infrastructure

President Biden gave a raucous State of the Union speech last Thursday, offering his pitch for why he should be president for a second term. It’s the clearest picture we have yet of Biden’s campaign message for 2024. But while he listed off all kinds of proposals, it’s not as easy to parse what a second Biden term might actually look like. So I sat down with my editor Aaron Retica, who had a lot of questions for me about the speech itself and what Biden would be likely to accomplish if he got another four years in the job.

We discuss how my argument for Biden to step aside holds up after he gave such a deft, high-energy performance; what a second Biden administration would likely do when it comes to abortion rights and foreign policy; the issues that didn’t receive much attention in the speech but would likely play a huge role in a second Biden term; the strongest 2024 campaign message that I’ve heard so far; and whether this is a Locke election or a Hobbes election — and what that means.

Book Recommendations:

Tip O'Neill and the Democratic Century by John A. Farrell

A Nation Without Borders by Steven Hahn

The Field of Blood by Joanne B. Freeman

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing from Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero.

When FDR’s administration created the New Deal, the relationship between the government and the economy changed forever. In some ways, Biden is trying to make a similar impact with more than $1 trillion authorized by legislation like the CHIPS Act and the Inflation Reduction Act. In our new series, “Breaking Ground,” we’ll be visiting communities across the country to see how the infusion of cash might change the economy. Today, we dive into what was accomplished with the New Deal and how it changed American society.

BlackRock chief executive Larry Fink has been on the hunt for the money manager’s next “transformational” deal. Earlier this month, Fink revealed that he had finally found it with the acquisition of a private capital firm, Global Infrastructure Partners. The FT’s US financial editor Brooke Masters and US private capital correspondent Antoine Gara explain why BlackRock wanted GIP, and how this deal sets the agenda for Wall Street this year. 

Clips from CNBC 

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For further reading:

How the $12.5bn BlackRock-GIP deal is set to shake up investment management

How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up 

Infrastructure funds draw billions of dollars as energy and supply chains shift

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On X, follow Antoine Gara (@AntoineGara), Brooke Masters (@brookeamasters) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Copper is set to finish the year as the top-performing industrial metal, and the FT’s John Paul Rathbone recently visited a Hamas tunnel and talks about his experience. Plus, in the first part of a three-part series, the FT’s John Reed goes to Varanasi to show how India’s digital transformation is going. 

Mentioned in this podcast:

Supply squeeze helps copper prices buck tough year for base metals

Inside the ‘Gaza metro’: Israel displays Hamas tunnel big enough for a car

Narendra Modi responds to assassination claims 

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Mike Johnson, a loyal ally of Donald Trump, has been elected Speaker of the House of Representatives. Plus, in the first instalment of our Investing In America series, we travel to the Port of Albany to look at how money outside the US is changing the country. 

Mentioned in this podcast:

Donald Trump ally Mike Johnson elected US House Speaker after weeks of gridlock

Investing in America 

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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Rishi Sunak was on his feet in a speech that was frankly too long.

It ripped up HS2 and replaced it with a nebulous Northern Network pledge. It promised to rethink A levels and ban young people from smoking.

There was nothing on housing, energy, social care , the environment - it felt, indeed, like the end of the road.

Has he convinced anyone he is the future ? And what will Labour do with the cancelled project now?

Editor: Tom Hughes

Senior Producer: Gabriel Radus

Producer: Laura FitzPatrick

Planning Producer: Alex Barnett

Social Media Editor: Georgia Foxwell

Video Producer: Will Gibson-Smith

You can listen to this episode on Alexa - just say "Alexa, ask Global Player to play The News Agents".

The News Agents at the Conservative Party Conference: Day 1

The queue to see the former PM stretched right the way through the Midland Hotel in Manchester.

And it wasn’t to see her apologise for the chaos she caused to the economy a year ago. No, these are die hard Trussites. They love her, hate taxes and want to rip up regulation.

She’s the most popular politician here - and that’s a headache for the PM who still hasn’t got his lines straight on major policy announcements that appear utterly muddled.

We discuss the shape of the Conservative Party on Monday of the Manchester conference and speak to International Development minister Andrew Mitchell.

Editor: Tom Hughes

Senior Producer: Gabriel Radus

Producer: Laura FitzPatrick

Planning Producer: Alex Barnett

Social Media Editor: Georgia Foxwell

Video Producer: Will Gibson-Smith

You can listen to this episode on Alexa - just say "Alexa, ask Global Player to play The News Agents".

The News Agents is a Global Player Original and a Persephonica Production.

The high speed railway HS2 has been quietly graded ‘red’ by the government’s infrastructure watchdog, meaning successful delivery appears unachievable. The cost of the line - planned to run between London, and central and northern England - is at £71 billion so far; nearly £2,500 for every UK household. So what went wrong? Who’s got rich off this? And will it ever be finished?

This podcast was brought to you thanks to the support of readers of The Times and The Sunday Times. Subscribe today: thetimes.co.uk/storiesofourtimes.

Guest: Oliver Wright, Policy Editor, The Times.

Host: Luke Jones.

Clips: Channel 4, HS2 Ltd, GB News, BBC, Parliament Live, The Guardian, Sky.

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On today's podcast:

1) Tesla Sinks as Musk Warns of More Blows to Profitability

2) Netflix Shares Fall After Sales and Forecast Come Up Short

3) Christie Calls Classified Documents Case Worst of Trump Charges 

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About 30 years ago, an Australian investment company called Macquarie figured out how to turn public utilities into lucrative assets. This strategy helped catapult the company into the biggest infrastructure investor in the world. Now, its services range from delivering tap water to London to transporting gas across the United States. But recently it has emerged that one of Macquarie’s former assets, Thames Water, is struggling, and the utility’s consumers are feeling the consequences. We sit down with the FT’s infrastructure correspondent Gill Plimmer to discuss what we can learn from Thames Water’s troubles and what happens when private investments meet a public necessity. 

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For further reading:

Managed by Macquarie: the Australian group with a grip on global infrastructure

The dangers of asset managers when it comes to long-term infrastructure

How the Thames Water-gate burst

Thames Water travails threaten to plunge privatised sector into crisis

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On Twitter, follow Gill Plimmer (@gillplimmer1) and Topher Forhecz (@ForheczT)

Read a transcript of this episode on FT.com

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President Biden recently made it clear that what we're seeing play out in the economy now is the result of "Bidenomics." The current expansion has defied the constant predictions of economic gloom. Every other day, it seems, some firm announces a new battery plant or semiconductor facility for the United States as a result of incentives from either the CHIPS Act or the Inflation Reduction Act. So what's next? How can we be confident the plants will be productive? And what is the Bidenomics view of global trade? To learn more, we speak with Jared Bernstein, the head of the White House Council of Economic Advisors. We discuss the key pillars of the White House economic agenda, and how these ambitious policy measures are being implemented.

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