Good morning,
A potpourri today…
THE STATE OF THE UNION
Last week, the president delivered a State of the Union address that demonstrated a clear understanding of the issues, solid policy prescriptions, and a command of the podium. While one can quibble about some aspects of his performance as president, he succeeded in showing that the canard that he is a doddering old fool is little more than a manufactured persona created by the right wing media. He also did a great job of demonstrating that the Republicans in Congress, for all their claims that there should be a bill on immigration, failed to enact a bill that they themselves negotiated.
Mr. Biden noted that abortion rights and individual liberties are under attack by Trump and his acolytes. He called out Trump’s desire to leave NATO, his bizarre coddling of Vladimir Putin, and the need to recalibrate taxes for the sake of addressing economic inequality and the U.S. deficit.
THE NARRATIVE VERSUS THE FACTS
In thinking about the State of the Union and the record Mr. Biden will be defending, I am struck with how much actually has been accomplished. Sure, there is reason to complain about the Afghanistan pull-out (which was promised by Trump and carried out by Biden), the border crisis (although there, legislation was agreed upon by Republicans and Democrats but nixed by Trump), and the post-Pandemic inflation a couple of years ago.
But all-in-all, it’s been a very successful presidency, with his successful navigation of the nation out of the pandemic, the CHIPs act, reduced pharmaceutical costs, expanded childcare funding, and the infrastructure bill. We can be proud of our nation’s support of Ukraine and the expansion of NATO, in the face of Russian aggression. Yet Biden is tarred with the spike in inflation post-COVID. Never mind that inflation was a worldwide phenomenon, with inflation in Europe exceeding our own. The economy is booming. Job growth rises, real wages rise, inflation is down around 3%, unemployment is at historic lows, and the stock market is booming. Yet the narrative is that the economy is bad, fueled by a media frenzy looking for stories and polls that ask questions to elicit negative commentary. The economy is doing fine and would do better with a little more frugality in government spending and a rollback of some of the tax breaks for corporations and wealthy. There are concerns, but they largely are in ever-expanding U.S. deficit spending.
I was fortunate to hear economist Christopher Thornberg the other day at the USC Real Estate Law and Business Forum. He spoke about economic reality and the social narratives. He noted the generally positive economic news but says the economic reality often is misstated. Inflation is not the “big issue,” but rather it is mounting deficits. He drew two Venn Diagrams. The first, labeled “economic reality” had in it “unsustainable federal deficits.” In the other, labeled “social narrative” he placed the absurd narrative “the positive value of bitcoin” (which has no real intrinsic value). These intersect rarely, he noted. But when they do, it is profound and self-evident, like “Ticketmaster fees are too high.”
Biden needs to control the narrative. He needs to tell the middle class and the working class what they need to hear—that life is a struggle and inflation must be controlled. They need to hear that the U.S. tax system will become fairer. They need to hear that the party of labor is back and is doing things for them—like infrastructure, manufacturing expansion, and economic stimulus. And he needs to make clear that democracy is at stake.
What is dumbfounding to me is that there are so many people who actually believe Donald Trump is their “redemption” and their “retribution.” While their anger is legitimate, the designation of Trump as an agent for change is so misplaced. Lest we forget the complete mismanagement of the COVID pandemic under Trump, the kowtowing to Putin and Russia, and the ballooning budget deficits, largely caused by tax relief for the rich. His record was one of near-total failure, including the lack of an immigration bill on his watch, no reset with Russia, China or Iran (all of which he promised), the weakening of NATO and American influence abroad by virtue of his statements and actions, a trade war with China that cost American consumers, no healthcare reform, and no infrastructure bill. In the meantime, he and his family became further enriched. The choice couldn’t be more clear.
NO LABELS GETS WEIRD
The most frightening news from last week is not the latest of the nasty rants by Trump. The scariest news is that the No Labels movement, previously a nonprofit with the laudable goal of trying to create consensus within the halls of Congress, is going to nominate a ticket to run for President.
What is their goal? If it is to win the election, they have their work cut out for them, as they are essentially an unknown quantity to most Americans. No third party has been successful in American history. They only have qualified for the ballot in 14 states. And they don’t yet have a ticket.
They have tried to form a ticket but, as yet, those that they’ve asked have declined. While I think the No Labels people have done a lot of good, it feels like they are on a mission more because they started it and not because it makes a great deal of sense. It is hard not to imagine that the presence of another “middle of the road” candidate can only increase the likelihood that Mr. Trump, a sociopath, a narcissist, a serial sexual predator, and an inciter of violence, might again ascend to the White House.
THE OSCARS AND DONALD TRUMP
At first, I didn’t believe Jimmy Kimmel when he read what he purported to be ex-president Trump’s comments on the Oscars. But then I looked it up and it’s true. Since Mr. Trump can’t resist being the center of attention in every context, he couldn’t resist giving his analysis of the Oscars. Here’s what he said:
"Has there EVER been a WORSE HOST than Jimmy Kimmel at The Oscars. His opening was that of a less than average person trying too hard to be something which he is not, and never can be."
"Get rid of Kimmel and perhaps replace him with another washed up, but cheap, ABC 'talent,' George Slopanopoulos. He would make everybody on stage look bigger, stronger, and more glamorous."
"… MAKE AMERICA GREAT AGAIN!"
He is nothing if not consistent. There is no physical attribute, handicap, or personal trait that escapes the insults of Mr. Trump. Earlier in the week, he mocked President Biden’s stuttering and last night insulted George Stephanopoulis’s height. What a guy.
Idiot? Narcissist? Evil? All of the above?
HUMAN KINDNESS
As a childhood stutterer, I empathize with the difficulties Old Joe has faced overcoming this disability. It takes concentration, commitment, and inner strength to overcome any disability. Trump’s dehumanization of those with disabilities, coupled with the laughter of his supporters, defines where we are and how “the other” seems to some worthy of derision and mockery, rather than respect. President Biden, made of completely different humanity than Trump, speaks to stutterers on the campaign trail and stays in regular contact with some 25 stutterers, whom he supports. Quite a difference.
Have a great day,
Glenn
Bravo!