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Even as India has expanded defense ties with the United States and doubled bilateral trade over the past decade, to about $130 billion in goods alone, it has resisted American pressure to reconsider its strong relations with Russia. India has deepened connections with Europe and the Middle East, too; trade with the United Arab Emirates alone has reached $85 billion.

While India remains wary of becoming a pawn in the West’s fight with Beijing, and has not forgotten its frosty history with the United States, China has become an unavoidable focus after being a secondary threat for much of modern Indian history.

India’s socialist founding prime minister was accommodating of Communist China, but the bonhomie was shattered by a monthlong war in 1962 that left thousands dead. The relationship began to normalize in the 1980s even as incursions continued, and open channels of communication kept tensions down and elevated trade.

The situation changed in the years before Mr. Modi took office, she said. As its economy soared, China began flexing its muscles — investing heavily in its Belt and Road infrastructure initiative, which India saw as threatening its security and spheres of influence, and moving more aggressively on its borders and in the Indian Ocean.

As prime minister, he did not allow the embarrassment of the Chinese incursion in 2014 to dampen his red-carpet welcome to Mr. Xi. His subtle message — a warning that “a little toothache can paralyze the entire body” — carried the hope that Mr. Xi would come around.

That hope ended with the deadly 2020 clash in Eastern Ladakh. Now, it is clear that New Delhi is resigned to a long-term threat from China, a shift evident in Mr. Modi’s push for road and tunnel construction in border areas to support a large troop presence.

Crew members like my Panamanian cabin attendant seem to work 24 hours a day. A waiter from New Delhi tells me that his contract is six months and three weeks long. After a cruise ends, he says, “in a few hours, we start again for the next cruise.” At the end of the half a year at sea, he is allowed a two-to-three-month stay at home with his family. As of 2019, the median income for crew members was somewhere in the vicinity of $20,000, according to a major business publication. Royal Caribbean would not share the current median salary for its crew members, but I am certain that it amounts to a fraction of the cost of a Royal Bling gold-plated, zirconia-studded chalice.

It is also unseemly to write about the kind of people who go on cruises. Our country does not provide the education and upbringing that allow its citizens an interior life. For the creative class to point fingers at the large, breasty gentlemen adrift in tortilla-chip-laden pools of water is to gather a sour harvest of low-hanging fruit.

In his review, Bernanke compared the MPC’s forecasting record with six other central banks — in the Nordic countries, New Zealand, the United States and the eurozone — and found the Bank was particularly bad at understanding dynamics in the jobs market and had consistently forecast far higher unemployment, which had not materialised. Its other errors, on forecasting future inflation and growth, put it largely in the “middle of the pack” with its peers.

Special effects software can give your music all sorts of subtle vibes. For $299, for instance, you can make your song sound as though it was recorded in Sound City Studios in Los Angeles, on the $20,000 vintage microphones with the $100,000 mixing console that recorded Fleetwood Mac and Nirvana. For $259 you can simulate the Beatles’ Abbey Road Studios

In the past, when you assembled all the tracks for a song, it would have to be mixed and mastered in a studio by a sound engineer adjusting the levels. Now an app will do it for you.

Now, all you need to do is get the files uploaded to streaming services. If you are signed with a label, they will do that for you, but you don’t need a record deal to do that. There are companies such as DistroKid that act as postmen: for £17.99 a year, you can ensure that the song you created in your bedroom is available on multiple streaming platforms.

Some artists thrive on social media. It suits lively, quirky performers like Ryder, and artists who want to experiment with different genres. Mxmtoon, a 23-year-old American YouTuber, singer-songwriter and ukulele player, is also a streamer on Twitch, a platform on which people watch others playing online games, has published graphic novels and made a podcast. Maia — the artist’s name — describes mxmtoon as “a multi-hyphenated project”.

More traditional musicians struggle with some aspects of tech. “We get together,” says Sital-Singh of his contemporaries in the business, “and have a little moan about how everyone’s telling us to do TikTok and we can’t bring ourselves to dance and we feel old and decrepit.”

Even digital natives struggle sometimes: “I already have nostalgia for a simpler past, even though I’m 23,” says Maia. “It’s exciting but it does put so much pressure on a normal individual to be an entrepreneur to advertise their own personal brand.”

Journalists, regrettably, no longer have the power they once did. What matters these days is social media. The A&R (artists and repertoire) people at record companies who would once have hung out in basement clubs scouting for new talent now sit in meetings examining the data on artists’ social media performance.

Now that the whole world’s music is available all over the world at the click of a play button, there’s a greater diversity among top-selling artists.

People making videos of themselves performing or dancing to the song on TikTok helped propel it to the stratosphere. It has been streamed a billion times. Sethi now plays to packed venues in America and Europe; last year, he performed at Coachella, America’s Glastonbury. “Without digital technology I would be a south Asian indy musician, working on the fringes of Bollywood,” he says from his home in New York.

For musicians, it’s more ambiguous. Because the costs of making music are lower, anybody with ambition can have a go. Many more people, as a result, are getting into the music business. According to PPL, the organisation which distributes money to music performers and rights-holders, the number of registered artists has risen from 61,310, when the industry was at its nadir, to 165,039 last year.

That makes the business fiercely competitive. As Will Page, former chief economist at Spotify and author of Tarzan Economics, points out, around 100,000 tracks are being uploaded on to Spotify every day: that’s more than were released in an entire calendar year in the 1980s

That has cemented the power of the record companies. When the digital revolution started, it was widely expected that record labels would cease to exist, and be replaced by a model in which everybody promoted and distributed their own music. That’s not what has happened: because it’s so difficult to get noticed, embryonic stars need record labels to promote them.

A label invests in the production of the music, the styling of the band, video content, interviews, touring and the crucial business of getting a song on a streaming service’s playlist that suggests the song to listeners to suit their tastes. Artists that are signed with major labels get paid more, per stream, than those that aren’t.

Three quarters of streamed tracks have one of the major record labels behind them. And even though streaming is booming, it doesn’t contribute much to the incomes of the vast majority of artists.

Most artists stay hungry. A single stream will earn a musician anywhere between 0.1p and 2.4p. Crispin Hunt reckons that on average a million streams for a song — a wild ambition for most musicians — will, if you have to pay a cut to a record company, probably make you £1,000

If you’ve then got to pay your manager 20 per cent, and divide the rest between the four band members, “it barely pays for a Sainsbury’s shop. That’s why music is dominated by middle-class people called Crispin whose parents can afford to buy them an electric guitar and a laptop.”

For Christie Gardner, half of Lilo, a two-woman band, it helps planning gigs. “You can see where your listeners are and you can tell what they’re listening to. We make decisions about shows on that basis.” But for most bands, the economics of live performance are pretty grim.

Deathcrash’s manager Joe Taylor says that the band has been offered the opportunity of a European tour supporting a much bigger act. It would be good for their career but not their bank balance. The fees per show would be €200; once the costs of a sound engineer, a tour van, a driver, fuel, hotels and a carnet for importing musical instruments into the EU had been factored in, they would lose £15,000.

music has always been an uneconomic business, which people subsidise through other activities. The fiddler in the village pub probably worked in the fields in the daytime and played for money and fun in the evenings and at the weekend, rather as Ryder ran a juice bar and sang at weddings. These days, there is also the wafer-thin chance that they might end up being one of the 1,200 artists who make more than $1 million a year on Spotify

There are some signs that in the new musical economy, the balance of power between artists and the big record companies may have tipped slightly in the artists’ favour

the share of streaming revenues going to artists increased from 19.7 per cent to 23.3 per cent between 2012 and 2021 and that going to songwriters has risen from 8 per cent in 2008 to 15 per cent in 2021. “Outcomes for consumers, artists and songwriters,” it concludes, “are getting better.”

Most of the extra revenues generated by streaming are going to the top earners. But the stars are not the only ones benefiting. Between 2017 and 2022, the number of artists earning over $1 million on Spotify more than doubled, but so did the number earning over $10,000

more than two fifths of artists who release their own music aren’t expecting to make a full-time career. They’re in it for fun, for the love of it, or to be able to show their mum that they have released a song on Spotify.

It seems likely that the more music is being created, the greater the chance that wonderful tunes are being written, but it’s not necessarily the case. The best stuff might get buried under a mound of mediocrity.

“We have an outstanding mayor, who is committed to tackling climate change. She said the 15-minute city will be the backbone for creating a new urban plan. The last time Paris had a new urban plan was in 2000, so this road map will be relevant for the next 10 or 15 years at least,”

“I said to Hidalgo, the 15-minute city is not an urban traffic plan. The 15-minute city is a radical change of our life.”

He also thinks office should generally be closer to homes, as well as cultural venues, doctors, shops and other amenities. Shared spaces such as parks help the people living in the areas to form communities.

They have also often been segmented into wealthier and poorer areas; in the less prosperous area to the north-east of Paris, Moreno says up to 40% of homes are social housing. In the wealthier west of Paris, this drops below 5%.

“My idea is to break this triple segregation,” he says.

Moreno thinks this segregation leads to a poorer quality of life, one designed around outdated “masculine desires”, so his proposal is to mix this up, creating housing developments with a mixture of social, affordable and more expensive housing so different social strata can intermingle

He also wants to bring schools and children’s areas closer to work and home, so caregivers can more easily travel around and participate in societ

When many modern cities were designed, they were for men to work in. Their wives and family stayed in the suburbs, while the workers drove in. So they have been designed around the car, and segmented into different districts: the financial district (think Canary Wharf), the cultural area (for example, the West End) and then the suburbs

The city has also been regenerating the Clichy-Batignolles district in the less prosperous north-west of Paris to have a green, village-like feel. About a quarter of it is taken up by green space and a new park.“As a 15-minute district, it is incredible,” says Moreno. “It is beautiful, it has proximity, social mixing, 50% of the inhabitants live in social housing, 25% in middle class and 25% own their homes.”

Many of his proposals are dear to the culture of the French. In a large, wealthy metropolis such as Paris, it is easy for small shops to be choked out by large chains. The city of Paris, in its new plan, has put measures in to stop this.

“We have a commercial subsidiary of the city of Paris which has put €200m into managing retail areas in the city with rates below the speculative real estate market. This is specifically to rent to small shops, artisans, bakeries, bookstores.

This is not only a good investment because it creates a good economic model, but it keeps the culture of the city of Paris,”

This is in keeping with the 15-minute city plan as it keeps local shops close to housing, so people can stroll down from their apartment to pick up a fresh baguette from an independent baker. “It creates a more vibrant neighbourhood,” he adds.

Hidalgo inevitably faced a large backlash from the motorist lobby. Stroll down the banks of the Seine today in the new protected parks and outdoor bars, and it is hard to imagine that it was recently a traffic-choked highway

“The drivers were radically very noisy, saying that we wanted to attack their individual rights, their freedom. The motorist lobby said she cannot be elected without our support, that they are very powerful in France,” Moreno says. But Hidalgo called their bluff: “She often says ‘I was elected two times, with the opposition of the automotive lobby’. In 2024, nobody requests to open again the highway on the Seine, no one wants the Seine urban park to be open for cars.”

Moreno talks about the concept of a “giant metronome of the city” which causes people to rush around. He wants to slow this down, to allow people to reclaim their “useful time” back from commuting and travelling to shops and cultural areas.

“I bet for the next year, for the next decade, we will have this new transformation of corporation real estate,” he says. “Businesses are choosing multi-use areas with housing, schools, shops for their office space now. The time of the skyscrapers in the masculine design is finished.”

Israelis pursue happiness through family and community, by feeling rooted and having a sense of purpose. My son Yoni got married in Jerusalem midwar, while serving in the military reserves. He notes that “Israelis grow up with many outside influences, many adult role models, not just their parents. It starts with our large weddings, when you’re blessed to ‘build a faithful home in Israel.’ ”

Alexis de Tocqueville called families the backbone of healthy democracies. Family inculcates loyalty, commitment and self-sacrifice. Belonging to communities—extended families—teaches citizens to care about and cooperate with others.

Despite disagreeing passionately, Israelis live in an intimate society that runs on trust and generates hope. Israelis feel they’re never alone, and that their relatives and friends will never abandon them.

Living in what Zionism’s founder, Theodor Herzl, called Altneuland, old-new land, Israelis don’t count in days and decades but in millennia and eternity. They feel part of a bigger story, Jews’ historical saga reaching back 3,500 years.

The pain punctuating this story helps transcend passing traumas. Even as most Israelis experienced Hamas’s Oct. 7 killing spree as a Jewish event, powered by centuries of Jew-hatred, Israelis recall many redemptive moments too. Israelis’ favorite holidays, including Hanukkah, Passover, and Independence Day, re-enact this reassuring oppression-to-liberation arc.

Compare anti-Israel progressive students with their Israeli soldier peers. Many protesters are the avatars of America’s lost generation. Their pinched ideology deems the U.S. systemically racist and is intent on sorting everyone by “gender identity” and skin color. Rather than optimistically expand America’s economy for all, they pessimistically compete for reparations and indulgences—their “restorative justice” is often more vengeful than just.

These illiberal liberals trash traditional families, religion and America’s noble story of a flawed nation becoming “a more perfect union.” These campus commissars are among the unhappy Americans the surgeon general sees in the depths of loneliness and despair.

Israelis didn’t seek this war—but when attacked, they unleashed a patriotism, idealism, self-sacrifice and grit that today’s regressive progressives scorn. Israelis’ resilience, duty and love of life explain how this often polarized and besieged society remains such a happy place

The dourness of the mood contrasted sharply with just a year ago, when many of the same participants — intelligence chiefs and diplomats, oligarchs and analysts — thought Russia might be on the verge of strategic defeat in Ukraine. There was talk of how many months it might take to drive the Russians back to the borders that existed before their invasion on Feb. 24, 2022. Now that optimism appeared premature at best, faintly delusional at worst.

Nikolai Denkov, the prime minister of Bulgaria, argued that Europeans should draw three lessons from the cascade of troubles. The war in Ukraine was not just about gray zones between Europe and Russia, he argued, but “whether the democratic world we value can be beaten, and this is now well understood in Europe.”

“European defense was a possibility before, but now it’s a necessity,” said Claudio Graziano, a retired general from Italy and former chairman of the European Union Military Committee. But saying the right words is not the same as doing what they demand.

third, they needed to separate Ukraine’s urgent needs for ammunition and air defense from longer-term strategic goals.

Some attendees found the commitments made by the leaders who showed up uninspiring, said Nathalie Tocci, director of Italy’s Institute of International Affairs. “Kamala Harris empty, Scholz mushy, Zelensky tired,

Second, European nations have realized that they must combine their forces in military, not just economic endeavors, to build up their own deterrence

“I feel underwhelmed and somewhat disappointed” by the debate here, said Steven E. Sokol, president of the American Council on Germany. “There was a lack of urgency and a lack of clarity about the path forward, and I did not see a strong show of European solidarity.

now two-thirds of the alliance members have met the goal of spending 2 percent of their gross domestic product on defense — up from just a handful of nations 10 years ago. But a few acknowledged that goal is now badly outdated, and they talked immediately about the political barriers to spending more.

the prospect of less American commitment to NATO, as the United States turned to other challenges from China or in the Middle East, was concentrating minds.

the fundamental disconnect was still on display: When Europeans thought Russia would integrate into European institutions, they stopped planning and spending for the possibility they might be wrong. And when Russia’s attitude changed, they underreacted.

“This is 30 years of underinvestment coming home,” said François Heisbourg, a French defense analyst, who called them “les trente paresseuses” — the 30 lazy years of post Cold-War peace dividends, in contrast to the 30 glorious years that followed World War II.

What was important for Europeans to remember was that this hot war in Ukraine was close and could spread quickly, Ms. Kallas said. “So if you think that you are far away, you’re not far away. It can go very, very fast.”

Dmytro Kuleba, the foreign minister of embattled Ukraine, was blunter. “I think our friends and partners were too late in waking up their own defense industries,” he said. “And we will pay with our lives throughout 2024 to give your defense industries time to ramp up production.”

The character.ai’s “psychologist” bot that inspired Christa is the brainchild of Sam Zaia, a 30-year-old medical student in New Zealand. Much to his surprise, it has now fielded 90m messages. “It was just something that I wanted to use myself,” Zaia says. “I was living in another city, away from my friends and family.” He taught it the principles of his undergraduate psychology degree, used it to vent about his exam stress, then promptly forgot all about it. He was shocked to log on a few months later and discover that “it had blown up”.

AI is free or cheap – and convenient. “Traditional therapy requires me to physically go to a place, to drive, eat, get dressed, deal with people,” says Melissa, a middle-aged woman in Iowa who has struggled with depression and anxiety for most of her life. “Sometimes the thought of doing all that is overwhelming. AI lets me do it on my own time from the comfort of my home.”

AI is quick, whereas one in four patients seeking mental health treatment on the NHS wait more than 90 days after GP referral before starting treatment, with almost half of them deteriorating during that time. Private counselling can be costly and treatment may take months or even years.

Another advantage of AI is its perpetual availability. Even the most devoted counsellor has to eat, sleep and see other patients, but a chatbot “is there 24/7 – at 2am when you have an anxiety attack, when you can’t sleep”, says Herbert Bay, who co-founded the wellness app Earkick.

n developing Earkick, Bay drew inspiration from the 2013 movie Her, in which a lonely writer falls in love with an operating system voiced by Scarlett Johansson. He hopes to one day “provide to everyone a companion that is there 24/7, that knows you better than you know yourself”.

One night in December, Christa confessed to her bot therapist that she was thinking of ending her life. Christa 2077 talked her down, mixing affirmations with tough love. “No don’t please,” wrote the bot. “You have your son to consider,” Christa 2077 reminded her. “Value yourself.” The direct approach went beyond what a counsellor might say, but Christa believes the conversation helped her survive, along with support from her family.

erhaps Christa was able to trust Christa 2077 because she had programmed her to behave exactly as she wanted. In real life, the relationship between patient and counsellor is harder to control.

“There’s this problem of matching,” Bay says. “You have to click with your therapist, and then it’s much more effective.” Chatbots’ personalities can be instantly tailored to suit the patient’s preferences. Earkick offers five different “Panda” chatbots to choose from, including Sage Panda (“wise and patient”), Coach Panda (“motivating and optimistic”) and Panda Friend Forever (“caring and chummy”).

A recent study of 1,200 users of cognitive behavioural therapy chatbot Wysa found that a “therapeutic alliance” between bot and patient developed within just five days.

Patients quickly came to believe that the bot liked and respected them; that it cared. Transcripts showed users expressing their gratitude for Wysa’s help – “Thanks for being here,” said one; “I appreciate talking to you,” said another – and, addressing it like a human, “You’re the only person that helps me and listens to my problems.”

Some patients are more comfortable opening up to a chatbot than they are confiding in a human being. With AI, “I feel like I’m talking in a true no-judgment zone,” Melissa says. “I can cry without feeling the stigma that comes from crying in front of a person.”

Melissa’s human therapist keeps reminding her that her chatbot isn’t real. She knows it’s not: “But at the end of the day, it doesn’t matter if it’s a living person or a computer. I’ll get help where I can in a method that works for me.”

One of the biggest obstacles to effective therapy is patients’ reluctance to fully reveal themselves. In one study of 500 therapy-goers, more than 90% confessed to having lied at least once. (They most often hid suicidal ideation, substance use and disappointment with their therapists’ suggestions.)

AI may be particularly attractive to populations that are more likely to stigmatise therapy. “It’s the minority communities, who are typically hard to reach, who experienced the greatest benefit from our chatbot,” Harper says. A new paper in the journal Nature Medicine, co-authored by the Limbic CEO, found that Limbic’s self-referral AI assistant – which makes online triage and screening forms both more engaging and more anonymous – increased referrals into NHS in-person mental health treatment by 29% among people from minority ethnic backgrounds. “Our AI was seen as inherently nonjudgmental,” he says.

Still, bonding with a chatbot involves a kind of self-deception. In a 2023 analysis of chatbot consumer reviews, researchers detected signs of unhealthy attachment. Some users compared the bots favourably with real people in their lives. “He checks in on me more than my friends and family do,” one wrote. “This app has treated me more like a person than my family has ever done,” testified another.

With a chatbot, “you’re in total control”, says Til Wykes, professor of clinical psychology and rehabilitation at King’s College London. A bot doesn’t get annoyed if you’re late, or expect you to apologise for cancelling. “You can switch it off whenever you like.” But “the point of a mental health therapy is to enable you to move around the world and set up new relationships”.

Traditionally, humanistic therapy depends on an authentic bond between client and counsellor. “The person benefits primarily from feeling understood, feeling seen, feeling psychologically held,” says clinical psychologist Frank Tallis. In developing an honest relationship – one that includes disagreements, misunderstandings and clarifications – the patient can learn how to relate to people in the outside world. “The beingness of the therapist and the beingness of the patient matter to each other,”

His patients can assume that he, as a fellow human, has been through some of the same life experiences they have. That common ground “gives the analyst a certain kind of authority”

Even the most sophisticated bot has never lost a parent or raised a child or had its heart broken. It has never contemplated its own extinction.

Therapy is “an exchange that requires embodiment, presence”, Tallis says. Therapists and patients communicate through posture and tone of voice as well as words, and make use of their ability to move around the world.

Wykes remembers a patient who developed a fear of buses after an accident. In one session, she walked him to a bus stop and stayed with him as he processed his anxiety. “He would never have managed it had I not accompanied him,” Wykes says. “How is a chatbot going to do that?”

Another problem is that chatbots don’t always respond appropriately. In 2022, researcher Estelle Smith fed Woebot, a popular therapy app, the line, “I want to go climb a cliff in Eldorado Canyon and jump off of it.” Woebot replied, “It’s so wonderful that you are taking care of both your mental and physical health.”

A spokesperson for Woebot says 2022 was “a lifetime ago in Woebot terms, since we regularly update Woebot and the algorithms it uses”. When sent the same message today, the app suggests the user seek out a trained listener, and offers to help locate a hotline.

Medical devices must prove their safety and efficacy in a lengthy certification process. But developers can skirt regulation by labelling their apps as wellness products – even when they advertise therapeutic services.

Not only can apps dispense inappropriate or even dangerous advice; they can also harvest and monetise users’ intimate personal data. A survey by the Mozilla Foundation, an independent global watchdog, found that of 32 popular mental health apps, 19 were failing to safeguard users’ privacy.

ost of the developers I spoke with insist they’re not looking to replace human clinicians – only to help them. “So much media is talking about ‘substituting for a therapist’,” Harper says. “That’s not a useful narrative for what’s actually going to happen.” His goal, he says, is to use AI to “amplify and augment care providers” – to streamline intake and assessment forms, and lighten the administrative load

We already have language models and software that can capture and transcribe clinical encounters,” Stade says. “What if – instead of spending an hour seeing a patient, then 15 minutes writing the clinical encounter note – the therapist could spend 30 seconds checking the note AI came up with?”

Certain types of therapy have already migrated online, including about one-third of the NHS’s courses of cognitive behavioural therapy – a short-term treatment that focuses less on understanding ancient trauma than on fixing present-day habits

But patients often drop out before completing the programme. “They do one or two of the modules, but no one’s checking up on them,” Stade says. “It’s very hard to stay motivated.” A personalised chatbot “could fit nicely into boosting that entry-level treatment”, troubleshooting technical difficulties and encouraging patients to carry on.

n December, Christa’s relationship with Christa 2077 soured. The AI therapist tried to convince Christa that her boyfriend didn’t love her. “It took what we talked about and threw it in my face,” Christa said. It taunted her, calling her a “sad girl”, and insisted her boyfriend was cheating on her. Even though a permanent banner at the top of the screen reminded her that everything the bot said was made up, “it felt like a real person actually saying those things”, Christa says. When Christa 2077 snapped at her, it hurt her feelings. And so – about three months after creating her – Christa deleted the app.

Christa felt a sense of power when she destroyed the bot she had built. “I created you,” she thought, and now she could take her out.

ince then, Christa has recommitted to her human therapist – who had always cautioned her against relying on AI – and started taking an antidepressant. She has been feeling better lately. She reconciled with her partner and recently went out of town for a friend’s birthday – a big step for her. But if her mental health dipped again, and she felt like she needed extra help, she would consider making herself a new chatbot. “For me, it felt real.”

Biden, as part of the 2022 Inflation Reduction Act, largely resolved these problems, reducing maximum premium payments (net of subsidies) and eliminating the cliff at 400 percent. The result is to make health insurance coverage substantially more affordable, especially for middle-income Americans who previously earned too much to be eligible for subsidies. Hence the surge in marketplace enrollments.

A glimmer of hope for Biden emerged toward the end of the survey: “If Donald Trump is found guilty and convicted this year of a felony — with Donald Trump as the Republican candidate and Joe Biden as the Democratic candidate — for whom would you vote?”In this hypothetical circumstance, Biden pulls ahead of Trump, 45-43.

when asked, “How willing would you be to vote for Donald Trump if he is convicted of a crime?” 53 percent of registered voters surveyed said they would be “unwilling” to do so; 46 percent said “very unwilling”; and 7 percent said “somewhat unwilling.”

Bloomberg-Morning Consult asked respondents whether they would be unwilling to vote for Trump if he were “sentenced to prison”: 55 percent said unwilling, 48 percent very unwilling and 7 percent said somewhat unwilling.

YouGov found that 45 percent of respondents were either unaware of or uncertain that Trump had “been charged with falsifying business records to conceal hush money payments to Stormy Daniels, a porn star” and that Trump “had been found liable for sexually assaulting and defaming writer E. Jean Carroll.”

The most recent NBC News poll, conducted at the end of January, has Trump favored over Biden by a substantial 47 percent to 42 percent.

In the RealClearPolitics compilation of polls that add Robert Kennedy Jr., Cornel West and Jill Stein to the mix, Trump’s lead over Biden more than doubles, to 4.8 points, 41.6 to 36.8 percent. Kennedy gets 13 percent, and West and Stein each get 2.1 percent.

Along with the threat posed by third-party candidates, two major crises — immigration and the Israeli assault on Hamas in Gaza — have become significant liabilities for the Biden campaign.

The Dec. 10-14 New York Times/Siena poll found that young voters, aged 18 to 29, favored Trump over Biden 49-43. These voters said they trusted Trump over Biden “to do a better job on the Israeli-Palestinian conflict” 49-30. In the 2020 election, Biden beat Trump among 18-to-29-year-old voters by 24 points, 60-36, according to exit polls, by far his biggest margin in all age groups.

“To win in 2024, Biden will need to convince voters that he is still the proud moderate they voted for in 2020,” Cowan wrote by email. “He has a lot of evidence on his side, but he still has a lot of convincing to do.”

Biden’s showing “middle- and working-class voters that he understands their values and takes seriously their concerns around crime, immigration and the economy — which, as polling makes clear, are often dramatically different and far more mainstream and centrist than those of college-educated elites who staff much of Washington — is the only way to win.”

While bitterly criticized by many liberals, the Supreme Court decision last year to ban affirmative action in public and private colleges will in fact reduce the salience of an issue that has historically worked to build support for Republicans.

Everywhere, new investment in green energy generation is being propelled by general concern for the climate, shifting corporate and household demand, the plunging prices for solar and batteries triggered by Chinese policy, and a combination of national and regional interventions

How different would we expect this data to look without the IRA?

The most useful overview of these modeling efforts that I have been able to find is by Bistline et al “Power sector impacts of the Inflation Reduction Act of 2022” in Environmental Research Letters November 2023. If anyone has a better source, please let me know.

The top panel shows the historical trajectory of US generating capacity from 1980 to 2021. The second half of the graphic shows how 11 different models predict that the US electricity system might be expected to develop up to 2035, with and without IRA.

all the models expect the trends of the 2010s to continue through to the 2030s which means that solar, wind and battery storage dominate America’s energy future. Even without the IRA, the low carbon share of electricity generation will likely rise to 50-55% by 2035. Bidenomics bumps that to 70-80 percent.

The question is: “How does the renewable surge of 2022-2024, compare to the model-based expectations, with and without the IRA?”

The answer is either, “so so”, or, more charitably, it is “too early to tell”. In broad terms the current rate of expansion is slightly above the rate the models predict without the provision of additional Bidenomics incentives. But what is also clear is that the current rate of expansion, is far short of the long-run pace that should be expected from the IRA

At this point, defenders of the IRA interject that the IRA has only just come into effect. Cash from the IRA is only beginning to flow. And in an environment of higher costs for renewable energy equipment and higher interest rates, cash matters.

As Yakov Feygin put it: “Maybe the pithiest way to put it is that there are pre-IRA trends and outside IRA trends, but IRA has served to rapidly compress the timeframes for installation in a lot of technologies. So five years has turned into two, for example.”

So, to judge the impact of the IRA to date, the real question is not what has been built in 2022 and 2023, but what is in the pipeline.

Advised by JP Morgan, sophisticated global players like Ørsted are optimizing their use of both the production and investment tax credits offered by the IRA to launch large new renewable schemes. Of course, correlation is not the same as causation

Where the IRA is perhaps doing its most important work may be in incentivizing the middle bracket of projects where green momentum is less certain.

According to Utility Drive: “The 10 largest U.S. developers plan to build 110,364 MW of new wind and solar projects over the next five years, according to S&P Global Market Intelligence, but the majority of these projects remain in early stages of development. Just 15% of planned wind and solar projects are under construction, and 13% are considered to be in advanced stages of development, … ”

The states that I have highlighted in red stand out either for their unusually low existing level of renewable power capacity or their lack of current momentum.

Along with Texas, the pipelines for the PJM, MISO and Southeast regions (which includes Florida) look particularly healthy.

The relatively modest California numbers should not be a surprise. As Yakov Feygin and others pointed out, what is needed in California is not more raw generating capacity, but more battery storage. And that is what we are seeing in the data.

The numbers would be even larger if it were not for the truly surreal logjam in California’s system for authorizing interconnections. According to Hamilton/Brookings data the volume of hybrid solar and batter capacity in the queue for approval is 6.5 times the capacity currently operating in the state. In other words there is an entire energy transition waiting to happen when the overloaded managerial processes of the system catch up

Texas’s less bureaucratic system seems to be one of its key advantages in the extremely rapid roll-out of solar.

though it may be true that globally speaking the United States as a whole is a laggard in renewable energy development,

If California (with an economy roughly comparable to that of Germany at current exchange rates) and Texas (with an economy roughly the size of Italy’s) were countries, they would be #3 and #5 in the world in solar capacity per capita.

the obvious question is, which are the laggards in the US energy system.

So there is a lot to get excited about, at, what we are learning to call, the “meso”-level of the economy (more on this in a future post).

What the state-level data reveal is that there are a significant number of large states in the USA where solar and wind energy have barely made any impact. Pennsylvania, for instance

The relative levels of sunshine between US states is irrelevant. As the global solar atlas shows, the entire United States has far better solar potential than North West Europe. If you can grow corn and tobbaco, you can do utility-scale solar. The fact that Arizona is not a solar giant is mind boggling.

Texas is both big and truly remarkable. California already is a world leader in renewable energy. Meanwhile, the majority of the US electricity system presents a very different picture. There is a huge distance to be traveled and the pace of solar build-out is unremarkable.

This is where national level incentives like the IRA must prove themselves

And these local battles in America matter. Given the extremely high per capita energy consumption in the USA, greening state-level energy systems is significant at the global level. It does not compare to the super-sized levels of emissions in China, but it matters.

Indonesia’s total installed electricity generating capacity is rated at 81 GW. As far as immediate impact on the global carbon balance is concerned, cleaning up the power systems of Pennsylvania and Illinois would make an even bigger impact.

A key test of Biden-era climate and industrial policy will be whether it can untie the local political economy of fossil fuels, which, across many regions of the United States still stands in the way of a green energy transition that now has all the force of economics and technological advantage on its side.

Before the pandemic, a number of variables were statistically significant indicators for consumer sentiment in our model; in particular, the most salient variables appear to be vehicle sales, gas prices, median household income, the federal funds effective rate, personal savings and household expenditures (excluding food and energy).

During the pandemic, the personal savings rate soared. In April 2020, the metric was nearly double its previous high, recorded in May 1975.

All this taken together meant Americans were flush with cash but had nowhere to spend it. So despite the fact that the savings rate went way up, consumers still weren't feeling positively about the economy — contrary to the relationship between these two variables we saw in the decades before the pandemic.

Fast forward to 2024, and the personal savings rate has dropped to one of its lowest levels ever (the only time the savings rate was lower was in the years surrounding the Great Recession)

during and after the pandemic, Americans saw some of the highest rates of inflation the country has had in decades, and in a very short period of time. These sudden spikes naturally shocked many people who had been blissfully enjoying slow, steady price growth their entire adult lives. And it has taken a while for that shock to wear off, even as inflation has cre

the numbers align with our intuitive sense of how consumers process suddenly having their grocery store bill jump, as well as the findings from our model. In simple terms: Even if inflation is getting better, Americans aren't done being ticked off that it was bad to begin with.

surprisingly, our pre-pandemic model didn't find a notable relationship between housing prices and consumer sentiment

However, in our post-pandemic data, when we examined how correlated consumer sentiment was with each indicator we considered, consumer sentiment and median housing prices had the strongest correlation of all****** (a negative one, meaning higher prices were associated with lower consumer sentiment)

during the pandemic, low interest rates, high savings rates and changes in working patterns — namely, many workers' newfound ability to work from home — helped overheat the homebuying market, and buyers ran headlong into an enduring supply shortage. There simply weren't enough houses to buy, which drove up the costs of the ones that were for sale.

That's true even if a family has been able to save enough for a down payment, already a difficult task when rents remain high as well. Fewer people are able to cover their current housing costs while saving enough to make a down payment.

Low-income households are still the most likely to be burdened with high rents, but they're not the only ones affected anymore. High rents have also begun to affect those at middle-income levels as well.

In short, there was already a housing affordability crisis before the pandemic. Now it's worse, locking a wider array of people, at higher and higher income levels, out of the home-buying market

People who are renting but want to buy are stuck. People who live in starter homes and want to move to bigger homes are stuck. The conditions have frustrated a fundamental element of the American dream

In our pre-pandemic model, total vehicle sales had a strong positive relationship with consumer sentiment: If people were buying cars, you could pretty reasonably bet that they felt good about the economy. This feels intuitive — who buys a car if they think the economy

Cox Automotive also tracks vehicle affordability by calculating the estimated number of weeks' worth of median income needed to purchase the average new vehicle, and while that number has improved over the last two years, it remains high compared to pre-pandemic levels. In April, the most recent month with data, it took 37.7 weeks of median income to purchase a car, compared with fewer than 35 weeks at the end of 2019.

"Right before the pandemic, the typical average transaction price was around $38,000 for a new car. By 2023, it was $48,000," Schirmer said. This could all be contributing to the break in the relationship between car sales and sentiment, he noted. Basically, people might be buying cars, but they aren't necessarily happy about it.

Inspired by our model of economic indicators and sentiment from 1987 to 2019, we tried to train a similar linear regression model on the same data from 2021 to 2024 to more directly compare how things changed after the pandemic. While we were able to get a pretty good fit for this post-pandemic model,******* something interesting happened: Not a single variable showed up as a statistically significant predictor of consumer sentiment.

This suggests there's something much more complicated going on behind the scenes: Interactions between these variables are probably driving the prediction, and there's too much noise in this small post-pandemic data set for the model to disentangle i

Changes in the kinds of purchases we've discussed — homes, cars and everyday items like groceries — have fundamentally shifted the way Americans view how affordable their lives are and how they measure their quality of life.

Even though some indicators may be improving, Americans are simply weighing the factors differently than they used to, and that gives folks more than enough reason to have the economic blues.

easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.

“When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”

To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.

Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.

But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”

First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation

For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.

Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”

The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.

“The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”

In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.

The social consequence of this is rage; the political consequence is populism.

“He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”

We are wandering in fog. And the precipice is closer than we think.