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      ¿Qué le espera a la economía global en 2024?

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      Con dos guerras persistentes y la incertidumbre de 50 elecciones nacionales, la inestabilidad financiera podría agravarse en todo el mundo.Los ataques al tráfico marítimo indispensable en los estrechos del mar Rojo por parte de una decidida banda de militantes en Yemen —una repercusión de la guerra entre Israel y Hamás en la franja de Gaza— le está inyectando otra dosis de inestabilidad a una economía mundial que está batallando con las tensiones geopolíticas en aumento.El riesgo de escalada del conflicto en Medio Oriente es la última de una serie de crisis impredecibles, como la pandemia del COVID-19 y la guerra en Ucrania, que han ocasionado profundas heridas a la economía mundial, la han desviado de su curso y le han dejado cicatrices.Por si fuera poco, hay más inestabilidad en el horizonte debido a la oleada de elecciones nacionales cuyas repercusiones podrían ser profundas y prolongadas. Más de dos mil millones de personas en unos 50 países —entre ellos India, Indonesia, México, Sudáfrica, Estados Unidos y los 27 países del Parlamento Europeo— acudirán a las urnas el año entrante. En total, los participantes en la olimpiada electoral de 2024 dan cuenta del 60 por ciento de la producción económica mundial.En las democracias sólidas, los comicios se están llevando a cabo en un momento en que va en aumento la desconfianza en el gobierno, los electores están muy divididos y hay una ansiedad profunda y constante por las perspectivas económicasUn barco cruza el canal de Suez en dirección al mar Rojo. Los ataques en el mar Rojo han hecho subir los fletes y los seguros.Mohamed Hossam/EPA, vía ShutterstockUna valla publicitaria anunciando las elecciones presidenciales en Rusia, que tendrán lugar en marzo.Dmitri Lovetsky/Associated PressWe 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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      Red Sea Shipping Halt Is Latest Risk to Global Economy

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      Next year could see increasing volatility as persistent military conflicts and economic uncertainty influence voting in national elections across the globe.The attacks on crucial shipping traffic in the Red Sea straits by a determined band of militants in Yemen — a spillover from the Israeli-Hamas war in Gaza — is injecting a new dose of instability into a world economy already struggling with mounting geopolitical tensions.The risk of escalating conflict in the Middle East is the latest in a string of unpredictable crises, including the Covid-19 pandemic and the war in Ukraine, that have landed like swipes of a bear claw on the global economy, smacking it off course and leaving scars.As if that weren’t enough, more volatility lies ahead in the form of a wave of national elections whose repercussions could be deep and long. More than two billion people in roughly 50 countries, including India, Indonesia, Mexico, South Africa, the United States and the 27 nations of the European Parliament, will head to the polls. Altogether, participants in 2024’s elections olympiad account for 60 percent of the world’s economic output.In robust democracies, elections are taking place as mistrust in government is rising, electorates are bitterly divided and there is a profound and abiding anxiety over economic prospects.A ship crossing the Suez Canal toward the Red Sea. Attacks on the Red Sea have pushed up freight and insurance rates.Mohamed Hossam/EPA, via ShutterstockA billboard promoting presidential elections in Russia, which will take place in March.Dmitri Lovetsky/Associated PressEven in countries where elections are neither free nor fair, leaders are sensitive to the economy’s health. President Vladimir V. Putin’s decision this fall to require exporters to convert foreign currency into rubles was probably done with an eye on propping up the ruble and tamping down prices in the run-up to Russia’s presidential elections in March.The winners will determine crucial policy decisions affecting factory subsidies, tax breaks, technology transfers, the development of artificial intelligence, regulatory controls, trade barriers, investments, debt relief and the energy transition.A rash of electoral victories that carry angry populists into power could push governments toward tighter control of trade, foreign investment and immigration. Such policies, said Diane Coyle, a professor of public policy at the University of Cambridge, could tip the global economy into “a very different world than the one that we have been used to.”In many places, skepticism about globalization has been fueled by stagnant incomes, declining standards of living and growing inequality. Nonetheless, Ms. Coyle said, “a world of shrinking trade is a world of shrinking income.”And that raises the possibility of a “vicious cycle,” because the election of right-wing nationalists is likely to further weaken global growth and bruise economic fortunes, she warned.A campaign rally for former President Donald J. Trump in New Hampshire in December.Doug Mills/The New York TimesA line of migrants on their way to a Border Patrol processing center at the U.S.-Mexico border. Immigration will be a hot topic in upcoming elections.Rebecca Noble for The New York TimesMany economists have compared recent economic events to those of the 1970s, but the decade that Ms. Coyle said came to mind was the 1930s, when political upheavals and financial imbalances “played out into populism and declining trade and then extreme politics.”The biggest election next year is in India. Currently the world’s fastest-growing economy, it is jockeying to compete with China as the world’s manufacturing hub. Taiwan’s presidential election in January has the potential to ratchet up tensions between the United States and China. In Mexico, the vote will affect the government’s approach to energy and foreign investment. And a new president in Indonesia could shift policies on critical minerals like nickel.The U.S. presidential election, of course, will be the most significant by far for the world economy. The approaching contest is already affecting decision-making. Last week, Washington and Brussels agreed to suspend tariffs on European steel and aluminum and on American whiskey and motorcycles until after the election.The deal enables President Biden to appear to take a tough stance on trade deals as he battles for votes. Former President Donald J. Trump, the likely Republican candidate, has championed protectionist trade policies and proposed slapping a 10 percent tariff on all goods coming into the United States — a combative move that would inevitably lead other countries to retaliate.Mr. Trump, who has echoed authoritarian leaders, has also indicated that he would step back from America’s partnership with Europe, withdraw support for Ukraine and pursue a more confrontational stance toward China.Workers on a car assembly line in Hefei, China. Beijing has provided enormous incentives for electric vehicles.Qilai Shen for The New York TimesA shipyard in India, which is jockeying to compete with China as the world’s largest manufacturing hub.Atul Loke for The New York Times“The outcome of the elections could lead to far-reaching shifts in domestic and foreign policy issues, including on climate change, regulations and global alliances,” the consulting firm EY-Parthenon concluded in a recent report.Next year’s global economic outlook so far is mixed. Growth in most corners of the world remains slow, and dozens of developing countries are in danger of defaulting on their sovereign debts. On the positive side of the ledger, the rapid fall in inflation is nudging central bankers to reduce interest rates or at least halt their rise. Reduced borrowing costs are generally a spur to investment and home buying.As the world continues to fracture into uneasy alliances and rival blocs, security concerns are likely to loom even larger in economic decisions than they have so far.China, India and Turkey stepped up to buy Russian oil, gas and coal after Europe sharply reduced its purchases in the wake of Moscow’s invasion of Ukraine. At the same time, tensions between China and the United States spurred Washington to respond to years of strong-handed industrial support from Beijing by providing enormous incentives for electric vehicles, semiconductors and other items deemed essential for national security.A protest in Yemen on Friday against the operation to safeguard trade and protect ships in the Red Sea.Osamah Yahya/EPA, via ShutterstockThe drone and missile attacks in the Red Sea by Iranian-backed Houthi militia are a further sign of increasing fragmentation.In the last couple of months, there has been a rise in smaller players like Yemen, Hamas, Azerbaijan and Venezuela that are seeking to change the status quo, said Courtney Rickert McCaffrey, a geopolitical analyst at EY-Parthenon and an author of the recent report.“Even if these conflicts are smaller, they can still affect global supply chains in unexpected ways,” she said. “Geopolitical power is becoming more dispersed,” and that increases volatility.The Houthi assaults on vessels from around the world in the Bab-el-Mandeb strait — the aptly named Gate of Grief — on the southern end of the Red Sea have pushed up freight and insurance rates and oil prices while diverting marine traffic to a much longer and costlier route around Africa.Last week, the United States said it would expand a military coalition to ensure the safety of ships passing through this commercial pathway, through which 12 percent of global trade passes. It is the biggest rerouting of worldwide trade since Russia’s invasion of Ukraine in February 2022.Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics, said the impact of the attacks had so far been limited. “From an economic perspective, we’re not seeing huge increase in oil and gas prices,” Mr. Vistesen said, although he acknowledged that the Red Sea assaults were the “most obvious near-term flashpoint.”Uncertainty does have a dampening effect on the economy, though. Businesses tend to adopt a wait-and-see attitude when it comes to investment, expansions and hiring.“Continuing volatility in geopolitical and geoeconomic relations between major economies is the biggest concern for chief risk officers in both the public and private sectors,” a midyear survey by the World Economic Forum found.With persistent military conflicts, increasing bouts of extreme weather and a slew of major elections ahead, it’s likely that 2024 will bring more of the same. More

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      Vibes, the Economy and the Election

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      Recent positive news may put two theories on economic disenchantment to the test.The New York Stock Exchange on Thursday. Stocks have boomed in recent days.Angela Weiss/Agence France-Presse — Getty ImagesA Federal Reserve announcement about the future of the funds rate is not the sort of news that would typically factor into analysis of public opinion and the economy. Usually, analysts look at numbers like gross domestic product and unemployment, not something as arcane as a federal funds rate.But this isn’t a normal economy, and public opinion about the economy hasn’t been normal, either.For two years, the public has said the economy is doing poorly, even though it appears healthy by many traditional measures. This has prompted a fierce debate over whether the public’s views are mostly driven by concrete economic factors like high prices or something noneconomic — like a bad “vibe” brought on by social media memes or Fox News.The Fed’s projection Wednesday that it will cut rates three times over the next year probably won’t generate TikTok memes, but it’s exactly the kind of event that may ultimately resolve this debate one way or another — with important and potentially decisive consequences for the 2024 presidential election.To cut right to the heart of the problem underlying this debate: High prices do not seem to fully explain why voters are this upset about the economy.Yes, voters are upset about high prices, and prices are indeed high. This easily and even completely explains why voters think this economy is mediocre: In the era of consumer sentiment data, inflation has never risen so high without pushing consumer sentiment below average and usually well below average. This part is not complicated.But it’s harder to argue that voters should believe the economy is outright terrible, even after accounting for inflation. Back in early 2022, I estimated that consumer confidence was running at least 10 to 15 percentage points worse than one would expect historically, after accounting for prices and real disposable income.I could run through the numbers, but just consider this instead: The low point for consumer sentiment in 2022 wasn’t just low; it was a record low for the index dating all the way to 1952. That’s right: Consumer sentiment in 2022 was worse than it was in the 1970s, when higher inflation was sustained for much longer, and worse than it was in the depths of the Great Recession.Now, other gauges of consumer confidence don’t show things quite so bad, but even the rosier measures show Americans about as down on the economy as they were 15 years ago, when mass layoffs drove a doubling of the unemployment rate to 10 percent and when household net worth fell $11.5 trillion. You don’t need fancy math to see there’s something left to be explained.The two sides of this debate disagree about why, exactly, the public is so sour on the economy.The Fed chairman, Jerome Powell, on Wednesday.Brendan Smialowski/Agence France-Presse — Getty ImagesThe case for vibesOne side argues that public opinion about the economy is now being driven by noneconomic factors, and in particular vibes, or a prevailing mood that colors our perception of reality. In this view, the vibe today is so biting and dour that public opinion is no longer responsive to material economic reality: The “vibe” is bad, so voters can’t see that the economy is good.Strictly speaking, there’s no reason vibes can’t be grounded in tangible economic conditions — like stimulus checks going away — but in practice this winds up being an argument for how noneconomic factors prevent voters from appreciating the economy. Those factors could include conservative media, cynical social media, the mental health crisis, a pandemic hangover, President Biden or really anything else that might dampen the economic spirit of Americans.There might well be something to the vibes argument. There might even be a lot to it. But there’s just not much evidence to support it. This side fundamentally rests its case on a diagnosis of exclusion: If we don’t buy the economic argument, then it must be noneconomic — and if it’s noneconomic, it can really be anything. The power of vibes here is naturally indeterminate, and allowing limitless explanatory power to a theory without evidence should give any serious thinker some pause.If this side of the debate is right, the consequences for Mr. Biden are pretty bleak. In this view, the economy ought to be helping him, but instead it will presumably be a major drag. An 81-year-old white male moderate may be the worst possible Democrat to turn around the vibe on TikTok.The case for the economy explaining allThe other side of the debate argues that the explanation is fundamentally economic, but that the factors dragging down consumers aren’t neatly captured by the usual economic statistics.There are two kinds of adverse economic factors that this side of the debate has in mind. One is economic dysfunction — some basic things have become harder. It’s harder to hire. It’s harder to get a loan. It’s more expensive to buy things. At times it was impossible to buy things because of supply chain shortages. It’s harder to buy a home. It’s harder to sell a home. If you wanted to engage in these kinds of economic activities, you should have done them before the fall of 2021.It’s easy to see how these challenges could affect economic perceptions, and these problems can be missed by economic statistics. The usual data measures the extent of economic activity, not its ease. That people still have the resources to spend, hire and buy doesn’t change that voters may rationally conclude the economy is bad if it makes it harder for them to undertake economic activity.The other kind of adverse economic factor is the pessimism about future growth. A statistic like unemployment says a lot about the economy today, but little about the economy tomorrow. Expectations of future growth are an important component of consumer confidence indexes, and for good reason: The desire to turn money into more money is foundational to American capitalist culture. Here again, there have been reasons to anticipate limited economic growth or even a recession. Investors have expected it, as evidenced by the yield curve. There was even a reasonable assumption that the Fed would be so focused on slowing inflation by keeping interest rates high that a recession would be all but inevitable.In contrast to the “vibes” theory, there’s a lot of evidence for these various phenomena. They also fit into the framework of consumer confidence as a function of concrete economic conditions.But whether these nontraditional economic problems add up to explain what’s going on is much harder to say. They might explain a lot and might even explain all of it, but it’s impossible to prove empirically without any precedent for today’s economy in the era of modern consumer confidence data. There has simply never been a time when unemployment has stayed so low and prices have gone up so much, let alone with all of these additional twists like supply chain shortages and expectations of recession.What can be said is that the theory of concrete economic problems will be put to the test as soon as economic reality improves, and that time might finally be at hand.Many states now have gas prices below $3 a gallon.Adam Davis/EPA, via ShutterstockThe economy appears to be improvingAfter a few months of stubborn inflation, rising gas prices and interest rates, and a falling stock market, the last month or so has brought excellent economic news. The stock market has gone up nearly 15 percent since New York Times/Siena College polls were in the field in late October. The inflation trajectory looks good. Mortgage rates are falling. Gas prices are down. Once-skeptical economists have declared that a “soft landing” seems at hand. And now the Fed is forecasting rate cuts, which augurs growth, confidence in lower inflation and eventually a return to a more normal economy.Put it together, and the big economic barriers could be poised to fade. If they do and the material economic side of the debate is correct, consumer confidence might quickly begin to recover. And Mr. Biden’s re-election chances would begin to improve, at least to the extent that the economy and not another issue, like his age, is responsible for Donald J. Trump’s lead in the polls.While it’s too early to say, there are certainly signs that consumer confidence could rise. For one, it has already been doing so. Overall, consumer confidence is up nearly 20 points since inflation peaked in the summer of 2022. That rate of improvement is in line with prior, vigorous periods of economic expansion, like during the 1990s. The monthly pattern in consumer confidence even seems to align with the news: Last month’s strong economic data corresponded with a rebound in consumer confidence that erased the declines of the past four months, when the economic news was worse than over the summer.That’s what we would expect if real economic factors were driving consumer confidence, though it’s not enough to disprove the vibe theory. To send the vibe argument away, we would need to start to see the gap closing between expected and actual consumer confidence. If fears of a recession fade and a more normal economic environment returns, there might still be enough time for that gap to close before Mr. Biden stands for re-election. More

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      Biden Faces Economic Challenges as Cost-of-Living Despair Floods TikTok

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      Economic despair dominates social media as young people fret about the cost of living. It offers a snapshot of the challenges facing Democrats ahead of the 2024 election.Look at economic data, and you’d think that young voters would be riding high right now. Unemployment remains low. Job opportunities are plentiful. Inequality is down, wage growth is finally beating inflation, and the economy has expanded rapidly this year.Look at TikTok, and you get a very different impression — one that seems more in line with both consumer confidence data and President Biden’s performance in political polls.Several of the economy-related trends getting traction on TikTok are downright dire. The term “Silent Depression” recently spawned a spate of viral videos. Clips critical of capitalism are common. On Instagram, jokes about poor housing affordability are a genre unto themselves.Social media reflects — and is potentially fueling — a deep-seated angst about the economy that is showing up in surveys of younger consumers and political polls alike. It suggests that even as the job market booms, people are focusing on long-running issues like housing affordability as they assess the economy.The economic conversation taking place virtually may offer insight into the stark disconnect between optimistic economic data and pessimistic feelings, one that has puzzled political strategists and economists.Never before was consumer sentiment this consistently depressed when joblessness was so consistently low. And voters rate Mr. Biden badly on economic matters despite rapid growth and a strong job market. Young people are especially glum: A recent poll by The New York Times and Siena College found that 59 percent of voters under 30 rated the economy as “poor.”President Biden’s campaign is working with content creators on TikTok to “amplify a positive, affirmative message” on the economy, a deputy campaign manager said.Desiree Rios for The New York TimesThat’s where social media could offer insight. Popular interest drives what content plays well — especially on TikTok, where going viral is often the goal. The platforms are also an important disseminator of information and sentiment.“A lot of people get their information from TikTok, but even if you don’t, your friends do, so you still get looped into the echo chamber,” said Kyla Scanlon, a content creator focused on economic issues who posts carefully researched explainers across TikTok, Instagram and X.Ms. Scanlon rose to prominence in the traditional news media in part for coining and popularizing the term “vibecession” for how bad consumers felt in 2022 — but she thinks 2023 has seen further souring.“I think people have gotten angrier,” she said. “I think we’re actually in a worse vibecession now.”Surveys suggest that people in Generation Z, born after 1996, heavily get their news from social media and messaging apps. And the share of U.S. adults who turn to TikTok in particular for information has been steadily climbing. Facebook is still a bigger news source because it has more users, but about 43 percent of adults who use TikTok get news from it regularly, according to a new survey by the Pew Research Center.It is difficult to say for certain whether negative news on social media is driving bad feelings about the economy, or about the Biden administration. Data and surveys struggle to capture exactly what effect specific news delivery channels — particularly newer ones — have on people’s perceptions, said Katerina Eva Matsa, director of news and information research at the Pew Research Center.“Is the news — the way it has evolved — making people view things negatively?” she asked. It’s hard to tell, she explained, but “how you’re being bombarded, entangled in all of this information might have contributed.”More Americans on TikTok Are Going There for NewsShare of each social media site’s users who regularly get news there, 2020 vs. 2023

      Source: Pew Research Center surveys of U.S. adultsBy The New York TimesMr. Biden’s re-election campaign team is cognizant that TikTok has supplanted X, formerly known as Twitter, for many young voters as a crucial information source this election cycle — and conscious of how negative it tends to be. White House officials say that some of those messages accurately reflect the messengers’ economic experiences, but that others border on misinformation that social media platforms should be policing.Rob Flaherty, a deputy campaign manager for Mr. Biden, said the campaign was working with content creators on TikTok in an effort to “amplify a positive, affirmative message” about the economy.A few political campaign posts promoting Mr. Biden’s jobs record have managed to rack up thousands of likes. But the “Silent Depression” posts have garnered hundreds of thousands — a sign of how much negativity is winning out.In those videos, influencers compare how easy it was to get by economically in 1930 versus 2023. The videos are misleading, skimming over the crucial fact that roughly one in four adults was unemployed in 1933, compared with four in 100 today. And the data they cite are often pulled from unreliable sources.But the housing affordability trend that the videos spotlight is grounded in reality. It has gotten tougher for young people to afford a property over time. The cost of a typical house was 2.4 times the typical household income around 1940, when government data start. Today, it’s 5.8 times.Nor is it just housing that’s making young people feel they’re falling behind, if you ask Freddie Smith, a 35-year-old real estate agent in Orlando, Fla., who created one especially popular “Silent Depression” video. Recently, it is also the costs of gas, groceries, cars and rent.“I think it’s the perfect storm,” Mr. Smith said. “It’s this tug of war that millennials and Gen Z are facing right now.”Inflation has cooled notably since peaking in the summer of 2022, which the Biden administration has greeted as a victory. Still, that just means that prices are no longer climbing as rapidly. Key costs remain noticeably higher than they were just a few years ago. Groceries are far more expensive than in 2019. Gas was hovering around $2.60 a gallon at the start of 2020, for instance, but is around $3.40 now.Young Americans Are Spending More and Earning MoreIncome after taxes and expenditures for householders under 25

      Source: Bureau of Labor Statistics Consumer Expenditure Survey By The New York TimesThose higher prices do not necessarily mean people are worse off: Household incomes have also gone up, so people have more money to cover the higher costs. Consumer expenditure data suggests that people under 25 — and even 35 — have been spending a roughly equivalent or smaller share of their annual budgets on groceries and gas compared with before the pandemic, at least on average.“I think things just feel harder,” said Betsey Stevenson, a professor of public policy and economics at the University of Michigan, explaining that people have what economists call a “money illusion” and think of the value of a dollar in fixed terms.And housing has genuinely been taking up a bigger chunk of the young consumer’s budget than in the years before the pandemic, as rents, home prices and mortgage costs have all increased.Housing Is Eating Up Young People’s BudgetsShare of spending devoted to each category for people under 25

      Source: Bureau of Labor Statistics Consumer Expenditure SurveyBy The New York TimesIn addition to prices, content about student loans has taken off in TikTok conversations (#studentloans has 1.3 billion views), and many of the posts are unhappy.Mr. Biden’s student-loan initiatives have been a roller coaster for millions of young Americans. He proposed last year to cancel as much as $20,000 in debt for borrowers who earn less than $125,000 a year, a plan that was estimated to cost $400 billion over several decades, only to see the Supreme Court strike down the initiative this summer.Mr. Biden has continued to push more tailored efforts, including $127 billion in total loan forgiveness for 3.6 million borrowers. But last month, his administration also ended a pandemic freeze on loan payments that applied to all borrowers — some 40 million people.The administration has tried to inject more positive programming into the social media discussion. Mr. Biden met with about 60 TikTok creators to explain his initial student loan forgiveness plan shortly after announcing it. The campaign team also sent videos to key creators, for possible sharing, of young people crying when they learned their loans had been forgiven.The Biden campaign does not pay those creators or try to dictate what they are saying, though it does advertise on digital platforms aggressively, Mr. Flaherty said.“It needs to sound authentic,” he said. More

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      Biden Makes Lower Drug Prices a Centerpiece of His 2024 Campaign

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      President Biden’s Inflation Reduction Act allows Medicare to negotiate some drug prices, a change that the pharmaceutical industry and Republicans have opposed for decades.As he heads toward a re-election campaign next year, President Biden is betting that his success in pushing for policies intended to lower health care costs for millions of Americans will be rewarded by voters at the ballot box.In speech after speech, Mr. Biden talks about capping the cost of insulin at $35, putting new limits on medical expenses for seniors, making some vaccines free and pushing to lower the prices of some of the most expensive drugs in the world.At the White House, Mr. Biden and his advisers have already begun to elevate the issue as a centerpiece of his agenda. And at his campaign headquarters in Wilmington, Del., aides are preparing television ads, talking points and speeches arguing that Mr. Biden’s push for lower health care costs is a stark contrast with his Republican opponents.“The president will have a very strong case to make,” said Senator Amy Klobuchar of Minnesota, a member of the president’s national campaign advisory board. “Not only will people want to keep the benefits they have seen, they are going to want to get the benefits that are coming their way.”On Tuesday, the White House announced that the Biden administration will negotiate on behalf of Medicare recipients for lower prices on 10 popular — and expensive — drugs that are used to treat diabetes, heart disease and other chronic illnesses.The move was made possible by passage last year of Mr. Biden’s Inflation Reduction Act, which for the first time allows Medicare to negotiate drug prices for older adults, a change that has been opposed by the pharmaceutical industry for decades.Republicans also generally oppose giving the government the right to negotiate drug prices. But the candidates for the Republican presidential nomination have said little about the cost of medication, focusing instead on abortion, transgender medical issues and Covid lockdowns.In his speeches, Mr. Biden rails against the industry and his Republican adversaries in Congress, all of whom voted against the law that included the prescription drug provisions. Aides say it is an effective message.“Today is the start of a new deal for patients where Big Pharma doesn’t just get a blank check at your expense,” the president said at a White House event celebrating the change.Since signing the law a year ago, Mr. Biden has repeatedly called it one of his proudest legislative victories. But his approval numbers have hardly budged. And while polls show that the new policy is widely popular among Americans who know about it, they also suggest that far fewer people are even aware that the change was made.That is most likely because prices on just the first handful of drugs are not scheduled to actually drop until 2026 at the earliest, assuming Mr. Biden’s program survives legal challenges. Drug companies have filed numerous lawsuits against the administration that claim the law is unconstitutional. Court cases could drag on for years.In its lawsuit against the administration, the Pharmaceutical Research and Manufacturers of America, an industry trade group, called the plan for negotiated prices “a government mandate disguised as negotiation.”Even if Mr. Biden’s plan goes into effect, older adults who have made the choice to ration their drugs will have to continue doing so until more than a year after the 2024 presidential election.Danny Cottrell, 67, a pharmacist who owns his retail pharmacy group in Brewton, Ala., said he regularly advised his Medicare patients on the ins and outs of the government’s prescription program. He welcomed Mr. Biden’s changes, but said it would be up to people like him to explain the complicated process.“I got to remind them, this doesn’t start till 2026,” Mr. Cottrell said. “And then also remind them this thing will change several times between now and then.”Neera Tanden, Mr. Biden’s top domestic policy adviser, said the White House was confident that the plan would survive the legal challenges.“It is absurd to argue that negotiation is unconstitutional,” she said in an interview. “There’s nothing in the Constitution that says Medicare negotiating drug prices is unconstitutional.”But more broadly, Ms. Tanden said that she and the president’s other advisers in the West Wing were determined to make the push for lower health care costs a central part of Mr. Biden’s message to Americans.And next September, just weeks before Election Day, the administration will announce the results of the yearlong negotiations over the first 10 drugs.“We plan to work extensively, to really remind folks of this issue,” Ms. Tanden said.For the people leading Mr. Biden’s re-election campaign, the political benefits of focusing on lower health care costs are clear.Some polls show that 80 percent of Americans support giving the government the ability to negotiate lower prices for Medicare, much the way it already does for veterans and members of the military.Campaign aides said talking about lower costs of drugs or limits on out-of-pocket medical expenses is one way to help Mr. Biden win support among seniors, who traditionally have voted for Republicans in greater numbers. That is especially important in battleground states like Michigan, Arizona, Georgia and Ohio, where increasing support among older adults will be critical in close contests.The campaign’s early television ads have included numerous references to the president’s efforts to lower health care costs. A spokesman for the campaign said the issue of health care would be a central feature of a $25 million ad blitz focusing on what the president has done to lower costs overall and make economic progress.Kate Bedingfield, who served as Mr. Biden’s communications director for the first two years of his presidency, said the issue had political benefits even when it came to appealing to people who do not benefit directly from the specific cost reductions.“It draws a really clear contrast with the Republicans, who have stood in the way and continue to stand in the way of getting more done on this,” she said.Representative Michael C. Burgess, Republican of Texas and a doctor, said Mr. Biden’s drug price negotiations were akin to government-imposed price controls that would lead to drug shortages.“This administration’s approach goes beyond ‘negotiation,’” he said in a statement. “Instead, it holds pharmaceutical companies hostage, jeopardizing their future innovation and the well-being of American patients.”Mr. Biden’s campaign aides said a debate with Republicans about the cost of medical care was one they were eager to have.“MAGA Republicans running for president want to repeal the Inflation Reduction Act, which would deliver a massive win for Big Pharma and increase costs for the American people,” said Julie Chávez Rodríguez, the president’s campaign manager, referring to Republicans loyal to former President Donald J. Trump.She said the choice in the election was between Mr. Biden and “a slate of candidates focused on extreme policies that put their wealthy donors first.”Robert Jimison More

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      All of Trump’s Lawyers and How Much They’re Paid in Legal Fees

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      Donald Trump’s PACs have spent millions of dollars on a small army of lawyers to defend him in four separate federal and state criminal cases.Former President Donald J. Trump has become entangled in a web of federal and state prosecution, and now faces 91 criminal charges in four separate state and federal cases.Political action committees supporting him have spent more than $27 million on legal costs in the first six months of 2023, and he has recruited a small army of lawyers to defend him. Here are a dozen of the prominent figures and their bills paid by Mr. Trump’s Save America PAC.Lawyers Involved in Multiple CasesTodd Blanche, 49, founder of Blanche Law in New York CityFees: $353,000 paid to his firm from April to June 2023Todd Blanche was hired as one of former President Donald Trump’s many lawyers in April.Doug Mills/The New York TimesTodd Blanche, a former federal prosecutor with wide experience in white-collar cases, has a reputation as an aggressive but measured advocate. He represented Paul J. Manafort, Mr. Trump’s former 2016 campaign chairman, in a Manhattan case involving charges of mortgage fraud and other state felonies, as well as Igor Fruman, a Soviet-born former associate of Rudolph W. Giuliani who pleaded guilty to soliciting foreign campaign contributions in 2021.Mr. Trump hired Mr. Blanche in April. His firm has been paid $353,000 for legal work by Save America, according to federal filings. Mr. Blanche is representing Mr. Trump in the Stormy Daniels hush money case, the federal classified documents case and the federal election interference case.Boris Epshteyn, 41Fees: $195,000 paid in 2022Boris Epshteyn is thought to be one of six unnamed co-conspirators in the federal election interference case and has been enmeshed in other Trump investigations.Andrew Harnik/Associated PressBoris Epshteyn, a top adviser and longtime ally of Mr. Trump, serves as something of an in-house counsel, helping to coordinate the former president’s many lawyers. He was paid $195,000 by Mr. Trump’s PAC in 2022, though not specifically for legal consulting, and at least $30,000 by his 2024 campaign. He is thought to be one of six unnamed co-conspirators in the federal election interference case and has been enmeshed in other Trump investigations as a witness. He has been represented by Mr. Blanche, and had recommended adding Mr. Blanche to Mr. Trump’s legal team.Christopher M. Kise, 58, founder of Chris Kise & Associates in Tallahassee, Fla.Fees: $5.8 million in 2022 and the first six months of 2023Christopher M. Kise was hired to represent Mr. Trump in the federal documents case in the aftermath of the F.B.I. search at the former president’s Mar-a-Lago resort last year.Marco Bello/ReutersChristopher M. Kise is a former Florida solicitor general who has won four cases before the United States Supreme Court and who worked as a transition adviser for Gov. Ron DeSantis of Florida. He was hired to represent Mr. Trump in the federal documents case in the aftermath of the F.B.I. search at the former president’s Mar-a-Lago resort, and he was paid an upfront retainer fee of $3 million, a figure that CNN reported had was much noticed by Mr. Trump’s other lawyers, as the former president has a long history of not paying his legal fees.Mr. Trump’s PAC paid Mr. Kise’s firm an additional $2.8 million since he was hired last year, and paid nearly $2.9 million in 2022 and 2023 to Continental, a law firm at which Mr. Kise is of counsel, according to federal filings. M. Evan Corcoran, 59, partner at Silverman Thompson in BaltimoreFees: $3.4 million in 2022 and the first half of 2023M. Evan Corcoran has become a key figure in the documents case. Jose Luis Magana/Associated PressM. Evan Corcoran quickly became a central figure in the documents case after he began representing Mr. Trump. A federal appeals court ordered Mr. Corcoran to hand over documents related to his legal work, records that eventually became crucial evidence for prosecutors in the case. Mr. Corcoran accompanied Mr. Trump for his arraignment this month in the election interference case. Mr. Corcoran’s firm has been paid a total of $3.4 million by Mr. Trump’s PAC in 2022 and the first six months of 2023.Stormy Daniels Hush Money Case in New YorkJoe Tacopina, 57, founder of Tacopina Seigel & DeOreo in New York CityFees: $1.7 million in the first half of 2023Joe Tacopina was a central figure in the civil case against Mr. Trump by E. Jean Carroll.Brittainy Newman for The New York TimesOnce described as “to the defense bar what Donald Trump is to real estate,” Joe Tacopina’s custom of defending his clients vociferously and in public has helped him earn and maintain a seat of prominence on Mr. Trump’s legal team. He was a central figure in the civil case against Mr. Trump by E. Jean Carroll and aggressively questioned Ms. Carroll in an attempt to cast doubt on her allegations of sexual assault. Mr. Trump’s PAC paid Mr. Tacopina’s firm $1.7 million in the first half of 2023.Susan Necheles, 64, partner at NechelesLaw in New York CityFees: $465,000 in the first half of 2023Susan Necheles has been defending Mr. Trump and the Trump Organization in a variety of investigations since 2021.Amr Alfiky/ReutersSusan R. Necheles was counsel to Venero Mangano, the late Genovese crime family underboss known as “Benny Eggs,” and recently represented Jeremy Reichberg, a former fundraiser for Mayor Bill de Blasio of New York, in a federal bribery case. She has been defending Mr. Trump and the Trump Organization in a variety of investigations since 2021. Mr. Trump’s PAC paid her firm $465,000 in the first six months of 2023.Federal Classified Documents CaseStephen Weiss, 35, counsel at Blanche Law in New York CityStephen Weiss worked as an associate at the law firm Cadwalader, Wickersham & Taft for six years before joining Mr. Blanche in June at his firm. Mr. Weiss was present at a pretrial hearing for Mr. Trump in the documents case last month.Lindsey Halligan, 34Fees: $212,000 in 2022 and the first half of 2023Lindsey Halligan was part of an effort by Mr. Trump’s legal team to have a special master appointed to review documents.Marco Bello/Agence France-Presse — Getty ImagesLindsey Halligan was part of an aggressive effort by Mr. Trump’s legal team last year to have a special master appointed to review documents the F.B.I. had seized in the raid on Mar-a-Lago. She was also part of a team of lawyers who met with Justice Department officials in June in a final effort to stave off charges in the documents case. Mr. Trump’s PAC paid her $212,000 from June 2022 to June 2023.Federal Election Interference CaseJohn Lauro, 65, principal of Lauro & Singer in New York City and Tampa, Fla.Fees: $288,000 in 2022 and the first half of 2023John Lauro formally joined Mr. Trump’s legal team in the election interference case earlier this month, although he had earlier advised the former president on legal matters. He was paid $288,000 for his legal work in 2022 and the first six months of 2023 by Mr. Trump’s PAC. He accompanied the former president to his arraignment in the federal election interference case earlier this month.Mr. Lauro gained notoriety for representing Tim Donaghy, a former N.B.A. referee who pleaded guilty to betting on games and taking payoffs from gamblers. He also previously worked as a federal prosecutor in Brooklyn.Election Interference Case in GeorgiaDrew Findling, 63, founder of Findling Law Firm in AtlantaFees: $816,000 in 2022 and the first half of 2023Drew Findling has represented an array of famous rap stars, including Cardi B, Gucci Mane and Migos.Alyssa Pointer/Atlanta Journal-Constitution, via Associated PressDrew Findling, a prolific figure in the world of Atlanta rap known as the #BillionDollarLawyer, joined Mr. Trump’s legal team a year ago. Mr. Findling has represented an array of famous rap stars — including Cardi B, Gucci Mane and Migos — and is well regarded for his defense work, with decades of trial experience ranging from high-profile murder cases to local political corruption scandals in Georgia. Mr. Trump’s PAC paid his firm $816,000 from July 2022 to May 2023.Marissa Goldberg, 40, partner at Findling Law Firm in AtlantaMarissa Goldberg, a partner at Mr. Findling’s law firm, has worked alongside Mr. Findling and Ms. Little in an effort to quash the entire Georgia election case and to disqualify Fani T. Willis, the Fulton County district attorney leading the case.Jennifer Little, 44, founder of Jennifer Little Law in AtlantaFees: $100,000Jennifer Little began her career as a prosecutor in DeKalb County, Ga., before becoming a partner at the firm Fried Bonder White. She later started her own firm, Jennifer Little Law. Like Mr. Corcoran, Ms. Little was compelled to testify about her legal work representing Mr. Trump in the federal documents case. She was paid $100,000 by Mr. Trump’s PAC in April 2022.Kitty Bennett More

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      Biden Is Running on His Record as President. Here’s Where He Stands.

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      President Biden has acknowledged that he has not accomplished all he wished to. But that, he maintains, is an argument for his re-election.WASHINGTON — Just hours after formally kicking off his re-election campaign, President Biden appeared on Tuesday before a crowd of union supporters chanting “four more years” to outline his case for a second term.In his telling, unsurprisingly, the record sounds pretty good — more jobs, more roads and bridges, more clean energy, more opportunities for workers without college degrees. In just two and a half years, he argued, he has helped restore America following a debilitating pandemic and societal collapse. “Our economic plan is working,” he maintained.But as with any incumbent seeking a renewal by voters, there is the record he is running on and the record he is running away from. During his address to more than 3,000 members of North America’s Building Trades Unions, Mr. Biden made no mention of the promises he has failed to achieve so far or the setbacks that have left him with some of the lowest approval ratings of a president at this point in their term.Mr. Biden’s record looks different depending on the angle from which it is viewed, all the more so in polarized times when voters and viewers migrate to their own corners of the information world for radically different vantage points. The president is either the mature leader fixing the country as he stands against the forces of evil or he is the leader of the forces of evil destroying the country.“Under my predecessor, infrastructure week became a punchline,” Mr. Biden told the union members, mocking former President Donald J. Trump’s failure to pass legislation rebuilding the nation’s worn public facilities that his successor did succeed in enacting. “On my watch, infrastructure has become a decade headline — a decade.”Mr. Trump, now seeking a rematch against Mr. Biden in 2024, gave his potential opponent no credit. “When I stand on that debate stage and compare our records,” he said in a statement, “it will be radical Democrats’ worst nightmare because there’s never been a record as bad as they have, and our country has never been through so much.”Along with the $1 trillion infrastructure package, which passed with Republican votes, Mr. Biden can boast of sweeping legislative victories that would have seemed improbable when he took office. Among other measures he pushed through a Congress with narrow Democratic majorities were a $1.9 trillion Covid-19 relief package; major investments to combat climate change; lower prescription drug costs for seniors; increased corporate taxes; expanded treatment for veterans exposed to toxic burn pits and incentives to turbocharge the semiconductor industry.He has been unable, however, to fulfill other major promises, including an assault weapons ban; an immigration overhaul providing a path to citizenship for migrants in the country illegally; two years of free community college; free universal preschool for all three- and four-year-olds; national paid sick leave; greater voting rights protections; and policing changes to counter excessive force. Some of those were never realistic in the first place, but Mr. Biden was the one to highlight them as priorities.His economic record is similarly complicated. More than 12 million jobs have been created since he took office as the economy bounced back from the pandemic, and unemployment is at or near its lowest level in a half-century. But inflation rocketed up to its highest level in four decades, which some critics blamed on excessive federal spending under Mr. Biden, although cost increases have been a global phenomenon. Likewise, gas prices shot up to record levels. While both have begun to come back down — inflation has fallen from 9 percent to 5 percent — Americans remain skittish about the economy, according to polls, and economists still worry about a possible recession.After fitful starts, Mr. Biden has presided over the easing of the Covid pandemic and accompanying restrictions despite vaccine resistance among many, especially on the political right. But he has failed to quell a surge of migration at the southwestern border, where attempted crossings have hit record highs, and Republicans blame him for a wave of crime, which actually began while Mr. Trump was still in office.Mr. Biden has worked to reverse Mr. Trump’s impact on the judiciary, pushing through more judicial appointments through the Senate in his first two years than his predecessor had, but the pipeline has slowed in recent months with the absence of an ailing Senator Dianne Feinstein, Democrat of California, from the Judiciary Committee. Mr. Biden fulfilled his promise to appoint the first Black woman to the Supreme Court, Ketanji Brown Jackson.Where he has not been able to work his will on lawmakers, he has relied on an expansive interpretation of his executive power to achieve policy goals, most notably his decision to forgive $400 billion in student loans. But such actions are inherently subject to court challenges, and analysts expect the Supreme Court to overrule the student loan decision.In the international arena, Mr. Biden worked to revitalize international ties that had frayed under Mr. Trump, recommitting to NATO and rejoining the Paris climate change accord. But his effort to resurrect the Iran nuclear agreement abandoned by Mr. Trump has gone nowhere.Mr. Biden’s withdrawal of American forces from Afghanistan after 20 years turned into a debacle, leading to a swift and brutal takeover of the country by the Taliban and a chaotic withdrawal of troops and allies, with fleeing Afghans swarming American planes and a suicide bomber killing 13 American troops and 170 civilians.Although Mr. Trump has criticized Mr. Biden over the episode, the president was carrying out a pullout deal that his predecessor struck with the Taliban, a pact that one of Mr. Trump’s own national security advisers called a “surrender agreement.” Some experts argue the fiasco at the Kabul airport emboldened President Vladimir V. Putin of Russia to assume that Mr. Biden was weak.But Mr. Biden rallied the world when Mr. Putin invaded Ukraine last year to isolate Moscow and cut off much of its financial ties with the West. With bipartisan support, Mr. Biden has committed more than $100 billion to arm Ukraine’s military and enable its government and people to survive the Russian onslaught. American assistance helped the Ukrainians surprise Russian invaders by preventing the takeover of their capital and most of the country, but the situation remains volatile.It remains volatile at home as well. Mr. Biden made the theme of his inaugural address his desire to unite the country after the divisions of the Trump years. And while he has to some extent lowered the temperature in Washington and worked at times with Republicans, America remains deeply polarized.Republicans accuse Mr. Biden of being the divisive one, citing his rhetoric assailing “MAGA Republicans” and blaming him for the investigations of his rival, Mr. Trump, although there is no evidence of involvement by the president.In his campaign kickoff video and subsequent speech on Tuesday, Mr. Biden acknowledged that he has not accomplished all he wished to. But that, he maintained, was an argument for his re-election. “We’ve got a lot more work to do,” he said. More

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      Biden Looks to Bolster Support Among Seniors With a Focus on Health Care

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      In a trip to Las Vegas, President Biden warned that Republicans would endanger popular programs like Social Security and Medicare.LAS VEGAS — One of President Biden’s promises to America’s seniors when he first campaigned for the Oval Office was this: You will pay less for health care.So on Wednesday, with a possible re-election announcement getting closer every day, the president traveled to Las Vegas to boast that millions of older adults would save on their medications thanks to the health care legislation he championed last year.Because of the Inflation Reduction Act, he said, seniors will no longer have to make co-payments for some recommended vaccines like shingles and tetanus, saving them an average of $70 each year in the future.“For seniors on fixed income who often need expensive medications to stay healthy, that constant question is can they take the medications and can they pay the bills without giving up important elements of their life,” Mr. Biden told an audience at the University of Nevada, Las Vegas.“It’s not just your health,” he said. “It’s about your dignity. It’s about your security.”In the 2020 election, Mr. Biden came up short among people 65 and older to former President Donald J. Trump, 48 percent to 52 percent. The president and his advisers are hoping to increase his support among that group in 2024 by arguing that its financial and medical security will be better protected with Mr. Biden in office.The centerpiece of that argument so far has been the fate of the government’s primary retirement programs, Social Security and Medicare. Mr. Biden has been aggressive in seizing on proposals by a handful of Republican politicians to argue that the party would put the popular programs in danger.He said as much on Wednesday, standing in front of a sign at the University of Nevada that said “Lowering Costs for American Families.” The president recounted his State of the Union speech this year, when several Republican lawmakers called him a liar for claiming that they wanted to cut the social safety net programs.“I hope it’s true,” he said, noting that the legislators were being filmed as they denied any interest in doing any damage to Medicare and Social Security. “But I’ll believe it when I see it,” he said.Beyond that issue, however, the administration argues that older Americans will also be grateful for the president’s efforts to keep costs down, especially when it comes to their medications, at a time when prices have been rising sharply.In addition to the $70 average savings on vaccines, White House officials said on Wednesday that seniors across the country would benefit from provisions in the Inflation Reduction Act that penalize drug companies when they increase the cost of a drug faster than inflation..css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-1hvpcve{font-size:17px;font-weight:300;line-height:25px;}.css-1hvpcve em{font-style:italic;}.css-1hvpcve strong{font-weight:bold;}.css-1hvpcve a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.Officials said that 27 specialized drugs recently met that criteria, and that their makers would be required to pay rebates to the federal government for the extra costs. Administration officials said that older Americans might see some savings in the future as drug companies keep prices lower to avoid having to pay the rebates.“Some people with traditional Medicare or managed care Medicare may stand to save starting in just a matter of weeks,” Health and Human Services Secretary Xavier Becerra told reporters before the president’s appearance.Mr. Biden also highlighted the impact that his health care actions have had on the cost of insulin, which is a common — and usually expensive — drug for many seniors who suffer from diabetes.The president’s health care law caps the price of insulin at $35 per month for older adults, and Mr. Biden has succeeded in persuading two of the three biggest drug manufacturers to lower costs for younger people in need of insulin. Eli Lilly announced this month that it would cap out-of-pocket costs for insulin at the same $35. Novo Nordisk said it would cut the cost of its insulin drug by 75 percent.The focus on medical costs for older adults has been part of Mr. Biden’s agenda since before he became president. His campaign website said under the heading “The Biden Plan for Older Americans” that seniors in the United States “deserve to retire with dignity — able to pay for their prescriptions and with access to quality, affordable long-term care.”But his policy ambitions are now part of a political effort to win back some in that demographic who have trended toward Republicans as the average age of people living in the country increases each year.A group of about two-dozen Republican lawmakers is pushing legislation to repeal the Inflation Reduction Act, a move that White House officials and the president have seized on. Mr. Biden wants to make his Republican White House rival — whomever that turns out to be — pay for a repeal effort by suggesting that it will hurt older adults.In a statement last month, the White House said that efforts to repeal the law “would give tens of billions of dollars in subsidies back to Big Pharma, raise seniors’ prescription drug prices and raise taxes on an estimated 14.5 million people — all while increasing the deficit.”Mr. Biden’s visit to Las Vegas comes just weeks before he is expected to announce that he is running for a second term. Nevada is a critical swing state that Democrats need in their column if they want to retain control of the White House for another four years. In 2020, Mr. Biden won the state with 50.06 percent of the vote, to Mr. Trump’s 47.67 percent.Wednesday’s speech took place at the William F. Harrah College of Hospitality, a nod to the service unions that are extremely powerful in Las Vegas and an important Democratic constituency. More