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Dan Osborn shows some Democratic ideas can outperform the party

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DAN OSBORN, a candidate for the Senate in Nebraska, has a fable he recounts on the campaign trail. First told by a Canadian trade unionist in the 1960s, Mr Osborn’s version goes like this: “It’s a story about a society of mice that happens to be ruled by cats. The mice are just like our society. They go to work every day, they send their kids to school.” And each election, they pick from a crowd of cats to rule them. Eventually, “the mice wake up”. They realise the problem: it is not that “we’re electing the wrong kind of cat”. It is that “we’re electing cats”. Mr Osborn says that what makes him different is that he is “not ashamed to admit that I’m a mouse.”

The polls suggest he has a small but real chance of becoming a very powerful rodent. In this election, Democrats seem likely to lose their tiny majority in the upper chamber. But in staunchly Republican Nebraska, Deb Fischer, the state’s senior senator, faces an unexpectedly difficult fight to keep her seat. Mr Osborn managed to manoeuvre himself into being the only other serious candidate (the Democratic Party chose not to put anybody up). He is showing that, even in red states, Republicans can be vulnerable.

Speaking in a wine bar in Ashland, a suburb wedged roughly halfway between Omaha and Lincoln, Nebraska’s two big cities, Mr Osborn jokes that he is a transplant to the state—he moved to Omaha aged seven, when his father took a job on the railways. He met his wife at high school there, and on graduating, joined the navy. He later served in the Nebraska National Guard on a tank crew, before becoming a mechanic at the Kellogg cereal factory in Omaha, and getting involved in trade unionism. On his first day, he says, an “old Polish guy” told him to join the union. By 2021 he was the local union president, and led the Omaha leg of a bitter 77-day strike at all Kellogg’s plants. After that, in his telling, he was fired—and so ended up running for office.

At the age of 49, Mr Osborn is the picture of a white working-class union man. He dresses almost exclusively in plaid shirts and jeans (claiming not even to own a suit), usually with a naval baseball cap. When he speaks, he sometimes trips over his words—referring at one point to a “Mark Zuckerburger”. Yet there are hints of metropolitanism too. His daughter is a professional dancer in Hollywood. And despite his folksy charm he is unusually willing to talk about policy in detail. One proposal is to raise the cap on Social Security contributions so that workers with high incomes pay more.

Mr Osborn has maintained a studious silence as to where he would sit in the Senate. He claims to have been a registered independent his whole life, and will not say how he will vote in the presidential election. Ms Fischer’s spokesman argues however that he is a “liberal Democrat in disguise”. Her campaign has pointed to complimentary remarks Mr Osborn once made about Bernie Sanders (he praised the socialist senator from Vermont for raising money for his strike effort at Kellogg).

Mr Osborn’s rhetoric has Bernie-ish overtones. “This is a government for the 1% and the corporations,” he said at his event in Ashland. Yet, like many Donald Trump-supporting union members, he has some conservative stances. “There’s a lot of people we don’t want here that shouldn’t be here,” he says of illegal immigration. He argues that the border crisis is in fact engineered by Republicans in Congress: “Senator Fischer’s four big donors are meat packers in this state, who benefit from a wide-open border of undocumented workers that they can choose to exploit for next to nothing.” He also stresses that, despite supporting the restoration of Roe v Wade, he is a Catholic and personally opposed to abortion.

Can it work? Nebraska is now one of America’s reddest states. But it was not always so. The state had a Democratic senator until 2013. Mr Osborn’s advisers like to point out that it was home to William Jennings Bryan, a populist three-time Democratic candidate for president in the late 19th and early 20th centuries. Like Jennings Bryan, they argue that the Republican Party represents big-business interests. And in Ms Fischer, he has an ideal opponent. She is far from populist, and is much closer to Mitch McConnell, the Republican Senate minority leader, than she is to Mr Trump. At an event for the local Republican party in Norfolk, a small town in north-eastern Nebraska, she rejected a suggestion from one member that Republicans should have been more disruptive in Congress, defending the Senate’s rules and traditions.

If Mr Osborn has a chance, it is because it is the Democratic Party itself, not Democratic messages, that have fallen out of favour, so an outsider taking on the system can win. Even if he fails—still the most likely outcome—his campaign has sent a message that the sorts of working-class voters who have flocked to Mr Trump are not yet entirely sold on his party. The next election cycle may have a few more Dan Osborns. Perhaps they will call themselves “the Mice”.

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Economics

Checks and Balance newsletter: Trump is embracing a shift in Republican priorities

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Will he follow through on his policy commitments?

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Economics

Donald Trump chooses hedge fund executive Scott Bessent for Treasury Secretary

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Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024.

Stefani Reynolds | Bloomberg | Getty Images

President-elect Donald Trump has signaled his intention to nominate hedge fund executive Scott Bessent as his Treasury secretary, sources tell CNBC and NBC News.

The founder of Key Square Group had been considered a strong favorite for the position along with a few other close contenders.

As head of Treasury, Bessent, 62, will be both the U.S. fiscal watchdog as well as a key official to help Trump enact his ambitious economic agenda. Both a Wall Street heavyweight and advocate for many of the incoming president’s economic goals, he would come to office at a critical time as the U.S. wrestles with a growing economy alongside long-festering debt and deficit issues.

Like Trump, Bessent favors gradual tariffs and deregulation to push American business and control inflation. In addition, Bessent has advocated for a revival in manufacturing as well as energy independence.

The prospective nominee also has deep philanthropic ties through Yale University along with Rockefeller University and Classical American homes Preservation Trust.

One obstacle Bessent will have to overcome is his past affiliation with billionaire investor and global gadfly George Soros. Bessent served as chief investment officer for Soros’ fund.

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Economics

Trump might name Kevin Warsh as Treasury chief then Fed chair later, report says

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Kevin Warsh

Jin Lee | Bloomberg | Getty Images

President-elect Donald Trump is considering naming Kevin Warsh as Treasury secretary then ultimately sending him off to serve as Federal Reserve chair, according to a Wall Street Journal report.

A former Fed governor himself, Warsh would move over to the central bank after current Chair Jerome Powell’s term expires in 2026, according to the Journal, which cited sources familiar with Trump’s thinking.

The speculation comes with Treasury being the last major Cabinet position for which Trump has yet to state his intention.

Various reports have put Warsh as one of the finalists with Apollo Global Management CEO Marc Rowan and hedge fund manager Scott Bessent. Among the potential scenarios would be one where Bessent would lead the National Economic Council initially then go over to Treasury after Warsh takes over at the Fed.

However, Trump is known for the propensity to change his mind, and the report noted that nothing has been finalized.

Read the full Wall Street Journal story here.

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