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And why was the surge in illegal border crossings so troubling, even for voters who live far from the southern border? Not because they believe Mr. Trump’s florid demagogy about criminals, rapists and residents of mental hospitals pouring in but because they see a country unable to control its borders as a country unable to control its destiny

and as a country that treats strangers better than some of its citizens.

they are part of the same political project. Economic arrangements not only decide the distribution of income and wealth; they also determine the allocation of social recognition and esteem.

Democrats need to acknowledge that the neoliberal globalization project they and mainstream Republicans pursued in recent decades brought huge gains for those at the top but job loss and stagnant wages for most working people

The winners used their windfall to buy influence in high places. Government stopped trying to check concentrated economic power. The two parties joined forces to deregulate Wall Street. And when the financial crisis of 2008 pushed the system to the brink, they spent billions of dollars to bail out the banks but left ordinary homeowners mostly to fend for themselves.

Rather than contend directly with the damage they had done, both political parties told workers to improve themselves by getting college degrees.

The elites who offered this advice missed the implicit insult it contained: If you’re struggling in the new economy, it’s your fault.

as president, despite his centrist career, Mr. Biden turned away from the policies that had prompted populist backlash and empowered Mr. Trump.

Still, he remained unpopular. Mr. Biden and his team thought the problem was one of timing: Public investments take time to produce jobs and tangible benefits.

Mr. Biden’s ambitious public investments in infrastructure, manufacturing, jobs and clean energy recalled the muscular role of government during the New Deal. So did his support for collective bargaining and the revival of antitrust law. It made him one of the most consequential presidents of modern times.

But the real problem was more fundamental. Mr. Biden never really offered a broad governing vision, never explained how the policies he enacted added up to a new democratic project.

Mr. Biden offered no comparable story.When he broke with the era of neoliberal globalization, reasserting government’s role in regulating markets for the common good, he did so with little fanfare or explanation. He did not acknowledge that his own party had been complicit in the policies that had deepened the divide between winners and losers

Mr. Trump has proposed exempting tips from taxes. Well, here’s a bolder suggestion: Why not reduce or eliminate the payroll taxes employees pay and make up the revenue with a tax on financial transactions?

This made him a weak match for Mr. Trump, a candidate with little policy success but whose MAGA movement spoke to the anger of the age.

what does all of this mean for the Harris campaign?

Defeating Mr. Trump means taking seriously the divide between winners and losers that polarizes the country. It means acknowledging the resentment of working people who feel that the work they do is not respected, that elites look down on them, that they have little say in shaping the forces that govern their lives.

To do so, Ms. Harris should highlight a theme that has long been implicit but underdeveloped in Mr. Biden’s presidency: the dignity of work.

The Harris campaign should not only defend these achievements but also embark on something more ambitious: a project of democratic renewal that goes beyond merely saving democracy from Mr. Trump

democracy in its fullest sense is about citizens deliberating together about justice and the common good. The dignity of work is important to a healthy democracy because it enables everyone to contribute to the common good and to win honor and recognition for doing so.

For Ms. Harris, offering concrete proposals to honor work — and to reward it fairly — could force Mr. Trump and Mr. Vance to choose between the working-class party they hope to become and the corporate Republican Party they continue to be.

She should be asking questions that would invigorate progressive politics for the 21st century: If we really believe in the dignity of work, why do we tax income from labor at a higher rate than income from dividends and capital gains? Shouldn’t the federal minimum hourly wage be higher than $7.25?

in the end, it all made for impressive policy but themeless politics. His presidency was a legislative triumph but an evocative failure.

Beyond tax measures: What about public investment in universal child care not only to support those who work outside the home but also to improve the pay and working conditions of caregivers?

Democrats could promote sectoral bargaining so that fast food workers can negotiate wages and working conditions across their industry rather than company by company. Democrats could require companies to give employees seats on corporate boards and classify gig workers as employees

On climate change, rather than imposing top-down, technocratic solutions, what if we tried listening to those who fear their livelihoods will be upended — creating local forums that give workers in the fossil fuel industry and agriculture a chance to collaborate with community leaders, scientists and public officials in shaping the transition to a green economy?

The election season is too short, they might argue, and the stakes are too high; elevating the terms of public discourse is a project for another day.

But this would be a political mistake and a historic missed opportunity. Taunting Mr. Trump as a felon would rally the base but reinforce the divide. Offering Americans a more inspiring democratic project could change some minds, win over some voters and offer some hope for a less rancorous public life.

y contrast, a personal machine is willing to lose elections rather than share power with other leaders or factions. It puts the leader ahead of the party, and it would rather the party lose elections than the leader lose control.

The left is contemptuous of Mr. Trump, and since the Republican Party has implicitly become a party that stands for what the left despises, it has been very difficult to separate Republican voters from Mr. Trump in the name of any more positive vision or ideal. Mr. Levin put it this way: “The left isn’t going to hate anyone more than they hate Mr. Trump, so Republicans aren’t going to love anyone more than they love Mr. Trump.”

Yuval Levin of the American Enterprise Institute told me that as a practical matter, the Republican Party at this point should be understood as the anti-left party. “It understands itself defensively, as speaking for a coalition that is being abused, excluded, mistreated and pushed around by a left-leaning elite in American life,” he said. “Its sense of purpose is therefore fundamentally defensive. That means it is largely defined in opposition to its understanding of the left, more than it is defined by a specific policy vision of its own.”

“That opposition,” he added, “obviously gives shape to some assertive or constructive action, too, but the vision of America underlying that action is largely a function of Republicans think Democrats are trying to destroy.” JD Vance, Mr. Trump’s pick for vice president, told The American Conservative magazine in 2021, “I think our people hate the right people.” (

“Because a personal machine puts loyalty ahead of electability, it must resort to authoritarian and anti-democratic measures like coercion and intimidation to preserve its hold on the party,” Mr. Rauch said. “It may physically threaten those who do not play ball. And it will use propaganda and the party organization to build up the leader as the one and only true expression of the party. That’s why Trump’s Republican Party is a cult of personality.”

A third way to understand today’s Republican Party, something that grows more obvious with every passing day, is that it has become a populist rather than a conservative party. Th

when traditionally conservative views aren’t in alignment with populist views, it’s the traditionally conservative views that most often get jettisone

Mr. Trump tapped into the growing resentment of millions of voters. He was seen by them as their tribune. Unfortunately, he exploited their fears and did almost nothing to solve their problems. But that doesn’t seem to matter to them. It’s all about the posturing.

The Republican Party, rather than embracing the best aspects of populism, has taken on its vices: anti-intellectualism, anti-institutionalism and anti-elitism; feeding off negative emotions like anger, grievances and vengeance; and a propensity to believe and to spread conspiracy theories

Populism often looks for scapegoats, frequently blaming immigrants and those who are ethnically and culturally different. Populists are also historically attracted to demagogues and authoritarian personalities.

But the most worrisome feature that has defined the Republican Party during the Trump era is a relentless assault on reality, fused with lawlessness and the embrace of illiberalism.

The Republican Party once preached about the importance of standing for moral truths and standing against moral relativism; today it is, in important respects, nihilistic.

It’s hard and haunting to know that the political party to which I devoted a significant part of my life has become the greatest political threat to the country I love.

Their reasoning is straightforward: These companies have decided that the best way to make generative AI better is to build bigger AI models. And that is really, really expensive, requiring resources on the scale of moon missions and the interstate-highway system to fund the data centers and related infrastructure that generative AI depends on

“If we’re going to justify a trillion or more dollars of investment, [AI] needs to solve complex problems and enable us to do things we haven’t been able to do before.” Today’s flagship AI models, he said, largely cannot.

Now a number of voices in the finance world are beginning to ask whether all of this investment can pay off. OpenAI, for its part, may lose up to $5 billion this year, almost 10 times more than what the company lost in 2022,

Over the past few weeks, analysts and investors at some of the world’s most influential financial institutions—including Goldman Sachs, Sequoia Capital, Moody’s, and Barclays—have issued reports that raise doubts about whether the enormous investments in generative AI will be profitable.

Dario Amodei, the CEO of the rival start-up Anthropic, has predicted that a single AI model (such as, say, GPT-6) could cost $100 billion to train by 2027. The global data-center buildup over the next few years could require trillions of dollars from tech companies, utilities, and other industries, according to a July report from Moody’s Ratings.

generative AI has already done extraordinary things, of course—advancing drug development, solving challenging math problems, generating stunning video clips. But exactly what uses of the technology can actually make money remains unclear

At present, AI is generally good at doing existing tasks—writing blog posts, coding, translating—faster and cheaper than humans can. But efficiency gains can provide only so much value, boosting the current economy but not creating a new one.

Right now, Silicon Valley might just functionally be replacing some jobs, such as customer service and form-processing work, with historically expensive software, which is not a recipe for widespread economic transformation.

McKinsey has estimated that generative AI could eventually add almost $8 trillion to the global economy every year

“Here, we can manufacture intelligence.”

Tony Kim, the head of technology investment at BlackRock, the world’s largest money manager, told me he believes that AI will trigger one of the most significant technological upheavals ever. “Prior industrial revolutions were never about intelligence,”

this future is not guaranteed. Many of the productivity gains expected from AI could be both greatly overestimated and very premature, Daron Acemoglu, an economist at MIT, has found

AI products’ key flaws, such as a tendency to invent false information, could make them unusable, or deployable only under strict human oversight, in certain settings—courts, hospitals, government agencies, schools

AI as a truly epoch-shifting technology, it may well be more akin to blockchain, a very expensive tool destined to fall short of promises to fundamentally transform society and the economy.

Researchers at Barclays recently calculated that tech companies are collectively paying for enough AI-computing infrastructure to eventually power 12,000 different ChatGPTs. Silicon Valley could very well produce a whole host of hit generative-AI products like ChatGPT, “but probably not 12,000 of them,

even if it did, there would be nowhere enough demand to use all those apps and actually turn a profit.

Some of the largest tech companies’ current spending on AI data centers will require roughly $600 billion of annual revenue to break even, of which they are currently about $500 billion short.

Tech proponents have responded to the criticism that the industry is spending too much, too fast, with something like religious dogma. “I don’t care” how much we spend, Altman has said. “I genuinely don’t.

the industry is asking the world to engage in something like a trillion-dollar tautology: AI’s world-transformative potential justifies spending any amount of resources, because its evangelists will spend any amount to make AI transform the world.

in the AI era in particular, a lack of clear evidence for a healthy return on investment may not even matter. Unlike the companies that went bust in the dot-com bubble in the early 2000s, Big Tech can spend exorbitant sums of money and be largely fine

perhaps even more important in Silicon Valley than a messianic belief in AI is a terrible fear of missing out. “In the tech industry, what drives part of this is nobody wants to be left behind. Nobody wants to be seen as lagging,

Go all in on AI, the thinking goes, or someone else will. Their actions evince “a sense of desperation,” Cahn writes. “If you do not move now, you will never get another chance.” Enormous sums of money are likely to continue flowing into AI for the foreseeable future, driven by a mix of unshakable confidence and all-consuming fear.