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What is “Bidenomics” and will it help Biden win in 2024?

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President Joe Biden believes the U.S. economy is in good shape due to his policies. But will that cut through to voters feeling the sting of inflation and high interest rates?

As the 2024 President election bid is well under way, President Joe Biden has begun campaigning on what he believes are the economic achievements of his administration.

And he’s given this campaign a snappy title: “Bidenomics”.

Bidenomics stands to dispel the narrative of the more famous “Reaganomics”, popularised by economic conservative Ronald Reagan which was built around the “trickle-down” theory of economics.

That is, if you reduce taxation on the richest part of society, they would be more likely to put their extra capital back into the economy through investment and starting businesses.

Biden disagrees with this assessment however, and Bidenomics seeks to stimulate growth in the economy through direct investment in manufacturing and infrastructure projects, while raising taxes on the wealthy to pay for it.

“This vision is a fundamental break with an economic theory that has failed America’s middle class for decades now,” Biden said in a speech on Wednesday on his new economic plan.

The plan also highlights the strengths of the current U.S. economy, which has seen some of the strongest growth in the developed world amid low unemployment due to high job creation.

Biden faces a difficult sell on this however, as a majority of Americans do not feel this progress in their daily lives, amid lingering inflation and looming recession fears.

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Big tech caught in political drama

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Nine Google employees were escorted out of company offices in New York and Sunnyvale, California, following a sit-in protest against a cloud contract with Israel’s government.

The protest in Sunnyvale targeted Thomas Kurian’s office, CEO of Google’s cloud division, while in New York, it occupied a common area on the tenth floor.

Videos showed Google security staff and local police involved in the removal. Four workers in New York and five in Sunnyvale were reportedly detained, but details of any charges remain unverified.

 

The protest aimed to pressure Google to drop a $1.2 billion cloud computing contract known as Project Nimbus, citing concerns about its involvement with the Israel Defense Forces.

The protesters included software engineers and activists from groups opposing tech contracts with Israel. This incident reflects ongoing activism within tech companies regarding political issues, such as Israel’s actions in Gaza.

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Antitrust concerns arise for streaming sports venture

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U.S. lawmakers Jerry Nadler and Joaquin Castro expressed competition concerns regarding the planned sports streaming joint venture involving Walt Disney, Fox, and Warner Bros Discovery.

They addressed these concerns in a letter to the CEOs of the media companies, questioning the impact on access, competition, and choice in the sports streaming market.

Voicing apprehension about potential consumer price hikes and unfair licensing terms for sports leagues and distributors, they requested responses by April 30, urging the companies to also send their replies to the Department of Justice.

Despite the companies’ announcement in February of launching a joint sports streaming service in the autumn to attract younger viewers, the deal faces DOJ scrutiny and an antitrust lawsuit from FuboTV. While Disney and Warner Bros remained silent on the matter, Fox declined to comment.

The joint venture encompasses a broad range of professional and collegiate sports rights, including NFL, NBA, MLB, FIFA World Cup, and college competitions, offering non-exclusive access to sports networks such as ESPN, Fox Sports 1, and TNT via a new streaming app.

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Trump trial: will the jury selection impact the trial’s outcome?

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The Trump hush money trial has progressed with the selection of the first seven jurors, marking a significant step in the legal proceedings.

  • Seven jurors were selected

  • Defense and prosecution lawyers questioned potential jurors for impartiality

  • The judge warned lawyers he would not tolerate disruptions after he said Former US President Donald Trump audibly muttered during a prospective juror’s questioning

The selection of jurors is a crucial step in ensuring a fair trial, as they will ultimately decide Formers US President Donald Trump’s fate in this legal battle, as reported by Reuters.

The process of jury selection involves careful vetting of potential jurors to ensure impartiality and fairness.

Each juror’s background, beliefs, and potential biases are scrutinised to ensure they can render an impartial verdict based solely on the evidence presented in court.

With seven jurors already chosen, the selection process is expected to continue as both the prosecution and defence seek individuals who can objectively weigh the evidence.

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