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WSJ interview with Narendra Modi before he meets Joe Biden at the White House. This interview talks about India seeking larger role in world affairs, about Indian democracy. Seen from inside India the perspective is different. India is at the same stage where China was in 1990-2000 with the rising aspirations of a billion people, Japan in the Meiji period in 1900. It is all about jobs, investment, technologies and manufacturing on a scale that surpasses China in that period with newer technologies to meet the rising aspirations of 1.4 billion people. China's trade with the US was three times higher than the Indian trade with the US in 2022, India desperately wants to catch up and fast. The Danish ambassador to India was asked what he saw in India today and he said it was the rising confidence of people that struck him most. The digitalization that has changed the way government benefits are provided to 1.4 billion people and opened bank accounts for all, provided delivery of services to all parts of the population. The infrastructure that is being built at breakneck pace, and new colleges and universities expanding access to quality education, healthcare.   ...

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In a sign that the trade negotiations with China are stalled even as negotiators met for talks, president Trump said China was slowing talks down in the hope of talking to ELizabeth Warren or Joe Biden, Democratic candidates for the elections in the U.S. in 2020.  President Trump also said China has not come through the way it said on agricultural imports from the U.S. He tweeted "that is the problem with China they just don't come through." Mr. Trump also took credit for the slowing down of China's economy from the tariffs war. Mr. Trump took credit for China's weakening economy, making some companies leave, the tariffs he has imposed on $250 billion of Chinese products causing enormous pressure. Chinese exports to the U.S. have dropped by 8.5% and exports to other countries up slightly. China's infrastructure investments are cushioning part of the shock from the tariffs war. No major stimulus is planned in China because it would worsen the debt already accumulated after the over stimulus conducted in response to the financial crisis of 2009. Both sides are willing to wait it out.   ...

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The $369 billion climate and tax package that is coming out of a deal arranged by Schumer in the US Senate could be a path breaking action. It would enable president Biden to get close to the climate goals he promised last year of cutting US carbon emissions by 50% by 2030 over 2005 levels to combat effects of climate change. The $369 billion package would get the US to reduce carbon emissions by 40% in 2030 over 2005 levels.  Severe effects of climate change with fires and floods in the US, Europe, and Asia have brought a new spotlight to the issues facing the world and the fact that something needs to be done quickly with the US leading the way. Senator Manchin a holdout because he comes from a coal mining state was a holdout. He was persuaded to join as the new legislation provides for support for transmission lines and other investment during a transition period so that it does not affect the economy in his state. The transition period is now accepted as Europe now looks at gas and coal as a temporary resource following the cutoff of Russian supplies and the US will be shipping more LNG to Europe during this period. The vote for this legislation is planned under reconciliation so that the vice president MS. Harris can cast the deciding vote for Democrats in a 50-50 split Senate. Republicans oppose the legislation. Manchin now says it will reduce inflation. Briefly it will give $7500 to every buyer of an electric vehicle EV, and $4000 for a used EV. It would give rebates for heat pumps that increase home energy efficiency. Billions of dollars would be spent for clean energy industries, and for solar, wind, geothermal, other renewable energy projects. Democrats want to get the legislation through the Senate quickly by next week, and so secret were Schumer's negotiations that most Democrats did not know about it. Coming on the heels of the $280 billion CHIPS and Science bill for $280 billion investment in US semiconductor industry, this will be a big win for president Biden and shows the persistence and patience of Mr. Biden is paying off.   ...

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Pharmaceutical companies in the US will be required to provide rebates to buyers if they increase prices above the inflation rate. This is one of the provisions in the Inflation Reduction Act of 2022 also called the Climate and Tax bill. Medicare recipients total out of pocket costs for drugs will be capped at $2000 under the Biden bill.

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"This is a very, very, very, big deal," says Chuck Schumer about the Climate Change bill that is expected to pass in the Senate of the US this weekend August 6-7, 2022. This is the biggest climate bill in history, and may also be called the Schumer-Manchin bill after the compromise reached to give oil and gas some support with big moves for climate change action between now and 2030. It gets Biden and the US to within 40% reduction of carbon emissions over 2005 emissions by 2030, when the commitment by the US at COP26 Glasgow is for 50% reduction over 2005 emissions by 2030.

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Bill Gates of Microsoft calls the Biden climate change bill the single most important legislation in US history. He says only America can offer the vision for climate change action, and make it happen. Gates says he has talked to corporate leaders in America and most of them say they are ready to act once the climate change bill is passed. Many of the industries that need to be created are in the early stages and the climate change bill will create the right atmosphere for sustained innovation.

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The US has 124,000 charging stations for electric vehicles. The Biden administration wants to see that go up to 500,000 by 2030. For this to happen $7.5 billion is already going to states under the $1 trillion infrastructure bill of 2021. The Biden $369 Climate bill that passed the Senate last week will give companies that build each charging station 30% tax credit for maximum of $100,000, up from $30,000 earlier, to build one charging station. It costs about $100,000 to tear up pavement and build a conduit for a charging station.

Supply chain issues will linger for 2022 and 2023 with shortage of chips after which it will move much faster says this report in WSJ. For EV's to go mainstream charging stations are a priority.

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What is in the biggest climate bill in history, the Biden $369 billion Climate Bill, also called the Inflation Reduction Act of 2022? The WSJ looks at the bill that passed the US Senate and now heads for passage in the House of Representatives this weekend. 

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As president Biden signs the biggest Climate Bill in history Jim Tankersley says there is still more to be done. In addition to the work remaining for children, women and families, he mentions the Civilian Climate Corps with financing for $10 billion that is patterned on the Civilian Conservation Corps set up during the Depression by FDR, which is still to be passed. This would form "the next generation of conservation and resilience workers," says Biden. Much like the 3 million people who helped build parks, cut trails and planted trees around the US in the 1930's and 1940's under FDR.

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The RNC speech of the former president is described by the WSJ Editorial Board as long and rambling for 90 minutes after a good start becoming a typical speech that did not broaden the appeal, and with its random comments lacking clarity. The former president's claims on crime up when it is actually down by 15% according to FBI. On inflation and cost of living the inflation peaked at 9% is now down to 3% in 2023 with cost of living actions by Biden and Powell. The former president's solution to "Drill, baby drill," would only affect gas prices a bit, and do nothing for the principal causes of inflation in housing, in rental of apartments, in prices of automobiles and auto repairs, and in cost of drugs, student loans. Only a concerted action on all fronts as Biden and Powell have done would work, along with large investments in American manufacturing and jobs, which can only be done if no tax cuts are made for the wealthy not in the Republican platform. This means the hundreds of thousands of job creation each month happening now will stall and inflation from supply chains in China will be harder to control especially with a 60% Trump proposed tariff on Chinese imports. ...

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Electric vehicles (EV's) get a tax credit under the Biden Climate Bill also called the Inflation Reduction Act of 2022. To qualify for the tax credit of upto $7500 buyers of EV's have to meet income and other requirements. Only cars with final assembly in the US qualify for the tax credit which should help boost American EV manufacturing capabilities and technology. This removes the problem of automobile job losses for factories shipped overseas.  EV's must not be priced above $25,000 for 2 year used cars, and $55,000 for new cars. SUV's can go upto $80,000. Income limits (as AGI) are $300,000 for joint filers, 150,000 for single filers for new cars. For old cars it is $150,000 for joint filers and $75,000 for single filers.

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The Guardian shows pictures in both black and white and in color from the last 50 years of US president Joe Biden. The first picture is a black and white picture from 20 November 1972 showing him cutting his 30th birthday cake with his wife Nelia, sons Beau, and Hunter. He is shown taking the oath of office for the Senate as he turned 30 the youngest senator and now the oldest former senator to be president. On the Metroliner Amtrak in 1988. He spent decades riding Amtrak to Washington D.C. He campaigned with Jill Biden for president in 1988. Not till the extraordinary situation of the pandemic in 2020 did Americans who largely ignored him give him the opportunity to lead- and at what a time when the Nation desperately needed his vision and his leadership through the largest vaccination program in history with the exception of that in India. And following this with his skills in Congress to get the legislation passed with Republicans for trillions of dollars to go into aiding families recover, and the economy to recover, investing in chips and science, and in infrastructure in ways that have happened only three times in American history, first in the early days of rail transforming a largely agricultural country during Lincoln and Grant's years as president in 1860's and 1870's, and again during the TR, Woodrow Wilson years in the 1900, 1910 period, and in the period under FDR, Truman and Ike 1940's, 1950's. No other country recovered better and stronger, and yet because of the lingering effects of the pandemic with 1 million dead from the Covid virus, and increases in the cost of living even as inflation was brought down from 9% to 3% for reasons stemming from unwise decision of American business to concentrate the supply chain in China, from housing and automobile price increases, the Nation did not immediately grasp the sheer magnitude of what had been achieved. ...

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U.S. Vice President Biden and Vice President Xi Jinping visited a high school in Dujianyan, in Sichuan province, China. Xi Jinping is expected to be the new President of China in 2013. This is the first time he has spent extensive time with a U.S. leader. Xi Jinping shared his experiences of meeting with ordinary citizens with Joe Biden. Xi's daughter is a student at Harvard University. He showed considerable interest in the political situation and debt ceiling negotiations in the U.S. Li Keqiang, who is close to Premier Wen Biao, is expected to become prime minister of China in 2013. Li gave a speech to students at the University of Hong Kong during the Biden visit with Jinping, and at one point talked to students in English.

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After resisting calls for impeachment inquiry into president Trump's dealings with Russia during his campaign by the Democrat controlled House of Representatives, Speaker Nancy Pelosi decides to launch the inquiry in September 2019. The issue raised in the inquiry relates to a call made by the president and released transcript, and whistleblower's letter that showed president Trump asking the Ukrainian president to look into corruption of a company in which Democrat Joe Biden's son was a board member.

The U.S. provided funds to Ukraine as it struggled to keep Eastern parts of Ukraine from separating with the help of Russia. Mr. Trump states that the U.S. was left with providing most of the cost without European countries contributing enough, a complaint he has made since the beginning of his campaign about all U.S. allies in American engagements overseas such as Korea and Japan and NATO.

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Agriculture Secretary Tom Vilsack of Iowa is one of the key people pushing for reviving Rural America. He has served as Agricultrue Secretary under a previous Democratic administration but lacked the resources for programs to keep young, aspiring and new would be farmers attracted to rural America and to farming. He sees the loss of 544,000 farms including small family farms in America since 1981 as a loss for rural America. He is now in a position to make a difference with $60 billion in funding in the Inflation Reduction Act. A former two term governor of Iowa 1999-2007 he is familiar with rural conditions in America's heartland and in agricultural states from Wisconsin and Minnesota to Nebraska and Colorado, from North and South Dakota to Missouri. Vilsack who has the ear of president Joe Biden says the loss of small farms has weakened rural America and wants to stop the bleeding. Lydia Phillips of NYT shows how billions of dollars of spending is now targeted at helping small farms plant a variety of crops that have more cash value than soyabeans and getting these to the market. A lot of the $60 billion goes to large farms for conservation and renewable energy. Vilsack is working hard to make it work for small farms and people in rural America, including generating many sources of income that includes money for renewable energy generated on small farms. ...

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Powell at the Fed, the US central bank, and DJT have different views on reducing interest rates. Most of the business community and heads of banks see it as essential that the Fed be able to decide independently when to lower interest rates. Jay Powell was selected by DJT in the first term and Biden continued with Jay Powell. Powell carefully monitors the economy, the cost of living, supply chain inflation, jobs reports, and the international situation, to come up with his view, which is that inflation is moderating and job situation and the economy are good, so that the Fed does not need to take action at this time.  In this situation where the president wants to see lower interest rates to lower the interest burden on government borrowings for the larger defense budget and other priorities., including trade action, Bessent has stepped in. His advice to the president as he did earlier on tariffs is to show flexibility. The president listens.  Earlier with Liberation Day tariffs Bessent advised DJT to give financial markets confidence in the new policies by a willingness to reduce them or pause them. ...

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After many banks and financial companies did not admit wrongdoing in the last two decades even after huge losses to families and working class communities from financial activities, the SEC may finally be asking the right questions after president Biden's democracy summit. Democracy can be damaged as much from inside by impunity for wrongdoing as it is from outside by failed states and authoritarian states. President Biden's initiative in getting together countries was to think of new initiatives as the lessons for democracy have to be relearned by every new generation anew.  The appointment of Mr. Gurbir Grewal can only be seen in this light as Mr. Biden's initiative for democratic processes that work for families and American workers. Gurbir Grewal who takes the top job of making the correction America needs is straightforward about malefactors in finance and banking- "We can't arrest them. We can get them out of the industry." Gurbir Grewal is the the new director of the SEC's enforcement program after serving in difficult jobs in New Jersey and NY state, first as prosecutor and then as Attorney General of New Jersey.  Democracy can be shattered as much by hate crimes as by financial crimes. Either way families and working class families in the US are affected, as are minorities and the less well off sections of the community affecting the credibility of the commitment of the well off to honest governance and to fairness. This credibility was severely damaged in the 2009 financial crisis and the situation continues to this day. To understand first hand by being in the shoes of families and workers, minorities and the less well off, gives Gurbir Grewal the courage to take on this job. He told the New York City Bar Association that Americans have grown cynical about how business and government agencies interact- "the perception that we, the regulators, are failing to hold them appropriately accountable, or worse still, the belief by some that there are two sets of rules."  Mr. Biden can see that if anything can make democratic processes lose even more credibility with the people is when new administrations fail to act. Mr. Obama and particularly Mr. Trump raised the issue of revolving door between government agencies and the finance industries, more recently Tech, yet strong action on wrongdoing was missing leading to a loss of faith in democratic processes working for families and workers in the US. The result is weakening the fabric of society from within just as mounting national security challenges grow for the US from outside in in its industrial competitiveness, and its technological leadership, something that affects all Americans and America's allies overseas in Asia, Africa and Latin America.   ...

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This WSJ Exclusive report shows the lives of Afghan officials in large residences in Florida, California, and the Emirates after they fled the Taliban takeover of Afghanistan. Mr. Ashraf Ghani who headed the government fled the country early with the help of Turkey says this report in the WSJ, leading to the collapse of Kabul. The US sacrificed many lives and trillions of dollars to support different regimes in Afghanistan under presidents Bush and Obama. It was only under the Trump and Biden administrations that the US conducted a swift and complete withdrawal. Mr. Trump made the issue of wasted billions of dollars in the war a major issue of his campaign, in addition to the issue of technology and capital going to China with offshore movement of American manufacturing. The pandemic has made the job of returning American manufacturing to America and investment in infrastructure, ease of living, good healthcare and education, even more critical for America and the American people. ...

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A 850 megawatt solar project, the largest in the US outside of Las Vegas runs into opposition from environmentalists concerned about the effect on views and on tortoises other endangered species. The planned project on top of Mormon Mesa would put over 1 million solar panels 10 to 20 feet tall in the Nevada desert. Across the US 800 utility scale solar projects are under contract for generation of 70,000 megawatts of electricity, enough for 11 million homes, for more than Texas. Over half of this solar capacity is going into the southwestern US, with its sunshine and open land. For the first time the ardent advocates of renewable energy such as the Sierra Club are now opposing such projects. Solar made up one tenth of one percent of US energy in 2010, in 2020 it made up 4.5%. It is growing very rapidly because costs are going way down. Even before government subsidies solar is now below the cost of natural gas. Projects near Martha's Vineyard on the Massachusetts coast took 12 years to get sate and federal approval for wind energy. These battles are similar to ones being fought in Europe. The US is better positioned for solar because of vast desert spaces in the American southwest. President Joe Biden plans to use this advantage of solar and wind to get to 100% renewable energy by 2035. ...

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What has happened that makes it so hard for Democrats Biden who stood on a picket line for the UAW autoworkers union, Harris fighting for workers, that they cannot easily convince workers that they are on their side? It is because compared to 1980 not the lowest income groups but the "downwardly mobile" white and other groups without college degrees have taken the brunt of the loss of manufacturing jobs. It is why the "zero-sum" stories of the former president have appeal to some workers who have lost the most from deindustrialization of the US. Even though Biden, and Harris, have fought hard and are putting in place the policies for the fight to reindustrialize America by taking old plants and modernizing them one by one across the country. No one has ever done this before including years in which the former president was in office. In these visual graphs it is easy to see the sharp decline in incomes and status in society of workers without college degrees as the economy changed after 1980 sending steel, auto and other industries to Asia. By 2024 these workers lives had been upended by the loss of these industries and the hope for income and place in society that existed in 1980. Every US president from Reagan through Bush, Clinton, Bush, Obama, Trump had failed to address this. Biden was the first president to take this up but too much has happened with to reverse this in 4 years, the pandemic, inflation from loss of supply chains to Asia, and wages not keeping up with cost of living.  NYT's Badger, Gebeloff and Bhatia show analysis of the economy, incomes and jobs in 1980 vs the economy, incomes and jobs in 2024 for persons with a college degree and without a college degree.It shows the sharp differences in the eastern Midwestern states of Michigan, Wisconsin, Indiana, Ohio and Pennsylvania over 4 decades of job losses, loss of income status and self worth for men without college degrees. With their jobs in manufacturing disappearing also disappearing was the middle class lifestyle- of owning a house, having a cottage or boat in the countryside, and sending kids to college. ...

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Migrants cross the border freely wading through murky thigh high water of the Rio Grande in the Del Rio sector of the US Border Patrol. WSJ shows migrants crossing the river. About 13,000 migrants are in Del Rio mostly from Haiti after a natural disaster. Flights from Texas will now take most of them back to Haiti . US Border Protection is expected to have 600 added personnel in the area today. US Border Patrol has made 215,000 arrests in the Del Rio sector, the second busiest of the Border Patrol's nine southern sectors. Word had spread in community of Haitians looking for job opportunities that this was a safe place to cross.

The Biden administration is moving to tackle this mistaken perception that US is likely to let migrants in. Haiti says it will take the migrants back into the country. Other migrants are from Guatemala, Cuba and Honduras.