Since I know next to nothing about macroeconomics, I don't feel qualified to comment on today's news that the Federal Reserve hiked interest rates another 0.25 percent. They indicated that this will be the last one for a while, and inflation has already come down dramatically without crumbling the rest of the economy, but the future (as always) is uncertain. That's about the most intelligent commentary I can offer up on the matter.

Instead, let's take a look at how the Republican field of candidates for the 2024 GOP presidential nomination is shaping up. Because it seems certain that the number of candidates actually in the race is going to soon expand.

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This is the big White House Correspondents Dinner weekend, but somehow our invitation was either lost in the mail or otherwise overlooked. So we'll have to watch the clips later, like everyone else.

This was a pretty momentous week in politics, as President Joe Biden announced his re-election bid, Donald Trump's rape court case got underway, and Kevin McCarthy was actually able to corral his various factions to vote for a bill that Democrats will use as fodder in the upcoming congressional campaigns. So let's get right to it all, shall we?

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Unless things change in a major way, America seems headed for a repeat election in 2024. President Joe Biden will be the Democratic nominee, while Donald Trump will carry the banner for the Republicans. There are plenty of interesting things about such a rematch (such as the fact that Trump will be the first ex-president to run again in a very long time), but the most interesting thing currently is that most of the public simply does not want to see this rematch. They would prefer a different matchup, for various reasons. But they may get Biden-versus-Trump anyway.

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President Joe Biden announced his bid for re-election today, releasing a three-minute video in which he explains why he's running. As the ad makes clear, Biden will be running on one basic concept: freedom. He's in favor of it, and in favor of Americans having more of it. The Republican Party countered with a 30-second ad of their own, in which they present an apocalyptic vision of what a second Biden term would be like. No, that is not hyperbole or an exaggeration. The only other possible word to use is "dystopian." They have outdone themselves in the fearmongering department (where they regularly excel). Since the GOP doesn't have a nominee yet, they are restricted only to offering up criticism of Biden (whether real or, in this case, entirely imagined), perhaps hoping that their eventual nominee will offer up some sort of positive vision of their own (which doesn't exactly seem likely, but hey, it could happen, I suppose). Since Biden is almost certainly going to skate to the Democratic nomination unopposed (or "unopposed by any Democrat the voters would actually nominate," to be technically accurate), this means that for at least the rest of this calendar year, it may stay a contest between: "Freedom," and: "Be afraid, be very afraid!"

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We admit using that subtitle dates us in a way, since we are indeed old enough to remember the popular song of the same name -- but we couldn't resist, since this week started out with Fox News caving at the last possible moment as a civil defamation trial was set to begin against them. First the trial was delayed a day and then came the bombshell news that Fox had settled with Dominion Voting Systems for a jaw-dropping $787.5 million. To state the patently obvious, you don't settle a case you fully expect to win. Fox knew it was in danger of not just losing the case (Dominion had sued for $1.6 billion, a little more than twice what Fox settled for) but having the network's dirty laundry exposed in even more painful fashion than it already had been (through releases of internal communications between executives and network personalities that were already embarrassing enough). Fox was indeed on the run, to the tune of over three-quarters of a billion dollars.

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House Speaker Kevin McCarthy has finally made his opening bid, in the showdown with President Joe Biden (and the Democratic Senate) over raising the nation's debt ceiling. Today McCarthy released a proposal he thinks he will get 218 Republican votes and actually pass the House. It remains to be seen whether that's even true or not -- a vote won't be held until at least next week, and to say that not everyone in the GOP caucus is on board yet is an understatement. But at least he's finally put some numbers down on paper for all to see.

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After their first 100 days in power, the cracks are beginning to show in the Republican majority in the House of Representatives. Speaker Kevin McCarthy is going to try to pass a bill with a bare-bones summary of a budget within the next few weeks, but at this point no bill has actually been written and no GOP consensus has emerged about what that bill should (or shouldn't) contain. It is still unclear whether any plan is going to get the 218 votes to pass. Factionalism within the Republican conference is a tough hurdle to get over, what with the razor-thin majority McCarthy has to work with. But the debt ceiling looms, so it is now "put up or shut up" time for McCarthy's Republicans.

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There's a new reality in American politics, and one political party is reaping the benefits of it while the other is trapped in a downward spiral of ever-increasing extremism. Some Republicans are beginning to understand the power of the sleeping giant they have awoken, but there's really no easy way out from the conundrum they have created for themselves. Abortion is going to be a potent political issue for at least the next few elections, and Republicans' only answer so far is to double down, triple down, or quadruple down on forcing the most extreme positions they can come up with on as many of the American people as they possibly can.

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The ranks of the 2024 Republican presidential field just grew by one. Senator Tim Scott of South Carolina is the new entrant, but at this point (with the exception of Ron DeSantis) it really looks for all the world like nothing more than a race to be Donald Trump's vice-presidential pick. I say that for two reasons -- the fact that so far no one else other than DeSantis has gotten any sort of traction at all in the polls, and the fact that none of the candidates have really directly taken on Trump in any meaningful way. To put it another way: there still isn't an "anti-Trump" candidate in the running.

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Senator Dianne Feinstein is not back at work. This means that since February, the citizens of California have only been represented in the Senate by a single senator. Which, in a 51-49 Senate, is starting to become a problem. Feinstein has already said she will be retiring instead of seeking re-election in 2024, but she had planned on finishing her term before stepping down. Three prominent Democrats have already begun campaigning for her seat. But if she doesn't finish her term, then it's going to upset the entire Senate election applecart.

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