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      Jobs Report Bolsters Biden’s Economic Pitch, but Inflation Still Nags

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      WASHINGTON — Gradually slowing job gains and a growing labor force in March delivered welcome news to President Biden, nearly a year after he declared that the job market needed to cool significantly to tame high prices.The details of the report are encouraging for a president whose economic goal is to move from rapid job gains — and high inflation — to what Mr. Biden has called “stable, steady growth.” Job creation slowed to 236,000 for the month, closing in on the level Mr. Biden said last year would be necessary to stabilize the economy and prices. More Americans joined the labor force, and wage gains fell slightly. Those developments should help to further cool inflation.But the report also underscored the political and economic tensions for the president as he seeks to sell Americans on his economic stewardship ahead of an expected announcement this spring that he will seek re-election.Republicans criticized Mr. Biden for the deceleration in hiring and wage growth. Some analysts warned that after a year of consistently beating forecasters’ expectations, job growth appeared set to fall sharply or even turn negative in the coming months. That is in part because banks are pulling back lending after administration officials and the Federal Reserve intervened last month to head off a potential financial crisis.Surveys suggest that Americans’ views of the economy are improving, but that people remain displeased by its performance and pessimistic about its future. A CNN poll conducted in March and released this week showed that seven in 10 Americans rated the economy as somewhat or very poor. Three in five respondents expected the economy to be poor a year from now.As he tours the country in preparation for the 2024 campaign, Mr. Biden has built his economic pitch around a record rebound in job creation. He regularly visits factories and construction sites in swing states, casting corporate hiring promises as direct results of a White House legislative agenda that produced hundreds of billions of dollars in new investments in infrastructure, low-emission energy, semiconductor manufacturing and more.On Friday, the president took the same approach to the March employment data. “This is a good jobs report for hardworking Americans,” he said in a written statement, before listing seven states where companies this week have announced expansions that Mr. Biden linked to his agenda.But as he frequently does, Mr. Biden went on to caution that “there is more work to do” to bring down high prices that are squeezing workers and families.Aides were equally upbeat. Lael Brainard, who directs Mr. Biden’s National Economic Council, told MSNBC that it was a “really nice” report overall.“Generally this report is consistent with steady and stable growth,” Ms. Brainard said. “We’re seeing some moderation — we’re certainly seeing reduction in inflation that has been quite welcome.”.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.But analysts warned that the coming months could bring a much more rapid deterioration in hiring, as banks pull back on lending in the wake of the government bailout of depositors at Silicon Valley Bank and Signature Bank.Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote Friday that he expected job gains to fall to just 50,000 in May, and for the economy to begin shedding jobs on a net basis over the summer. But he acknowledged that the job market continued to surprise analysts, in a good way, by pulling more and more workers back into the labor force.“Labor demand and supply are moving back into balance,” Mr. Shepherdson wrote.In May, Mr. Biden wrote that monthly job creation needed to fall from an average of 500,000 jobs to something closer to 150,000, a level that he said would be “consistent with a low unemployment rate and a healthy economy.”Since then, the president has had a complicated relationship with the labor market. Job creation has remained far stronger than many forecasters — and Mr. Biden himself — expected. That growth has delighted Mr. Biden’s political advisers and helped the economy avoid a recession. But it has been accompanied by inflation well above historical norms, which continues to hamstring consumers and dampen Mr. Biden’s approval ratings.The March report showed the political difficulty of reconciling those two economic realities. Analysts called the cooling in job and wage growth welcome signs for the Federal Reserve in its campaign to bring down inflation by raising interest rates.But that cooling included a decline of 1,000 manufacturing jobs, for which some groups blamed the Fed. “America’s factories continue to experience the destabilizing influence of rising interest rates,” said Scott Paul, president of the Alliance for American Manufacturing, a trade group. “The Federal Reserve must understand that its policies are undermining our global competitiveness.”Republicans blasted Mr. Biden for falling wage growth. “Average hourly wages continue to trend down even as inflation has wiped out any nominal wage gains for more than two years,” Tommy Pigott, rapid response director for the Republican National Committee, said in a news release.Representative Jason Smith, Republican of Missouri and the chairman of the Ways and Means Committee, said the report showed that “small businesses and job creators are reacting to the dark clouds looming over the economy.”In his own release, Mr. Biden nodded to one of the clouds that could turn into an economic storm as soon as this summer: a standoff over raising the nation’s borrowing limit, which could result in a government default that throws millions of Americans out of work. Republicans have refused to budge unless Mr. Biden agrees to unspecified spending cuts.Mr. Biden has refused to negotiate directly over raising the limit. He closed his jobs report statement on Friday with a shot at congressional Republicans’ strategy. “I will stop those efforts to put our economy at risk,” he said. More

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      Biden Highlights Economic Investments Ahead of Expected 2024 Announcement

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      The president has warned that a strong economy could be weakened under Republican leadership, a point he and a host of advisers will make at 20 events across the country in the coming weeks.DURHAM, N.C. — President Biden visited North Carolina on Tuesday and said Republicans would undermine his administration’s gains on American manufacturing, as the president began to sharpen his political message ahead of an expected re-election announcement.Mr. Biden spoke at Wolfspeed, a semiconductor manufacturer that recently announced a $5 billion investment to expand operations in the state, a move that would create about 1,800 jobs, according to the White House. The company, based in North Carolina, has deals to supply the material to General Motors, among other buyers.But Mr. Biden’s visit was less about semiconductors than it was about making an argument that he sees as key to a re-election bid — essentially, that the American economy has recovered since the coronavirus pandemic, his administration has helped keep it strong and Republican policies would undo that progress.“I’ve got news for you and for MAGA Republicans in Congress: Not on my watch,” Mr. Biden said, referring to the far-right wing of the party that is loyal to former President Donald J. Trump.The White House has argued for months that Mr. Biden has presided over a steady economy and strong job growth, but the data presents a more complicated reality: The high pace of job creation is undercut by a continued deceleration in wage increases, and there are growing concerns that the Federal Reserve may move to raise interest rates. The Biden administration has also tried to assuage fears of instability after the collapse of Silicon Valley Bank this month.Mr. Biden’s visit to North Carolina was the start of three weeks of related events to be held across the country by the president and Vice President Kamala Harris, plus their spouses and a host of cabinet officials. The group plans to visit 20 states and will highlight investments in American manufacturing, supply chains and job-creation efforts, according to a summary of efforts sent by the White House.During his trip to Durham, Mr. Biden highlighted legislation passed last year, including the CHIPS and Science Act, which contains $52 billion in subsidies and tax credits for companies that manufacture chips in the United States. More than half of the amount is dedicated to helping companies build facilities for making, assembling and packaging some of the world’s more advanced chips. In his remarks, the president said that over $435 billion had been invested in American companies since he took office.“America’s coming back,” Mr. Biden said, standing beside Gina Raimondo, the commerce secretary, who traveled with him to Durham. “We are determined to lead the world in manufacturing semiconductors.”Ms. Raimondo, who is expected to participate in the tour over the coming weeks, told a crowd gathered at Wolfspeed that the pandemic had “opened all of our eyes” to the importance of maintaining the global supply chain and protecting competitive advantages in technology.“The truth of it is the United States was for a long time a manufacturing powerhouse,” she said. “Still is, but for a long time we took our eye off the ball, and we watched manufacturing leave our shores in search of cheap labor in Asia.”.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.The president spoke directly to people he said might feel “left behind” by technological changes, but said his administration would focus on programs that could train workers to produce technological projects without a college degree. Mr. Biden said the “vast majority” of jobs created by Wolfspeed would not require college degrees and could pay around $80,000.Events like the one held on Tuesday will provide Mr. Biden and his surrogates with an opportunity to hone his argument against Republicans.At the same time, a collision course looms in Washington over the debt ceiling.On Tuesday, Speaker Kevin McCarthy, Republican of California, wrote a letter urging the president to negotiate on the federal debt limit. “With each passing day,” Mr. McCarthy wrote, “I am incredibly concerned that you are putting an already fragile economy in jeopardy by insisting upon your extreme position of refusing to negotiate any meaningful changes to out-of-control government spending.”Mr. Biden has said he will refuse to negotiate on the debt limit, pointing out that Republicans voted to raise the ceiling several times under his predecessor, Mr. Trump.“It’s time for Republicans to stop playing games, pass a clean debt ceiling bill and quit threatening our economic recovery,” Karine Jean-Pierre said in a statement responding to Mr. McCarthy’s letter.In his own letter sent on Tuesday evening, Mr. Biden urged Mr. McCarthy and congressional Republicans to present a full budget proposal before Congress leaves for Easter recess.The president and his advisers have signaled that the situation would be worse under Republican leadership, a point he underscored in North Carolina. The White House says that companies have made $16 billion in private sector investment commitments since Mr. Biden took office, a development they have attributed to corporations taking advantage of tax breaks and federal funding that bolsters innovation.Mr. Biden has argued that the flow of money would be at stake if Republicans tried to repeal policies passed under his administration, including the Inflation Reduction Act. He has also said that individual Americans are at risk of losing access to lower health care, energy and internet costs that are provided for in the bills that were passed by a Democratic-majority Congress.“We’re not going to let them undo all the progress,” Mr. Biden said. More

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      Never Mind About Ron DeSantis

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      Bret Stephens: Hi, Gail. I guess we have to talk about Donald Trump’s potential indictment and arrest, right? But before we go there: You know how I told you that I’d vote for Ron DeSantis over Joe Biden?Well, never mind.Gail Collins: Bret! You’re gonna vote for our big-spending president? Student-loan forgiver? Tax-the-richer?Bret: I’m still holding out faint hope that Nikki Haley or Tim Scott or my friend Vivek Ramaswamy or some other sound and sane Republican long shot somehow gets the nomination.Gail: Happy to gear up for that fight.Bret: But for DeSantis to call Russia’s invasion of Ukraine a “territorial dispute” in which the United States does not have a “vital interest” tells me that he’s totally unfit to be president. He’s pandering to the Tucker Carlson crowd.Gail: The Terrible Tuckerites …Bret: He is parroting Kremlin propaganda. He’s undermining NATO. He’s endangering America by emboldening other dictators with “territorial disputes,” starting with China’s Xi Jinping. He’s betraying the heroism and sacrifice of the Ukrainian people. He’s turning himself into a kind of Diet Pepsi to Trump’s Diet Coke. He’s showing he’s just another George Costanza Republican, whose idea of taking a foreign-policy stand is to “do the opposite” of whatever the Democrats do.Gail: Wow, can’t believe I’ve found someone who thinks less of DeSantis than I do.Bret: So, about Donald: to indict and arrest or not to indict and arrest? That’s the question. Where do you come down?Gail: No real doubts on the guilt front, and I’m pretty confident we’ll eventually see an indictment. The question is — what then? I’m hoping for a procedure in which he has to appear in public to answer the charges but doesn’t get treated in any way that’ll cause any not-totally-crazy supporters to gather for a riot.Bret: True, though why do I get the sense that Trump is practically jumping for joy? I mean, the first indictment of a former American president is going to be over what is typically a misdemeanor? I yield to nobody in my disgust with the guy, but so far, this sounds like prosecutorial abuse and political malpractice. Democrats will live to regret it.But to go from the horrifying to the truly horrifying: How goes your banking crisis?Gail: Bret, would definitely appreciate this not being “my” banking crisis.Bret: Give the crisis about six months. Or six weeks. Or maybe six days. It’ll be all of ours. Suggest you buy inflation-proof assets, like a rare instrument or 50-year-old scotch.Gail: Or some great old wine! Although in my house it’d never outlast the bank bust.As to a response, I’m in Bidenesque territory — the government does what it has to do to stabilize the situation, including covering the deposits in delinquent institutions like Silicon Valley Bank. But the only people who get rescued are the depositors.Bret: The big mistake of the administration was to bail out all the depositors, including a lot of very rich people who ought to have known better, instead of sticking to the F.D.I.C. limit of $250,000. Now the Feds have bailed out a bunch of rich, foolish and undeserving Silicon Valley dipsticks while creating an implicit, and systemically dangerous, guarantee for all depositors at all banks.Gail: I don’t love the idea of helping out $250,000-plus depositors, even over the short term, but this is not a good moment to destabilize the whole economy.Over the long term, however, those banks, their managers and big stockholders are going to have to be held accountable. Also Congress, which watered down regulations on midsize banks a few years back.Bret: Hard to tell whether the real issue was inadequate regulation, a badly run bank or — my guess — far deeper problems in the economy. Turns out Silicon Valley Bank didn’t even have a full-time chief risk officer for much of last year.Gail: You will notice I haven’t mentioned the Federal Reserve. Saving that for you …Bret: The Fed now has two bad problems, both of them largely of its own making. The first is inflation, which remains stubbornly high and was brought on in part because interest rates were too low for way too long. The second is an economy, particularly the banking sector, that seems to be seriously ill prepared for an era of higher rates. A classic Scylla and Charybdis situation, through which Jay Powell is somehow supposed to steer us. My advice to Powell — other than to tie himself to the mast — is to continue to raise rates, even if it means recession, and call for fiscal relief in the form of tax breaks for businesses ….Gail: Stopstopstop. Bret, Congress has to get a budget passed somehow, and the Republican plan is so nutty that even some Republicans don’t buy it. You’re suggesting that we cut taxes for businesses that are already making handsome profits.Bret: Businesses may be looking forward to a steep recession and much steeper borrowing costs. It’s a recipe for collapsing revenues and mass layoffs for businesses large and small. Better for the government to lighten the load for employers, even if it means piling on additional federal debt. In fact, it could be a good way to solve the debt-ceiling question.Gail: The people who are demanding this kind of bonanza for the rich are the same ones who are violently opposed to giving the deeply underfunded I.R.S. any new money. What could be worse than efficiently monitoring tax compliance?Bret: We’re both in favor of giving the I.R.S. the funding it needs to answer taxpayer phone calls. But if the economy is about to fall off a cliff, I don’t think the answer is to make sure the taxman is at the bottom of it, picking the pockets of the dead and wounded. Gail, this topic is … getting me down. You wrote a column last week saying that Kamala Harris is definitely staying on Joe Biden’s ticket. That gets me down, too, but please explain further.Gail: Well, we both agreed for quite a while that if Biden ran again, he should pick a different veep.Bret: Like Gina Raimondo, the commerce secretary, or Michelle Lujan Grisham, the governor of New Mexico, or Danielle Allen, the brilliant Harvard political philosopher who has the added virtue of not being a politician.Gail: Yes, but then I gave it a long, hard thought — trying to imagine how that would work out. Tossing Harris off the ticket would be hugely disrespectful. There’s nothing she’s done that deserves that kind of insult.Bret: Did Nelson Rockefeller deserve it? Politics is politics.Gail: There are lots of terrific women in high places — governors and senators — who’d be terrific as vice president. But we aren’t starting from scratch. Harris has made some errors in her current job, but she’s done some good things, too. Just don’t think this rises to the occasion of Throw Her Out.Bret: To me, she’s Dan Quayle-level ridiculous — and George H.W. Bush would have been wise to toss Quayle from the ticket in 1992. You can bet that whoever the Republican nominee is next year will hammer away at Biden’s age and her shortcomings — like saying we have a secure border with Mexico or confusing North and South Korea — to very good political effect.Gail: Let’s go back to the president you … may be willing to vote to re-elect. He’s fighting hard to reduce federal student debt payments for low- and moderate-income people. I remember your not loving this idea in the past. Any change of heart?Bret: Nope. The problem we have with the banks stems from what economists call moral hazard — basically, encouraging risky behavior. Pardoning student debt is another form of moral hazard: It encourages people to take out loans unwisely in the expectation that they might one day be forgiven. If we are forgiving college loans now, why not forgive mortgages next? Also, it’s an unconstitutional usurpation of Congress’s legislative prerogatives. Democrats objected when Trump steered Defense Department money to building the border wall without congressional authorization; Democrats shouldn’t further establish a bad precedent.Assuming you see it otherwise.Gail: Yeah. A lot of these people have been making loan payments for decades without making much progress in erasing the actual debt. None of them are rich, and a lot are struggling endlessly.I can understand the resentment from folks who made a great effort and did pay off their loans. But we’re talking, in general, about people who were given the impression that borrowing large amounts of money to get a no-frills degree was a great investment that always paid off.Bret: If the government is expected to backstop everybody’s bad or dumb decisions, the country would bankrupt itself in a week. Part of living in a free society is being responsible for your choices, including your mistakes.Gail: I’m looking at this as a one-time shot that’s worth taking. But I have to admit I don’t love the idea of Biden acting without congressional authorization. Even though he wouldn’t have gotten it.Sigh.Bret: Never mind Congress — I can’t see this getting past the Supreme Court, so what we’re really talking about is another phony campaign promise.Gail: Well, I guess it’s a case of what ought to be versus what can be. But I still think there should be loan forgiveness for those who’ve spent half their lives trying to pay off a debt they were generally too young and uninformed to realize they should avoid.Really, Bret, who wants to perpetually punish people who fell for the siren call of “borrow money for your education”?Bret: In the meantime, Gail, we have Wyoming outlawing abortion pills. We’ll need to devote more time to the subject soon, but all I’ll say for now is: When the world goes to hell, it has a way of getting there fast.Gail: I’ve been thinking about Wyoming so much, Bret. Let’s go at it in depth next week. But if you hear that I was caught growling in public, you’ll know why.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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      Your Wednesday Briefing: A Downed U.S. Drone

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      Also, U.S. markets seem to stabilize and Xi Jinping tightens his control over China’s economy.The U.S. aircraft was an MQ-9 surveillance drone.Fabrizio Villa/Getty ImagesA downed droneA Russian fighter jet struck a U.S. surveillance drone over the Black Sea, U.S. officials said, hitting its propeller and causing its loss in international waters. Russia denied that there had been a collision, saying the drone’s own maneuvers caused it to crash.If a collision is confirmed, it would be the first known physical contact between the two nations’ militaries as a result of the war in Ukraine.U.S. officials said the drone’s operators brought the craft down in the Black Sea after the collision, which the U.S. military said was the result of “reckless” actions by Russian pilots. The U.S. aircraft was conducting “routine operations in international airspace,” an Air Force general said.A White House spokesman said that there had been similar “intercepts” by Russian aircraft in recent weeks, calling them “not an uncommon occurrence,” but that this was the first to result “in the splashing of one of our drones.” He called the behavior of the Russians “unsafe and unprofessional.” Context: Russia’s invasion has turned the Black Sea, which is dominated by the Russian Navy, into a battle zone. Ukraine has attacked Russian naval vessels there, most notably in April, when a Ukrainian missile sank the Moskva, the flagship of Russia’s Black Sea fleet.Response: The State Department summoned Russia’s ambassador in Washington to receive the U.S.’s formal objection over the drone downing.Other updates:Russia pounded towns in the southern Kherson region, Ukrainian officials said, as Ukraine prepared for a counteroffensive.Russia said it would extend a deal allowing Ukraine to export grain, but only for 60 days rather than the 120 sought by Ukraine.Yevgeny Prigozhin, the founder of the Wagner private military company, said his force would recede after the battle for Bakhmut. The shift coincides with speculation about Prigozhin’s political ambitions.Stocks jumped a day after the turmoil.Justin Lane/EPA, via ShutterstockU.S. economy seems to stabilizeMarkets closed up yesterday, after investors seemed to shrug off the recent collapse of two midsize banks and the threat of a crisis appeared to wane. Fresh inflation data, largely in line with expectations, also added to the sense of relief.Stocks: The S&P 500 jumped 1.7 percent yesterday. Midsize banking stocks, which had plummeted on Monday, rebounded.Banks: The Justice Department opened an investigation into the collapse of Silicon Valley Bank, my colleagues report.Inflation: It eased to 6 percent on an annual basis, which matched an expected slowdown. But in February inflation rose over the prior month.Now, all eyes are on the Federal Reserve.Some of the inflation details were worrying, including the costs of housing and other goods and services. Generally, that would indicate that the Fed would keep raising rates in hopes of cooling down the economy.But higher interest rates raise costs for companies, and were at the root of the banking stress. Fewer or smaller rate increases could help stocks to rebound after the deep uncertainty set off by the banking crisis.In other business news: Meta will lay off another 10,000 people, roughly 13 percent of its workforce.Xi Jinping was elected to a third term as China’s president on Friday.Agence France-Presse — Getty ImagesXi reins in the economyXi Jinping is dealing with China’s economic problems the same way that he has approached issues for most of his decade in power: by getting the Communist Party more involved.At the annual gathering of China’s national legislature, which ended Monday, Xi introduced a series of sweeping changes to the regulatory framework that would allow the party to assert more direct control over financial policy and bank regulation.China’s economy, which is growing near its slowest pace in decades, is teetering from a real estate sector in crisis. Xi needs bankers to comply with his vision and allocate capital in the ways that China wants its money spent, without jeopardizing the financial system.Heads are already starting to roll. Last month, Tian Huiyu, the former head of one of China’s biggest commercial lenders, was charged with abuse of power and insider trading. And Bao Fan, a prominent investment banker, vanished.Challenges: The financial sector is struggling to respond to the shaky balance sheets of local governments — overrun with debt after paying for “zero Covid” policies — and banks that lend to them.Related: China will start issuing visas to foreign tourists again today, Reuters reports.Analysis: On “The Ezra Klein Show,” Dan Wang, an expert on U.S.-China competition, explores how China’s growth trajectory halted.THE LATEST NEWSAround the WorldThe three leaders described the naval partnership as a critical way to confront China. Haiyun Jiang/The New York TimesThe leaders of the U.S., Britain and Australia unveiled plans to develop a fleet of nuclear-powered submarines, part of an effort to counter China.Major protests are expected in France today before both houses of Parliament vote tomorrow on President Emmanuel Macron’s pension reform.The 2026 World Cup will have 48 teams, up from the current 32, and 24 more games.Other Big StoriesCyclone Freddy, a record-breaking storm, killed nearly 200 people in Malawi.A multibillion-dollar oil project led by French and Chinese companies in Uganda and Tanzania could threaten pristine habitats and Lake Victoria, a source of freshwater for 40 million people.In Antakya, a Turkish city hit hard by the earthquake, the damage is so profound that officials estimate that 80 percent of the remaining buildings will need to be demolished.A Morning Read Julio Sosa/The Daily PennsylvanianAmy Wax, a tenured law professor at the University of Pennsylvania, has said publicly that “on average, Blacks have lower cognitive ability than whites” and that the U.S. is “better off with fewer Asians.”The university is now grappling with a conundrum: Is she exercising her right to free speech, or should she be fired?Lives lived: Dr. Jiang Yanyong, who helped expose China’s SARS crisis in 2003, was celebrated as a hero, then punished for denouncing the Tiananmen Square crackdown. He died at 91.Masatoshi Ito introduced the American convenience store 7-Eleven to Japan, starting a retail revolution there. He died at 98.ARTS AND IDEASA new chatbotOpenAI unveiled an update to ChatGPT, its revolutionary chatbot, just four months after the program stunned the tech world with its ability to answer complex questions and mimic human emotions. The update, called GPT-4, ups the ante in the lucrative AI arms race.My colleagues tested GPT-4. It’s more precise, but it has a few of the old quirks.Developments: It can achieve impressive scores on standardized tests like the SAT, summarize complex news articles and wow doctors with its medical advice. It can answer questions about images; for example, if it’s given a photo of the inside of a fridge, it can suggest recipes based on what’s inside. Its jokes are almost funny.Challenges: GPT-4 still makes things up, a problem that researchers call “hallucination.” It can’t really talk about the future.“Though it’s an awfully good test taker,” my colleagues write, GPT-4 “is not on the verge of matching human intelligence.”Society: Chatbots are shifting the way we learn and work. But even the most impressive systems tend to complement, not replace, skilled workers. Morgan Stanley Wealth Management is building a system that will serve information from company documents to financial advisers.PLAY, WATCH, EATWhat to CookMelina Hammer for The New York TimesStart brining your homemade corned beef so it’s ready for St. Patrick’s Day this Friday.What to ReadIn “Y/N,” a bored young woman in thrall to a K-pop band buys a one-way ticket to Seoul.What to WatchIn “Punch,” by the New Zealand writer-director Welby Ings, a young boxer befriends a queer outcast and shifts his priorities.RelationshipsHow to make friends as an introvert.Now Time to PlayPlay the Mini Crossword, and a clue: Gossip (three letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. See you next time. — AmeliaP.S. Paul Sonne, who has covered national security for The Washington Post and The Wall Street Journal, is our newest Russia correspondent.“The Daily” is on the Silicon Valley Bank collapse.Send us your feedback. You can reach us at briefing@nytimes.com. More

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      The Week in Business: Fox News Anchors’ Private Messages

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      Giulio BonaseraWhat’s Up? (March 5-11)Tucker Carlson’s Private TextsNew documents released last week revealed the disconnect between the Fox News anchors’ privately held opinions and those they espoused publicly — and shared with millions of viewers — on their television programs. In particular, Tucker Carlson’s views on Donald J. Trump and the outcome of the 2020 presidential race have been shown to contrast sharply with the messaging of his show, which supported Mr. Trump and promoted his unfounded belief that the election had been stolen. Yet at the same time, Mr. Carlson was sending texts to members of his staff about Mr. Trump like “I hate him passionately.” He is not the only Fox employee to be featured in the documents, which are part of the $1.6 billion defamation suit against Fox News by the voting technology company Dominion Voting Systems and include the messages of other network stars like Laura Ingraham. But Mr. Carlson’s texts include some of the starkest language about the former president and drew special attention from the White House in a statement on Wednesday criticizing Mr. Carlson for his on-air portrayal of the Jan. 6 Capitol attack as a largely peaceful event.Biden’s Budget ProposalPresident Biden on Thursday unveiled a $6.8 trillion budget that sought to increase spending on the military and a wide range of new social programs while also reducing budget deficits by nearly $3 trillion over a decade. The proposal was meant to address a partisan fight over the country’s national debt. Mr. Biden’s proposal provides for funding for an array of new programs, including billions on guaranteed paid leave for workers, free community college and an expanded child tax credit. The budget plan — which also calls for a new 25 percent minimum tax on billionaires — is widely considered dead on arrival in the Republican-controlled House. Speaker Kevin McCarthy said Mr. Biden’s proposals were “completely unserious.”Job Growth Holds StrongThe Labor Department reported on Friday that U.S. employers added 311,000 jobs in February. Forecasters had expected to see a figure around 215,000, which would have been more in line with jobs reports from the second half of 2022. But the general downward trajectory of those jobs numbers took an unexpected turn in January, when new jobs surged to 517,000. So while job growth has eased somewhat in the last month, it remains resilient in the face of the Federal Reserve’s efforts to slow the economy. This latest jobs data also suggests that employer confidence is still relatively high, even as layoffs begin to rise.Giulio BonaseraWhat’s Next? (March 12-18)Next on the Economic CalendarWhen Jerome H. Powell, the Fed chair, spoke to Congress last week, he largely avoided committing to a strategy for taming inflation. Speaking before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday, Mr. Powell said he and his colleagues were prepared to take a more aggressive tack and raise rates more quickly, if needed. But much of the Fed’s decision-making depended on the inflation and jobs reports. So Fed officials will be paying close attention (as they always do) to the Consumer Price Index data that will arrive on Tuesday. The last reading showed that while overall inflation had cooled, it was only a slight change, and core inflation — which strips out volatile food and fuel costs — remained fast.Shockwaves From a Bank RunIn an ominous sign for global banking, the Federal Deposit Insurance Corporation last week seized Silicon Valley Bank, a prominent investor in tech start-ups. The bank touched off investor panic when it announced on Wednesday that it had sold off $21 billion of its most liquid investments, borrowed $15 billion and organized an emergency sale of its stock to raise cash. These were urgent and extraordinary measures that banks go to great lengths to avoid. Investors at some venture capital firms urged their clients to move their money from the bank over concerns about its financial solvency. Less than two days later, the F.D.I.C. took control of the bank and created a new one, the National Bank of Santa Clara, to hold customers’ deposits and assets. A Ruling on Gig WorkA court is expected to hand down its ruling this week on Proposition 22, a ballot measure in California that would allow gig economy companies like Lyft and Uber to continue treating drivers as independent contractors. The battle over the status of these workers in the state — who number at least one million — ramped up in 2019, when California legislators passed a law requiring these companies to give their drivers the full protections of employment. But after the ride-hail apps threatened to suspend operations in the state, an appeals court granted them a temporary reprieve and the companies poured millions into getting Prop. 22 on voters’ ballots. A majority of voters approved the measure in November 2020, but it was swiftly challenged by a coalition of ride-hail drivers and labor groups, ruled unconstitutional by a California judge and appealed through the courts.What Else?Walgreens is facing blowback after announcing that it would not dispense abortion pills in 21 states where Republican attorneys general are threatening legal action against pharmacies that distribute the medication. Roger Ng, a former Goldman Sachs banker convicted last year for his role in a money-laundering scheme known as the 1MDB scandal, was sentenced on Thursday to 10 years in prison. And JPMorgan Chase on Wednesday sued James E. Staley, a former top executive, accusing him of failing to fully inform the bank about what he knew about the convicted sex offender Jeffrey Epstein. More

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      The Fed’s Struggle With Inflation Has the Markets on Edge

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      The central bank’s success or failure will affect your wallet and, maybe, the next election, our columnist says.Clarity about the future of inflation and the stock and bond markets would be wonderful right now, but that’s just what we don’t have.What we do have are enormous quantities of inconclusive data. There is something for everyone, and for every possible interpretation.The Federal Reserve is intent on whipping inflation now — to borrow an infamous phrase from the Ford administration, which failed spectacularly to “WIN” in the 1970s. But despite a series of steep interest rate increases by the Fed, and its stated intention to raise rates further this year, inflation remains intolerably high.“We’re stuck in the messy middle,” Josh Hirt, senior economist at Vanguard, said in a note this month.It’s a muddle right now, and the lurching stock and fixed-income markets reflect investors’ uncertainty.In testimony before Congress on Tuesday and Wednesday, Jerome H. Powell, the Fed chair, made it clear that the central bank not only intends to keep raising interest rates, but will increase them even more than “previously anticipated” if it deems that necessary to squelch inflation.It’s too soon to say how effective the measures taken by the Fed have been. The economy has been generating a lot of jobs and unemployment is quite low, but corporate earnings are beginning to fall. At some point, the economy is going to slow down — Vanguard thinks that may not happen until the end of the year. We may be heading into a recession. Or we may not be. The verdict isn’t in yet.Really long-term investors can ride out the turmoil, and those who prize safety above all else have reasonably good options now, too: There are plenty of attractive, high-interest places to park your cash.But what transpires in the next few months will still be critical for consumers and investors, and may even determine the outcome of the next presidential election. Considering what’s at stake, it is worth wading a little more deeply into this morass.The Fed and InflationThe Fed finds itself in a difficult spot. It has declared that it intends to bring inflation down to its longtime 2 percent target, but prices keep rising much faster than that.Our Coverage of the Investment WorldThe decline of the stock and bond markets this year has been painful, and it remains difficult to predict what is in store for the future.Value and Growth Stocks: Eight tech giants are no longer “pure growth” stocks, while Exxon and Chevron are, according to a new study. Here is what that means for investors.2023 Predictions: There are plenty of forecasts coming for where the S&P 500 will be at the end of the year. Should you be paying attention to them?May I Speak to a Human?: Younger investors who are navigating market volatility and trying to save for retirement are finding that digital investment platforms lack the personal touch.Tips for Investors: When you invest and where matters for taxes. But a few rules of thumb can stave off some nasty surprises.That 2 percent target is an arbitrary number, without much science to it. Whether 2 percent inflation is better than, say, 1.5 or 2.5 or 3 percent inflation — and how the inflation rate should be measured — are all open for debate. Let’s save those issues for another day.For now, the Fed has drawn a red line at 2 percent, and its credibility is at stake. The Consumer Price Index in January rose at more than three times that target rate.  The Personal Consumption Expenditures price index, which the Fed favors — and which, not coincidentally, generally produces lower readings than the C.P.I. — rose at a 5.4 percent annual rate in January, which was more than in the previous month. No matter how you slice it, inflation is ugly.So the Fed has few immediate options. It will keep raising the federal funds rate, the short-term interest rate it controls, in an effort to slow the economy and squelch inflation. The only questions are how high it will go and how rapidly it will get there. Traders in the bond market, who set longer-term rates through bidding and purchases, have had trouble coming up with consistent answers.  The central bank has already raised the short-term federal funds rate substantially and quickly, to a range of 4.5 to 4.75 percent, up from near zero just a year ago. But the federal funds rate is a blunt instrument, and the economic effects of these rate increases operate with a significant lag,The Fed could easily plunge the economy into a major recession. In a misguided bet that the Fed would beat inflation quickly or that a recession would arrive so definitively that the Fed could reverse course, bond traders began moving longer-term rates lower in October. That optimism also set off a stock market rally.But lately, with inflation and the economy failing to respond as traders had expected, the outlook has turned gloomier. Treasury yields reached or exceeded 5 percent for so-called risk-free securities in the range of three months to two years. That’s an attractive proposition in comparison with the stock market, and it’s no accident that stocks have fallen.Bonds and StocksEven 10-year Treasury yields have ascended to the 4 percent range. Compared with stocks, Treasuries in a murky market are, for the moment, exceptionally attractive.Falling earnings haven’t helped the stock market, either. For the last three months of 2022, the earnings of companies in the S&P 500 declined 3.2 percent from a year earlier, according to the latest I/B/E/S data from Refinitiv. And if you exclude the windfall from the energy sector, where prices were bolstered by Russia’s war in Ukraine, earnings fell 7.4 percent, the data showed.Corporate prospects for 2023 have begun to dim a bit, too, executives and Wall Street analysts are concluding. On Feb. 21, both Home Depot and Walmart warned that consumer spending had come under strain. The S&P 500 fell 2 percent that day, the worst performance for the short year to that date, in what Howard Silverblatt, a senior analyst for S&P Dow Jones Indices, called a “turnaround point” for the stock market.Whipping InflationIt’s early yet in 2023, but so far, stock investors are maintaining a relentless focus on the Fed, whose policymakers next meet March 21 and 22 and are all but certain to raise short-term interest rates further. The only questions are by how much, and how high rates will end up before the Fed concludes that it has accomplished its objective.  But with Mr. Powell aspiring to achieve the performance of his illustrious predecessor Paul A. Volcker, who vanquished inflation in the 1980s and set off two recessions to do it, it’s a fair bet that the Fed won’t back off its rate tightening policy soon.Bring down inflation and you are likely to be remembered as a hero. Bungle the job and you may well be memorialized as officials in President Gerald R. Ford’s administration have been, for their hapless effort to “whip inflation now.” In a widely derided public relations stunt in 1974, when inflation was running above 12 percent, the Ford White House distributed buttons with the WIN acronym, but that administration never beat inflation.It wasn’t until the next president, Jimmy Carter, appointed Mr. Volcker that the Fed even began to get control of inflation — and Mr. Volcker didn’t finish the job until the Reagan administration was well underway.The 2024 ElectionThe outcome of the next presidential election could well depend on whether the Fed gets the job done this time — and whether it causes a severe recession in the process.Ray Fair, a Yale economics professor who has been predicting presidential and congressional elections for decades, points out in a succinct note on his website that the political effects of the Fed’s efforts will be large. In his work, Professor Fair relies only on economic variables — and not the customary staples of political analysis — to forecast elections. His record is excellent.He outlines two paths for the economy. Because President Biden is an incumbent, and is likely to run for re-election, good economic results would be expected to help his cause.“In the positive case for the Democrats, if inflation is 3 percent in 2023 and 2 percent in 2024,” Professor Fair wrote, and if the economy grows at 4 percent rate in 2024 before the election, his economic model says the Democratic candidate is highly likely to win the presidency.On the other hand, he said, “in the negative case for the Democrats, if inflation is 5 percent in 2023 and 4 percent in 2024” and if the economy shrinks 2 percent in 2024 — in a recession — a Republican is highly likely to be the next president. He added, “Somewhere in between regarding the economy will mean a close election.”These statements assume that only the two main political parties mount credible campaigns. A well run third-party candidacy would complicate matters considerably.I’m not making any bets, either on politics or on the economy.  It’s all too complex and confused now.As always, for investments of at least a decade and, preferably, longer, low-cost index funds that mirror the entire markets are a good choice.Bonds are a safe and well-paying option right now. So is cash, held in money market funds or high-yield bank savings accounts.We may well be at a turning point, but taking us where, exactly? Unless you somehow know, it may be wise to play it safe for a while. More

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      Your Wednesday Briefing: Xi Accuses the U.S. of ‘Suppression’

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      Also, the U.S. central bank may raise interest rates higher than expected.China’s national legislature is meeting this week. Ng Han Guan/Associated PressChina accuses U.S. of ‘suppression’China’s leader, Xi Jinping, used unusually blunt language this week to criticize the U.S. and its allies for what he described as a campaign to block China’s rise. The comments reflected how Xi is bracing for more confrontation and competition with the U.S. as he prepares for an expected third term as president.“Western countries led by the United States have implemented all-around containment, encirclement and suppression of China, which has brought unprecedented severe challenges to our country’s development,” Xi said in a speech he delivered on Monday.China’s new foreign minister reinforced Xi’s comments. “The United States actually wants China not to fight back when hit or cursed, but this is impossible,” Qin Gang, said yesterday.Qin also called for the U.S. to take a less confrontational stance toward his country. “If the U.S. doesn’t step on the brakes but continues to speed up, no guardrail can stop the derailment,” he said.Context: Tensions have recently escalated over U.S. support of Taiwan and U.S. accusations that China operates a fleet of spy balloons. China’s close alignment with Russia, which the West is seeking to isolate over its war in Ukraine, has intensified concerns about a new type of cold war.Related: The Times Magazine reports on the downfall of a Chinese intelligence agent that reveals the astonishing depth of Chinese industrial espionage.“The process of getting inflation back down to 2 percent has a long way to go and is likely to be bumpy,” Jerome Powell said.Haiyun Jiang/The New York TimesAn effort to cool the U.S. economyThe American economy seems to be on stable footing — hiring remains strong, the country has its lowest unemployment rate since 1969 and consumer spending picked up at the start of the year.But for the Federal Reserve, there are risks: Higher pay means higher consumer spending, which can drive up inflation. And despite the Fed’s repeated rate raises last year, reports have suggested that inflation did not weaken as much as expected, and remained faster than expected in January.To slow its pace, Jerome Powell, the Fed chair, said the central bank was likely to raise interest rates higher than expected, and that the Fed’s fight was “very likely” to come at some cost to the labor market. He even opened the door to a faster pace of rate increases if Friday’s jobs report and other incoming data remained hot.Explanation: The Fed raises interest rates to slow consumer spending and dissuade businesses from expanding using borrowed money. As demand for products and workers cools, wage growth eases and unemployment may rise. That can further slow consumption and moderate the economy.Debt ceiling: The U.S. also faces a looming risk this summer. A top economist warned lawmakers yesterday that if House Republicans refused to join Democrats in raising the borrowing limit, seven million people could be out of work and the economy could fall into a 2008-style financial crisis. From Biden: In an essay for The Times, President Biden committed to fully funding Medicare beyond 2050 without cutting benefits, and outlined his plan.Marchers flooded the streets of Paris yesterday.Aurelien Morissard/Associated PressFrance’s fight over pensionsFor the sixth time in the past two months, unions across France went on strike, disrupting trains and flights and closing classrooms. They are trying to sway public opinion in their favor and against President Emmanuel Macron’s plan to raise the legal retirement age to 64 from 62.The unions vowed yesterday to bring France “to a standstill.” Public opinion polls have repeatedly shown that a majority of  French people oppose Macron’s proposal. He says it is necessary to balance the pension system’s finances as more baby boomers retire and live longer.Neither side has shown any sign of backing down. The unions want to start continuous, disruptive strikes, while Macron hopes to get the bill — a cornerstone of his re-election campaign — passed by the end of this month. “There is no room for negotiation anymore,” a professor said.Data: France has one of the lowest rates in Europe of pensioners at risk of poverty.THE LATEST NEWSAsia PacificThe Rohingya refugees were already some of the most dispossessed people on earth.Mahmud Hossain Opu/Associated PressA fire at a Rohingya refugee camp in Bangladesh has displaced more than 12,000 people.President Yoon Suk Yeol of South Korea will make a state visit to the U.S. next month as tensions with China and North Korea rise.Japan’s newest rocket, intended to be the county’s flagship vehicle for sending satellites into orbit, failed minutes into its first test flight.U.S. NewsThe U.S. may revive the practice of detaining migrant families who cross the border illegally, two years after shutting down the policy.Five women sued Texas over its abortion ban. They say they were denied the procedure despite grave risks.Around the WorldThe Mexican military used Pegasus to spy on Raymundo Ramos, a rights advocate in Mexico City.Marian Carrasquero for The New York TimesDocuments show that Mexico’s military illegally spied on journalists and a rights advocate who were investigating allegations that soldiers had killed innocent people.An Israeli raid in the occupied West Bank spiraled into violence that left six Palestinians dead.Britain unveiled a plan to remove most asylum seekers who cross the English Channel in small boats.The War in UkraineA pro-Ukrainian group sabotaged the Nord Stream pipelines last year, new intelligence reviewed by the U.S. suggests.Ukraine said that the Wagner private military company is running out of prisoner recruits to send to Bakhmut.A Morning ReadMeena Kotwal is a Dalit herself.Saumya Khandelwal for The New York TimesTwo years ago, the Indian journalist Meena Kotwal started a news outlet focused on Dalits, once deemed untouchable by India’s caste system, and other marginalized groups. The Mooknayak, or “the leader of the voiceless,” has a growing audience and influence, but her rising public profile has brought rape and death threats.Lives lived: Duong Tuong translated a wide range of Western literature into Vietnamese. He died at 90. SPOTLIGHT ON AFRICAAn ATM provided some of the only light in the city center of Meyerton, South Africa, last month.Ilan Godfrey for The New York TimesThe cheeky app for South Africa’s power crisisSouth Africa has declared a “state of disaster” over an electricity crisis that has caused nationwide power outages of up to 10 hours a day, and millions are turning to a smartphone app to help them navigate the blackouts.The app, known as EskomSePush, plays on the name of South Africa’s state power utility, Eskom, and some vulgar Afrikaans slang that definitely can’t be written here. Recently rebranded as just ESP, it sends out alerts 55 minutes before the power is scheduled to go off. Two South African software developers, Dan Southwood-Wells and Herman Maritz, created ESP in 2014 when scheduled power outages were beginning to be more widespread and disruptive.But over the past year, the app has taken off. Since September, there have been nearly two million downloads for a total of seven million users. Southwood-Wells and Maritz know they’re tapping into national frustration, and so they try to inject some humor into the app’s outage notices, like including an image of a braai, the South African equivalent of a barbecue, to let users know they won’t be using their stoves for several hours.“We try to make light of a dark situation,” Maritz said. — Lynsey Chutel, Briefing writer, Johannesburg.PLAY, WATCH, EATWhat to CookJohnny Miller for The New York Times. Food Stylist: Rebecca JurkevichUse store-bought puff pastry to make an easy zucchini and egg tart. What to ReadIn “The Curator,” a historical fantasy, a woman searches for answers about her brother’s death.HealthCan cannabis help you sleep?RomanceWould you date a podcast bro?Now Time to PlayPlay the Mini Crossword, and a clue: Foreboding sign (four letters).Here are the Wordle and the Spelling Bee.You can find all our puzzles here.That’s it for today’s briefing. See you next time. — AmeliaP.S. Thomas Gibbons-Neff, a former Marine who covered the Taliban takeover of Afghanistan, will cover Ukraine full-time.“The Daily” is on Gov. Ron DeSantis of Florida, a rising Republican star.I’d welcome your feedback! Please write to us at briefing@nytimes.com.Lynsey Chutel More

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      This Is Not How Pete Buttigieg Wanted to Visit Ohio

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      Gail Collins: Bret, Democratic strategists are worried about hanging on to support in the working class. The good news, from my perspective, is that it looks like the big problem is economic concerns, not cultural ones.Saying that’s good news because the Biden administration can respond to those worries by pointing to a ton of effort to create jobs and fight inflation.Guessing you may, um, disagree?Bret Stephens: In the immortal words of the “Airplane” sequel: “Just a tad.”The big problem for Democrats is that their economic message — that happy times are here again — isn’t landing in the places where they need to win, particularly factory towns where elections in states like Wisconsin or Ohio are sometimes decided. Inflation is still too high and probably means the Fed will continue to raise interest rates. Unemployment is low in part because so many people have dropped out of the labor force. Years of lax border control creates a perception that cheap immigrant labor will further undercut working-class wages. And a lot of the projects that President Biden’s spending bills are supposed to fund will take years to get off the ground because there’s rarely such a thing as a “shovel-ready” project.Gail: Yeah, gearing up for a big construction effort does take time. But people who’ve suffered with terrible transportation problems for years do know the shovels are coming. Like the bridge project over the Ohio River that Democrats in Cincinnati have joined hands with Mitch McConnell to celebrate.Bret: The other problem for Democrats is that if they aren’t winning the messaging battle when it comes to the economy, they are losing it badly when it comes to cultural issues. You and I often rue the collapse of the moderate wing of the G.O.P. that was occasionally willing to break with right-wing orthodoxies, but Democrats could also do more to embrace candidates who depart from progressive orthodoxies on issues like guns, immigration, school choice, trans issues and so on.Gail: “Depart from progressive orthodoxies” is a nice way of saying “embrace the bad.” I appreciate that it would be strategic for some purple-state Democrats to take moderate positions on guns, immigration, etc. But I’m not gonna be applauding somebody who, for instance, votes against an assault weapon ban.Bret: You’re reminding me of the story, probably apocryphal, of the supporter who told Adlai Stevenson, during one of his presidential runs in the 1950s, that “Every thinking person in America will be voting for you.”“I’m afraid that won’t do,” he supposedly replied. “I need a majority.”Gail: Let’s go back to infrastructure for a minute. Big story about that train wreck in Ohio. Do you agree with me that the whole thing is the fault of Republicans caving in to pressure from the rail industry to loosen regulations?Bret: Er, no. I read recently that there were more than 1,000 train derailments last year, which averages out to more than two a day, and that there’s been a 60 percent decline in railroad safety incidents since 1990. Accidents happen. When they do, they shouldn’t become a partisan issue.Gail: When major accidents happen in an industry that’s both necessarily regulated and greatly lobbied over, it should be a call for investigation.And while we’re on this subject, please let’s talk about our transportation secretary, Pete Buttigieg ….Bret: So, to illustrate my point, I’m not going to raise an accusing finger at him. Not even remotely his fault, even if Republicans are trying hard to pin him with the blame. Although, for someone with presidential aspirations, he didn’t exactly help himself by showing up a day after Donald Trump did.Gail: Sort of embarrassed that while I was trying to ponder rail regulation, my thoughts kept drifting off to Buttigieg the possible presidential candidate.He’s one of the guys we always mention when we talk about who might be nominated if Biden doesn’t go for a second term. But Buttigieg’s performance in Ohio was definitely not the work of a guy who knows how to run for that job.Steve McCurry/Magnum PhotosBret: Switching subjects again, we should talk about the legacy of President Jimmy Carter. I was a 7-year-old child living in Mexico City when he left office, so your recollections of him are much more valuable and interesting than mine.Gail: I distinctly remember bemoaning the energy shortage that left drivers waiting in long lines at the gas stations, but that’s hardly an insider’s story.Bret: Those lines put last year’s spike in gas prices in perspective.Gail: And every Democrat worried about Carter’s minimal talent for communication. He made a big TV appearance to promote energy conservation, wearing a sweater and sitting next to a fire, looking more silly than inspiring.Now, when I recall some of the stuff he did — environmental protection, promoting diversity, negotiating a peace agreement between Israel and Egypt — I appreciate him a lot more.Bret: Airline deregulation, too. Made air travel affordable to middle-class America for the first time. And he had the guts to nominate Paul Volcker to the Federal Reserve in 1979 to jack up interest rates and finally tame inflation, even though it would help cost him his presidency the next year.Gail: But the biggest thing he’s leaving us, Bret, is the story of his post-presidency. Campaigning endlessly for human rights, fair voting around the world and housing for the poor. Rather than holding press conferences to make his point, he’d swing a hammer with the crew at low-income housing construction sites.If high-ranking politicians see retirement from their top jobs as just a path to giving big-money speeches and writing the occasional memoir, they set a bad example for every older American. Carter showed how the later stages of life can actually be the richest and most rewarding.Bret: There’s a lot about Carter’s policy views that didn’t square with my own, and his persona sometimes struck me as … immodestly modest. But he was a unique figure in American political life, and he single-handedly disproved F. Scott Fitzgerald’s contention about there being no second acts in American lives.Gail: Not to mention third acts!Bret: He also showed how much more valuable a purpose- and values-driven life can be than one consumed by the culture of celebrity, wealth and pleasure — something that seriously tarnished the post-presidential legacy of a certain Southern Democrat who succeeded him, to say nothing of an even more saturnalian Republican president.Totally different topic, Gail, but I want to recommend our colleague Michelle Goldberg’s terrific column on the terrible mental-health effects of social media, particularly for teenagers. She mentions a proposal by Senator Josh Hawley of Missouri to totally ban social media for kids under 16. It’s one to which, as a father of three teenagers, I’m pretty sympathetic. Your thoughts?Gail: I read Michelle’s great piece and remembered how paranoid I was as a teenager when I thought two of my friends might be talking about me on the phone after school. Can’t imagine how I’d have felt if they had the capacity to do it as a group, while they were supposed to be studying after dinner. With a transcript available to the entire class later in the evening.Bret: Not only frequently abusive but also addictive. Someone once said that there are only two industries that speak of their customers as “users” — drug dealers and social-media companies.Gail: Just saying that kids can’t use social media sounds very attractive. But somehow I have my doubts it’ll work. Wonder if the more likely outcome might be a system the more sophisticated kids could use while the poorer, or less technologically cool ones, got sidelined.Am I being overly paranoid?Bret: No ban works perfectly. But if we were able to more or less end teenage cigarette smoking over the last 20 years, it shouldn’t be out of the question to try to do the same with social-media use. I can’t imagine that it’s beyond the technological reach of a company like Apple to write some code that stops social-media apps from being downloaded to phones whose primary users they know are under the age of 16.Gail: Well, happy to insist they do that. Even if they don’t know how, it’d increase pressure for them to find a way.Bret: I would welcome it, and I suspect most teenagers would, too. It’s hard enough being 14 or 15 without needing to panic about some embarrassing Instagram pic or discovering too late that something stupid or awful you wrote on Facebook or Twitter at 16 comes back to haunt you at 20.Gail: Hey, it’s traumatic enough being haunted by what I said last month.Bret: Or last week.As columnists, we volunteered to have a paper trail for our critics to pick through. We owe it to the kids to shield them from creating public records of their own indiscretions and idiocies. Life will come roaring at them soon enough. I say no social media till they’re old enough to vote, smoke and maybe even buy a drink. Full-frontal stupidity should be left to the grown-ups — like us!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