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Does Joe Biden’s re-election campaign have a Gaza problem?

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IT IS NEVER nice for a campaign when a steadfast constituency turns irate and threatens to withhold their votes; it is the stuff of nightmares when they happen to reside in a swing state that may decide the next presidential election. Incensed over the Israeli military campaign in Gaza—which is fast approaching 30,000 Palestinian deaths—Muslim-American and Arab-American voters staged a campaign to withhold their votes for President Joe Biden in Michigan’s Democratic primary. Rashida Tlaib, a prominent Palestinian-American congresswoman representing the heavily Muslim western suburbs of Detroit, encouraged her fellow Democrats to vote “uncommitted”, as did most prominent Muslim officials in the state. Over 100,000 Michiganders voted “uncommitted”, representing 13.3% of the total vote.

The threat to Mr Biden is not veiled. “There is not really a path that does not go through Michigan. And there is not really a path that goes through Michigan without the Muslim community,” says Hira Khan of Emgage, a Muslim-voter mobilisation group. Michigan has had a recent spate of tight elections. In 2016 Donald Trump beat Hillary Clinton by a margin of 10,704 votes (or 0.22% of those cast); in 2020 Mr Biden won by 154,188 (or 2.78%). The state also has one of the highest concentrations of voters with Middle Eastern and Muslim backgrounds. In 2020 there were an estimated 206,000 Muslims in the electorate—roughly 2.8% of the total—and most of them probably voted for Democrats. If the anti-Gaza backlash persisted through November (including among the three-quarters of young voters who disapprove of Mr Biden’s handling of it), the effect would be marginal. But in a state like Michigan, marginal effects can matter quite a lot.

That is why the Biden campaign seemed particularly concerned. Weeks ago, it sent Julie Chávez Rodríguez, the campaign manager, to the state to meet Muslim leaders. The meeting was cancelled when all of them refused to attend. Reportedly, a suggested meeting with Vice-President Kamala Harris in Washington was also nixed. The White House dispatched senior policymakers, including Jon Finer, the deputy national security adviser. A recording of the conversation, published by the New York Times, shows Mr Finer being unusually self-critical: “We have left a very damaging impression based on what has been a wholly inadequate public accounting for how much the president, the administration and the country values the lives of Palestinians. And that began, frankly, pretty early in the conflict,” he said.

The listening sessions are only going so far. “I think they’re hearing the concerns. The problem is that they’re not acting on them yet,” says Alabas Farhat, a Democratic state representative who has been campaigning for the uncommitted vote.

Despite the display of discontent in the primary, it remains unclear how seriously the grumbling will jeopardise the president’s prospects in the general election. In 2012, when Barack Obama was running for re-election, 10.7% of Democratic primary voters in Michigan voted “uncommitted”, even though there was no concerted campaign to do so. Graded against that baseline, the 13.3% showing mustered by this campaign looks less impressive.

Back in 2012 the discontent was diffuse. This year it was concentrated. In some precincts of Dearborn, a heavily Arab-American city near Detroit, three-quarters of voters were “uncommitted”. If 100,000 Democratic voters were really willing to spoil their ballots in November in order to nix Mr Biden’s chances of winning, he would be in serious trouble. Yet the president would also face an electoral backlash were he seen to abandon Israel. In The Economist’s YouGov poll 36% of those questioned say their sympathies in the conflict are more with Israelis, while just 15% are more sympathetic to Palestinians.

Some Muslims say they are ready to abandon Biden and that his inability to restrain Israel is cause enough to make him a one-term president. Given Mr Trump’s evident antipathy to Muslim-Americans, his favour towards Israel and his general lack of concern for most things that sound like human rights, this might seem paradoxical. Ahead of the primary vote Gretchen Whitmer, the popular governor of Michigan, argued that “any vote that is not cast for Joe Biden supports a second Trump term.” Many Muslims concede that outcomes under Mr Trump would not have been better, but that there would be no offensive pretence of caring about human rights. “I prefer to be stabbed from the front than from the back,” says one.

Others say that Mr Biden can win back their support if he were to call for a permanent ceasefire, if he stops sending weapons to the Israelis and resumes funding the United Nations Relief and Works Agency (which was cut off after the Israelis said that several of its employees had taken part in Hamas’s attack on October 7th that murdered 1,200). Asked what happens in the next nine months, Abdullah Hammoud, the mayor of Dearborn, says: “That’s a question for President Biden.”

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Accounting

Business Transaction Recording For Financial Success

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Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

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Economics

A protest against America’s TikTok ban is mired in contradiction

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AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

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Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

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Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

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