Tag: CHIPS Act

Say Goodbye, Joe

By Stephen Macaulay

Warren Buffett is the chairman and CEO of Berkshire Hathaway, a multinational holding company with a wide range of investments. The so-called “Oracle of Omaha”—a moniker he earned because of prescient investment decisions that have made a whole lot of people a whole lot of money — is 92. His sidekick (a.k.a., Berkshire vice chairman) Charlie Munger is 99.

And so we wonder about Joe Biden, president of the United States (a.k.a., leader of the free world), who is 80. His birthday is November 20, 1942, so fifteen days after the 2024 presidential election, he will be 82.

If Buffett or Munger make a mistake — a big mistake — in their roles at Berkshire Hathaway, then, comparatively speaking, the fallout will be limited. Lots of people will lose lots of money, but the losses are bounded.

If Biden makes a mistake — a big mistake — in his role as the guy who has access to the nuclear codes, then comparatively speaking, the fallout will be horrifying.

Too much? Weren’t people feeling profoundly uneasy a few years back knowing that Trump had access to the codes?

According to recent polling by Gallup, Biden averaged a 41% job approval rating during his second year in office (January 20, 2022 to January 19, 2023).

Arguably, 41% is the very definition of “meh.”

And while people might pound the desk and say “But Trump was worse!,” while true, Gallup measured that in his second year (January 20, 2018 to January 19, 2019) Trump was at 40.4%.

Arguably, 0.6% is the very definition of “not much.”

Consider this:

There are three things that are required of someone who is running for president:

  • Natural-born citizen of the United States
  • At least 35 years old
  • Resident of the U.S. for 14 years

Scranton, Pennsylvania-born Biden checks all those boxes. No question about it.

But here’s an interesting thing: Biden first ran for president in 1988. That’s 35 years ago.

So arguably someone who was born the year he made his first unsuccessful attempt could run against the Biden.

As he might put it, “C’mon, man.”

Biden has been committed to public service since winning a seat on the New Castle County Council in Delaware in 1970. More than half a century ago.

There can be little doubt of the man’s dedication to helping make his county — or his country — a better place.

Certainly being president puts him in a good place to do this — and he has certainly done a considerable amount of good, with things including the Inflation Reduction Act to the CHIPS and Science Act to actual infrastructure funding rather than another week of bloviation.

Certainly he has a list of other accomplishments that he’d like to check off. While this is laudable, it simply may be something he may not even get a chance to start working on. It seems as though the country — yes, even Democrats — thinks there needs to be change of a generational nature.

In his State of the Union he said he wanted to “finish the job.” 

The job is never finished. There is always something else to do in the same way the Buffett has another investment to make.

One of the phrases heard over the past few years was that there are too many politicians who are putting “party ahead of country.”

All of his good work notwithstanding, it seems as though if Joe Biden decides to run again he’ll be putting “personal interest ahead of country.”

Stepping down doesn’t mean he’s out. He becomes the quintessential “elder statesman.” His predecessor didn’t get that gig.

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GOP Senate Campaign Goes for Broke

A CHIPS Act and Inflation Reduction bill ago, the GOP was tipped to retake the House of Representatives for sure and likely the Senate along with it, thanks to President Biden’s low poll numbers, high inflation rates and conventional wisdom regarding a president’s party’s midterm election prospects. Now the Republican Party’s prospects for retaking the Senate from its 50-50 split (with Vice President Harris breaking ties) are dimming, which also makes a huge gain in the House less likely. 

The Republican Senatorial Committee is looking downright DNC-like, yanking potential defeat from the jaws of victory. On Sunday The New York Times scooped via campaign records how the committee, headed by Sen. Rick Scott of Florida, had collected a record $181.5 million in campaign funds by last July and splurged all but $23.2 million of that on a digital fund drive that has many donors cutting off subsequent contributions. The committee reportedly sent millions of text messages with provocative text messages like “Should Biden resign?” followed by “Reply YES to donate,” which if you did and already had card information stored with the party, sucked cash from your account immediately. 

Such party leaders as Senate Majority Leader-in-waiting Mitch McConnell (R-KY) “are fretting aloud that Republicans could squander their shot at retaking the Senate in 2022, with money one factor as some first-time candidates have struggled to gain traction,” according to the NYT.

Have you been frustrated by such modern methods of raising cash, for either party? If so, tell us about it in the Comments box below or in the left column if appropriate -- or email editors@thehustings.news and let us know in the subject line whether you lean right or left.

--TL

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