a backpack. He woke up Paul Pelosi and demanded to talk to “Nancy,” who was out of town. Two officers who raced to the home after Paul Pelosi’s 911 call witnessed DePape hit him in the head with the hammer.
      No one objected during Friday’s hearing to Giorgi’s ties to the Pelosi family but either side could in the future and San Francisco District Attorney Brooke Jenkins said the case might be heard by another judge regardless. The public defender’s office did not immediately have a comment.
      “I do want to make a disclosure on the record that the daughter of Mr. Pelosi, Christine Pelosi, and I were in the city attorney’s office together in the 90s,” Giorgi told the court. “And I have disclosed to counsel the interactions that I had when she and I were together. I haven’t seen or heard or talked to Ms. Pelosi after she left the office. I do see her here today.”
      Giorgi worked in the city attorney’s office from 1985 to 2006, when she was appointed to the bench. She rose to the rank of deputy city attorney and was the office’s public integrity chief.
      Christine Pelosi attended Friday’s hearing but seemed to leave through a back door in order to avoid media waiting in the hallway. She entered the courtroom right before the proceeding started and sat in the front row away from reporters.National security adviser Jake Sullivan visited Kyiv on Friday to “underscore the United States’ steadfast support to Ukraine” while announcing a $400 mn infusion in new weapons, including tanks and drones, the White House announced.“National Security Adviser Jake Sullivan met with Ukrainian president Volodymyr Zelenskyy, head of the office of the president Andriy Yermak, Minister of Defense Reznikov, and others in Kyiv today to underscore the United States’ steadfast support to Ukraine and its people as they defend their sovereignty and territorial integrity,” national security council spokesperson Adrienne Watson said in a statement.“To that end, Mr Sullivan announced an additional $400m security assistance package, which includes refurbished T-72 tanks, unmanned aerial vehicles, and the refurbishment of 250 HAWK surface to air missiles for eventual transfer to Ukraine. He also affirmed the continued provision of economic and humanitarian assistance, as well as ongoing efforts with partners to hold Russia accountable for its aggression.” Oath Keepers founder Stewart Rhodes took the witness stand today in his seditious conspiracy trial, telling jurors he is a patriotic American as he tries to counter allegations that his far-right extremist group planned an armed rebellion to stop the transfer of presidential power, the Associated Press reports.Rhodes began his testimony after prosecutors spent weeks laying out evidence they say proves Rhodes was behind a violent far right plot to keep Democrat Joe Biden out of the White House and Republican Donald Trump in in 2021.Rhodes’ decision to testify carries risks for him, opening the way for intense cross-examination from prosecutors, who will get a chance to question him after the trial resumes next week. Rhodes has yet to get into the details of January 6, when his followers pushed through a mob of Trump supporters to storm the Capitol in military-style stack formation.Rhodes, wearing a dark suit and tie, faced jurors as he described his military experience and decision to start the Oath Keepers in 2009. Rhodes, whose stint as an Army paratrooper was cut short by a training accident, said he considers himself a patriotic person.Rhodes portrayed the Oath Keepers as peaceful and disciplined despite a mountain of evidence showing him rallying his band of extremists to prepare for violence and discussing the prospect of a “bloody” civil war ahead of January 6. Asked whether he believed the 2020 election was stolen from Trump, Rhodes falsely described Biden’s victory as “unconstitutional” and “invalid.”“You really can’t have a winner of an unconstitutional election,” Rhodes said.Rhodes’ trial is the biggest test so far for the Justice Department’s efforts to hold accountable those responsible for the attack on the Capitol, a violent assault that challenged the foundations of American democracy.Rhodes, of Granbury, Texas, and his co-defendants are the first people arrested in the January 6 attack to stand trial on the charge of seditious conspiracy. The Civil War-era charge, which carries a sentence of up to 20 years behind bars upon conviction, is rarely brought and can be hard to prove.Five days – that’s all we’ve got. That’s not a version of a David Bowie song, that was the message from US vice president Kamala Harris last night at a historic event to get out the vote for Democrats in New York.“Everything is on the line,” Harris said, warning repeatedly that with five days to go until the midterm elections on Tuesday, the stakes are high but there’s still enough time to make a difference.Five was also an interesting number from the point of view of the women leading the event, held at Barnard College, the private woman’s liberal arts college in uptown Manhattan that’s also part of the Columbia University family.As Harris told the audience herself: “You’ve witnessed a lot of history on this stage this afternoon…a whole lot of firsts…yes, we may be the first, but we are committed to not being the last.”The five firsts were the vice president herself, the first woman in that role.Our Vice President.Black women lead. pic.twitter.com/NO2F9fv12y— Tish James (@TishJames) November 3, 2022
      She was headlining the event to get out the vote for New York state governor Kathy Hochul, the first woman in that role.Proud to be fighting alongside strong women like @KamalaHarris and @HillaryClinton.Let’s secure a stronger future for women and girls everywhere at the ballot box — vote by November 8! pic.twitter.com/JDWyddrb9r— Kathy Hochul (@KathyHochul) November 3, 2022
      Other headliners were Hillary Clinton, the first woman to lead her party’s nomination for president, when she got close to winning the White House in 2016 but, catastrophically for Democrats, was beaten by Donald Trump.New York: Have you voted for @KathyHochul yet? https://t.co/tTgeqy51PU https://t.co/fql5hsJAKN— Hillary Clinton (@HillaryClinton) November 4, 2022
      And Letitia James, who’s the first woman in New York to be elected as attorney general, the first Black woman to be elected to statewide office in New York, and the first African American to serve as attorney general.If you need a great job done, then give it to a woman.I’ve done my job since you placed your trust in me, and so has @KathyHochul. We’re running for re-election to finish the work. Now it’s your turn. Go vote! pic.twitter.com/QXuWXpYxrq— Tish James (@TishJames) November 3, 2022
      Finally, the warm-up for the event was led by veteran New York congresswoman Nydia Velazquez, the first Puerto Rican woman to serve in the US Congress.A week after the attack on her husband, Democratic House speaker Nancy Pelosi has struck an optimistic note about the party’s chances of hanging on to the House in the upcoming midterms, Punchbowl News reports.“I believe that this race is very winnable. As I’ve said to you before, in the month of October, I was probably in 21 states, some of them more than once, twice, some of them three times. I’ve seen the enthusiasm, I’ve seen the determination, I’ve seen the courage of our candidates, the dedication of our grassroots,” Pelosi told supporters in a private event of which Punchbowl obtained a recording.“The Republicans have put in tons of money against our candidates and cut our lead in some cases, but they have not taken this. These are races, in many cases, too close to call, in margin of error. But in every case, winnable because of the grassroots. And so I think that what we are doing is not only to win an election, but to strengthen our democracy.”Democrats currently have a slim majority in Congress’s upper chamber, and would defy both historical trends and numerous polls if the manage to keep it. The party holding the White House tends to lose seats in their first midterm, while Republicans have the lead in enough race to regain a majority, according to poll aggregator FiveThirtyEight.Pelosi also spoke about her husband Paul Pelosi’s recovery from Friday’s attack by a hammer wielding assailant who said he was looking for the speaker.“It’s going to be a long haul, but he will be well, and it’s just so tragic how it happened. But nonetheless, we have to be optimistic. He’s surrounded by family. So that’s a wonderful thing,” she said.The swing district most prone to swinging in all of the United States is located on Virginia’s coast, where Democratic House representative Elaine Luria is fighting for another term in office.A former Navy commander who was part of the January 6 committee, Luria’s closing argument to voters is that she and other Democrats need to be re-elected if America’s democracy is to survive. Considering polls showing voters are this year most motivated by concerns over inflation, crime and abortion, it’s a risky strategy.The Associated Press joined Luria on the campaign trail, and had this to say:.css-knbk2a{height:1em;width:1.5em;margin-right:3px;vertical-align:baseline;fill:#C70000;}The Virginia Democrat, quoting the late Rep. Elijah Cummings, pointed toward the girl and said: “Our children are a window into the future that we will never see.” That future, Luria argued, will look much bleaker if her Republican challenger wins one of the most contested House races in the country.
      In her first two congressional races, Luria, a former Navy commander, would more likely have been seen in settings with a military backdrop or theme. But this time she is in Suffolk, a new part of her district and one that has a Black population of 40% whose votes could well determine if she gets a third term.
      “If Luria is going to have a chance at winning, she absolutely needs to win over Black voters,” said Rebecca Bromley-Trujillo, research director at the Wason Center at Christopher Newport University. “Even in our polling, we see that Black voters are more likely to say they’re undecided than white voters, and that suggests that there’s some vulnerability there for Luria and a need to reach out.”Poll master Dave Wasserman of the Cook Political Report believes her re-election would be a sign that Tuesday may not be so bad of a night for Democrats:Here’s my rough thinking early on Election Night:- If #VA02 Luria (D) holds on, better night for Dems than expected- If #IN01 Mrvan (D) or #VA07 Spanberger (D) lose, Rs likely winning 20+ seats- If #NH02 Kuster (D) or #VA10 Wexton (D) lose, Rs likely winning 30+ seats https://t.co/XNIp07Sj0y— Dave Wasserman (@Redistrict) November 4, 2022
      A prime example of the tensions among Democrats over their message on the economy is the child tax credit.Expanded last year as part of Joe Biden’s marquee American Rescue Plan spending bill to help the economy recover from the pandemic, the program lowered child poverty by sending monthly payments to many families. It expired at the end of 2021 after Democrats failed to agree on extending it, and HuffPost reports that the party is basically avoiding the subject on the campaign trail.Here’s more from their report:.css-knbk2a{height:1em;width:1.5em;margin-right:3px;vertical-align:baseline;fill:#C70000;}When it comes to economic policy, Democrats have been more likely to talk about the original Social Security ― the beloved retirement benefit for seniors ― than the monthly benefit parents received last year through the expanded child tax credit.
      Democratic campaign ads have highlighted the party’s support for reducing costs for the middle class, and any mention of “middle class tax cuts” could semi-plausibly be a reference to the child tax credit, since the monthly payments the IRS sent out last year technically were, in fact, tax credits.
      But out of hundreds of campaign ads this cycle, few mention the child tax credit by name. According to a new analysis of campaign ads published Thursday by the Wesleyan Media Project, just 0.2% of federal campaign ads in the general election have mentioned the child tax credit.
      Iowa Republican Sen. Chuck Grassley hit his Democratic challenger, Mike Franken, for opposing the child tax credit because he favored repealing the 2017 Republican tax cuts, which expanded the credit before Democrats built on that expansion last year.
      Another ad, from a super PAC boosting Evan McMullin, the independent challenging incumbent Sen. Mike Lee (R-Utah), calls out Lee for having opposed the Democratic child tax credit last year.
      Neither of those got into any specifics about the child tax credit. From July through December, most parents in the U.S. received as much as $300 per child each month, a taste of the kind of child benefit that other developed countries have long provided. As a result of the payments, child poverty fell to nearly half its rate before the cash payments began.
      But reducing child poverty, apparently, does not make great campaign fodder. The payments were modestly popular, but much less so than empowering Medicare to negotiate cheaper prescription drugs ― another, more recent Democratic policy achievement that has been the centerpiece of plenty of campaign ads.The election isn’t even over, but something of a blame game has begun among Democrats over which tactics the party should have chosen in their quest to defy history and maintain their tiny majorities in Congress. In an interview with The Guardian’s Erum Salam, Bernie Sanders – an independent senator who caucuses with Democrats – weighs in on how the party could have better defended their record on the inflation-wracked economy:Bernie Sanders has criticized Democrats for not doing enough to motivate voters around the economic issues that have an impact on everyday life, as he warned next week’s midterm elections are the most “consequential” in modern American history.In an interview with the Guardian in Texas, the leftwing Vermont senator said: “Obviously, everybody should be turning out for what is the most consequential midterm election in the modern history of this country. Democracy is on the ballot. Women’s right to control their own bodies is on the ballot. Climate change is on the ballot, so everybody should come out.”But Sanders said he worried “very much that Democrats have not done a good enough job of reaching out to young people and working-class people and motivating them to come out and vote in this election”.‘They haven’t tried’: Bernie Sanders on Democrats’ economic messagingRead moreTom Barrack, a onetime private equity executive and fundraiser for former US president Donald Trump, was found not guilty by a jury on Friday of unlawfully acting as an agent of the United Arab Emirates, dealing a setback to the US Justice Department, Reuters writes. Barrack was also acquitted of obstruction of justice and making false statements to FBI agents in 2019 about his interactions with Emirati officials and their representatives.The verdict followed a six-week trial in federal court in Brooklyn. Barrack, who was prosecuted by the US attorney’s office in Brooklyn, had faced a total of nine criminal counts.More when we get it. More

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      in Elections

      Why Aren’t the Democrats Trouncing the Republicans?

      by

      My big takeaway from this election season would be this: We’re about where we were. We entered this election season with a nearly evenly divided House and Senate in which the Democrats had a slight advantage. We’ll probably leave it with a nearly evenly divided House and Senate in which the Republicans have a slight advantage. But we’re about where we were.Nothing the parties or candidates have done has really changed this underlying balance. The Republicans nominated a pathetically incompetent Senate candidate, Herschel Walker, in Georgia, but polls show that race is basically tied. The Democrats nominated a guy in Pennsylvania, John Fetterman, who suffered a stroke and has trouble communicating, but polls show that that Senate race is basically tied.After all the campaigning and the money and the shouting, the electoral balance is still on a razor’s edge. What accounts for this? It’s the underlying structure of society. Americans are sorting themselves out by education into two roughly equal camps. As people without a college degree have flocked to the G.O.P., people with one have flocked to the Democrats.“Education polarization is not merely an American phenomenon,” Eric Levitz writes in New York Magazine, “it is a defining feature of contemporary politics in nearly every Western democracy.”Over the past few years, the Democrats have made heroic efforts to win back working-class voters and white as well as Black and Hispanic voters who have drifted rightward. Joe Biden’s domestic agenda is largely about this: infrastructure jobs, expanded child tax credit, raising taxes on corporations. This year the Democrats nominated candidates designed to appeal to working-class voters, like the sweatshirt-wearing Fetterman in Pennsylvania and Tim Ryan in Ohio.It doesn’t seem to be working. As Ruy Teixeira, Karlyn Bowman and Nate Moore noted in a survey of polling data for the American Enterprise Institute last month, “The gap between non-college and college whites continues to grow.” Democrats have reason to worry about losing working-class Hispanic voters in places like Nevada. “If Democrats can’t win in Nevada,” one Democratic pollster told Politico, “we can complain about the white working class all you want, but we’re really confronting a much broader working-class problem.” Even Black voters without a college degree seem to be shifting away from the Democrats, to some degree.Forests have been sacrificed so that Democratic strategists can write reports on why they are losing the working class. Some believe racial resentment is driving the white working class away. Some believe Democrats spend too much time on progressive cultural issues and need to focus more on bread-and-butter economics.I’d say these analyses don’t begin to address the scale of the problem. America has riven itself into two different cultures. It’s very hard for the party based in one culture to reach out and win voters in the other culture — or even to understand what people in the other culture are thinking.As I’ve shuttled between red and blue America over decades of reporting on American politics, I’ve seen social, cultural, moral and ideological rifts widen from cracks to chasms.Politics has become a religion for a lot of people. Americans with a college education and Americans without a college education no longer just have different ideas about, say, the role of government, they have created rival ways of life. Americans with a college education and Americans without a college education have different relationships to patriotism and faith, they dress differently, enjoy different foods and have different ideas about corporal punishment, gender and, of course, race.You can’t isolate the differences between the classes down to one factor or another. It’s everything.But even that is not the real problem. America has always had vast cultural differences. Back in 2001, I wrote a long piece for The Atlantic comparing the deeply blue area of Montgomery County, Md., with the red area of Franklin County in south-central Pennsylvania.I noted the vast socio-economic and cultural differences that were evident, even back then. But in my interviews, I found there was a difference without a ton of animosity.For example, Ted Hale was a Presbyterian minister there. “There’s nowhere near as much resentment as you would expect,” he told me. “People have come to understand that they will struggle financially. It’s part of their identity. But the economy is not their god. That’s the thing some others don’t understand. People value a sense of community far more than they do their portfolio.”Back in those days I didn’t find a lot of class-war consciousness in my trips through red America. I compared the country to a high school cafeteria. Jocks over here, nerds over there, punks somewhere else. Live and let live.Now people don’t just see difference, they see menace. People have put up barricades and perceive the other class as a threat to what is beautiful, true and good. I don’t completely understand why this animosity has risen over the past couple of decades, but it makes it very hard to shift the ever more entrenched socio-economic-cultural-political coalitions.Historians used to believe that while European societies were burdened by ferocious class antagonisms, Americans had relatively little class consciousness. That has changed.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, Twitter (@NYTopinion) and Instagram. More