Presidential Election of 2024

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      The big themes in 2024: elections, antitrust and shadow banking.

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      From elections and A.I. to antitrust and shadow banking, here are the big themes that could define the worlds of business and policy.What we’re watching in 2024 Andrew here. As we look ahead to the new year, the DealBook team has identified about a dozen themes that are likely to become running narratives that could define the business and policy ecosystem for the next 12 months.Of course, the presidential election, perhaps one of the most polarizing in history, is going to infect every part of the business world. Watch out for which C.E.O.s and other financiers back candidates — and, importantly, which ones go silent — and how companies deal with outspoken employees. Also: Look for some wealthy executives to avoid giving directly to candidates but instead donate to PACs as a shield, of sorts, from public scrutiny.Another story line that will probably remain part of the water cooler — er, Slack and X — conversation in business is the backlash against environmental, social and corporate governance principles, or E.S.G. This fight has manifested itself into a political battle and increasingly found its way in the past year into a debate about free speech on campuses (another theme that isn’t going away).Here’s a bit more detail on what we’re looking out for this year.The U.S. presidential election. The race seems set to come down to a rerun of 2020, with Donald Trump leading opinion polls to be the Republican candidate despite his mounting legal battles. The big question is how business leaders will respond. Will they coalesce around (and direct their money to) an anyone-but-Trump candidate? Nikki Haley, the former governor of South Carolina, is leading that race, but she has a long way to go to catch up to Trump. President Biden, who has made a series of consequential decisions on the economy, hopes voters will start to feel an economic upswing to reverse his sagging poll ratings.Private credit could be hit by a wave of defaults. Just as 1980s-style leveraged buyouts have been rechristened “private equity,” so too has “shadow banking” been rebranded as “private credit” and “direct lending” in time for the business to reach its highest levels yet. Direct lending by investment firms and hedge funds has become a $1.5 trillion titan, with scores of companies turning to the likes of Apollo and Ares for loans instead of, say, JPMorgan Chase.But the industry may face a test in 2024: Indebted borrowers, facing looming debt maturities and high interest rates, already are turning to private credit for yet more loans, raising concerns that lenders could face a wave of defaulting clients. A string of failures could hit these lenders hard, skeptics fear — leaving pension funds, insurers and other backers of private credit funds holding the bag.Paramount Pictures may be sold, a move that could be the start of a year of media deal-making.Hunter Kerhart for The New York TimesMedia deal mania? Reports that David Zaslav, the C.E.O. of Warner Bros. Discovery, held talks last month about a potential merger with Paramount set off a wave of speculation that 2024 would be a year of media consolidation. The industry has been transformed in recent years by the growth of streaming, changes in the way people consume media and big tech’s encroachment into sectors typically dominated by old-school media companies. Now, the industry is on the cusp of the next major shift with the rise of artificial intelligence.One date to put in your diary: April 8, 2024, the two-year anniversary of the merger of Warner Media and Discovery to create Warner Bros. Discovery — and the first day that the new company can be sold without risking a big tax bill.Will unions maintain their momentum? Organized labor had a banner year in 2023, with big wins in fights with Hollywood studios and the auto industry. Whether that signals a permanent turnaround for the labor movement is up for debate. But the election most likely will be a key factor. Both Biden and Trump tried to woo striking autoworkers this year, so expect more efforts to win over blue-collar voters.Middle East money will keep flowing. Tensions with China and economic sanctions have made it increasingly difficult for companies to raise money from a place that used to be top of the list. Middle Eastern investors have picked up the slack. Saudi Arabia, the United Arab Emirates, Qatar and others are spending money as they look to diversify their fossil fuel-dependent economies. The sectors are wide-ranging, including sports, tech companies, luxury, retail and media. Critics say the petrostates with dubious human rights records are trying to launder their reputations, but that hasn’t stopped Western business from seeking their lucre.One trend to watch: the growing ties between China and Middle Eastern money. Beijing is trying to deepen links with countries outside of Washington’s orbit or, at least, with those willing to play both sides.Lina Khan, the chair of the F.T.C., will keep challenging big deals despite losing some legal fights in 2023.Haiyun Jiang for The New York TimesMore antitrust fights. A tough year for regulators — like Lina Khan at the F.T.C. and Jonathan Kanter of the Justice Department — ended with two wins after both Illumina and Adobe called off multibillion-dollar takeovers in the face of government pressure. Enforcers could already claim some success by forcing deal makers to weigh whether a big deal is worth pursuing, given the potential risk that they might have to spend months in court defending it. Don’t expect Khan to ease the pressure; do expect more antitrust fights.New climate disclosure rules. Public companies have been bracing for years for new climate-related disclosure rules from the S.E.C. In 2021, the agency signaled that climate change would be one of its priorities. About a year later, Gary Gensler, the S.E.C. chair, proposed new rules. The most contentious aspect of the draft regulations was a requirement that large companies disclose greenhouse gasses emitted along their value chain. The new rules are set to be finalized in the spring. But the probable lawsuits could go all the way to the Supreme Court.Another election to watch: India’s. The world’s biggest democracy and a rising superpower, India will go to the polls in April and May. Prime Minister Narendra Modi is benefiting from the West’s search for a regional bulwark to counter China. Business is looking at opportunities in India, as companies work to diversify their supply chains and tap into a fast-growing economy. The election will also be a crucial early test of how A.I. can factor into the spread of (mis)information during an election.Workplace shake-up. In late 2022, the release of ChatGPT propelled A.I. into the public consciousness. In 2023, companies experimented with new ways to build the technology into their operations, but few had yet to overhaul their procedures to cope with it. It’s still not clear exactly what A.I. will mean for jobs, but in 2024 we may see more companies making decisions about its use in ways that will have consequences for workers.The other big topic workplaces are grappling with is the response to the war in Gaza. Some companies are already considering changes to their workplace diversity, equity and inclusion programs, and executives face some of the same pressures as university presidents when it comes to how to handle their statements and responses to incidents related to the war. More

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      Donald Trump’s Final Battle Has Begun

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      Like many other Americans struggling to find scraps of calm and slivers of hope in this anxious era, I resolved a while back not to get overly excited about Donald Trump’s overexcited utterances. They’re often a showman’s cheap histrionics, a con man’s gaudy hyperbole.But I can’t shake a grandiose prophecy that he made repeatedly last year, as he looked toward the 2024 presidential race. He took to calling it the “final battle.”I first heard Trump use that phrase in March, when he addressed the Conservative Political Action Conference. I laughed at his indefatigable self-aggrandizement. He said it again weeks later at a rally in Waco, Texas, not far from where the deadly confrontation between the Branch Davidians and federal law enforcement officials took place. I cringed at his perversity.But as he continued to rave biblically about this “final battle,” my reaction changed, and it surprised me: He just may be right. Not in his cartoonish description of that conflict — which pits him and his supporters against the godlessness, lawlessness, tyranny, reverse racism, communism, globalism and open borders of a lunatic left — but in terms of how profoundly meaningful the 2024 election could be, at least if he is the Republican presidential nominee. And if he wins it all? He will probably play dictator for much longer than a day, and the America that he molds to his self-interested liking may bear little resemblance to the country we’ve known and loved until now.With the Iowa caucuses less than two weeks away, a rematch of Trump and Joe Biden is highly likely — and wouldn’t be anything close to the usual competition between “four more years” and a reasonably sane, relatively coherent change of direction and pace. We’re on the cusp of something much scarier. Trump’s fury, vengefulness and ambitions have metastasized since 2020. The ideologues aligned with him have worked out plans for a second Trump administration that are darker and more detailed than anything in the first. He seems better positioned, if elected, to slip free of the restraints and junk the norms that he didn’t manage to do away with before. Yesterday’s Trump was a Komodo dragon next to today’s Godzilla.And Joe Biden, who campaigned in 2020 on a promise to unify the country and prides himself on bipartisanship, has recognized in his own way that “final battle” is apt. He has suggested that he is running again, at the age of 81, because the unendurable specter of Trump back in the White House leaves him no other choice. Trump and Biden don’t depict each other simply as bad alternatives for America. They describe each other as cataclysmic ones. This isn’t your usual negative partisanship, in which you try to win by stoking hatred of your opponent. It’s apocalyptic partisanship, in which your opponent is the agent of something like the End of Days.Trump talks that way all the time, ranting that we’ll “no longer have a country” if Biden and other Democrats are in charge. Biden’s warning about Trump is equally blunt, and it could assume ever greater prominence as he calculates how to win re-election despite widespread economic apprehension, persistently low approval ratings and attacks on his age and acuity.“Let’s be clear about what’s at stake in 2024,” he said at a campaign event in Boston last month. “Donald Trump and his MAGA Republicans are determined to destroy American democracy.”If the people on the losing side of an election believe that those on the winning side are digging the country’s graveyard, how do they accept and respect the results? The final battle we may be witnessing is between a governable and an ungovernable America, a faintly civil and a floridly uncivil one. And it wouldn’t necessarily end with a Trump defeat in November. It might just get uglier.“There are people who don’t realize how dangerous 2024 could be,” Russell Moore, the editor in chief of Christianity Today and arguably Trump’s most prominent evangelical Christian critic, told me recently. “They’re assuming it’s a replay of 2020. I don’t think it is.”He wondered about the rioting of Jan. 6, 2021, as a harbinger of worse political violence. He cited “the authoritarian rhetoric that’s coming from Trump.” He referred to the breadth of the chasm between MAGA America and the rest of it. When I asked him if he could think of any prior presidential elections suffused with this much dread and reciprocal disdain, he had to rewind more than 150 years, to the eve of the Civil War. “That’s the only precedent in American history I can see,” he said.It’s certainly possible that over the 10 long months between now and Election Day, there will be surprises that set up a November election with different candidates, different issues and a different temperature than the ones in place at the moment. It’s also possible that our politicians’ heightened language and intense emotions don’t resonate with most American voters and won’t influence them.“I see our political process pulling away from where people are on the ground,” said Danielle Allen, a professor of political philosophy, ethics and public policy at Harvard who is an advocate of better civics education and more constructive engagement in civic life. “The political process has become a kind of theatrical spectacle, and on the ground, since 2016, we’ve seen this incredible growth of grass-roots organizations working on all kinds of civic health. I think people are getting healthier — or have been — over the past seven years, and our politics doesn’t reflect that.” She noted that in a growing number of states, there are serious movements to do away with party primaries, a political reform intended to counter partisanship and produce more moderate, consensus winners.But moderation and consensus are in no way part of Trump’s pitch, and if he’s on the ballot, striking his current Mephistophelian pose and taking his present Manichaean tack, voters are indeed being drawn into something that feels like a final battle or at least a definitive test — of the country’s belief in its institutions. Of its respect for diversity. Of its commitment to the law. Of its devotion to truth.Do a majority of Americans still believe in the American project and the American dream as we’ve long mythologized them? Do they still see our country as a land of opportunity and immigrant ingenuity whose accomplishments and promise redeem its sins? Do we retain faith in a more bountiful tomorrow, or are we fighting over leftovers? Those questions hover with a special urgency over the 2024 election.And that’s largely because of the perspective and agenda that Trump is asking voters to embrace. Even if the plans are bluster, the plea is a referendum on American values. He has said several times that immigrants “poison the blood” of our country, and a second Trump administration could involve the deportations of millions of undocumented immigrants annually and large detention camps. In his response to his indictments in four cases comprising 91 felony counts, he has insisted that the justice system is corrupt and vowed to overhaul it to his liking and use it to punish political foes. He praises autocrats, equating brutal repression with strength and divorcing morality from foreign policy. He unabashedly peddles conspiracy theories, spinning falsehoods when provable facts are inconvenient or unflattering. He’d have us all live in fiction, just as long as the narrative exalts him.“When it comes to manipulating the information space, getting inside people’s heads, creating alternative realities and mass confusion — he’s as good as anyone since the 1930s, and you know who I’m talking about,” said Jonathan Rauch, a senior fellow at the Brookings Institution and the author of the 2021 book “The Constitution of Knowledge: A Defense of Truth.” Rauch characterized the stolen election claims by Trump and his enablers as “the most audacious and Russian-style disinformation attack on the United States that we’ve ever seen” and questioned whether, under a second Trump administration, we’d become a country “completely untethered from reality.”We’d likely become a country with a new relationship to the rest of the world and a new attitude toward our history in it.“The Western liberal international order is the work of three-quarters of a century of eminent statesmen and both parties,” said Mark Salter, who was a longtime senior aide to Senator John McCain, has written many books on American politics and collaborated with Cassidy Hutchinson on “Enough,” her best-selling 2023 memoir about her time in Trump’s White House. “It has brought us times of unexpected prosperity and liberty in the world. And somebody like Vivek Ramaswamy or Donald Trump has got a better idea? It’s just ludicrous.”“I just have this feeling,” Salter told me, “that the next four years are going to be the most consequential four years in my lifetime.”Are our most generous impulses doing battle with our most ungenerous ones? That’s one frame for the 2024 election, suggested by the nastiness of so many of Trump’s tirades versus the appeals to comity and common ground that Biden still works into his remarks, the compassion and kindness he still manages to project. He celebrates American diversity and rightly portrays it as a source of our strength. Trump — and, for that matter, Ron DeSantis and many others in the current generation of Republican leadership — casts it as a threat.“Part of what’s in danger is American pluralism,” said Eboo Patel, the founder and president of the nonprofit group Interfaith America and the author of the 2022 book “We Need to Build: Field Notes for Diverse Democracy.” “There was a consensus, from Kennedy to Obama, that diversity is part of what’s inspiring about America. Virtually every president in recent memory, with the exception of the guy in the Oval Office from 2017 to 2020, spoke about the virtues of American pluralism.”Trump speaks instead about persecuted Christians, persecuted white Americans, persecuted rural Americans. He beseeches them to exact vengeance. Where, Patel asked, does that leave “the American civic institutions that we just expect to work,” the basketball leagues and Cub Scout troops in which political affiliation and partisan recrimination took a back seat to joint mission? They could well break down. “We’re already seeing this in school boards,” he said. “We see this when a high school doesn’t just have to cancel a play but disband its theater department.”Jennifer Williams, a city councilwoman in Trenton, N.J., who made history a year ago when she was sworn as the first transgender person elected to any city council in the state, told me that while she identifies as Republican and has voted for Republican candidates in presidential elections past, the prejudices that Trump promotes terrify her. “My very existence as a human being and as an American is becoming more and more questioned,” she said.There’s a meanness in American life right now, and the way 2024 plays out could advance or arrest it. The outcome could also strain Americans’ confidence in our democracy in irreparable ways — and that’s not just because the Supreme Court may wind up determining Trump’s presence on the ballot, not just because the popular vote and the Electoral College could yield significantly different results, not just because any Trump loss would be attended by fresh cries of a “rigged” election and, perhaps, fresh incitements to violence.It’s also because so many voters across the ideological spectrum are so keenly frustrated and deeply depressed by the political landscape of 2024. They behold a Supreme Court that enshrines and protects ethically challenged justices and, as in the decision to overturn Roe v. Wade, seems wildly out of touch with the country. They have watched the House of Representatives devolve into a dysfunctional colosseum of dueling egos and wearying diatribes. They’re presented with candidates who seem like default options rather than bold visionaries. And they feel increasingly estranged from their own government.“That is so detrimental to our democracy,” said Stephanie Murphy, a moderate Florida Democrat who served in the House from 2017 to 2023 and was also one of the nine members of the House committee that investigated the Jan. 6 rioting. “Two-thirds of Americans don’t agree on almost anything, but two-thirds agree that they don’t want to see a Trump-Biden rematch, and that’s what they’re getting.” There will be no real Democratic presidential primary. The Republican presidential primary, to judge by the polling, is an exercise so pointless that Trump hasn’t bothered to show up for any of the four debates so far. “You’re further disenfranchising people,” Murphy said, and you’re fostering “disillusionment among the American electorate that their vote even matters.”The irony is that in 2024, it will probably matter more than ever. How many Americans will see that, and how many will act on it? The final battle may be between resignation and determination, between a surrender of our ideals and the resolve to keep reaching for them, no matter how frequently and how far we fall short.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More

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      Trump Cacophony Hits Different This Time

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      When was the last time you listened to Donald Trump speak at length? There’s a qualitative way to think about this question, about the substance of what he’s saying: He is still talking — perhaps more than people realize — about how the last election was stolen from him, and he treats the 2020 election as a Year Zero event that has ruined the world.But there’s a second — quantitative — way of looking at this question.In 2015 and 2016, as he was becoming the Republican nominee the first time, Mr. Trump quickly transformed into an all-encompassing, central figure, in an evolving, building story that started like a dark joke that Mr. Trump was in on, then swooned into a reality. Around this time eight years ago, terrorist mass shootings took place in Paris and California as the race for the Republican nomination became increasingly dark. It seemed to click into place then that Mr. Trump’s fluid plans, reactionary ideas, jokes and lies could coexist with and shape grave events. The combined effect of all this was to concentrate the country’s attention like a supernova; reaction to Mr. Trump became a constant feature of politics and also people’s personal lives.But the path toward his likely renomination feels relatively muted, as if the country were wandering through a mist, only to find ourselves back where we started, except older and wearier, and the candidates the same. “The street still hopes for somebody else,” one Trump-critical donor recently said of Wall Street donors, a kind of dreamy summary of where things stand. Sarah Longwell, who’s overseen regular focus groups, noted on her podcast this fall that many voters seem not to have clocked that Mr. Trump and President Biden are likely to be the nominees. “People are constantly telling me, ‘But couldn’t this happen? But couldn’t this happen?’” If Mr. Trump were to win the first two contests by large enough margins, the general election could essentially begin as early as next month.Why does the volume around Mr. Trump feel different? For one thing, he has opted out of two old ways he achieved omnipresence, no longer tweeting and no longer appearing at Republican debates. Eight years in, there is also a lack of suspense about whether Mr. Trump could become the Republican nominee or the president.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Is the American Economy on the Mend?

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      Almost four years have passed since Covid-19 struck. In America, the pandemic killed well over a million people and left millions more with lingering health problems. Much of normal life came to a halt, partly because of official lockdowns but largely because fear of infection kept people home.The big question in the years that followed was whether America would ever fully recover from that shock. In 2023 we got the answer: yes. Our economy and society have, in fact, healed remarkably well. The big remaining question is when, if ever, the public will be ready to accept the good news.In the short run, of course, the pandemic had severe economic and social effects, in many ways wider and deeper than almost anyone expected. Employment fell by 25 million in a matter of weeks. Huge government aid limited families’ financial hardship, but maintaining Americans’ purchasing power in the face of a disrupted economy meant that demand often exceeded supply, and the result was overstretched supply chains and a burst of inflation.At the same time, the pandemic reduced social interactions and left many people feeling isolated. The psychological toll is hard to measure, but the weakening of social ties contributed to a range of negative trends, including a surge in violent crime.It was easy to imagine that the pandemic experience would leave long-term scars — that long Covid and early retirements would leave us with a permanently reduced labor force, that getting inflation down would require years of high unemployment, that the crime surge heralded a sustained breakdown in public order.But none of that happened.You may have heard about the good economic news. Labor force participation — the share of adults in today’s work force — is actually slightly higher than the Congressional Budget Office predicted before the pandemic. Measures of underlying inflation have fallen more or less back to the Federal Reserve’s 2 percent target even though unemployment is near a 50-year low. Adjusted for inflation, most workers’ wages have gone up.For some reason I’ve heard less about the crime news, but it’s also remarkably good. F.B.I. data shows that violent crime has subsided: It’s already back to 2019 levels and appears to be falling further. Homicides probably aren’t quite back to 2019 levels, but they’re plummeting.None of this undoes the Covid death toll or the serious learning loss suffered by millions of students. But overall both our economy and our society are in far better shape at this point than most people would have predicted in the early days of the pandemic — or than most Americans are willing to admit.For if America’s resilience in the face of the pandemic shock has been remarkable, so has the pessimism of the public.By now, anyone who writes about the economic situation has become accustomed to mail and social media posts (which often begin, “You moron”) insisting that the official statistics on low unemployment and inflation are misleading if not outright lies. No, the Consumer Price Index doesn’t ignore food and energy, although some analytical measures do; no, grocery prices aren’t still soaring.Rather than get into more arguments with people desperate to find some justification for negative economic sentiment, I find it most useful to point out that whatever American consumers say about the state of the economy, they are spending as if their finances are in pretty good shape. Most recently, holiday sales appear to have been quite good.What about crime? This is an area in which public perceptions have long been notoriously at odds with reality, with people telling pollsters that crime is rising even when it’s falling rapidly. Right now, according to Gallup, 63 percent of Americans say that crime is an “extremely” or a “very” serious problem for the United States — but only 17 percent say it’s that severe a problem where they live.And Americans aren’t acting as if they’re terrified about crime. As I’ve written before, major downtowns have seen weekend foot traffic — roughly speaking, the number of people visiting the city for fun rather than work — recover to prepandemic levels, which isn’t what you’d expect if Americans were fleeing violent urban hellscapes.So whatever Americans may say to pollsters, they’re behaving as if they live in a prosperous, fairly safe (by historical standards) country — the country portrayed by official statistics, although not by opinion polls. (Disclaimer: Yes, we have vast inequality and social injustice. But this is no more true now than it was in earlier years, when Americans were far more optimistic.)The big question, of course, is whether grim narratives will prevail over relatively sunny reality in the 2024 election. There are hints in survey data that the good economic news is starting to break through, but I don’t know of any comparable hints on crime.In any case, what you need to know is that America responded remarkably well to the economic and social challenges of a deadly pandemic. By most measures, we’re a nation on the mend. Let’s hope we don’t lose our democracy before people realize that.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow the New York Times Opinion section on Facebook, Instagram, TikTok, X and Threads. More

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      Trump Team, Burned in 2016, Looks to Close Out Iowa

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      The former president is leading by impressive margins in the state, but his campaign wants to make sure his supporters turn out.As former President Donald J. Trump campaigned in Iowa in the fall, he projected the utmost confidence. He told his supporters during speeches that his advisers had constantly warned him not to take the state for granted. Buoyed by his dominance in state polls, Mr. Trump insisted he had no reason to worry.“We’re going to win the Iowa caucuses in a historic landslide,” Mr. Trump predicted in speeches in September and October.But as he returned to Iowa last month, with the state’s caucuses on Jan. 15 fast approaching, Mr. Trump injected a note of concern. Though he retained his confidence, he warned his supporters of a rising threat: complacency.“The poll numbers are scary, because we’re leading by so much,” Mr. Trump said on Dec. 19 in Waterloo during his final trip to Iowa of 2023. “The key is, you have to get out and vote.”“Don’t sit home and say, ‘I think we’ll take it easy, darling. It’s a wonderful day, beautiful. Let’s just take it easy, watch television and watch the results,’” Mr. Trump later added. “No, because crazy things can happen.”With just two weeks until Iowa’s first-in-the-nation nominating contest, Mr. Trump’s campaign is dedicated to meeting high expectations and avoiding a repeat of 2016, when Mr. Trump narrowly came in second in Iowa despite being ahead in polls.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber?  More

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      Looking Ahead to 5 Things That Will Shape the 2024 Election

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      Trials, a Kennedy and the economy are among the variables to consider.A recent Trump caucus event in Waterloo, Iowa.Charlie Neibergall/Associated PressIt’s divisible by four. It’s a leap year. It’s a Summer Olympics year.It’s a presidential election year.Happy New Year?Whether the 2024 presidential election cycle brings you dread or excitement, there’s no doubt that the table is set for an extraordinary year.The potential for political turmoil has rarely seemed more obvious. Voters are deeply dissatisfied with the direction of the country and their options for president. President Biden’s approval rating is lower at this stage than for any president in the era of modern polling, dating to the 1940s. His likely opponent faces several criminal trials. Waiting in the wings, there’s an independent candidate with the last name Kennedy. The Democratic convention is even in Chicago.Here are just a few of the big topics that will shape the 2024 election.Can Nikki Haley win a state?Of all the items on this list, this is probably the least consequential. But it is first up on the calendar, with the early primary contests just a few weeks away, and a Haley win in New Hampshire or South Carolina is neither impossible nor irrelevant.Heading into the holidays, surveys showed Ms. Haley approaching or exceeding 30 percent in New Hampshire — putting her closer to an upset than it might look, given the volatile nature of early primaries.Her path to victory in New Hampshire is still fairly narrow. Her recent stumble in answering a question about the cause of the Civil War may halt her momentum. And even if she does defeat Donald J. Trump in the state, it’s hard to see her posing a serious threat to win the nomination, given the relatively narrow, factional character of her appeal.But if she regained her footing and did manage to pull off an upset in New Hampshire or South Carolina, it would still carry symbolic significance. It would be a reminder that the not-Trump wing of the Republican Party, while diminished and weakened, was still around. It would be a visible crack in Republican support for Mr. Trump, and it would happen just weeks before his scheduled trial in March.There’s a possible chain of events in which the combination of a trial and a Haley win winds up mattering more than we might guess today.The trial of Donald J. TrumpMaybe the criminal trial of Mr. Trump will not go down as “the greatest political spectacle of our lives” or something similarly grandiose, but it’s hard to think of anything like it that’s ever been scheduled on the political calendar.The trial promises to be the political center of gravity for the first half of the year, with the federal election subversion trial scheduled to begin on March 4 — the day before Super Tuesday in the G.O.P. primary — and then possibly lasting through the heart of the primary season, although delays are possible.It is hard to believe that a trial, in itself, will do grave political damage to Mr. Trump. After all, he endured the indictments unscathed. And he would probably amass enough delegates to win the Republican nomination even before the jury issued a verdict. The preponderance of Republican delegates will be awarded within a month of the start of the trial if it begins as scheduled.But there is a way a trial could matter: It might lead to a realization by Republican primary voters and elites that Mr. Trump is likely to be convicted. And whether they see it coming or not, a conviction isn’t the same as a trial or an indictment. It might be far more consequential.Recent polls — including New York Times/Siena College battleground polling in October — show Mr. Biden opening up a lead if Mr. Trump is convicted, let alone imprisoned. These polls should be taken with a grain of salt — they pose hypotheticals to voters, who mostly aren’t paying attention to Mr. Trump’s legal woes. But they’re a reminder that there are risks to his candidacy. In a close race, it might be decisive even if only a sliver of voters refuse to vote for a felon.At the same time, a conviction would offer a new path for those seeking to remove Mr. Trump from the ballot, whether by disqualifying him in the courts or by denying him the nomination at the Republican convention.Mr. Trump also faces a trial in Florida over his handling of classified material and in Georgia in an election case, although appeals and delays may carry them beyond the election. There’s also the coming Stormy Daniels case on the possible falsification of business records in New York, which is generally not seen as rising to the same level as the other cases.And let’s not forget the likely Supreme Court case about whether he’s disqualified to be president under the 14th Amendment.All of this is extraordinary to contemplate. Calling this simply “something to watch” is gross understatement. But that’s our politics nowadays.The new swing voteIf you’ve been following elections long enough, the term “swing voter” might conjure up images of soccer moms, security moms, Reagan Democrats, the white working class and countless other archetypes of the mostly white suburban voters who analysts said decided American elections over the last half century.But as 2024 begins, the voters poised to decide the election look very, very different from the swing voters of lore. They’re disproportionately young, Black and Hispanic.Whether these voters return to Mr. Biden is one of the biggest questions of the cycle, not only because it might decide the election but also because there’s a chance it could shape the trajectory of American politics for decades.As we’ve written countless times, there will be many opportunities over the next year for Mr. Biden to lure back these traditionally Democratic but disaffected voters. In the end, he might well approach or match his support from last time. If he does, perhaps all the debate over it will seem misplaced.But whatever the outcome, the reality of so many young, Black and Hispanic persuadable voters might powerfully shape the incentives facing the candidates and perhaps even the overall course of the race. For the first time, there’s a straightforward case that Democrats and Republicans alike have an incentive to focus more on Black, Hispanic and young voters than on white working-class voters. This might not yield any drastic changes in strategy, policy or messaging. But it would be surprising if it yielded no change at all.Eight years ago, Mr. Trump was kicking Univision out of news conferences. Now, he’s giving Univision exclusive interviews. This is just one small, early anecdote well before the campaign gets underway. The examples may be much more striking by Election Day.The third party?There’s another place that disaffected young, Black and Hispanic voters might go: a third-party candidate, like Robert F. Kennedy Jr.Mr. Kennedy doesn’t loom over the 2024 race quite the way Mr. Trump’s trials do. We don’t even know if Mr. Kennedy will successfully gain access to the ballot. But it’s another obvious X-factor that we can see coming, even if we don’t know how it might affect the race.The early polling — which shows Mr. Kennedy in the teens — seems plausible at this early stage. Around 20 percent of voters nationwide have unfavorable views of both Mr. Trump and Mr. Biden, and Mr. Kennedy has a brand name that past minor candidates like Gary Johnson, a libertarian in 2016, could never have dreamed of.Historically, most independent candidates fizzle. Mr. Johnson saw his support peak near 10 percent in July 2016, only to win 3.3 percent in November. Mr. Kennedy might fade for similar reasons, especially with the stakes of a Biden-Trump matchup seeming so large. On the other hand, Mr. Johnson was no Kennedy.Does another year help or hurt Biden?In many ways, the outlook for Mr. Biden in 2024 ought to be bright. The economy seems as if it’s finally about to land softly. His opponent is set to go on trial. And the voters he needs — young, Black and Hispanic — are the kinds of voters who Democrats would usually think are easiest to win back to their side.All this might ultimately propel Mr. Biden to re-election. Many incumbent presidents have gone on to win under fairly similar circumstances, with the help of a polarizing campaign and a growing economy.But there’s a catch: Some of these favorable winds have been at Mr. Biden’s back for most of the last year, and he appears weaker than ever.Despite an improving economy, Mr. Biden’s approval rating stands at just 39 percent, according to FiveThirtyEight. That’s a net eight points lower than it was a year ago. It’s also worse than any previous president on the last New Year’s Day before re-election. Satisfaction with the country is about as low as it was in 1980, 1992, 2008 and 2020 — years when the president’s party was defeated.One possibility, of course, is that it’s just a matter of time. The economic news has only turned unequivocally positive over the last few weeks or months. Consumer confidence is still below average, but it appears to be improving. That might start to help Mr. Biden’s ratings. If you squint at the numbers, you could argue it has already begun to do so: His approval rating is up about 1.5 points over the last three weeks.Unlike most presidents seeking re-election, Mr. Biden has also been hobbled by persistent questions about whether he should be the party nominee. Democrats have spent more time ruminating about his age than defending his record. His party will presumably put its doubts to the side and rally behind him once he secures the nomination over the summer. Maybe that’s when he’ll finally rejuvenate his support.But the other possibility is that time is not on his side. It might even be part of the problem.The president gets older every day. To the extent his age, stumbles and stutters explain why voters lack confidence in his leadership and the direction of the country, there’s not much reason to expect it to get better. It might get worse. More

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      Sununu Says Christie Should Drop Out Ahead of New Hampshire Primary

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      Mr. Sununu, the state’s governor, expressed concern that Mr. Christie would pull support from his preferred candidate, Nikki Haley.Just weeks before New Hampshire holds its Republican presidential primary, the state’s governor, Chris Sununu, said on Sunday that Chris Christie’s presidential bid was “at an absolute dead end” and suggested that he drop out to pave way for Mr. Sununu’s preferred candidate, Nikki Haley.Mr. Sununu, who this month endorsed Ms. Haley, the former governor of South Carolina and United Nations ambassador, told CNN that “the only person that wants Chris Christie to stay in the race is Donald Trump.”He framed the race as a “two-person contest” between Ms. Haley and Mr. Trump, whom she now trails in New Hampshire by an average of 20 percentage points.“There’s no doubt that if Christie stays in the race, the risk is that he takes her margin of the win,” Mr. Sununu said on CNN’s “State of the Union.” In a campaign ad last week, Mr. Christie, the former governor of New Jersey, explicitly addressed calls from some in the party for him to drop out to consolidate support around a non-Trump candidate. “Some people say I should drop out of this race,” he said. “Really? I’m the only one saying Donald Trump is a liar.”In response to Mr. Sununu’s remarks, a spokesman for Mr. Christie’s campaign doubled down on that message: “The events of the last few days fully solidifies the point that Christie has been making for six months: that the truth matters, and if you can’t answer the easy questions, you can’t fix the big problems.”Mr. Sununu’s comments were in response to questions from Dana Bash, the CNN anchor, about Ms. Haley’s recent gaffe involving the Civil War, for which she has faced significant criticism from Mr. Christie and others.Mr. Sununu endorsed Nikki Haley, the former governor of South Carolina and United Nations ambassador, in December.Sophie Park/Getty ImagesOn Wednesday, when she received a question at a New Hampshire town hall about the cause of the Civil War, Ms. Haley’s answer did not mention slavery. The next day, she walked back her remarks, telling a New Hampshire interviewer, “Of course the Civil War was about slavery.” She suggested that the question came from a “Democrat plant.”Mr. Sununu acknowledged that Ms. Haley had made a mistake in her remarks, but dismissed them as a “nonissue,” saying she had “cleared it right up and everyone’s moving on.”Mr. Christie and Ms. Haley have maintained a complicated relationship throughout the primary cycle. Mr. Christie defended Ms. Haley during the fourth Republican debate after she was attacked by Vivek Ramaswamy, the wealthy entrepreneur running for office. Yet earlier this month, in the first ad released by his campaign, Mr. Christie blasted Ms. Haley and Gov. Ron DeSantis of Florida for attacking each other more than they do Mr. Trump.Ms. Haley has made headway in New Hampshire in recent weeks, climbing to a solid second place. (Mr. Christie is polling third in the state). But securing the nomination remains a daunting task: She continued to battle Mr. DeSantis for second place in Iowa, and remains behind Mr. Trump, her former boss, in national polls by around 50 points.While Ms. Haley was campaigning in Iowa over the weekend, an attendee at a town hall in Cedar Falls asked her why she was behind in polls in South Carolina, her home state. Ms. Haley said that her support there would grow, should she perform well in Iowa and New Hampshire, the first two states on the nomination schedule. “South Carolinians are the type that they want to see you earn it,” she explained.Her response did not directly address specifics — that Mr. Trump is immensely popular in the state and has received endorsements from many top officials, including Gov. Henry McMaster and Senator Lindsey Graham.On Sunday, Mr. Sununu also told CNN of his disapproval of the Maine secretary of state, Shenna Bellows, removing Mr. Trump from the state’s primary ballot last week. He called the decision “very politically motivated,” saying of Ms. Bellows, “This is a politician who I think has political aspirations down the road and is trying to make a little bit of a name for herself.”Mr. Sununu said that Mr. Trump’s removal would “only boost his opportunity to play that victim card down the road.” More