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      Joe Biden and the Not-So-Bad Economy

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      Joe Biden has, to nobody’s surprise, formally announced that he is seeking re-election. And I, for one, am dreading the year and a half of political crystal ball gazing that lies ahead of us — a discussion to which I will have little if anything to add.One thing I may be able to contribute to, however, is the way we talk about the Biden economy. Much political discussion, it seems to me, is informed by a sense that the economy will be a major liability for Democrats — a sense that is strongly affected by out-of-date or questionable data.Of course, a lot can change between now and November 2024. We could have a recession, maybe as the delayed effect of monetary tightening by the Federal Reserve. We might all too easily face a financial crisis this summer when, as seems likely, Republicans refuse to raise the debt ceiling — and nobody knows how that will play out politically.Right now, however, the economy is in better shape than I suspect most pundits or even generally well-informed readers may realize.The basic story of the Biden economy is that America has experienced a remarkably fast and essentially complete job market recovery. This recovery was initially accompanied by distressingly high inflation; but inflation, while still high by the standards of the past few decades, has subsided substantially. The overall situation is, well, not so bad.About jobs: Unless you’ve been getting your news from Tucker Carlson or Truth Social, you’re probably aware that the unemployment rate is hovering near historic lows. However, I keep hearing assertions that this number is misleading, because millions of Americans have dropped out of the labor force — which was true a year ago.But it’s not true anymore. There are multiple ways to make this point, but one way is to compare where we are now with projections made just before Covid struck. In January 2020 the Congressional Budget Office projected that by the first quarter of 2023 nonfarm employment would be 154.8 million; the actual number for March was 155.6 million. As a recent report from the Council of Economic Advisers points out, labor force participation — the percentage of adults either working or actively looking for work — is also right back in line with pre-Covid projections.In short, we really are back at full employment.Inflation isn’t as happy a picture. If we measure inflation by the annual rate of change in consumer prices over the past six months — my current preference for trying to extract the signal from the noise — inflation was almost 10 percent in June 2022. But it’s now down to just 3.5 percent.That’s still above the Fed’s target of 2 percent, and there’s intense debate among economists about how hard it will be to get inflation all the way down (intense because nobody really knows the answer). But maybe some perspective is in order. The current inflation rate is lower than it was at the end of Ronald Reagan’s second term.Or consider the “misery index,” the sum of unemployment and inflation — a crude measure that nonetheless seems to do a pretty good job of predicting consumer sentiment. Using six-month inflation, that index is currently about 7, roughly the same as it was in 2017, when few people considered the economy a disaster.But never mind these fancy statistics — don’t people perceive the economy as terrible? After all, news coverage tends to emphasize the negative: You hear a lot about soaring prices of gasoline or eggs, much less when they come back down. Even amid a vast jobs boom, consumers report having heard much more negative than positive news about employment.Even so, do people consider the economy awful? It depends on whom you ask. The venerable Michigan Survey still shows consumer sentiment at levels heretofore associated with severe economic crises. But the also well-established Conference Board survey — which, as it happens, has a much larger sample size — tells a different story: Its “present situation” index is fairly high, roughly comparable to what it was in 2017. That is, it’s more or less in line with the misery index.And for what it’s worth, both the strength of consumer spending, even in the relatively soft latest report on G.D.P., and the failure of the much-predicted red wave to materialize in the midterm elections look a lot more Conference Board than Michigan.Again, a lot can happen between now and the election. But what strikes me is that consumers already expect a lot of bad news. The Conference Board expectations index is far below its “present situation” index; consumers expect 4 to 5 percent inflation over the next year, while financial markets expect a number more like 2. If we either don’t have a recession or any recession is brief and mild, if inflation actually does come down, voters seem set to view those outcomes as a positive surprise.Now, I’m not predicting a “morning in America”-type election; such things probably aren’t even possible in an era of intense partisanship. But the idea that the economy is going to pose a huge problem for Democrats next year isn’t backed by the available data.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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      Biden Is Running on His Record as President. Here’s Where He Stands.

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

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      As Biden Runs Again, the Map, Issues and Incumbency Favor Democrats

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      Nearly seven in 10 Americans believe their country is on a “wrong track.” The incumbent president will be 81 on Election Day 2024. More than half of the voters in his own party don’t want him to run for re-election.Yet as President Biden embarks on his campaign for a second term, Democratic officials firmly believe he is beginning his bid on Tuesday from ground that is far more solid than his personal standing indicates. Democratic unity has stifled even the hint of an intraparty insurgency. The issues dominating the nation’s politics have largely worked in the Democrats’ favor. And a battleground that has narrowed to only a handful of states means, at least for now, that the 2024 campaign will be waged on favorable Democratic terrain.“I’m always going to be worried because we’re a very divided country, and presidential races are going to be close, no matter who is in it,” said Anne Caprara, who helped lead Hillary Clinton’s super PAC in 2016 and is now chief of staff to Illinois’s Democratic governor, J.B. Pritzker. “But for the first time in my career, I think Republicans have painted themselves into a terrible position. They’re losing and they can’t seem to see that.”Without doubt, Mr. Biden’s personal liabilities are tugging at the Democrats’ well-worn worry strings. Despite low unemployment, a remarkably resilient economy and an enviable record of legislative accomplishments in his first two years, the octogenarian president has never quite won over the nation, or even voters in his party. A new NBC News poll has Mr. Biden losing to a generic Republican presidential candidate, 47 percent to 41 percent.“President Biden is in remarkably weak shape for an incumbent running for re-election,” said Bill McInturff, a veteran Republican pollster who co-directs the NBC News poll.Republicans plan to play on those uncertainties, harping on Mr. Biden’s age and frailty and painting him as the weakest incumbent president to run for re-election since Jimmy Carter tried 44 years ago. The campaign of former President Donald J. Trump is already looking past the coming Republican nomination fight to contrast what it sees as the strength of personality of an aggressive challenger against a vulnerable incumbent.“This is a choice between Joe Biden and Donald Trump,” said Chris LaCivita, a senior adviser to the Trump campaign, adding, “If they think that is their greatest strength, they are going to have a long, miserable year.”But the political fundamentals look significantly better than Mr. Biden’s personal approval.By avoiding a serious primary challenge, Mr. Biden will not be spending the next year fighting with members of his own party on difficult issues like immigration, crime, gender and abortion in ways that might turn off swing voters. Instead, he can bide his time attending ribbon cuttings and groundbreakings for roads and bridges, semiconductor plants, electric vehicle manufacturers and solar energy projects that stem from his three biggest legislative achievements — the infrastructure bill, the “chips and science” law and the Inflation Reduction Act, with its huge tax incentives for clean energy.President Biden and the first lady, Jill Biden, attending a ceremony at the White House on Monday, the day before he formally declared his candidacy for a second term. Doug Mills/The New York TimesThe mere presence of Mr. Trump in the Republican primary race is helping the Democrats make the 2024 campaign a choice between the two parties, not a referendum on the incumbent, a far more difficult challenge for the party in power, said Jim Messina, who managed the last successful presidential re-election campaign, Barack Obama’s in 2012. Early polls, both in key states like Wisconsin and nationally, have Mr. Biden holding onto a slim lead over Mr. Trump, but even with or behind Gov. Ron DeSantis of Florida.The Republicans’ narrow control of the House has also given Mr. Biden a foil in the months before a Republican presidential nominee emerges, just as the Republican Congress helped Mr. Obama.And then there is the map.The 2022 midterms should have been a disaster for a president with low approval ratings. Instead, in two critical states — Pennsylvania and Michigan — the Democratic Party greatly strengthened its hand and its electoral infrastructure, with victories in the governors’ races in both states, the Pennsylvania House flipping to the Democrats and the Michigan Legislature falling to complete Democratic control for the first time in nearly 40 years.At the outset of the 2024 campaign, two-thirds of the Upper Midwestern “Blue Wall” that Mr. Trump shattered in 2016 and Mr. Biden rebuilt in 2020 appear to favor the Democrats.As partisanship intensifies in Democratic and Republican states, battlegrounds like Florida, Ohio and Iowa have moved firmly toward Republicans, but other battlegrounds like Colorado, Virginia and New Hampshire look reliably Democratic.That has elevated just a handful of states as potentially decisive next year: Wisconsin, the third brick in the “Blue Wall”; Georgia, once reliably Republican; Arizona; and Pennsylvania, especially if the political winds shift in the Republicans’ favor. If Mr. Biden can lock down Pennsylvania, he would need to win only one of the other big battlegrounds — Wisconsin, Georgia or Arizona — to get the necessary Electoral College votes in 2024. Even if he lost Nevada, he would still win as long as he secures New Hampshire and doesn’t split the Electoral College votes of Maine.Wisconsin had a split decision in 2022, with the Democratic governor, Tony Evers, winning re-election while the Republican senator, Ron Johnson, also prevailed. But this month, an expensive, hard-fought State Supreme Court race in Wisconsin went to the Democratic-backed candidate by 11 percentage points, a remarkable margin.Democrats won the governorship in Arizona in 2022. And while they lost the governor’s race decisively in Georgia, they eked out the Senate contest between the incumbent Democrat Raphael Warnock and the Republican, Herschel Walker.Those recent electoral successes point to the other major factor that appears to be playing in the Democrats’ favor: the issues. The erosion of abortion rights in the wake of the Supreme Court’s overturning of Roe v. Wade has continued to dominate electoral outcomes in key states like Wisconsin, Michigan and Pennsylvania. And abortion is not fading, in large part because the socially conservative core of the Republican electorate keeps driving red states and conservative judges forward on abortion restrictions.The tragic drumbeat of mass shootings has kept gun control high on the political agenda as well, an issue that Democrats believe will help them with suburban voters in key swing states and will trap Republicans between a base of voters who want no compromise on gun rights and a broader electorate that increasingly favors restrictions.Republicans have issues that could favor them, too. Crime helped deliver House seats in New York and California, which secured the narrow House majority for the G.O.P. And transgender politics might help Republicans with some swing voters. A poll for National Public Radio last summer found that 63 percent of Americans opposed allowing transgender women and girls to compete on teams that align with their gender identity, while broader support for L.G.B.T. rights has only gained ground.But a hotly contested primary is likely to drag the eventual nominee to the right, even on issues that could otherwise favor his party. Mr. DeSantis, widely seen as Mr. Trump’s most serious challenger, signed a ban on abortion in his state after six weeks, a threshold before many women know they are pregnant.And at some point, Republicans’ drive against transgender people and their fixation on social issues may appear to be bullying — or simply far afield from real issues in the lives of swing voters, said Ms. Caprara, the chief of staff for the Illinois governor.“There’s this toxic soup between abortion, guns, gay rights, library books, African American history,” she said. “It just comes across to people as, ‘Who are these people?’”The biggest issue, however, may be the storm cloud on the horizon that may or may not burst — the economy. In 2020, Mr. Biden became one of the few presidential candidates in modern history to have triumphed over the candidate who was more trusted on the economy in polls.Since then, the surge of job creation from the trough of the coronavirus pandemic has shattered monthly employment records, while unemployment rates — especially for workers of color — are at or near their lowest levels ever. Inflation, which peaked near 10 percent, is now at about 5 percent.Yet Mr. Biden continues to get low marks on his economic stewardship, and those marks could deteriorate as the Federal Reserve continues to tamp down inflation with higher interest rates, warned Mr. Messina, the former Obama campaign manager. A new poll for CNBC found that 53 percent of Americans expect the economy will get worse, compared with 34 percent when Mr. Biden took office.“Today, I’d rather be Joe Biden,” Mr. Messina said. “But I wish I knew where the economy is going to be, because that’s the one thing hanging out there that nobody can control.” More

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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