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      Why Our “Great” Economy Is Making Young Americans Grumpy

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

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      Talk About Abortion, Don’t Talk About Trump: Governors Give Biden Advice

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      At an annual gathering in Arizona, Democratic governors offered a series of explanations for the president’s political struggles and suggested ideas for selling voters on his re-election.America’s Democratic governors brag about booming local economies, preside over ribbon-cuttings of projects paid for with new federal legislation and have successfully framed themselves as defenders of abortion rights and democracy.Almost all of them are far more popular in their home states than the Democratic president they hope to re-elect next year.While President Biden is mired in the political doldrums of low approval ratings and a national economy that voters are sour on, Democratic governors are riding high, having won re-election in red-state Kentucky last month and holding office in five of the seven most important presidential battleground states.The governors, like nearly all prominent Democrats, are publicly projecting confidence: In interviews and conversations with eight governors at their annual winter gathering at the Arizona Biltmore in Phoenix over the weekend, they expressed on-the-record optimism that Mr. Biden would win re-election.But also like many Democrats, some privately acknowledged fears that former President Donald J. Trump could win a rematch with Mr. Biden. They also said that Mr. Biden, at 81 years old, might not compare well with a younger Republican like Nikki Haley, the former United Nations ambassador, Gov. Ron DeSantis of Florida or even former Gov. Chris Christie of New Jersey.The governors offered a series of explanations for Mr. Biden’s political struggles and supplied free advice. Here are six ways they believe he can raise his standing ahead of next year’s election.Talk more about abortion.Mr. Biden barely says the word abortion in his public statements, a fact that frustrates fellow governors hoping he can, as many of them have, use anger over the Supreme Court’s 2022 decision overturning Roe v. Wade to improve his political fortunes.“We should talk about all the threats to women’s health care, including abortion, and use that word specifically,” said Gov. Gretchen Whitmer of Michigan. “We should be talking about it like that because Americans are awake. They are angry that this right could be stripped away and we are the only ones fighting for it.”On abortion politics, Gov. Phil Murphy of New Jersey acknowledged that “it’s widely known that this is probably an uncomfortable reality for him,” given that Mr. Biden, a practicing Catholic, once voted in the Senate to let states overturn Roe v. Wade and his stance on abortion rights has evolved over the years.Mr. Murphy said Mr. Biden must be forthright about discussing the likelihood that Republicans would aim to enact new abortion restrictions if they win control of the federal government in 2024 and emphasizing the Democratic position that decisions about abortion should be left to women and their doctors.“That has to be laid out in a much more crystal-clear, explicit, affirmative way,” he said.Stop talking about Trump.The governors broadly agreed that Mr. Trump would be the Republican nominee. They don’t love Mr. Biden’s recent turn to focus more attention on his predecessor.“You’ve got to run for something and not against someone,” said Gov. Andy Beshear of Kentucky. That is easy for Mr. Beshear to say — he is among the nation’s most popular governors and just won re-election in a deep-red state.Gov. Laura Kelly of Kansas urged the president to stop talking about Mr. Trump altogether. Be positive, she said, and let others carry the fight to Mr. Trump.“If I were in Biden’s shoes, I would not talk about Trump,” she said. “I would let other people talk about Trump.”Appeal to moderate Republicans and independents.Gov. Tim Walz of Minnesota also said Mr. Biden needed to adopt some of Mr. Trump’s penchant for bragging.“He’s been modest for so long, to watch him do it now feels a little uncomfortable,” Mr. Walz said.Gov. Roy Cooper of North Carolina said his constituents were hoping Republicans would nominate someone other than Mr. Trump.Mr. Murphy said hopefully that Republicans supporting someone else in their primary might stay home or wind up voting for Mr. Biden next year.“What if Trump is the nominee? What’s the behavior pattern among the Haley, DeSantis and Chris Christie supporters? Where do they go?” Mr. Murphy said. “I find it hard to believe that a majority of them are going to Trump.”Tell people what Biden’s done.Gov. Gavin Newsom of California, fresh off a prime-time Fox News debate against Mr. DeSantis that seemed meant in part to elevate the ambitious Mr. Newsom to the role of Mr. Biden’s leading defender, lamented “the gap between performance and perception.”He was one of several governors who said their constituents felt good about their lives but were pessimistic about the state of the country.“People feel pretty good about their states, feel pretty good about their communities, even their own lived lives,” Mr. Newsom said. “You ask, ‘How are you doing?’ They say, ‘We’re doing great, but this country’s going to hell.’”Mr. Newsom said Mr. Biden’s biggest problem was that he had not been able to communicate to voters that he is responsible for improvements in their lives.“People just don’t know the record,” he said. “They don’t hear it. They never see it.”In North Carolina, which last week became the 40th state to expand Medicaid under the Affordable Care Act, Mr. Cooper said people who are newly eligible for health care were not likely to credit Mr. Biden or White House policies.“The people who are getting it don’t really associate it with anybody other than finally being able to get health care for themselves,” he said.Focus more attention on legislative achievements.The governors all seemed to agree that they would like to see Mr. Biden spend more time cutting ribbons and attending groundbreakings for new projects paid for by infrastructure, climate and semiconductor funding he signed into law.“I would be doing those morning, noon and night,” Mr. Murphy said.Ms. Kelly of Kansas, who won her red state twice, said Mr. Biden should announce the opening of new projects and factories because she said it would focus attention away from his age.“I would spend a lot of time doing those just because they’re relatively easy and they are energizing,” she said.And Mr. Walz, whom his fellow governors voted the new chairman of the Democratic Governors Association, said Mr. Biden’s challenge would be explaining to people the future benefits of investments being made now.“The problem is going to be, it’s going to take us 20 years to build all this infrastructure out,” Mr. Walz said. “Whether they see it within the next 11 months or not, that’s what we need to tell the story.”Find some Democrats with enthusiasm.No governor at the Phoenix gathering expressed more desire to give Mr. Biden another term in the White House than Mr. Newsom, who used a 40-minute chat with reporters to take a victory lap from his debate with Mr. DeSantis, a ratings bonanza for the Fox News host Sean Hannity that doubled as the largest audience of the California governor’s political career.Mr. Newsom, who since the middle of last year has evolved from a friendly critic of Mr. Biden’s political messaging to one of his most enthusiastic supporters, said his fellow governors needed to perform like old-school politicians who could deliver a constituency for an ally through force of will by activating supporters to follow political commands.“We, the Democratic Party, need to get out there on behalf of the leader of the Democratic Party, Joe Biden, and make the case and do it with pride,” Mr. Newsom said. “We’ve got to wind this thing up.”The task may be difficult. Mr. Cooper described “a general malaise and frustration” that has Americans blaming Mr. Biden for forces often beyond his control.But Mr. Newsom said that if others were wary of carrying the torch for Mr. Biden in the next year, he was not afraid to do so all by himself.“If no one’s showing up doing stuff, I’m going to show up,” he said. “I can’t take it. I can’t take the alternative. I can’t even conceive it.” More

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      What to Expect at Today’s DealBook Summit

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      Vice President Kamala Harris, Elon Musk, Bob Iger, Jamie Dimon and Tsai Ing-wen, the president of Taiwan, are among the big names speaking.Leaders in politics, business and culture will gather in New York for the DealBook Summit today. Here, The Times’s Andrew Ross Sorkin interviews Reed Hastings of Netflix at last year’s event.Hiroko Masuike/The New York TimesThe lineup for DealBook Summit 2023 On Wednesday, DealBook will be live and in person at our annual summit in New York.Andrew takes the stage around 9 a.m. Eastern, and the first interview kicks off soon after. The DealBook team and reporters from The Times will be reporting live from the conference.Even if you are not with us, you can follow along here beginning at 8:30 a.m. Eastern.Here are the speakers:Vice President Kamala HarrisTsai Ing-wen, the president of TaiwanElon Musk, the chairman and C.E.O. of SpaceX, the C.E.O. of Tesla and the chairman and chief technology officer of XLina Khan, the chair of the Federal Trade CommissionJamie Dimon, the chairman and C.E.O. of JPMorgan ChaseBob Iger, the C.E.O. of DisneyRepresentative Kevin McCarthy, Republican of CaliforniaJensen Huang, the C.E.O. of NvidiaDavid Zaslav, the C.E.O. of Warner Bros. DiscoveryShonda Rhimes, the television show creator and the founder of the Shondaland production companyJay Monahan, the commissioner of the PGA TourWhat to watch: The buzz and fears swirling around artificial intelligence, the rise of hate speech and antisemitism since the Hamas-led Oct. 7 attacks on Israel, China-U.S. relations, inflation, interest rates and the chip wars and streaming wars — these topics and more will be covered by Andrew as he interviews some of the biggest newsmakers in business, politics and culture.There will be plenty of questions about an uncertain world. Americans are down on politics, the economy and workplace conditions. College campuses are divided. What role does business play in addressing these grievances? What about the White House and Congress? Can they bring voters together? Speaking of which, can Republicans unite to keep the government from shutting down again (and again)?Elsewhere, can Beijing and Washington decrease tensions and restore more normalized trading relations? What about A.I.? Is this a technology that will unleash a new wave of productivity, or is it a force that could do irreparable harm? And what’s so special about colonizing Mars?More on what to expect later.HERE’S WHAT’S HAPPENING Charlie Munger, Warren Buffett’s longtime lieutenant, dies at age 99. A former lawyer who became the vice chairman of Berkshire Hathaway and a billionaire in his own right, he became known for his sardonic quips. But Munger had more influence than his title suggests: Buffett credited him with devising Berkshire’s famed approach of buying well-performing businesses at low prices, turning the company into one of the most successful conglomerates in history.The Koch Network endorses Nikki Haley. Founded by the billionaire industrialists Charles and David Koch, the political network — which had raised a war chest of more than $70 million as of this summer — could give Haley’s campaign organizational strength and financial heft as she battles Gov. Ron DeSantis of Florida and aims to close the gap on the Republican front-runner, Donald Trump. Haley has risen in the polls since the first Republican primary debate in August, while DeSantis has slipped.Apple reportedly moves to end its credit card pact with Goldman Sachs. In the latest blow to Goldman’s consumer finance ambitions, the tech giant has proposed pulling the plug on a credit card and savings account it introduced with the bank, according to The Wall Street Journal. It’s unclear if Apple has found a new partner to issue its Apple Card, though Goldman had previously discussed a deal to offload the program to American Express.Mark Cuban makes two exits. The billionaire entrepreneur will leave “Shark Tank” after more than 10 years of assessing start-up pitches and making deals on camera. And, according to The Athletic, Cuban is selling a majority stake in the Dallas Mavericks to the casino billionaire Miriam Adelson and her family for a valuation around $3.5 billion. (He will retain full control over basketball operations.)Some things we’d like to cover Vice President Kamala HarrisWill “Bidenomics” save or sink the Biden-Harris ticket in 2024?Elon Musk, SpaceX, Tesla and XWhat did you learn from your trip this week to Israel?Lina Khan, F.T.C.What is your endgame in taking on Big Tech?Jamie Dimon, JPMorgan ChaseDoes America have too many banks?Jensen Huang, NvidiaIs investor enthusiasm around artificial intelligence justified, or is it merely inflating a bubble?We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Even Most Biden Voters Don’t See a Thriving Economy

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      A majority of those who backed President Biden in 2020 say today’s economy is fair or poor, ordinarily a bad omen for incumbents seeking re-election.Presidents seeking a second term have often found the public’s perception of the economy a pivotal issue. It was a boon to Ronald Reagan; it helped usher Jimmy Carter and George H.W. Bush out of the White House.Now, as President Biden looks toward a re-election campaign, there are warning signals on that front: With overall consumer sentiment at a low ebb despite solid economic data, even Democrats who supported Mr. Biden in 2020 say they’re not impressed with the economy.In a recent New York Times/Siena College poll of voters in six battleground states, 62 percent of those voters think the economy is only “fair” or “poor” (compared with 97 percent for those who voted for Donald J. Trump).What the Economy Looks Like to Biden Voters in Swing StatesPercent of President Biden’s 2020 supporters who …

      Notes: Respondents of other races were omitted because of low sample sizes. The figures may not add up to 100 percent because of rounding.Source: New York Times/Siena College polls of 3,662 registered voters conducted Oct. 22 to Nov. 3 in Arizona, Georgia, Michigan, Nevada, Pennsylvania and WisconsinBy The New York TimesThe demographics of Mr. Biden’s 2020 supporters may explain part of his challenge now: They were on balance younger, had lower incomes and were more racially diverse than Mr. Trump’s. Those groups tend to be hit hardest by inflation, which has yet to return to 2020 levels, and high interest rates, which have frustrated first-time home buyers and drained the finances of those dependent on credit.But if the election were held today, and the options were Mr. Biden and Mr. Trump, it’s not clear whether voter perceptions of the economy would tip the balance.“The last midterm was an abortion election,” said Joshua Doss, an analyst at the public opinion research firm HIT Strategies, referring to the 2022 voting that followed the Supreme Court’s decision to overturn the Roe v. Wade ruling. “Most of the time, elections are about ‘it’s the economy, stupid.’ Republicans lost that because of Roe. So we’re definitely in uncharted territory.”There are things working in Mr. Biden’s favor. First, Mr. Doss said, the economic programs enacted under the Biden administration remain broadly popular, providing a political foundation for Mr. Biden to build on. And second, social issues — which lifted the Democrats in the midterms — remain a prominent concern.Take Oscar Nuñez, 27, a server at a restaurant in Las Vegas. Foot traffic has been much slower than usual for this time of year, eating into his tips. He’d like to start his own business, but with the rising cost of living, he and his wife — who works at home answering questions from independent contractors for her employer — haven’t managed to save much money. It’s also a tough jump to make when the economy feels shaky.Mr. Nuñez expected better from Mr. Biden when he voted blue in 2020, he said, but he wasn’t sure what specifically the president should have done better. And he is pretty sure another Trump term would be a disaster.“I’d prefer another option, but it seems like it will once again be my only option again,” Mr. Nuñez said of Mr. Biden. For him, immigrants’ rights and foreign policy concerns are more important. “That’s why I was picking him over Trump in the first place — because this guy’s going to do something that’s real dangerous at some point.”Mr. Nuñez isn’t alone in feeling dissatisfied with the economy but still bound to Mr. Biden by other priorities. Of those surveyed in the six battleground states who plan to vote for Mr. Biden in 2024, 47 percent say social issues are more important to them, while 42 percent say the economy is more important — but that’s a closer split than in the 2022 midterms, in which social issues decisively outweighed economic concerns among Democratic voters in several swing states. (Among likely Trump voters, 71 percent say they are most focused on the economy, while 15 percent favor social issues.)Kendra McDowell thinks President Biden is doing the best he can given the continuing challenges of the wars in Ukraine and Gaza. “People are shopping — you know why? Because they’ve got jobs,” she said.Hannah Yoon for The New York TimesDour sentiment about the economy also isn’t limited to people who’ve been frustrated in their financial ambitions.Mackenzie Kiser, 20, and Lawson Millwood, 21, students at the University of North Georgia, managed to buy a house this year. Mr. Millwood’s income as an information-technology systems administrator at the university was enough to qualify, and they worried that affordability would only worsen if they waited because of rising interest rates and prices. Still, the experience left a bitter taste.“The housing market is absolutely insane,” said Ms. Kiser, who wasn’t old enough to vote in 2020 but leans progressive. “We paid the same for our one-story, one-bedroom cinder-block 1950s house as my mom paid for her three-story, four-bedroom house less than a decade ago.”Ms. Kiser doesn’t think Mr. Biden has done much to help the economy, and she worries he’s too old to be effective. But Mr. Trump isn’t more appealing on that front.“It’s not that I think that anybody of a different party could do better, but more that someone with their mental faculties who’s not retirement age could do a better job,” Ms. Kiser said. “Our choices are retirement age or retirement age, so it’s rock and a hard place right now.”Generally, voters don’t think Republicans are fixing the economy, either. In a poll conducted this month by the progressive-leaning Navigator Research, 70 percent of voters in battleground House districts, including a majority of Republicans, said they thought Republicans were more focused on issues other than the economy.The health of the economy is still a major variable leading up to the election. A downturn could fray what the president cites as a signal accomplishment of Bidenomics: low unemployment. A study of the 2016 election found that higher localized unemployment made Black voters, an overwhelmingly Democratic constituency, less likely to vote at all.“I think the likelihood that they would choose Trump is not the threat,” Mr. Doss said. “The threat is that they would choose the couch and stay home, and enough of them would stay home for an electoral college win for Trump.”But in the absence of a competitive Democratic primary, the campaigning — and television spots — have yet to commence in earnest. When they do, Mr. Doss has some ideas.So far, Mr. Biden’s messaging has focused on macroeconomic indicators like the unemployment rate and tackling inflation. “The truth is, that’s not the economy to most people,” Mr. Doss said. “The economy to most people is gas prices and food and whether or not they can afford to throw a birthday party for their kid.”Mr. Millwood supports a higher federal minimum wage, and is impatient with the bickering and finger pointing he hears about in Washington.Audra Melton for The New York TimesIt’s difficult for presidents to directly control inflation in the short term. But the White House has addressed a few specific costs that matter for families, by releasing oil from the Strategic Petroleum Reserve to contain surging oil prices in late 2022, for example. The Inflation Reduction Act reduced prescription drug prices under Medicare and capped the cost of insulin for people with diabetes. The administration is also going after what it calls “junk fees,” which inflate the prices of things like concert tickets, airline tickets and even birthday parties.The more the administration talks about its concrete efforts to lower prices, the more Mr. Biden will benefit, Mr. Doss said. At the same time, Mr. Biden can lessen the blowback from persistent inflation by deflecting blame — an out-of-control pandemic was the original cause, he could plausibly argue, and most other wealthy countries are worse off.That’s how it seems to Kendra McDowell, 44, an accountant and single mother of four in Harrisburg, Pa. She feels the sting of inflation every time she goes to the grocery store — she spent $1,000 on groceries this past month and didn’t even fill her deep freezer — and in the health of her clients’ balance sheets. Despite her judgment that the economy is poor, however, she still has enough confidence to start a business in home-based care, a field in greater demand since Covid-19 ripped through nursing homes.“When I talk about the economy, it’s just inflation, and to me inflation is systemic and coming from the Trump administration,” Ms. McDowell said. If the pandemic had been contained quickly, she reasoned, supply chains and labor disruptions wouldn’t have sent prices soaring in the first place.Moreover, she sees the situation healing itself, and thinks Mr. Biden is doing the best he can given the challenges of the wars in Ukraine and now Gaza. “People are shopping — you know why? Because they’ve got jobs,” Ms. McDowell said. “God forbid, today or tomorrow, if I had to go find a job, it’s easier than it was before.”Ms. McDowell is what’s known in public opinion research as a high-information voter. Polls have shown that those less apt to stay up on the news tend to change their views when provided with more background on what the Biden administration has both accomplished and attempted.Ms. McDowell, a mother of four, said that she felt the sting of inflation every time she went to the grocery store, but that she didn’t blame Mr. Biden.Hannah Yoon for The New York TimesThe 15-month-old Inflation Reduction Act is still little known, for example. But this past March, the Yale Program on Climate Change Communication found that 68 percent of respondents supported it when filled in on its main components.A frequent theme of conversations with Democratic voters who see the economy as poor is that large corporations have too much power and that the middle class is being squeezed.Mr. Millwood, Ms. Kiser’s partner, said that he was concerned that society had grown more unequal in recent years, and that he didn’t see Mr. Biden doing much about it.“From what I see, it really doesn’t look like the working class is benefiting from many things recently,” said Mr. Millwood, who supports a higher federal minimum wage and is impatient with the bickering and finger pointing he hears about in Washington.After the phone conversation ended, Mr. Millwood texted to say that upon reflection, he would also like to see Mr. Biden push to lower taxes for low-income families and make it more difficult for the wealthiest to dodge them. After being sent news articles about Mr. Biden’s support for the extension of the now-expired Child Tax Credit and the appropriation of $80 billion for the Internal Revenue Service, in part to pursue tax evaders, he seemed surprised.“That is absolutely what I had in mind,” Mr. Millwood texted. “It’s been so noisy in the media lately I haven’t seen much that is covering things like that,” adding, “Biden doesn’t seem so bad after all haha.”Ruth Igielnik More

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      Is Biden vs. Trump the ‘Election We Need’?

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      More from our inbox:Rosalynn Carter’s ‘Incredible Life’Protests at ColumbiaBidenomics Isn’t Helping Me Damon Winter/The New York TimesTo the Editor:Re “A Trump-Biden Rematch Is the Election We Need,” by Carlos Lozada (column, Nov. 12):When I first saw the headline on Mr. Lozada’s column, I thought, “No way!” After reading the piece and thinking about it, I have decided that this is the one election we truly need to have.There is no greater comparison than Biden vs. Trump. It is the classic confrontation of good versus evil, and the American people need to decide whether we choose to maintain a constitutional republic, or support an authoritarian, belligerent, vindictive form of government.The twice impeached, quadruple indicted former president is a clear and present danger, while Joe Biden is a staunch defender of democracy, fairness and decency. We need this election to once and for all defeat MAGA and Trumpism, and send Donald Trump packing, if he is not in prison.There is no greater threat to the American way of life than Donald Trump, and even if Joe Biden is simply a place holder for the president who is elected in 2028, that would be far more palatable than a Trump presidency.Henry A. LowensteinNew YorkTo the Editor:Carlos Lozada argues that “we have no choice but to choose” between Donald Trump and President Biden and their dueling visions for America at the ballot box in 2024. This is, for now, a false choice.In light of the alarming polling trend regarding Mr. Biden’s re-electability, the wisest course of action for the Democrats is to urgently organize, with Mr. Biden’s blessing (he would have to be persuaded), a robust Democratic presidential primary in order to discover whom Democratic voters would turn out for in the largest numbers on Election Day.But the longer that Democratic elites delay, the Trump-Biden choice will, in short order, become one that we indeed cannot escape. If this occurs, as seems likely, it will be a choice that Mr. Biden and the Democratic establishment impose on the electorate.And if Mr. Biden comes up short at the ballot box in 2024, as the recent New York Times/Siena poll suggests he will, he and the Democratic Party’s other so-called leaders will have nobody but themselves to blame.Nicholas BuxtonNew YorkTo the Editor:Carlos Lozada writes: “Joe Biden versus Donald Trump is not the choice America wants. But it is the choice we need to face.”Yes, it is the choice we need to face, but what a risk!With Mr. Trump’s high polling numbers, it certainly seems that a significant number of people support his candidacy unequivocally. What he says and does — illegal or not — makes no difference. He evokes deep emotions and the feeling that he will settle their scores and protect them from the “woke” mob. They like Mr. Trump’s moxie and flouting of authority, but don’t listen to his actual plan of governance.He plainly wants to create an authoritarian government — put his cronies in the Justice Department and jail his political “enemies,” pack the courts and rule as his whims dictate.Yes, the best way to end Mr. Trump’s reign of influence would be to decisively defeat him in this election. But we are taking the huge risk that he could win — and end our democracy as we know it.I would rather risk losing to a Nikki Haley than take the chance on beating Mr. Trump. Unfortunately, we may not have a choice.It is the job of the Democratic candidates and the media to clearly present the facts about the likely choices in this election. And keep our fingers crossed!Carol KrainesDeerfield, Ill.To the Editor:Representative Dean Phillips of Minnesota, the 54-year-old Democrat running a long-shot presidential campaign, took direct aim at President Biden and his message in a recent CNN interview.Mr. Phillips said: “I think in 2020, he was probably the only Democrat who could have beaten Donald Trump. I think in 2024, he may be among the only ones that will lose to him.”Let’s think about that, because if you do, his argument is very persuasive. Mr. Phillips is a relatively young, moderate Democrat. Millions of people are yearning for an alternative to an octogenarian Joe Biden and to an existentially dangerous to our democracy Donald Trump.In a recent poll, a “generic” Democrat matched against Mr. Trump outperformed Joe Biden by more than 10 points. We Democrats want an alternative. Just maybe we’ve found one, and his name is Dean Phillips.Ken DerowSwarthmore, Pa.Rosalynn Carter’s ‘Incredible Life’At their home in Plains, Ga., in the same place they’ve always sat.” After the presidency, Mrs. Carter joined her husband in doing work for Habitat for Humanity, co-founded a vaccine advocacy organization and continued to campaign to reduce the stigma of mental illness. Dustin Chambers for The New York TimesTo the Editor:Re “Rosalynn Carter, 1927-2023: First Lady and Influential Partner to a President” (obituary, front page, Nov. 20):Rosalynn Carter walked her own path, inspiring a nation and the world along the way.Throughout her incredible life as first lady of Georgia and the first lady of the United States, Mrs. Carter did so much to address many of society’s greatest needs.She was a champion for equal rights and opportunities for women and girls; an advocate for mental health and wellness for every person; and a supporter of the often unseen and uncompensated caregivers of our children, aging loved ones and people with disabilities.Above all, the deep love shared between Jimmy and Rosalynn Carter is the definition of partnership, and their humble leadership is the definition of patriotism. She lived life by her faith.I send my love to Mr. Carter, the entire Carter family, and the countless people across our nation and the world whose lives are better, fuller and brighter because of the life and legacy of Rosalynn Carter.Paul BaconHallandale Beach, Fla.Protests at Columbia Bing Guan for The New York TimesTo the Editor:Re “Columbia Students and Faculty Protest War and the University’s Reaction to It” (news article, Nov. 16):Columbia administrators cite “unauthorized” events and the necessary continuation of “core university activities” as primary reasons for silencing pro-Palestinian groups on campus.I don’t always agree with the politics of these groups, and I agree with the university’s finding that “threatening rhetoric and intimidation” exist at their protests. Still, the university’s actions raise these questions:What is a university if not a space for the free exchange of ideas? Is protest not a core university activity at an institution celebrated for its amplification of student voices?As long as they don’t incite violence or endanger members of our community, Columbia’s pro-Palestinian groups should be allowed to offend, frighten and protest whenever and wherever they’d like.Benjamin RubinNew YorkThe writer is a member of the Columbia University class of 2027.Bidenomics Isn’t Helping Me John ProvencherTo the Editor:Re “Bidenomics Has a Mortal Enemy, and It Isn’t Trump,” by Karen Petrou (Opinion guest essay, Nov. 19):Ms. Petrou is absolutely accurate. I am self-employed, work full time and cannot make ends meet.I’m constantly trying to determine whether to pay the bills or rent on my business; luckily, I have kind landlords. I pay a mortgage as well. I’m college educated. The last couple of weeks of every month I am generally broke and couldn’t pay anything if I had to. And this situation has gone on for years now.I really like President Biden, but I do agree that on this particular issue the administration is getting it wrong.Shannon TrimbleSan Francisco More

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      The Great Disconnect: Why Voters Feel One Way About the Economy but Act Differently

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      Americans are angry and anxious, and not just about prices, which may be driving economic sentiment more than their financial situations, economists said.By traditional measures, the economy is strong. Inflation has slowed significantly. Wages are increasing. Unemployment is near a half-century low. Job satisfaction is up.Yet Americans don’t necessarily see it that way. In the recent New York Times/Siena College poll of voters in six swing states, eight in 10 said the economy was fair or poor. Just 2 percent said it was excellent. Majorities of every group of Americans — across gender, race, age, education, geography, income and party — had an unfavorable view.To make the disconnect even more confusing, people are not acting the way they do when they believe the economy is bad. They are spending, vacationing and job-switching the way they do when they believe it’s good.Americans Are Spending More, but Consumer Optimism Is Down More

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      Happy Thanksgiving, Hermit Billionaires!

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      Gail Collins: Bret, I guess we should start with things we’re thankful for this year. Don’t suppose the imminent end of the political career of the dreadful Representative George Santos rises to the level of holiday cheer.So you go first. No fair counting family and friends.Bret Stephens: It’s a depressing world, Gail, so we need to find cheer wherever we can, and the House Ethics Committee report on Santos does make for delightful reading. My favorite bit: “During the 2020 campaign, a $1,500 purchase on the campaign debit card was made at Mirza Aesthetics; this expense was not reported to the F.E.C. and was noted as ‘Botox’ in expense spreadsheets.” Santos would have been around 32 years old at the time.Gail: You’re right. Makes me cheery just hearing it.Bret: On a loftier plane, I was delighted to see Joe Biden describe Xi Jinping as, well, “a dictator” of a “Communist country” while Antony Blinken, his secretary of state, visibly winced. That was another wonderful moment.Gail: I can see how Biden felt a little cornered when a reporter asked him if he still believed Xi was a dictator. I mean, what was he supposed to say? “No, I think he’s changed a lot?”But it also does seem as if it’s the kind of question he should have been a tad better prepared to handle.Feel free to perk me up again.Bret: I loved Biden’s answer. It reminded me of Ronald Reagan calling the Soviet Union an “evil empire,” to the consternation of diplomats and pundits but to the relief of anyone who liked hearing an American president state the obvious and essential truth. I also think it’s worth celebrating the fact that inflation seems to have been tamed without cratering the rest of the economy in the process. That might not help Biden’s campaign, since a lot of price increases are now baked into the system, but at least things aren’t getting worse.OK, now your turn.Gail: Hey, this is a president who has really kept the economy under control, who has a great program for building new roads, bridges and mass transit and who always keeps climate change in mind when he’s working out an agenda.And who does not seek out cheap headlines by saying things that are both wrong and wrongheaded just to get attention.Bret: Like Elon Musk?Gail: OK, never been grateful for Elon Musk. He has, however, made me more appreciative of stupendously rich people who don’t get involved in public debates. Happy Thanksgiving, hermit billionaires!Bret: He’s also made me more appreciative of normal billionaires who, unlike him, don’t promote crackpot antisemitic conspiracy theories on their social media platforms. I’m also appreciative of companies — like IBM, Paramount, Apple and Disney — that have pulled their advertising dollars from X, formerly known as Twitter, out of disgust for his views. Now I’m rooting for Tesla owners to trade in their Model 3s for a Rivian or any other electric car that doesn’t run on a high-voltage blend of bottomless narcissism, knee-jerk bigotry and probably too much weed.Gail: Well said. Moving on to politics: I’m grateful that some Republican presidential candidates other than He Who Shall Not Be Named are getting some attention. Particularly your fave, Nikki Haley.On that topic, tell me what you think about the primaries. Trump is way ahead nationally, but do you think Haley could do something impressive in the early primaries? If, say, Chris Christie dropped out and endorsed her?Bret: My gut tells me that primary voters prefer a contest to a coronation, but then my brain remembers that the G.O.P. has turned into a cult. As the field narrows, Haley will pick up Christie voters and maybe some DeSantis voters, too. But Trump will pick up other DeSantis voters, plus Ramaswamy’s.I’m about as thankful for Trump’s dominance as I would be for a terminal cancer diagnosis. But hey, aren’t we trying to keep things optimistic?Gail: Maybe it’s my desperation that creates these imagined scenarios in which Haley impresses New Hampshire voters, who are always up for a script in which they get to pick the new star. And then the campaign gets a real jolt when Christie drops out and gives her his endorsement.Bret: I like this fantasy. Say more.Gail: Then Haley starts a serious campaign that draws terrific interest among rich Americans who don’t want a president who has to spend half his time in court trying to prove that he didn’t actually try to fix the last election, that his real estate empire isn’t just a fairyland of debt, that — I could go on. If Haley could get the serious-alternative attention and funding, it’d be quite a ride.And oh, did I mention that I’d be thankful if she rethinks her position on a six-week abortion ban bill?Bret: Gail, I bet this is the first time you wish the 1 percent were more like the majority, at least in terms of attitudes about Republican candidates. If Park Avenue got to decide the G.O.P. primary contest, Haley would be the nominee in a heartbeat.And speaking of heartbeats: Biden turns 81 this week. Happy birthday, Mr. President. May you live to 100, but please, please, please retire. We’ll all pitch in to buy you a new Corvette, at least before we have to take away the keys.Gail: Sigh. Once again, I’m gonna have to follow up my praise of Biden in office with a plea for him to leave it. If you’re in good health like he is, your 80s can be a great time of achievement. Or your 90s — look at Jimmy Carter and all his charitable work and Rosalynn Carter, who just died at 96. But that doesn’t mean it’s a good time to be president of the United States.If our president really wants to make me thankful this season, he knows what he can do.Bret: Let’s face it: There’s just not a lot to be thankful for, politically speaking. So, um, read any good books lately?Gail: Well, right now I’m on “Romney,” the Mitt biography by McKay Coppins, although Romney himself was so wildly cooperative it feels as if he should get some kind of co-author status. So far, it’s a very good read.And I just finished our colleague Adam Nagourney’s book “The Times,” which is about … well, us. Adam’s a friend and a terrific reporter. Bet anyone who’s a devoted Times reader will gobble it up.Finally, I sort of have a thing for presidential biographies, and if anybody’s looking for a really fine one, I’d recommend “Washington,” by Ron Chernow. Always good to start at the beginning.How about you?Bret: Generally, I hate books about the media by the media: Solipsism is one of the curses of our profession. But everyone who has read Adam’s book tells me it’s terrific, and I’ve promised myself to get to it before the year’s out.I’m making my way through two books right now, one to feed the mind and the other the soul. The first is the Johns Hopkins scholar Yascha Mounk’s “The Identity Trap,” an intellectual tour de force about the origins of identity politics and the threat it presents to genuine, honest, old-fashioned liberalism. The second is “My Effin’ Life,” by the greatest living Canadian: the singer and bassist Geddy Lee of the band Rush. It’s a story about how an improbable trio of geeks from Ontario rose to the pinnacle of rock ’n’ roll stardom while somehow holding on to their wits, souls and marriages.I’m sure you can’t wait to read it. I’m guessing you’d rather talk about budget negotiations.Gail: Well, one ongoing story line that’s driving me crazy is the House Republicans’ insistence that pretty much everything be tied to a cut in the I.R.S. budget.Now I know it’s natural for people to hate tax collectors. But the idea that you make the country more stable by making it easier for folks to conceal income and illicitly expand deductions is beyond me.Bret: Hope it won’t surprise you to learn that while I’m all for lowering taxes majorly, I’m also for collecting them fully. The Republican war on the I.R.S. isn’t pro-growth; it’s just anti-government.As for the big picture: We can’t go on like this, from one short-term spending bill to another, one budget crisis to another, one House speaker to another. This is banana republic governance — and by “banana,” I mean “bananas.” Pramila Jayapal, the progressive congresswoman from Seattle with whom I agree roughly once every 500 years, was right when she said, “It’s the same menu, different waiter.”Gail: In a normal — thinking non-Trump — era, the Republicans would have taken over the House by a more substantial margin. Usually happens when one party gets the presidency, as you know. Voters get nervous and want to put up some barricades against extremely partisan behavior.But this time the Republicans won by only a hair, in part because there were a number of awful Trump-promoted Republican candidates.So you’ve got a House run by a deeply inexperienced leader with a tiny majority. And everything bad that happens is going to be the Republicans’ fault.Except, I guess, if Biden’s dog Commander comes back to the White House and bites more people.Hey, before we go, happy Thanksgiving, Bret. Very grateful for the chance to converse with you every week.Bret: And to you!The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      in Elections

      Biden Faces 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