The unthinkable happened at the Biden-Trump debate on CNN. The end of the 90-minute debate between the two old men saw a Democratic Party meltdown.

President Joe Biden, 81, stiff and fumbling, standing behind the podium, scored an own goal. Commentators in the liberal media, instead of rooting for him, played unhappy football coaches recalling players.

“President Biden, it’s time to drop out,” said the New York Times columnist Nicholas Kristoff.

Journalists being journalists, of course, don’t give just their own opinion, they quote others.

Democrats talk of replacing Biden

“Democrats talk about replacing Biden on the ticket,” said the Times. “Democrats consider the unthinkable: It’s time to let Biden go,” proclaimed Politico. Instead of bashing the Republican Trump, the Democrats turned on their own candidate for a lacklustre performance.

Biden betrayed his age. His voice was weak and raspy, he meandered, he lacked punch and fire.

Donald Trump, 78, only three years younger than him, spoke with more force and conviction. He lied, said his critics, but he wasn’t feeble. His mobile face showed a gauntlet of emotions, from impatience to contempt for the president.

Biden’s face, on the contrary, seemed frozen, occasionally betraying anger and contempt for his rival and sometimes bemusement, but often immobile with age.

The liberal or non-rightwing media was reduced to self-flagellation, lamenting how bad the Biden-Trump debate looked for America. “U.S. allies say Trump-Biden debate ‘isn’t a great look for America’,’’ reported Politico.

“The world was watching Thursday’s U.S. presidential debate, and it cringed,” it said. “Foreign diplomats and officials expressed disappointment and even alarm at Joe Biden’s performance in particular.”

Too overwrought after the debacle, the anti-Trump columnists and commentators were yet to reflect with their usual foresight on one common strand currently unifying three leaders of the Western world.

Biden, Sunak and Macron

Biden, Rishi Sunak and Emmanuel Macron are all hoisted with their own petard.

Neither Sunark nor Macron had to seek an election just now, nor did Biden have to engage in a televised debate five months before the presidential election.

But he wanted an early debate to pull ahead in the close-fought opinion polls. Instead, like Sunak and Macron, he has commenters forecasting his political demise.

The Democrats fear on his current form he will lose the election.

U.S. presidents seeking re-election usually don’t have to fight off challengers from their own party.

Biden seemed assured of running for re-election until now despite concern about his age,

But now there are Democrats saying he should drop out of the race and let a younger candidate run for the White House.

Pick new candidate at party convention?

They want a new candidate chosen at the party convention.

That would be highly unusual.

The Democratic national convention is scheduled to be held in Chicago from August 19 to August 22.

Conventions officially nominate the presidential and vice-presidential candidates and adopt a party platform. But they are usually ceremonial affairs. Normally by then, a leading candidate has emerged with enough delegate votes from caucuses and primaries to be the presidential nominee.

The last time Democrats faced a tight delegate race was at the 1980 New York convention when Jimmy Carter narrowly edged out Ted Kennedy for the nomination. For Republicans, the 1976 Kansas City convention was the most recent nail-biter, when Ronald Reagan lost to Gerald Ford, the incumbent president.

Sources: The New York Times, Politico

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President Joe Biden faltered and meandered during the CNN debate with Donald Trump on Thursday (June 27) night, raising concerns about his age. Democrats expressed worries about his ability to defeat Trump in the November election.

The president coughed, made misstatements, and lost his train of thought, showing his age. He stumbled over key figures, like the number of new jobs created under his administration, caps for out-of-pocket drug costs, and insulin, which are key pillars of his re-election bid.

His performance in the debate will add ammunition to Republican attacks that the 81-year-old  president – the  oldest in US history — is not fit to serve another four-year term.

“I really don’t know what he said on this, and I don’t think he knows what he said either,” Trump said while arguing with Biden on immigration.

Biden has a cold

Biden is fighting a cold, making his voice weak and raspy.

Trump made misleading statements and did not answer all questions. Asked about Americans struggling with opioid addiction, he talked about immigration and Russia’s detention of a Wall Street Journal reporter. He falsely took credit for a cap on Medicare insulin prices, claimed January 6 rioters were invited into the Capitol by the police, and declared that he never had sex with a porn star, who was a key figure in the hush-money trial. He also dodged the question when asked if he would respect the results of the election.

Later in the debate talking about age, Biden retorted, “This guy’s three years younger and a lot less competent.”

“Look at the record. Look at what I’ve done,” he added.

Economic sparring

The candidates opened their first presidential debate duelling over the economy, with each blaming the other for the rising cost of food and housing.

Polls show voters think Trump handled the economy better than Biden. Though the Biden administration has seen job growth and investments in manufacturing and infrastructure,  surging inflation has hit households.

“We had an economy that was in freefall. The pandemic was so badly handled,” Biden said, blaming Trump “What we had to do was try to put things back together again, and that’s exactly what we began to do.”

Trump defended his tax cuts, set to expire next year, saying they paved the way for a stock market boom.

“I gave you the largest tax cut in history. I also gave you the largest regulation cut in history,” Trump said.

Biden blundered while talking about the economy. He said 15,000 jobs were created during his presidency. The actual figure is 15 million. He said some seniors now have a $200 annual cap on out-of-pocket drug prices. The real figure is $2,000. He also incorrectly said some wealthy Americans were trillionaires.

“He’s not equipped to be president. You know it and I know it,” Trump said.

Capital insurrection

Trump tried to evade questions about the insurrection at the Capitol, talking instead about the strength of the country at the time.

“I had virtually nothing to do, they asked me to go make a speech,” Trump said.

Biden noted that Trump did nothing to intervene as his supporters were swarming the building. “The idea that those people are patriots? Come on,” Biden said.

On international relations, Trump said he would have the war in Ukraine “settled” before he takes office.

Trump’s legal troubles

Midway through the debate, Biden highlighted Trump’s legal troubles. Trump is the first former president convicted of a felony and faces three more criminal indictments.

“The only person on this stage who is a convicted felon is the man I’m looking at right now,” Biden said.

Trump was found guilty by a Manhattan jury for falsifying business records to conceal a hush-money payment to an adult film star and awaits sentencing.

Biden directly cited Trump’s hush-money payment to the actress, Stormy Daniels, accusing the former president of “having sex with a porn star while your wife was pregnant.”

“I didn’t have sex with a porn star,” Trump replied.

Trump pointed out that the president’s son, Hunter Biden, was also guilty of a felony, for illegally obtaining a firearm while addicted to drugs. Trump added that Biden himself would face prosecution.

Abortion issue

Later in the debate, the two sparred over abortion, a key issue in the election. Biden called Trump’s role on the issue a “terrible thing.” Trump appointed three of the Supreme Court justices who helped overturn Roe v. Wade’s federal abortion protections.

Trump said the court’s ruling had just left the issue of abortion up to voters in the states.

In an exchange over care for war veterans, Biden attacked Trump for reportedly calling fallen US soldiers “suckers” and “losers”.

“He was standing with his four-star general, and he told me you said, I don’t want to go in there because they’re a bunch of losers and suckers. My son was not a loser. Was not a sucker. You’re the sucker. You’re the loser,” Biden said, referencing his late son Beau Biden, who died of cancer and served in the military.

Trump fired back, denying the quote and saying Biden should apologise to him.

Biden scoffed, saying he’s “done more for veterans than any president has in American history.”

Hamas cannot be allowed to continue, Biden said about the war in Gaza while calling for restraint in Israeli military operations.

Trump said Israel should be allowed to “finish the job.” He also struck a more isolationist note on foreign policy, urging Biden to demand that NATO allies in Europe contribute more for defence.

“He’s become like a Palestinian, but they don’t like him because he’s a very bad Palestinian, he’s a weak one,” Trump said.

Biden responded, “I’ve never heard so much foolishness.”

Source; Yahoo News

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When it comes to financial security, the question of “how much money is enough?” often looms large. Entrepreneur and investor Kevin O’Leary, known for his sharp business acumen and candid advice, offers an intriguing perspective on this topic. According to O’Leary, the answer depends significantly on your lifestyle choices and investment strategies.

In a recent interview on his official YouTube channel, O’Leary issued a stern warning: “Do not invest in your brother’s restaurant,” he advised. “Or a bowling alley, or a bar, or all that other crap. You’ll lose your money.” Instead, O’Leary asserts that with the right investment approach, a person could comfortably survive on $500,000 in the bank without needing any additional income.

Kevin O’Leary Thesis

At first glance, half a million dollars might not seem like a substantial sum, especially considering recent findings from Northwestern Mutual. Their study revealed that Americans, on average, believe they need $1.46 million to retire comfortably. Compared to this figure, O’Leary’s proposed $500,000 seems quite modest.

However, O’Leary argues that strategic investment can make this amount viable. He suggests that a typical saver can secure a 5% return with low-risk fixed-income securities or achieve 8.5% to 9% returns by diversifying into equities and accepting some market volatility.

These return rates are not entirely far-fetched. For instance, the yield on a 10-year U.S. Treasury bond currently stands at 4.55%, and historically, the S&P 500 has delivered average annual returns of around 11%, assuming all dividends are reinvested.

Despite these optimistic projections, the practicalities of living off investment returns from $500,000 are challenging. A 4.5% yield on this amount translates to an annual income of $22,500. According to RBC Wealth Management, a significant portion of this income would be consumed by medical expenses alone as one ages.

Even at the higher end of O’Leary’s return assumptions, a 9% annual return on $500,000 would yield less than $50,000 per year. For many, this income level would not support a comfortable lifestyle, especially when considering rising living costs and unforeseen expenses.

For those aiming for a more secure retirement, the “4% rule” offers a well-regarded guideline. Developed by financial adviser Bill Bengen, this rule suggests that retirees can safely withdraw 4% of their retirement savings annually, adjusted for inflation, without depleting their funds over 30 years. This strategy is based on historical market returns and volatility, providing a more conservative and sustainable approach to retirement planning.

Not realistic for everyone

While Kevin O’Leary’s thesis on surviving with $500,000 is thought-provoking, it may not be realistic for most people. The complexities of medical costs, inflation, and lifestyle needs make it clear that a higher retirement fund is often necessary for true financial security. For those planning their retirement, diversifying investments and adhering to conservative withdrawal strategies like the 4% rule may offer a more reliable path to financial peace of mind.

Source: Kevin O’Leary explained how you can live off $500K and ‘do nothing else to make money’ — but is it realistic for your retirement?

Related Story: Early retirement with just $2 million is unrealistic, says Suze Orman

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