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Javier E

Dilemma on Wall Street: Short-Term Gain or Climate Benefit? - The New York Times - 0 views

www.nytimes.com/...inancial-industry-climate.html

climate change response environment wall street dilemma prisoners' climate

shared by Javier E on 20 Jun 24 - No Cached
  • team of economists recently analyzed 20 years of peer-reviewed research on the social cost of carbon, an estimate of the damage from climate change. They concluded that the average cost, adjusted for improved methods, is substantially higher than even the U.S. government’s most up-to-date figure.
  • That means greenhouse gas emissions, over time, will take a larger toll than regulators are accounting for. As tools for measuring the links between weather patterns and economic output evolve — and the interactions between weather and the economy magnify the costs in unpredictable ways — the damage estimates have only risen.
  • It’s the kind of data that one might expect to set off alarm bells across the financial industry, which closely tracks economic developments that might affect portfolios of stocks and loans. But it was hard to detect even a ripple.
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  • In fact, the news from Wall Street lately has mostly been about retreat from climate goals, rather than recommitment. Banks and asset managers are withdrawing from international climate alliances and chafing at their rules. Regional banks are stepping up lending to fossil fuel producers. Sustainable investment funds have sustained crippling outflows, and many have collapsed.
  • In some cases, it’s a classic prisoner’s dilemma: If firms collectively shift to cleaner energy, a cooler climate benefits everyone more in the future
  • in the short term, each firm has an individual incentive to cash in on fossil fuels, making the transition much harder to achieve.
  • when it comes to avoiding climate damage to their own operations, the financial industry is genuinely struggling to comprehend what a warming future will mean.
  • A global compact of financial institutions made commitments worth $130 trillion to try to bring down emissions, confident that governments would create a regulatory and financial infrastructure to make those investments profitable. And in 2022, the Inflation Reduction Act passed.
  • What about the risk that climate change poses to the financial industry’s own investments, through more powerful hurricanes, heat waves that knock out power grids, wildfires that wipe out towns?
  • “If we think about what is going to be the best way to tilt your portfolios in the direction to benefit, it’s really difficult to do,”
  • “These will probably be great investments over 20 years, but when we’re judged over one to three years, it’s a little more challenging for us.”
  • Some firms cater to institutional clients, like public employee pension funds, that want combating climate change to be part of their investment strategy and are willing to take a short-term hit. But they aren’t a majority
  • And over the past couple of years, many banks and asset managers have shrunk from anything with a climate label for fear of losing business from states that frown on such concerns.
  • On top of that, the war in Ukraine scrambled the financial case for backing a rapid energy transition. Artificial intelligence and the movement toward greater electrification are adding demand for power, and renewables haven’t kept up
  • All of that is about the relative appeal of investments that would slow climate change
  • If you bought some of the largest solar-energy exchange-traded funds in early 2023, you would have lost about 20 percent of your money, while the rest of the stock market soared.
  • There is evidence that banks and investors price in some physical risk, but also that much of it still lurks, unheeded.
  • “I’m very, very worried about this, because insurance markets are this opaque weak link,” Dr. Sastry said. “There are parallels to some of the complex linkages that happened in 2008, where there is a weak and unregulated market that spills over to the banking system.”
  • Regulators worry that failing to understand those ripple effects could not just put a single bank in trouble but even become a contagion that would undermine the financial system.
  • But while the European Central Bank has made climate risk a consideration in its policy and oversight, the Federal Reserve has resisted taking a more active role, despite indications that extreme weather is feeding inflation and that high interest rates are slowing the transition to clean energy.
  • “The argument has been, ‘Unless we can convincingly show it’s part of our mandate, Congress should deal with it, it’s none of our business,’”
  • a much nearer-term uncertainty looms: the outcome of the U.S. election, which could determine whether further action is taken to address climate concerns or existing efforts are rolled back. An aggressive climate strategy might not fare as well during a second Trump administration, so it may seem wise to wait and see how it shakes out.
  • big companies are hesitating on climate-sensitive investments as November approaches, but says that “two things are misguided and quite dangerous about that hypothesis.”
  • One: States like California are establishing stricter rules for carbon-related financial disclosures and may step it up further if Republicans win
  • And two: Europe is phasing in a “carbon border adjustment mechanism,” which will punish polluting companies that want to do business there.
  • at the moment, even European financial institutions feel pressure from the United States, which — while providing some of the most generous subsidies so far for renewable-energy investment — has not imposed a price on carbon.
  • The global insurance company Allianz has set out a plan to align its investments in a way that would prevent warming above 1.5 degrees Celsius by the end of the century, if everyone else did the same. But it’s difficult to steer a portfolio to climate-friendly assets while other funds take on polluting companies and reap short-term profits for impatient clients.
  • “This is the main challenge for an asset manager, to really bring the customer along,” said Markus Zimmer, an Allianz economist. Asset managers don’t have sufficient tools on their own to move money out of polluting investments and into clean ones, if they want to stay in business,
  • “Of course it helps if the financial industry is somehow ambitious, but you cannot really substitute the lack of actions by policymakers,”
  • According to new research, the benefit is greater when decarbonization occurs faster, because the risks of extreme damage mount as time goes on. But without a uniform set of rules, someone is bound to scoop up the immediate profits, disadvantaging those that don’t — and the longer-term outcome is adverse for all.
Javier E

AI scientist Ray Kurzweil: 'We are going to expand intelligence a millionfold by 2045' ... - 0 views

www.theguardian.com/...e-ai-the-singularity-is-nearer

ai kurzweil predictions evaluation 2024

shared by Javier E on 29 Jun 24 - No Cached
  • American computer scientist and techno-optimist Ray Kurzweil is a long-serving authority on artificial intelligence (AI). His bestselling 2005 book, The Singularity Is Near, sparked imaginations with sci-fi like predictions that computers would reach human-level intelligence by 2029 and that we would merge with computers and become superhuman around 2045, which he called “the Singularity”. Now, nearly 20 years on, Kurzweil, 76, has a sequel, The Singularity Is Nearer
  • no longer seem so wacky.
  • Your 2029 and 2045 projections haven’t changed…I have stayed consistent. So 2029, both for human-level intelligence and for artificial general intelligence (AGI) – which is a little bit different. Human-level intelligence generally means AI that has reached the ability of the most skilled humans in a particular domain and by 2029 that will be achieved in most respects. (There may be a few years of transition beyond 2029 where AI has not surpassed the top humans in a few key skills like writing Oscar-winning screenplays or generating deep new philosophical insights, though it will.) AGI means AI that can do everything that any human can do, but to a superior level. AGI sounds more difficult, but it’s coming at the same time.
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  • Why write this book? The Singularity Is Near talked about the future, but 20 years ago, when people didn’t know what AI was. It was clear to me what would happen, but it wasn’t clear to everybody. Now AI is dominating the conversation. It is time to take a look again both at the progress we’ve made – large language models (LLMs) are quite delightful to use – and the coming breakthroughs.
  • It is hard to imagine what this would be like, but it doesn’t sound very appealing… Think of it like having your phone, but in your brain. If you ask a question your brain will be able to go out to the cloud for an answer similar to the way you do on your phone now – only it will be instant, there won’t be any input or output issues, and you won’t realise it has been done (the answer will just appear). People do say “I don’t want that”: they thought they didn’t want phones either!
  • The most important driver is the exponential growth in the amount of computing power for the price in constant dollars. We are doubling price-performance every 15 months. LLMs just began to work two years ago because of the increase in computation.
  • What’s missing currently to bring AI to where you are predicting it will be in 2029? One is more computing power – and that’s coming. That will enable improvements in contextual memory, common sense reasoning and social interaction, which are all areas where deficiencies remain
  • LLM hallucinations [where they create nonsensical or inaccurate outputs] will become much less of a problem, certainly by 2029 – they already happen much less than they did two years ago. The issue occurs because they don’t have the answer, and they don’t know that. They look for the best thing, which might be wrong or not appropriate. As AI gets smarter, it will be able to understand its own knowledge more precisely and accurately report to humans when it doesn’t know.
  • What exactly is the Singularity? Today, we have one brain size which we can’t go beyond to get smarter. But the cloud is getting smarter and it is growing really without bounds. The Singularity, which is a metaphor borrowed from physics, will occur when we merge our brain with the cloud. We’re going to be a combination of our natural intelligence and our cybernetic intelligence and it’s all going to be rolled into one. Making it possible will be brain-computer interfaces which ultimately will be nanobots – robots the size of molecules – that will go noninvasively into our brains through the capillaries. We are going to expand intelligence a millionfold by 2045 and it is going to deepen our awareness and consciousness.
  • Why should we believe your dates? I’m really the only person that predicted the tremendous AI interest that we’re seeing today. In 1999 people thought that would take a century or more. I said 30 years and look what we have.
  • I have a chapter on perils. I’ve been involved with trying to find the best way to move forward and I helped to develop the Asilomar AI Principles [a 2017 non-legally binding set of guidelines for responsible AI development]
  • All the major companies are putting more effort into making sure their systems are safe and align with human values than they are into creating new advances, which is positive.
  • Not everyone is likely to be able to afford the technology of the future you envisage. Does technological inequality worry you? Being wealthy allows you to afford these technologies at an early point, but also one where they don’t work very well. When [mobile] phones were new they were very expensive and also did a terrible job. They had access to very little information and didn’t talk to the cloud. Now they are very affordable and extremely useful. About three quarters of people in the world have one. So it’s going to be the same thing here: this issue goes away over time.
  • The book looks in detail at AI’s job-killing potential. Should we be worried? Yes, and no. Certain types of jobs will be automated and people will be affected. But new capabilities also create new jobs. A job like “social media influencer” didn’t make sense, even 10 years ago. Today we have more jobs than we’ve ever had and US average personal income per hours worked is 10 times what it was 100 years ago adjusted to today’s dollars. Universal basic income will start in the 2030s, which will help cushion the harms of job disruptions. It won’t be adequate at that point but over time it will become so.
  • Everything is progressing exponentially: not only computing power but our understanding of biology and our ability to engineer at far smaller scales. In the early 2030s we can expect to reach longevity escape velocity where every year of life we lose through ageing we get back from scientific progress. And as we move past that we’ll actually get back more years.
  • What is your own plan for immortality? My first plan is to stay alive, therefore reaching longevity escape velocity. I take about 80 pills a day to help keep me healthy. Cryogenic freezing is the fallback. I’m also intending to create a replicant of myself [an afterlife AI avatar], which is an option I think we’ll all have in the late 2020s
  • I did something like that with my father, collecting everything that he had written in his life, and it was a little bit like talking to him. [My replicant] will be able to draw on more material and so represent my personality more faithfully.
  • What should we be doing now to best prepare for the future? It is not going to be us versus AI: AI is going inside ourselves. It will allow us to create new things that weren’t feasible before. It’ll be a pretty fantastic future.
Javier E

Opinion | Belgium Shows What Europe Has Become - The New York Times - 0 views

www.nytimes.com/...belgium-election-europe.html

belgium EU crisis right-wing

shared by Javier E on 03 Jun 24 - No Cached
  • In Brussels, the seat of the European Union, rising crime, pollution and decaying infrastructure symbolize a continent in decline. With unusual clarity, Belgium shows what Europe has become in the 21st century: a continent subject to history rather than driving it.
  • For a long time, Belgian politicians and citizens hoped that European integration would release them from their own tribal squabbles. Who needed intricate federal coalitions if the behemoth in Brussels would soon take over? Except for the army and the national museums, all other levers of policy could comfortably be transferred,
  • The upward absorption has not come to pass. The European Union remains a halfway house between national government and continental superstate. There is no E.U. army or capacious fiscal apparatus. Consequently, Belgium has been put in an awkward position. Unable to collapse itself into Europe, it is stuck with a ramshackle federal state
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  • As the ideological glue that allows Belgians to cohabit has come unstuck, the traditional parties of government have found it difficult to retain public backing. Amid a wider fracturing of the vote, Flemish and Walloon voters are now lured by adventurers on right and left
  • Belgium serves as a stern reminder that there are few bulwarks against the trends that ail European nations. The country is no Italy or Netherlands, where the far right is already in government, and party democracy and its postwar prosperity survive only as faint memories.
  • Yet even with Belgium’s lower inequality rates, higher union membership and comparatively stronger party infrastructure, the march of the far right has also proved eerily unstoppable.
Javier E

Opinion | J.D. Vance Keeps Selling His Soul. He's Got Plenty of Buyers. - The New York ... - 0 views

www.nytimes.com/...jd-vance-vp-faustian.html

faustian Vance opportunism devil bargain soul culture politics trump

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  • what’s most Faustian about Mr. Vance — and by proxy Mr. Trump. Their belief that a movement built on aggrievement and rage can be easily controlled, that there is some way in which you can trick the Devil while holding onto what he’s given you.
  • In my book on Faust, I argue that the politics of authoritarianism is often embraced as a tool by those who believe that they can contain such forces and use them for political gain.
  • There is a lesson for Mr. Vance from the Faust story, however, assuming he can hear it. Beyond mere self-interest, what the legend warns against is the embrace of irrational forces and powers, especially when there is the delusion that the person trading their soul can wrangle the Devil
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  • Mr. Vance “extracted what he needed from Appalachia.” Before anything else, the senator’s first betrayal was of his own region, the first portion of his soul to be sold.
  • Shortly after “Hillbilly Elegy” was released, writers throughout Appalachia denounced the classism and elitism of the book, as well as the self-serving ambitions of its author.
  • Without too much hyperbole, it could be said that J.D. Vance — a possible heir to the MAGA movement who has embraced some of the most noxious elements of the alt-right and the national conservative movement — is an infernal creation of the powerful liberals who championed his writing and elevated his platform. It’s hard to imagine that without “Hillbilly Elegy,” which was adapted into a film by the Democratic Party donor Ron Howard in 2020, Mr. Vance would have become the junior senator of Ohio, much less a nominee for vice president
  • Since being elected to the Senate, in large part due to the financial support of the tech billionaire and right-wing activist Peter Thiel, Mr. Vance has become a zealous convert to the MAGA cause. That’s a stunning reversal for a figure who eight years ago was celebrated as an astute voice of Never Trumper Republicanism, a man of learning who could formulate a centrist conservatism to supplant the dark turn that had taken hold of the G.O.P.
  • As Mr. Vance noted in a Time magazine interview in 2016, Mr. Trump’s greatest failure as a political leader is that “he sees the worst in people, and he encourages the worst in people.” That’s turning out to be true of Mr. Vance, too.
  • Eight years ago, during the heated days of the 2016 Republican primary, Mr. Vance wrote that Mr. Trump’s policy proposals “range from immoral to absurd.” A few months later, he referred to Mr. Trump as “cultural heroin,” and called him “unfit for our nation’s highest office.” And memorably, in a text conversation with a former roommate, the future senator worried that Mr. Trump might be “America’s Hitler.”
  • Mr. Trump’s White House tenure, he said, had changed his mind, but it’s hard to take the senator entirely at his word.
  • At the outset of Christopher Marlowe’s late 16th-century play “The Tragical History of Dr. Faustus,” the scholar at the center of the tale abandons all the learning he has mastered. Law, philosophy, medicine — none of these have fulfilled his boundless ambition. Instead, he turns to magic, making the fateful decision to sell his soul to the demon Mephistopheles, for what he “most desires” — “a world of profit and delight, /Of power, of honor.”
Javier E

Opinion | What Democrats Need to Do Now - The New York Times - 0 views

www.nytimes.com/...aga-trump-vance-democrats.html

Democratic party dynamism MAGA class struggle struggle class security 2024 platform culture politics policy

shared by Javier E on 19 Jul 24 - No Cached
  • Over the last eight years, think tankers, activists and politicians have developed MAGA into a worldview, a worldview that now transcends Donald Trump.
  • It has its roots in Andrew Jackson-style populism, but it is updated and more comprehensive. It is the worldview that represents one version of working-class interests and offers working-class voters respect.
  • J.D. Vance is the embodiment and one of the developers of this worldview — with his suspicion of corporate power, foreign entanglements, free trade, cultural elites and high rates of immigration.
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  • MAGA has replaced Reaganism as the chief operating system of the Republican Party.
  • If Democrats hope to win in the near future they have to take the MAGA worldview seriously, and respectfully make the case, especially to working-class voters, for something better.
  • In a volatile world, MAGA offers people security. It promises secure borders and secure neighborhoods. It offers protection from globalization, from the creative destruction of modern capitalism. It offers protection from an educated class that looks down on you and indoctrinates your children in school. It offers you protection from corporate predators.
  • the problem with MAGA — and here is where the Democratic opportunity lies — is that it emerges from a mode of consciousness that is very different from the traditional American consciousness.
  • Americans have a zeal for continual self-improvement, a “need tirelessly to tinker, improve everything and everybody, never leave anything alone.”
  • “the Spirit of America is best known in Europe by one of its qualities — energy.”
  • we saw ourselves, as the dynamic nation par excellence. We didn’t have a common past, but we dreamed of a common futur
  • Americans can’t be secure if the world is in flames. That’s why America has to be active abroad in places like Ukraine, keeping wolves like Vladimir Putin at bay.
  • Through most of our history, we were not known for our profundity or culture but for living at full throttle.
  • MAGA, on the other hand, emerges from a scarcity consciousness, a zero-sum mentality: If we let in tons of immigrants they will take all our jobs; if America gets browner, “they” will replace “us.”
  • MAGA is based on a series of victim stories: The elites are out to screw us. Our allies are freeloading off us. Secular America is oppressing Christian America.
  • MAGA looks less like an American brand of conservatism and more like a European brand of conservatism. It resembles all those generations of Russian chauvinists who argued that the Russian masses embody all that is good but they are threatened by aliens from the outside
  • MAGA looks like a kind of right-wing Marxism, which assumes that class struggle is the permanent defining feature of politics.
  • MAGA is a fortress mentality, but America has traditionally been defined by a pioneering mentality. MAGA offers a strong shell, but not much in the way of wings needed to soar.
  • If Democrats are to thrive, they need to tap into America’s dynamic cultural roots and show how they can be applied to the 21st century
  • My favorite definition of dynamism is adapted from the psychologist John Bowlby: All of life is a series of daring explorations from a secure base. If Democrats are to thrive, they need to offer people a vision both of the secure base and of the daring explorations.
  • The American consciousness has traditionally been an abundance consciousness.
  • Americans can’t be secure if the border is in chaos. Popular support for continued immigration depends on a sense that the government has things under control.
  • Americans can’t be secure if a single setback will send people to the depths of crushing poverty. That’s why the social insurance programs that Democrats largely built are so important.
  • offer people a vision of the daring explorations that await them. That’s where the pessimistic post-Reagan Republicans can’t compete
  • champion the abundance agenda that people like Derek Thompson and my colleague Ezra Klein have been writing about. We need to build things. Lots of new homes. Supersonic airplanes and high-speed trains.
  • If Republicans are going to double down on class war rhetoric — elites versus masses — Democrats need to get out of that business
  • They need to stand up to protectionism, not join the stampede.
  • Democrats need to throttle back the regulators who have been given such free rein that they’ve stifled innovation.
  • Democrats need to take on their teachers’ unions and commit to dynamism in the field of education.
  • tap back into the more traditional American aspiration: We are not sentenced to a permanent class-riven future but can create a fluid, mobile society.
  • The economist Michael Strain of the American Enterprise Institute has offered a telling psychic critique of MAGA economic thinking: “The economics of grievance is ineffective, counterproductive and corrosive, eroding the foundations of prosperity. Messages matter. Tell people that the system is rigged, and they will aspire to less
  • Champion personal responsibility, and they will lift their aspirations. Promoting an optimistic vision of economic life can increase risk tolerance, ambition, effort and dynamism.”
  • t aspiration is not like a brick that just sits there. Aspiration is more like a flame that can be fed or dampened
  • “The problem is desire. We need to *want* these things. The problem is inertia. We need to want these things more than we want to prevent these things.”
Javier E

Opinion | H​ow Long Will A.I.'s 'Slop' Era Last? - The New York Times - 0 views

www.nytimes.com/...ai-annoying-future.html

AI evaluation progress 2024

shared by Javier E on 24 Jul 24 - No Cached
  • Sequoia Capital, calculated that investments in A.I. were running short of projected profits by a margin of at least several hundred billion dollars annually. (He called this “A.I.’s $600 billion question” and warned of “investment incineration.”)
  • In a similarly bearish Goldman Sachs report, the firm’s head of global equity research estimated that the cost of A.I. infrastructure build-out over the next several years would reach $1 trillion. “Replacing low-wage jobs with tremendously costly technology is basically the polar opposite of the prior technology transitions I’ve witnessed,” he noted. “The crucial question is: What $1 trillion problem will A.I. solve?”
  • that trillion-dollar A.I. expenditure, more than the United States spends annually on its military, and think: What exactly is that money going toward?
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  • What is A.I. even for?
  • “A.I. slop”: often uncanny, frequently misleading material, now flooding web browsers and social-media platforms like spam in old inboxes. Years deep into national hysteria over the threat of internet misinformation pushed on us by bad actors, we’ve sleepwalked into a new internet in which meaningless, nonfactual slop is casually mass-produced and force-fed to us by A.I.
  • It has already helped drive down the cost and drive up the performance of next-gen batteries and solar photovoltaic cells, whose performance can also be improved, even after the panels have been manufactured and installed on your roof, by as much as 25 percent
  • while the internet was never perfectly trustworthy, one epoch-defining breakthrough of Google was that it got us pretty close. Now the company’s chief executive acknowledges that hallucinations are “inherent” to the technology it has celebrated as a kind of successor for ranked-order search results, which are now often found far below not just the A.I. summary but a whole stack of “sponsored” results as well.
  • Where not long ago we used to find the very best results for Google searches, we can now find instead potentially plagiarized and often inaccurate paragraph summaries of answers to our queries
  • Machine learning may help make our electricity grid as much as 40 percent more efficient at delivering power as it is today, when many of its routing decisions are made by individual humans on the basis of experience and intuition
  • This month, KoBold Metals announced the largest discovery of new copper deposits in a decade — a green-energy gold mine, so to speak, delivered with the help of its own proprietary A.I., which integrated information about subatomic particles detected underground with century-old mining reports and radar imagery to make predictions about where minerals critical for the green transition might be found.
  • .I. is designing new proteins, rapidly accelerating drug discovery and speeding up clinical trials testing new medicines and therapies.
  • perhaps that a more optimistic perspective can be drawn by analogy to what economists call the “environmental Kuznets curve,” which suggests that, as nations develop, they tend to first pollute a lot more and then, over time, as they grow richer, they ultimately pollute less.
  • Even in describing regular old pollution, this framework has its shortcomings, especially because it treats as automatic eventual progress that has always required tooth-and-nail fights against some very stubborn bad actors
  • A.I. is generating an awful lot of genuine pollution, too — both Google and Microsoft, which each pledged in 2019 to reach zero emissions by 2030, have instead expanded their carbon footprints by nearly 50 percent in the interim.
Javier E

Opinion | How Kamala Harris Can Win - The New York Times - 0 views

www.nytimes.com/...kamala-harris-strategy.html

harris campaign theme inspiration message project culture

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  • f disempowerment underlies the Republicans’ most potent issues in this campaign: inflation and immigration.
  • If Ms. Harris continues to repeat economic facts without acknowledging most voters’ feelings, she will fail to address the mood of discontent that has her running just behind Mr. Trump in the polls. Low unemployment, robust job growth, rising wages — by the usual metrics, the economy has been a success during the Biden years. And yet inflation looms so large for voters that most disapprove of the president’s handling of the economy. Why
  • Because inflation is not merely about the price of eggs. Many voters experience it as an assault on their agency, a daily marker of their powerlessness: No matter how hard I work or how much I make, I can’t get ahead or even keep up.
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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.
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