As Joe Biden campaigns in Virginia, Ticker News US political contributor Bruce Wolpe reflects on the future of his presidency. Wolpe is a Senior Fellow at the United States Studies Centre.
Friday evening, just before escaping to his beloved Delaware for the weekend (his, wife, the First Lady, was in Japan for the Olympics), President Biden slipped across the Potomac River into Virginia. Here, he headlined a campaign rally for Terry McAuliffe, who is running for governor. The election is in November.
Biden keeps learning – and applying – some critical lessons from when he was in the White House 12 years ago, serving as Vice President for Barack Obama. Their first year in office was dramatic, exhilarating, dynamic – and very challenging.
America (and the rest of the world) was reeling from the Global Financial Crisis. Obama and Biden won a key early victory in passing a massive economic recovery program. Obama proposed landmark universal access to health insurance – it would ultimately become Obamacare – and comprehensive energy and climate legislation to tackle global warming.
Biden learns lessons from the Obama era
2009 was also an election year for two governorships, in Virginia and New Jersey. By that November, Obamacare was still tied up in bipartisan negotiations in the Senate; it would not enact it for another 5 months. The energy and climate bill passed the House but would ultimately die in the Senate.
The economic recovery was underway, but jobs gains across the country were very slow to lock in. That August, “Tea Party” activists held raucous protest rallies against Obama’s health care proposals across the country. By that November, the political mood was quitter uncertain.
In this odd-numbered year, 12 months after the presidential election, voters in Virginia and New Jersey hold their state elections. And like by-elections in Australia, citizens can read them as a referendum on how the party that controls the White House is doing. And November 2009 was bad news for Obama, Biden, and the Democrats. Republicans won both governorships. And it was a shock.
“Tea Party” activists protesting against Obamacare
Lesson #1: go big and go fast
The pundits were in overdrive that night, saying, Democrats in big trouble! Obama took it on the nose! Too much change we cannot believe in! And this was critical because the centrist independent voters in New Jersey and Virginia voted for the Republicans. Obama won those independents only a year before.
Biden keeps applying the lessons he learned from those days. First, go big and go early and go fast. He passed the pandemic response and vaccination program within his first 50 days in office together with the $2 trillion economic recovery initiative – more than twice as large as Obama’s in 2009.
Second, don’t focus on futile negotiations in the Senate. Pending in the Senate right now is another $4 trillion on infrastructure, health care, education, climate, childcare, and other priorities. The make-or-break moment to move on it is coming now – not after November.
A double-header victory remains on the cards
So Joe Biden was in Virginia on Friday to help his good friend Terry McAuliffe win his election against a Trump-endorsed candidate – and he will do the same in New Jersey to support the popular Democrat running for re-election there. A double-header victory would signal to the country that voters support the Biden agenda.
As the Washington Post reported last week:
“Among the questions Biden is confronting are whether the Trump base will turn out when the former president is not on the ballot, whether Biden’s ambitious economic plans will be seen as a boon or a driver of rising prices and whether voters will continue to give the president high marks for his handling of the pandemic.”
Biden has zero intention of letting anyone stop his momentum in Virginia this year.
Bruce Wolpe is a Ticker News US political contributor. He’s a Senior Fellow at the US Studies Centre and has worked with Democrats in Congress during President Barack Obama's first term, and on the staff of Prime Minister Julia Gillard. He has also served as the former PM's chief of staff.
In Short:
– China has deployed over 100 ICBMs in new silos near Mongolia, marking a significant nuclear expansion.
– Beijing aims to enhance military strategies for Taiwan by 2027, potentially affecting U.S. operations in the region.
China has deployed over 100 solid-fueled intercontinental ballistic missiles (ICBMs) in newly constructed silo fields near its border with Mongolia, according to a draft Pentagon report reviewed by Reuters.This marks the most significant nuclear expansion by Beijing to date. The United States indicates that China shows no intention of engaging in arms control negotiations, despite President Trump’s calls for denuclearization talks with both China and Russia.
The report states that the DF-31 missiles, which have a range of 7,000 to 11,700 kilometers, are positioned across three silo fields. While the Pentagon had previously acknowledged these fields, this is the first confirmation of the number of deployed missiles.
China’s nuclear warhead stockpile was estimated at around 600 in 2024. The report projects an increase to over 1,000 warheads by 2030. It highlights a lack of willingness from Beijing to pursue arms control measures.
Beijing has dismissed such reports as attempts to discredit China and claims that it follows a nuclear strategy of self-defense with a no-first-use policy.
Forceful means
The Pentagon assessment indicates that China plans to be capable of fighting and winning a conflict over Taiwan by 2027. Beijing is reportedly enhancing military strategies to capture the island through forceful means.
These military strikes could potentially disrupt U.S. operations in the Asia-Pacific region.
Neither the Pentagon nor China’s embassy in Washington responded to requests for comment. U.S. officials cautioned that the draft report could change before its formal submission to lawmakers.
In Short:
– Japan plans to invest ¥1 trillion in domestic AI to enhance infrastructure and compete globally.
– China is focusing on technological independence as domestic chipmakers prepare for public offerings.
Japan plans to invest ¥1 trillion ($6.34 billion) over five years in a domestic artificial intelligence company. This initiative aims to build infrastructure for AI, despite rising electricity costs raising concerns about the industry’s sustainability.The government will collaborate with SoftBank Group and Preferred Networks to develop the largest foundation model in Japan, employing around 100 engineers to compete globally. This effort reflects worries about the risks of relying on foreign AI technology.
China is also increasing its focus on technological independence. Domestic chipmakers are preparing for public offerings to enhance their capabilities, following successful launches by Moore Threads and MetaX in Shanghai. Companies such as Biren Technology and Baidu’s Kunlunxin are also planning to go public.
SoftBank is pursuing a $22.5 billion funding commitment to OpenAI by year-end, by selling assets and securing loans. CEO Masayoshi Son’s significant investment signifies a strong commitment to AI infrastructure.
AI Infrastructure
The rapid expansion of data centers is putting pressure on energy resources. Projections suggest data centers will consume 945 terawatt-hours by 2030, nearly tripling from 415 TWh in 2024. In the U.S., energy use by data centers could reach 9% to 12% of total supply by 2028.
Concerns have arisen over whether tech companies’ activities are raising residential electricity costs, with investigations launched by three Democratic senators targeting major companies like Alphabet, Microsoft, and Amazon. Utilities face significant expenses to upgrade grids, which may be passed on to consumers.
The energy demand is benefiting companies that supply power infrastructure. Jefferies recently upgraded GE Vernova to Buy, citing expected growth in gas pricing and long-term service demand amid rising energy needs.
Australia’s property market is set for strong growth in 2026, driven by demand and strategic investments across key regions.
Australia’s property market is predicted to perform strongly in 2026, with no major losers expected as demand and prices rise across 14 key regions. Hotspotting’s latest analysis highlights which areas are set to shine and the factors driving this unprecedented growth.
Join Tim Graham from Hotspotting as he explains the methodology behind the price predictions and why infrastructure investments and government policies are playing a key role in shaping the market.
From regional hotspots to major cities, we explore emerging trends, buyer behavior, and the outlook for places like Darwin and Perth. Whether you’re a first home buyer or seasoned investor, this episode is packed with insights to navigate Australia’s booming property landscape.
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