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Florida is the first state to reject an abortion-rights measure

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AMONG THE results that came early on election night was for a ballot measure in Florida to enshrine a constitutional right to an abortion. Though 57% of Floridians supported it (with 91% of the vote counted), it failed—falling short of the 60% majority required in the state. The defeat marks the first time state-level abortion-rights campaigners have lost such a ballot campaign since the Supreme Court overturned a national right to the procedure in 2022. Florida’s current law will stand: it bans abortion after the sixth week of pregnancy, with limited exceptions.

Nine other states also voted on abortion-related measures on November 5th (see map). Most, including those in Arizona and Nevada, are expected to pass. Tallies in Midwestern states—South Dakota, Nebraska and Missouri—may be the tightest. The ballot measures vary in scope, from New York’s expansive equal-rights amendment to South Dakota’s measure offering unfettered access to abortion only in the first 12 weeks of pregnancy. Only Florida required a 60% supermajority.

Map: The Economist

Florida’s proposed constitutional amendment would have made abortion accessible until a fetus’s viability, about 24 weeks from conception, and later if necessary to protect the health of the woman. Its failure will affect not only more than 4m women in Florida but millions more across America’s south-east. If the measure had passed, it would have offered relatively permissive access in a region blanketed with highly restrictive laws. None of the states bordering Florida have procedures for citizen-led ballot initiatives that might overturn their laws.

Florida’s abortion-rights activists had raised $110m, a record for such a campaign. Their messaging emphasised health care and freedom from government interference, hoping the Sunshine State’s social liberalism would help them reach a super-majority. While one famous Floridian, Donald Trump, said that he would be voting against the amendment, he did not join the opposition campaign. Instead Ron DeSantis, the state’s governor, became its figurehead. He labelled the amendment too extreme for Florida and defended the state’s six-week ban.

The campaign was contentious. The state agency that regulates medical providers published videos opposing the proposed change, and the Department of Health threatened criminal prosecutions against television stations airing supportive advertisements, claiming they could discourage women from seeking emergency care. (A federal judge rejected the threatened sanctions, saying: “It’s the First Amendment, stupid”).

More than two-fifths of Americans have now voted on abortion since 2022. The breakneck pace of ballot-measure campaigns will slow. Only two more states with bans—Oklahoma and Arkansas—have provisions for citizen-led ballot initiatives. America’s abortion environment is becoming calcified along regional lines, with little appetite for reform in states with restrictive laws. Given that a national law is unlikely to pass in Congress, many Americans will continue to be forced to travel to receive abortions, or receive posted pills. And harrowing accounts of women in restrictive states who have died from complications during miscarriages, or faced serious health risks because doctors were afraid to treat them, will continue to accumulate.

Economics

Trump is losing the confidence of business leaders, billionaire investor Bill Ackman says

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Bill Ackman, CEO of Pershing Square Capital Management, speaks during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations,” in New York on Nov. 28, 2023.

Jeenah Moon | Bloomberg | Getty Images

Billionaire investor Bill Ackman said that America was heading toward a self-inflicted “economic nuclear winter” as a result of U.S. President Donald Trump’s tariff policy rollout.

“By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner,” Ackman, who had endorsed Trump during the elections, wrote on social media platform X.

Trump’s latest tariffs, signed into effect Wednesday, set a 10% baseline levy on all imports, hitting over 180 countries and hammering global markets.

China faces the highest tariffs, with the Trump administration having imposed 54% in duties since January. Beijing has retaliated with 34% tariffs on all goods imported from the U.S.

U.S. equities capped off a vicious week for investors last Friday, down 9.08%, according to data from FactSet, as Trump’s moves stoke fears of a global economic slowdown. J.P. Morgan lifted the odds for a U.S. and global recession to 60% by the end of the year, up from 40% previously.

“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” Ackman said.

“The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for,” the hedge fund manager said.

Trump has the opportunity to call for a timeout for any negotiations to resolve any “unfair” tariff deals.

“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” he said.

In a separate tweet, Ackman also took potshots at U.S. Commerce Secretary Howard Lutnick. “He profits when our economy implodes. It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income,” Ackman said, adding that it is an “irreconcilable conflict of interest.”

On Sunday, Lutnick told CBS that the Trump administration will remain steadfast in its reciprocal tariffs against key trading partners even in the face of a global stock rout.

The U.S. Department of Commerce did not immediately respond to CNBC’s request for comment.

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Economics

Texas looks set to pass America’s biggest school-voucher scheme

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GREGG ABBOTT was playing retribution politics before it was cool. Two years ago the governor of Texas named his top policy priority: a sprawling school-voucher bill that would give parents $10,000 each year if they sent their children to private schools, opting out of the public system. He wants choice “not just for millionaires” but for the state’s nearly 6m schoolchildren, one of every nine in America. But after failing to get his bill passed he went on the attack and backed primary challenges to Republicans who had voted against it, knocking most of them out of the legislature. Now Austin’s politicos are betting vouchers will pass. On April 3rd the bill made it out of committee. Mr Abbott is planning a “Texas-sized party” to celebrate its becoming law.

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Economics

How Donald Trump’s tariffs will probably fare in court

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WITH AMERICA still reeling from the tariffs imposed by Donald Trump on around 180 countries, a conservative organisation has filed a lawsuit challenging an initial round of tariffs the president announced in February—and doubled in March—on Chinese imports. The New Civil Liberties Alliance (NCLA), which counts Charles Koch, a right-wing billionaire, among its supporters, argues that Mr Trump lacked the authority to impose these levies. Similar lawsuits against the broader tariff blitz of April 2nd could yet scuttle the boldest—and most destructive—move of Mr Trump’s second term.

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