Why are Americans so gloomy about their strong economy?

Hello from London,

Why are Americans so fed up with their economy? A year ago, a recession was widely expected. Instead the economy grows. Inflation is painful, but did not hit the heights that Europeans, for example, endured. And the jobs market remains pretty strong. You might think people would be relieved, even happy, that their big economy continues to outperform most others. As our new article sets out, however, things aren’t as simple as that.

I can’t decide whether to envy reporters traipsing around Iowa at the moment. At the last caucuses, in 2020, I relished driving between school halls and rural coffee shops to hear would-be presidents pitch to crowds ahead of the caucuses. I remember being underwhelmed by a certain Joe Biden, who failed to wow the folk of Iowa over several hours at one tiny gathering. Still, it was a privilege to be in the room, close up, to witness his stumbling efforts. As we reported recently, this year Donald Trump is mounting a formidable campaign in Iowa and beyond.

For a journalist, nothing beats the satisfaction of reporting from the road. But that road, at times, sure is hostile. Blizzards and a deep arctic chill, supposedly the worst weather for the caucuses in decades, are now sweeping over the Hawkeye State. I’ve never been as cold as I was once when standing at a petrol station in a snowstorm somewhere outside of Des Moines. This week, the warm room in which I’m writing will do me fine.

Extreme weather is nothing new, but the world is undoubtedly seeing more of it. As we set out in a new article composed of eight striking charts , the past year saw decidedly weird and wild weather. Will 2024 be worse?

The decisive result of Taiwan’s election at the weekend, as voters chose William Lai Ching-te to become president in May, could mark the start of renewed tension with China. (We brought the data on the results together here .) As our analysis of the election outcome also explains (read it here ), China might react ahead of the inauguration, perhaps with more military threats. The flashpoint might come when America sends an unofficial delegation of former senior officials to meet the president-elect. As Mr Lai said in his victory speech on Saturday, Taiwan has told “the whole world that between democracy and authoritarianism, we choose to stand on the side of democracy”.?

Is philanthropy working? We’re not convinced. More than $1trn is thought to be sitting in American private foundations and more than $200bn in donor-advised funds (think of a savings account for philanthropists). All that means lots of money is earmarked to do some good, but it gets to worthy causes far too slowly. Read our new, multi-chapter report on how philanthropy needs to change faster.?

That could be a topic to discuss at Davos in the coming days. We can offer you a chance to attend a session at the global gathering. Our editor, Zanny Minton Beddoes, will interview Sam Altman of OpenAI and Satya Nadella of Microsoft at the World Economic Forum on January 17th. If you’re a subscriber there’s a (digital) seat in the audience open for you to watch it live—sign up here . They will discuss the impact of AI on jobs, safety risks and what the next iteration of ChatGPT means for OpenAI, Microsoft and beyond.

Finally, poetry. We published a story on the rise of foul-mouthed female slam poets in Francophone Africa (I know, I know, yet another article on the topic). It’s a remarkable, eye-opening piece about brave women and I encourage you to read it . And, sticking to verse, we plan to publish a story soon on really, really bad poetry that is proving strangely popular on social media in Britain. So, with an eye to securing the commercial future of The Economist, I invite you to send me your own original couplets or other verse (max five short lines) on the theme of what 2024 will bring. If bad enough, I’ll share some of your very worst examples here.

Send your dubious verse to: [email protected]

Adam Roberts, Digital editor

Recommended:

Donald Trump’s Iowa operation suggests his campaign will be formidable

Kristi Noem came to north-west Iowa to stump for Donald Trump on January 3rd, but the event doubled as a running-mate audition. “Worked with him when he was in the White House on tax cuts. Worked with him on policies, trade agreements,” South Dakota’s governor told the crowd. “Worked on foreign policy with him.” Despite Mr Trump’s absence, the event also featured many hallmarks of his rallies. Merch, including shirts with Mr Trump’s mugshot, was for sale out front. The MAGA faithful filled the room, even on a freezing Wednesday night. And hundreds went home with foam koozies (cup-holders) reminding everyone that Mr Trump was a BACK TO BACK IOWA CHAMP.

Defying China, Taiwan elects William Lai Ching-te as president

Taiwan’s voters chose William Lai Ching-te of the Democratic Progressive Party as their new president on January 13th, ushering in an unprecedented third term for the pro-independence ruling party. It was a pivotal election that will determine the democratic island’s approach to Chinese threats over the next four years amid a simmering superpower rivalry between China and America.

The super-rich are trying new approaches to philanthropy

A nudge is not always enough to force change within an industry. Sometimes a series of forceful shoves is required. In the rarified world of Western philanthropy, the shoves began in 2020. The covid-19 pandemic, demonstrations for racial justice across America that summer and the outflow of refugees from Ukraine starting in early 2022 created a new urgency around charitable giving and revealed failings in how it worked. Donors began to consider how they could disburse money faster and with more impact.

Most read by subscribers this week

• America fights back
• An influx of Chinese cars is terrifying the West
• The Houthis have survived worse than America’s and Britain’s strikes
• What is the world’s loveliest language?
• Defying China, Taiwan elects William Lai Ching-te as president

Enjoyed this newsletter??

Read three free articles each month on Economist.com —register for free . If you are not a subscriber, enjoy full access by subscribing here .