Alleged self-dealing by the president and his allies doesn’t look so good as corruption emerges as a key issue for midterm voters

• Government corruption a top issue for US midterm voters, exclusive poll finds

Voters under 50 probably won’t remember the “welfare queen”. But she once embodied Republicans’ claim of the underlying reason for US societal decay: the poor are a bunch of fraudsters.

Ronald Reagan introduced Linda Taylor to US voters at a rally during the Republican presidential primary season in 1976. A resident of Chicago’s South Side, Taylor had been arrested for welfare fraud. “She used 80 names, 30 addresses, five phone numbers to collect food stamps, social security, veteran’s benefits for four non-existing deceased veteran husbands,” Reagan said. “Her tax-free cash income alone has been running $150,000 a year.”

The Qatari government gifted him a luxury jet, potentially violating the emoluments clause of the constitution.

The UAE gained access to some tightly guarded, high-end American AI chips soon after an investment firm linked to its ruling family secretly bought a $500m stake in World Liberty Financial, the crypto company funded by the families of Trump and his chum Steve Witkoff.

Rich people facing criminal charges have taken to donating to Trump’s political operations and then seeking pardons or clemency. Most recently, Wanda Vázquez Garced, the former governor of Puerto Rico, and the banker who paid her bribes, Julio Herrera Velutini, were pardoned after Velutini’s family gave a $50m deal to Alina Habba, Trump’s former personal lawyer, and donated $3.5m to Trump’s Maga Inc Super Pac.

The first family is also making a killing from the government. The Pentagon lent more than $600m to Vulcan Elements, a rare earths startup, just three months after Donald Jr’s venture capital firm 1789 Capital bought a stake in the outfit.

Powerus, a drone maker backed by Eric and Donald Jr is selling drone interceptors to Persian Gulf allies of the US that are under attack by Iran, enriching the kids from a misbegotten war launched by the dad without consulting Congress.

Voters’ opposition to the state of Trump’s economy is well established – despite his desperate attempts to deflect

• Our reporters answer your questions about the US economy and the midterm elections

It’s indisputable that the political polarization of our time has reduced (and confused) the influence of economic conditions on US elections.

In September of 2024, in the waning weeks of the Joe Biden presidency, 65% of Republicans believed the US economy was getting worse. About six months later, as Donald Trump launched a trade war on the rest of the world with his “liberation day” tariffs, the share of Republican pessimists had dropped to 33%.

‘The push against datacenters speaks to the frustration of people who don’t feel they are making the choices in their lives’

The Stanford ethicist Rob Reich was once invited to a dinner organized by a Silicon Valley mogul to discuss what a state designed to maximize science and tech powered by commercial models might look like. The gathered technologists were drawn to the idea of building a small nation-state dedicated to the endeavor, Reich recalls in “System Error: Where Big Tech Went Wrong and How We Can Reboot it”.

When Reich asked whether this state would be a democracy, he got a cool no. “Democracy is too slow, and it holds science back,” he was told. “To optimize for science, we need a beneficent technocrat in charge.”

Fed chair presided over unanimous decision to raise interest rates despite intense campaign from White House

In the end, Kevin Warsh’s Federal Reserve acquitted itself well. For all the uncertainty he had sparked at the previous meeting of the Federal Open Market Committee, when he refused to provide any indication of what he was prepared to do to tame stubborn inflation, the chair on Wednesday presided over a unanimous decision to raise interest rates for the first time in three years.

“Today’s action starts to show that we’re serious about this,” he said at the press conference after the meeting, with “this” meaning inflation in excess of the Fed’s 2% target for over five years. Welcome though it was, his embrace of economic orthodoxy nonetheless did little to dispel the Keystone Cops quality of governance in Donald Trump’s US.

Tech CEOs banding together is an old ruse recycled from corporate America to get a pass from antitrust laws

Anthropic’s Dario Amodei is not the first corporate CEO to suggest that excessive competition is driving the world to some socially undesirable outcome.

The safety breach disclosed by OpenAI after a swarm of its agents coordinated to breach their supposedly secure sandbox, get on the Internet and hack AI platform Hugging Face, warrants urgent action. It demonstrated the ease with which the technology can evade human control and gave concrete form to the existential fears about what it could do to humanity if not securely leashed.

Global AC demand will inevitably accelerate as the world continues to warm amid the climate crisis

The greenest campaigners against climate change have long suffered from a crippling shortcoming: they too often frame the challenge as a problem of excess consumption. This motivates calls to “degrow” the economy and to curb the population. The claim is that humans consume too many resources, which in the context of climate change means too much energy.

Nowhere has the tension between this proposition and reality become more palpable during this sweltering summer than in the conversation over air conditioning.

Artificial intelligence may not deliver on its promise of vast economic opportunity at a price that humanity is willing to pay

In March, Anthropic, the cutting-edge artificial intelligence business that gave us the chatbot Claude, published an analysis on the impact of AI on employment, to help us assess the claim that intelligent robots were about to redefine human existence, ending demand for human labor.

Last year in May, Anthropic’s co-founder, Dario Amodei, claimed AI could wipe out half of all entry-level jobs in one to five years. Last January, he told us AI would probably become a “general labor substitute for humans”. In June he said we risk “a world where the economic trade-off dial is stuck on the hypergrowth, hyper-inequality setting”.

Forced labor is a problem, especially in the US, where prisoners are coerced to work for pennies – or nothing at all

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Don’t believe the Trump administration’s rationale for its new volley of tariffs against everybody.

The new levies, ostensibly to punish countries for failing to do enough to curb forced labor, switched on at 12.01am on Friday, to coincide with the expiration of a temporary 10% blanket duty that Donald Trump imposed in February, ostensibly to protect the United States from a balance-of-payments crisis.

Cheerleading by the president, who made $1.2bn last year off uninsured currency, does not bode well for US economy

The scale of the graft is decidedly off the charts, but the revelation that Donald Trump raked in a personal fortune of $2.2bn during his first year in office should come as no surprise. The president didn’t even try to hide his venality. Not only did he refuse to sell businesses and put assets in a blind trust, as other presidents have done to limit opportunities for self-dealing; the quid pro quos with foreign governments and assorted magnates were exposed for all to see.

It is troubling that the president of the United States would so nonchalantly deploy his official powers to profit from dealings with money launderers and Middle Eastern princes. It is perhaps more so that the supposedly robust checks and balances upholding American governance proved powerless to stop him. (Here’s waiting for the supreme court to define Trump’s dealings as “official acts” in order to exonerate him.)

Even voters who identify as foot soldiers of his political army are increasingly willing to blame Trump for their economic troubles

The political consequences of Donald Trump’s policy mayhem are now coming into view: “Maga” America is getting pissed.

It has been a sight to see how every one of the president’s policy initiatives has sabotaged some core constituency or other. From farmers and rural Americans to manufacturing workers and every American struggling to make ends meet, Trump has torched pretty much his entire political base. For all his efforts to rig the midterm elections in his favor, it’s as if he is daring the Maga faithful to drop him.

They’re about to get more AI rammed down their throats, stuck into their pension plans and investment portfolios

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Americans are growing worried about what artificial intelligence portends for their futures. Eight in 10 Americans report concern over AI, compared with a third who report being excited, according to a recent Quinnipiac poll. More than half think it will do more harm than good in their daily lives. Seven out of 10 think it will reduce the number of available jobs.

Skeptical though they may be, they are about to get more AI rammed down their throats and stuck into their pension plans and their investment portfolios, whether they want it or not – binding their futures ever more tightly to the frenzied, risky, multibillion-dollar dash by technology moguls to develop machines capable of mimicking human thought processes to take over cognitive tasks.

A new belief set is uniting some of the wealthiest men in the world around a ‘transhuman’ future – actual humanity be damned

Sam Altman, the chief executive of OpenAI, took to the Internet a few years ago to propose that homo sapiens would be the first species “to design our own descendants”. In his best case scenario, the “merge” between humans and artificial intelligence occurs at some point over the next 50 years. The alternative, where we remain simply human and the machines follow their own path, is more ominous. “If two different species both want the same thing and only one can have it – in this case, to be the dominant species on the planet and beyond – they are going to have conflict,” he wrote.

More recently, Elon Musk, the world’s richest man, who at one point last year was granted the power to reconfigure the US federal government, argued on his social media platform, X, that “it increasingly appears that humanity is a biological bootloader for digital superintelligence” – our role in the history of the cosmos reduced to that of the low level code that boots up a computer before you can run sophisticated programs on it.

Americans having less kids plus an ageing population could be a recipe for disaster that further erodes social stability

Remember environmentalist Paul Ehrlich’s 1960s-vintage prediction about how overpopulation would deplete the Earth’s resources and condemn millions to starvation? His Malthusian condemnation of humanity’s voracious appetite has kept a grip on the debate over the future of the planet, even scaring the young out of having children.

Ehrlich was wrong. Yet as we have come around to the thought that overpopulation won’t kill us all, we are being walloped by another demographic emergency: we are not having too many kids, we are having too few. This problem is real.

President’s move, dubbed Trump Always Chickens Out, appears to have soured as he loses hold on situation in Iran

• Middle East crisis – live updates

From Wall Street to the White House, the dish everyone’s talking about this week is the Persian Taco. It’s what’s served when Trump chickens out in Iran.

In the early hours of Monday morning, witnessing oil prices surge, stock futures plummet and bond yields climb due to his threat to pummel Iran’s civilian power infrastructure, the president hurriedly walked it back, announcing he would put off the bombing because talks with Iran were actually going great. After the bombast and bloodshed, it was time for Taco (Trump Always Chickens Out), a move he first put on display during the tariffs crisis last year.

The US is recklessly spreading economic havoc among global friends and foes while suffering little harm itself

To shield ordinary Indians from the war in Iran, the government in Delhi redirected supplies of liquefied gas to Indian families, for which it is the main cooking fuel, limiting supplies to the plastics industry. The Nepalese government rationed gas and the Philippines trimmed the government workweek to four days. Bangladesh closed universities and rationed fuel.

They have been hardest hit by Iran’s closure of the strait of Hormuz. Economies in Asia import over a third of the energy they consume, on average. Korea imports four-fifths; Japan nine-tenths; Thailand 55%. Most of this comes from the Gulf. About 80% of oil and oil products transiting through the strait in 2025 was destined for Asia, according to the International Energy Agency. But traffic through its waters has collapsed by 90%.

The war is deeply unpopular, and the spike in oil prices will mean long-term high prices across the board for Americans

Donald Trump is still high on the capture of Nicolás Maduro. The easy abduction of the Venezuelan president didn’t just grant Trump control of the nation’s oil and critical minerals resources. It allowed him to throttle the government of Cuba by denying it access to energy, raising the tantalizing prospect that he might bring down a communist regime that has annoyed Washington since 1959.

Trump is confident that his joint venture with Israel in Iran will do just as well. The barrage of Iranian missiles and drones aimed at Israel and Iran’s Arab neighbors has done nothing to change Trump’s mind that he can win, regardless of how he defines “winning”.

From Gates to Musk and Altman, today’s ultra-rich steer AI and tech, raising questions about who decides the future

When Bill Gates became the first modern IT mogul to reach the apex of wealth and power in 1992, the world was a very different place. Gates joined the top 10 on Forbes magazine’s billionaires list alongside Japanese, German, Canadian, South Korean and Swedish billionaires, including those with family fortunes from Britain and America. A broad mix of industries was on the list: Retail and media, property management and packaging, an investment firm and a couple of industrial conglomerates. Their fortunes almost added up to $100bn – equivalent to about 0.4% of the US’s GDP that year.

The oligarchy has changed drastically since then. Bernard Arnault, of French luxury group LVMH, Amancio Ortega, the Spanish clothing mogul, and Warren Buffett, the US investor, were the only old-school billionaires among the top 10 in 2025. The rest largely made their money from high-tech: Elon Musk, Jeff Bezos, Mark Zuckerberg, Larry Ellison, Steve Ballmer and Google’s Sergey Brin and Larry Page. The top 10 amassed over $16trn, which is about 8% of US GDP.

Amid talk of artificial intelligence taking our jobs, the big unasked question is: how will we be fed?

How will we be fed? That’s the biggest question not seriously being addressed amid all this talk about whether or not artificial intelligence will end up taking over all of our jobs.

Formidable though the technology appears, similar fears have popped up repeatedly since the Industrial Revolution, and most working-age adults remain employed. Still, what is sorely missing is a serious debate about what to do if this future in fact materializes.

In the world being ushered in by Trump, power will prevail over cooperation. We will come to rue having taken this path

The Canadian prime minister, Mark Carney, inspired a wave of enthusiastic nodding among the cosmopolitan crowd gathered in Davos last month when he took to the podium and proclaimed that the world order underwritten by the United States, which prevailed in the west throughout the postwar era, was over.

The organizing principle that emerged from the ashes of the second world war, that interdependence would promote world peace by knitting nations’ interests together in a drive for common security and prosperity, no longer works. The US blew it up.

The decision adds to economic uncertainty, as deals Donald Trump struck with other countries are upended

It is refreshing to witness the US supreme court recover its spine and stand up to Donald Trump’s most extreme caprices. The 6-3 decision on Friday to strike down his barrage of tariffs on imports from virtually everywhere based on the preposterous argument that they addressed national emergencies will reassure the world that the US’s system of government – based on the separation of powers, checks and balances, and the rule of law – has not collapsed entirely.

But let’s hold the (imported) champagne. The court’s ruling will not restore the United States to its former place as a reasonable, trustworthy player in the world economy. The rules-based economic architecture that underpinned the integration of the world economy over the decades that followed the second world war remains fractured. Trump is still intent on its disintegration. And he retains power to do so.