Americans may be badly divided but there is one thing they seem to all agree about: President Joe Biden just endured a "week from hell". It is a tired but apt cliche. Some commentators are even asking if his presidency is already "finished” and who should replace him in 2024.
That is utterly overblown. Yet, Mr Biden has serious problems, especially consistently low approval ratings from the public, now ranging from a wretched 43 per cent approval to a calamitous 33 per cent. This unpopularity is closely tied to increasing inflation, now estimated at about 7 per cent, a 40-year high.
The president has had trouble slaloming between an impatient liberal party base and a few intransigent but hyper-empowered conservative Democratic senators.
Mr Biden focused for months on the Build Back Better social spending bill. In November, a compromise appeared likely between his already pared-back package of $2.2 trillion and West Virginia Senator Joe Manchin’s counter offer of $1.8tn. But in December, Mr Manchin abruptly cut off talks and implied they were over.
That was a painful blow to Mr Biden, although negotiations with Mr Manchin are said to have quietly resumed behind closed doors, and $2.2tn and $1.8tn are hardly irreconcilable figures. And even if the president is ultimately compelled to accept Mr Manchin’s figure, $1.8tn in new social spending would still be another major legislative accomplishment.
Recently, Mr Biden pivoted his public focus to legislation to protect elections and voting access, which many Democrats insisted is much more important anyway. Early last week, he ramped up his advocacy, especially with a hard-hitting speech in Georgia that compared opponents of such legislation to segregationists.
Not only was the Georgia address criticised from the centre as well as the right, the whole initiative came crashing down before it got off the ground. Mr Manchin’s fellow Democratic conservative, Senator Kyrsten Sinema of Arizona, brutally crushed Mr Biden's new priority by announcing that she will not agree to any reform of Senate filibuster rules, which is necessary for Democrats to pass any such legislation.
To shift Ms Sinema and Mr Manchin on the filibuster, the president could try proposing a far narrower bill focused on the worst election abuses such as partisan gerrymandering and the purging of voter rolls or other extreme measures to suppress turnout. But it probably wouldn’t convince them.
Worse, such limited legislation could infuriate many Democrats, especially if they conclude that the ongoing talks with Republicans to correct the Electoral Count Act are effectively a substitute for comprehensive voting rights protection. Electoral Count reform would block any repetition of former president Donald Trump’s attempt to get Congress to overturn election results but leave many Democrats feeling betrayed and seething.
Meanwhile, Republicans mocked Mr Biden for demonstrating political weakness by allowing himself to be thwarted twice in a row by individual Democratic senators.
It is hardly just Democrats bedevilling the president. Republican-appointed judges on the Supreme Court last week struck down his most wide-ranging Covid-19 vaccine mandate, which compelled businesses with more than 100 employees to ensure they are vaccinated, routinely masked or regularly tested to maintain safe workplaces.
This ruling is an especially severe blow because, as Covid-19 continues to wreak havoc in the US, vaccine mandates are among the few tools that have proved effective. Most people will not give up their jobs to avoid a jab.
The continuing coronavirus crisis is another obvious source of Mr Biden's deepening unpopularity. It doesn't matter that the overwhelming majority of hospitalisations and deaths occur among unvaccinated persons, and that the president is doing more than anyone to try to get the population fully vaccinated.
Republicans condemn Mr Biden for not getting the pandemic under control just as many of them are doing their best to prevent that. But understanding this irony requires political comprehension that may be beyond most voters.
With so many Americans unvaccinated and the Omicron variant spreading with horrifying speed, demands shifted from vaccinations and treatments to tests, which have been in terribly low supply throughout the country. Blame for that inevitably and reasonably falls on the president and he is scrambling to distribute 500 million tests for free. But the damage from this unforced error is done.
Even deeper into the political weeds, but also significant, were the abrupt resignations of Cecilia Martinez and David Kieve from the White House Council on Environmental Quality. That demonstrates and feeds growing anger among activists about the administration’s lack of progress on environmental justice, a key campaign pledge.
Biden could have done a better job managing expectations as well as touting his very significant, yet easily forgotten, successes
This disappointment reflects a broader source of frustration with Mr Biden both among many Democrats and the public: his administration touted an exceptionally, indeed impossibly, ambitious agenda which it has, unsurprisingly, been only partly able to fulfil.
The last election simply did not leave Democrats with the political power or unity to secure a series of transformative victories in rapid succession. That is hardly an argument for not trying to do as much as possible. But Mr Biden could certainly have done a much better job managing expectations as well as touting his very significant, yet easily forgotten, successes.
He secured two remarkable pieces of legislation – a $1.9tn pandemic relief bill and a $1.2tn infrastructure package – both with significant Republican support. That is a whopping $3.1tn in new bipartisan national investment, in just one year and with no Senate majority.
Yet voters invariably ask: "What have you done for me lately?"
There is no reason to think Mr Biden can't bounce back. Filibuster reform may be dead, and election and voting access protection with it, but social spending could be salvaged. The pandemic is peaking this month and seems likely to subside considerably for the rest of the year. Inflation is more mysterious, but many economists believe it is hardly out of control. And environmental justice activists, unknown to the general public, may simply stay disappointed.
While Mr Biden is particularly unpopular right now, it is not unusual for US presidents to find themselves in big trouble at the end of their first year. That was certainly the case for the now (usually) highly regarded former presidents, Ronald Reagan and Bill Clinton.
The November congressional elections are a long way off in political terms, and 2024 even further. Mr Biden's atrocious week, and several preceding months that were not much better, do not necessarily bolster the prospects of either Republican challengers or potential Democratic successors.
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Test series fixtures
(All matches start at 2pm UAE)
1st Test Lord's, London from Thursday to Monday
2nd Test Nottingham from July 14-18
3rd Test The Oval, London from July 27-31
4th Test Manchester from August 4-8
List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
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Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Killing of Qassem Suleimani
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”