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In his final State of the Union address before November’s election, Joe Biden last night outlined his legislative agenda for a second term in a pugnacious, overtly political speech.
Although the Democratic president made no explicit mention of his likely Republican opponent, Donald Trump, he attacked his “predecessor” more than a dozen times just days after the pair had secured their respective parties’ nominations for a rematch in November of the 2020 election.
He criticised Trump for being too lenient towards Russia, blocking a bipartisan deal to curb immigration and paving the way for strict abortion curbs across the country.
Biden also trumpeted the strength of the US economy. “I inherited an economy that was on the brink,” he said. “Now our economy is the envy of the world.”
His plans for a second term included populist measures such as higher taxes on big companies and the wealthy, a commitment to drive down house prices and cut the cost of drugs, as well as a promise to restore Roe vs Wade.
The delivery of the speech, which was closely watched following criticism that Biden was too old to serve a second term, was punchy and loud, lasted more than an hour and included several feisty off-the-cuff interactions with Republican lawmakers. Here are the main takeaways.
Opinion: If Biden can convert last night’s primetime energy into a campaign staple, it would go some way towards blunting doubts that he lacks vitality for the job, writes Edward Luce. For regular updates on the campaign sign up to US Election Countdown, a new twice-weekly FT newsletter.
Here’s what I’m keeping tabs on today and over the weekend:
Election 2024: US President Joe Biden will travel to a campaign event in Philadelphia, while former president Donald Trump will host Hungarian prime minister Viktor Orbán at Mar-a-Lago.
Economic data: The government releases its employment report for February. We also get monthly employment figures from Canada.
Elections: Ireland votes today on whether to scrap language in the country’s constitution that says a woman’s “life” and “duties” lie in the home. On Sunday, Portugal holds a snap general election that is likely to cement the rise of the far-right Chega or “Enough” party.
Oscars: Film stars will grace the red carpet at this weekend’s Academy Awards, first held in 1929. Here’s all you need to know about Sunday’s ceremony.
International Women’s Day: To mark the occasion, the Financial Times is hosting a free one-hour digital event at 12.30pm GMT featuring prominent campaigners who will discuss the impact of childcare costs on women’s finances, careers and future earnings potential. Click here to register.
Daylight saving time begins: Clocks go forward one hour in the US on Sunday.
How well did you keep up with the news this week? Take our quiz.
Five more top stories
1. The Federal Reserve is “not far” from having the confidence to start cutting interest rates, its chair Jay Powell said yesterday, bolstering hopes that the central bank will lower borrowing costs in the coming months. Powell told senators that the Federal Open Market Committee was “in the right place” on monetary policy while it waited for proof that almost two years of higher rates had tamed inflation. Here’s more on Powell’s comments.
2. The US will set up a port on the Gaza coast for large ships carrying humanitarian supplies, the president confirmed in his State of the Union speech last night. The dramatic step comes as the Biden administration has been increasingly critical of Israel’s failure to open the way for more humanitarian aid to be delivered via land. Here’s more on the plan to build a temporary port in the Mediterranean.
3. The number of problem banks in the US has jumped 18 per cent, regulators warned yesterday, as New York Community Bank was stabilised by a $1bn capital raise led by former US Treasury secretary Steven Mnuchin. Twelve months after the failure of Silicon Valley Bank shook the regional banking sector, NYCB’s recent struggles have underscored the continuing fragility at some US lenders. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, warned of “significant downside risks to the banking industry”.
4. The roadshow for Reddit’s closely watched public debut on the New York Stock Exchange will start on Monday, as it prepares to begin trading the following week in a tech listing that will set the tone for the market in 2024. The social media platform is trying to secure an anchor investor as it pitches its fast-growing advertising business and the promise of revenues from selling its data.
5. From the poorest slums of one of the world’s most dangerous cities, a violent gangster is calling for a proletarian uprising in the lawless chaos of Haiti. The ex-police officer turned warlord showed a streak of political ruthlessness this week as he moved against the government, casting himself as a revolutionary acting on behalf of the Haiti’s downtrodden. Here’s a profile of Jimmy Cherizier, who is also known as “Barbecue”.
Today’s big read
For three decades, SVB was the central financing institution for technology and life sciences start-ups in the US before its collapse a year ago. It specialised in the early-stage market where many larger banks had stayed away because of the risks involved. One of the legacies of its failure is that young companies now keep accounts at two or three banks which has proved a boon for rival banks and fintech platforms.
We’re also reading . . .
Chart of the day
Instagram overtook TikTok in new app downloads last year, with the US photo-sharing platform’s growth powered by copying its Chinese rival’s success with short-form videos. With 768mn in 2023 Instagram became the most downloaded app in the world, according to market intelligence firm Sensor Tower. The statistics suggest that new features like “reels” are proving successful in targeting new users.
Take a break from the news
For an actor who has worked successfully on stage and screen for six decades, the stratospheric success of Succession and its central character Logan Roy was both a blessing and a curse for the 77-year-old actor. Sarah Hemming talks to Brian Cox about his next act.
Additional contributions from Gary Jones and Benjamin Wilhelm
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Source: Economy - ft.com
