What's Happening

Politics

President Biden Highlights Legacy, Passes Torch To VP Harris

What's going on: Last night, President Biden gave an emotional speech at the Democratic National Convention as he made the case for Vice President Kamala Harris. Before a crowd chanting “thank you, Joe," the 81-year-old described the election as a fight for democracy and asked: “Are you ready to vote for freedom?” He praised Harris, saying choosing her as his VP was the best decision of his career, and slammed former President Donald Trump. Biden highlighted his accomplishments in office and 50 years of public service, saying “America, I gave my best to you.” The president capped the DNC’s first night, which also featured speeches from former Secretary of State Hillary Clinton and Harris, who thanked Biden for his service. Outside the convention hall, thousands of protesters gathered over his handling of the Israel-Hamas war.

What it means: Biden’s address was as bittersweet as it was historic — just a few weeks ago, he looked forward to accepting his party’s nomination for a second term, not passing the torch to a new nominee. His address symbolized a moment of unity for a Democratic Party that faced deep divisions over the president’s reelection campaign, ultimately pushing Biden out. It also marks a milestone for the president’s decades of public service. In his remaining time in office, the president is expected to focus on his latest policy measures, like reforms to the Supreme Court, and campaign for Harris. Political analysts say Biden’s legacy will largely be tied to Harris and if she’s successful in November. Last night’s speech is expected to be Biden’s only appearance at the DNC. Harris and Gov. Tim Walz (D-MN) will each deliver their own speeches later this week.

Related: Intelligence Officials Say Iran Is Behind Hacks Targeting Trump and Biden-Harris Campaigns (AP)

US News 

Former Congressman George Santos Pleads Guilty to Federal Charges 

What's going on: Former Rep. George Santos (R-NY) is facing at least two years in prison after pleading guilty to wire fraud and aggravated identity theft charges. The plea is part of a deal reached with federal prosecutors, who charged Santos with 23 felony counts for various lies and schemes — from stealing money from his donors to lying to Congress. Now, the expelled Congressman (who faced trial next month after originally pleading not guilty) will learn his fate at a February sentencing hearing. Yesterday, an emotional Santos said his plea was “the right thing to do.”

What it means: Santos’s guilty plea further cements his political downfall and puts him one step closer to accountability. Once seen as a rising star in the Republican Party, Santos faced scandal after scandal and questions about how he even made it into Congress. Now, some Republicans in New York are breathing a sigh of relief, as they prepare to defend their seats. Many feared Santos’s trial would have impacted races in places like Long Island in November — especially after Santos’s seat was lost to Democrats after his expulsion. TBD on whether he’ll be able to do Cameos from prison, but it doesn’t look good.

Related: In a Very Bad Day for Santos, He Also Just Lost His Lawsuit Against Jimmy Kimmel (Variety)

Economy

More Americans Are Worried About Losing Their Jobs — Is This You?

What's going on: A new government report is offering deeper insights into how Americans are feeling about their jobs and future prospects. Spoiler: it’s not great. The survey, which pulls from a nationally representative sample, found that more people are worried about losing their jobs in the coming months. About 28% of Americans said they’ve started looking for a new job in the past four weeks — the highest level reported since the government began collecting data in 2014. Others aren’t feeling too hopeful they’ll get a raise anytime soon, while some believe they’ll have to push those retirement plans back a few years. Still, some people said they feel like there’s room for advancement.

What it means: The survey results come at a time when many are feeling unsteady about the state of the economy. Prices are still high, and the unemployment rate reached 4.3% last month — a sharp increase from the month before. However, The New York Times reports that other economic data isn’t validating our feelings. Jobless claims are still relatively low and consumers can’t stop spending their money. Some economists hope this is all just a sign that the economy is balancing out. Federal Reserve chair Jerome Powell is gearing up to speak at an economic conference later this week, and his speech could hint what the agency’s next steps could be.

Related: The US Economy Is Confusing All Of Us. Here’s the TLDR on the Reality (CNN)