December 22, 2023 - Daily Digest

Biden takes historic action as Israel expands its ground operation

Today is December 22, 2023, and here are the top new stories from the past couple of days. Apologies for the lack of posts recently, I am deep in wedding planning and will be much more active after January 14th (my wedding date)! As always, if you want access to more, exclusive content, then consider becoming a monthly subscriber at the link below:

1) Biden Takes Historic Action On Marijuana

Today, President Biden announced major action to right the wrongs of the "War on Drugs" that has forced many Americans to spend years in prison for committing non-violent drug offenses. First, the President commuted the sentences of eleven Americans who were convicted of non-violent drug offenses. Many of these individuals were serving at least 10 years in federal prison, with some being sentenced to life in prison for committing the non-violent offenses. All of these sentences would be much lower if the offenders were sentenced in the present day. Here is a list of Americans who will be released as a result of the President's action.

In addition to the commutations, President Biden announced that his Administration will pardon all individuals convicted of simple possession of marijuana and attempted simple possession of marijuana. The individuals covered by the pardon include those convicted under federal law and D.C. law. This pardon does not apply to state-specific offenses as the President's pardon power only covers federal offenses. The proclamation covers all individual charged and convicted of the non-violent crimes. This action reaffirms the President's commitment to decriminalizing the use of marijuana on the federal level. 

2) United Nations Votes To Approve New Gaza Resolution As Israel Expands Ground Operation

The United Nations has approved a new resolution today calling for the immediate increase in humanitarian aid to the Gaza Strip. The new resolution does not call for a ceasefire in the region, but does call on countries to take steps to move toward a possible ceasefire in the future. Thirteen countries on the Security Council voted in favor of the resolution, while the United States and Russia abstained from consideration. This vote comes as the Israeli military has taken full operational control of Northern Gaza and has expanded its operations in Central and Southern Gaza as well. Israel is not expected to follow the Security Council’s vote, which, historically, has demonstrated significant anti-Israel bias.

3) Ron DeSantis’ SuperPac, Never Back Down, Backs Down

The top pro-Ron DeSantis PAC, Never Back Down, has announced that it will be cancelling all of its 2024 reservations in the key swing states of Iowa and New Hampshire, totaling over $2.5 million in ad buys. According to Ad Impact Politics, these ads were purchased to run through the upcoming Iowa and New Hampshire Republican contests scheduled for January and February of 2024. 

Could this be the beginning of the end for Ron DeSantis' Presidential campaign? It is looking increasingly likely. Accompanying this latest news, new polls have Ron DeSantis trailing Donald Trump by over twenty points in Iowa and in New Hampshire, the outlook is even worse. Currently, DeSantis is polling behind Nikki Haley and Chris Christie in a distant fourth place in the Republican primary. 

As we look further to the primary schedule, it does not get any better for DeSantis in the early primary states of South Carolina and Nevada. What was once dubbed a well-oiled machine, Never Back Down has burned through almost one hundred million dollars in cash in what many political experts have called one of the worst run Presidential campaigns in recent memory. With DeSantis falling far behind in the polls, it is looking increasingly likely that he will suspend his presidential campaign sometime in the new year, likely right after being defeated during the Iowa caucuses. 

4) Rudy Giuliani Files For Bankruptcy

Days after a D.C. jury found Rudy Giuliani liable for over $148 million in damages for making defamatory statements against Georgia poll workers Ruby Freeman and Shaye Moss, Giuliani has now filed for chapter 11 bankruptcy in New York. The filing notes that Giuliani has debts in excess of $500 million, yet only has assets worth between $1 and $10 million.

By filing for chapter 11 bankruptcy, Giuliani will now be able to liquidate his assets to satisfy outstanding debts, and may be required to enter into a reorganization plan with the court to satisfy the creditors. Importantly, as many haven noted, Giuliani's D.C. judgment is not dischargeable in bankruptcy proceedings as he was found liable for committing an intentional tort against Freeman and Moss. As a result, he will still be on the hook for the judgment and will be forced to liquidate assets, including any property he owns, to satisfy the judgment in due time. This latest filing also comes twenty four hours after Judge Howell ordered Giuliani to begin satisfying the judgment owed to Freeman and Moss immediately, waiving the 30-day waiting period in the process. 

5) U.S. Economy Grows Fast

The United States economy grew at a robust pace during the third quarter of 2023. In a new estimate released by the Commerce Department, the country's GDP grew by 4.9%, which, although lower than the previous 5.2% estimate, still had growth at the strongest pace in over two years. Other critical statistics that demonstrate the economy's success include Core PCE prices rising by 2%, their lowest rate since 2021, jobless claims fell 10,000 less than predicted, and the economy added 199,000 new jobs in November, which was an increase from the 150,000 jobs added in October. 

Overall, President Biden has added over thirteen million jobs since taking office in 2020. While the GDP growth fell short of the initial 5.2% prediction, the economic growth is the strongest the United States has seen since the fourth quarter of 2021. Despite initial fears from the big banks, many economists are now predicting that the United States will achieve a soft landing, avoiding a possible recession. Thanks to President Biden and Bidenomics, inflation continues to fall, new jobs continue to be made, and the economy remains growing at a robust pace. Learn more about the economy's growth and what it means for consumers heading into 2024 here.