Author: openjargon

• Donald Trump has publicly celebrated growing calls for Joe Biden to end his bid for reelection.
• But some in the GOP are worried that if Biden steps aside, it could make the race harder for Trump.
• Sen. Lindsey Graham on CBS said a new Democratic challenger would make the race "dramatically different."

Donald Trump has gleefully celebrated growing calls for Joe Biden to end his reelection bid, confident that he can defeat any Democrat who challenges him — but some members of the GOP aren't so sure.

Sen. Lindsey Graham, a South Carolina Republican and longtime Trump ally, on CBS' "Face the Nation with Margaret Brennan" Sunday said a new Democratic challenger would make the race "dramatically different" for Trump.

"President Biden will most likely be replaced, and Kamala Harris is gonna be very vigorous," Graham said, speculating that the vice president would take up Biden's mantle in the race if he stepped aside, as many have suggested. "If Biden steps down, Harris is going to have to pick somebody to help her. If she does become the nominee, this is a dramatically different race than it is right now today. I hope people are thinking about that on our side."

Graham added that Trump's focus now should be on picking a strong running mate to "add value in 2024, expand the map, prosecute the case against the liberals." Trump has not yet announced a vice president pick in his campaign, but Graham noted that South Carolina Sen. Tim Scott, North Dakota Gov. Doug Burgum, Florida Sen. Marco Rubio, and Ohio Sen. JD Vance are among his top choices.

Representatives for Graham did not immediately respond to a request for comment from Business Insider.

While Biden has thus far maintained his intention to stay in the race, it appears Graham is not the only Republican Congressman concerned about what it would mean if he stepped aside.

Fox News reported a House Republican, who spoke to the outlet on the condition of anonymity, said a younger and potentially more popular candidate on the Democratic ticket would spell for "a tougher race" for Trump.

"As a human, it's probably good for Joe Biden that he's now probably not going to have to be subjected to this another four years. But for the party, it's not great. It's not clear to me that it's good for us, either," the GOP lawmaker said.

Trump versus Biden, the House Republican said, was "a very lopsided fight," adding that Democrats "would be insane to run Biden again" — but the idea that the incumbent president could be replaced isn't necessarily a positive for the Republican Party.

"It changes everything," the GOP lawmaker told Fox News. "It's just a completely unknown wild card right now."

A second House Republican and a senior House GOP aide echoed those concerns to Fox News, with the aide saying explicitly that Biden's continued candidacy is Trump's best bet for reelection.

"Virtually any Democrat that potentially replaces Biden has an exponentially better chance of defeating Trump," the senior House GOP aide told Fox News. "Biden staying at the top of the ticket is the best-case scenario for a Republican trifecta."

When Business Insider reached out for comment, representatives for Trump pointed to a recent post on Truth Social in which Trump urged Biden to stay in the race.

"Crooked Joe Biden should ignore his many critics and move forward, with alacrity and strength, with his powerful and far reaching campaign," Trump's post, published Saturday, read. "Yes, Sleepy Joe should continue his campaign of American Destruction and, MAKE CHINA GREAT AGAIN!"

• Independent voters will be a significant force in the 2024 presidential election.
• Both Biden and Trump are competing hard for this highly coveted slice of the electorate.
• But Biden's most pressing challenge right now is convincing Democratic voters to stick with him.

President Joe Biden is working to reassure wary Democrats that he'll be able to reorient his campaign and win the November general election after last month's disastrous debate.

Despite Democratic calls for Biden to reevaluate his candidacy, he received a dose of good news on Saturday in the form of polling conducted by Bloomberg News/Morning Consult.

The swing-state survey showed that the gap between former President Donald Trump and Biden narrowed to just two points — with Trump holding a 47% to 45% lead among registered voters.

Most observers would assume that Biden could overtake Trump by wooing Independents on the fence. But right now, that's not the president's biggest issue regarding the electorate.

The latest Journal poll showed Biden and Trump tied at 40% support among Independents, representing a four-point increase for the president and a four-point decline for the ex-president. According to the latest numbers, this demographic is competitive for both candidates.

However, fueled by renewed concerns over Biden's age, the president's most pertinent challenge will involve getting Democrats back into the fold.

Biden insists he can defeat Trump in the fall, but the latest Wall Street Journal poll shows how the Democratic incumbent's standing has slipped within his own party.

Trump led Biden 48% to 42% among all registered voters questioned in the survey.

But in that same poll, Trump won over 93% of Republicans, a seven-point jump from the February Journal poll.

Meanwhile, Biden's standing among his party slipped, with 86% of Democrats indicating that they'd back him, a 7-point decline from February.

And there's another challenge: The latest Journal survey showed Trump winning 95% of the voters who supported him in 2020.

Biden's number stands at 84%, a sign of erosion among the coalition that sent him to the White House nearly four years ago.

The Journal poll also had a sobering number for Biden.

Among Democrats, 76% of respondents said he was too old to serve as the party's 2024 standard-bearer. So he'll have to convince swaths of Democratic voters who are skeptical of his effectiveness to also cast ballots for him this fall.

For Biden, a pre-existing concern was his struggles in bridging the enthusiasm gap among young and minority voters. Many have registered frustration with the administration over the conflict in Gaza, unresolved issues regarding student loan debt relief, and concerns over the economy.

A CBS News/YouGov poll conducted in June revealed that 66% of registered voters aged 18 to 29 said they would definitely vote in November, a rate lower than every other age group. But when these voters turn out, as they did in key races in 2022, it has been a game-changer for Democratic candidates.

While Independents are poised to play a decisive role in the general election — especially in the seven swing states Biden and Trump are competing in — Biden will have to shore up his support among Democrats. And he'll need to do it quickly.

Business Insider has reached out to the Biden campaign for comment.

• More than 150 activist groups gathered in Barcelona on Saturday to protest overtourism.
• Footage showed protesters squirting water guns at tourists and telling them to "go home."
• Barcelona is combating overtourism, which locals blame for the increased cost of living.

Protesters swarmed the streets of Barcelona to condemn mass tourism, which they blame for skyrocketing rent prices and the city becoming "unliveable."

Multiple outlets reported that thousands of protesters, including more than 150 organizations, marched through Barcelona on Saturday.

Photos showed protesters carrying signs that read, "Barcelona is not for sale" and "Tourists go home."

Footage obtained by BBC showed protesters using water guns against people visiting popular tourist areas while chanting, "Go home!"

Protesters also taped off certain restaurants and hotels as if to symbolically close the establishments.

Barcelona is a top tourist destination that draws millions of travelers annually with its Mediterranean climate and distinct culture. The Barcelona Tourism Observatory said the city welcomed 15.6 million tourists and the region nearly 26 million in 2023.

While the influx of travelers brings money to Barcelona's economy, it can also have adverse affects like increasing the local cost of living.

According to Reuters, rent in Barcelona and other popular cities like Madrid rose by 18% in June compared to the previous year.

One protester told Reuters that "the city has turned completely for tourists and what we want is a city for citizens and not in service of tourists" in recent years.

Another said tourist-heavy venues like restaurants and hotels make good money from tourists, but some locals "are in a very poor situation and they don't have enough money to live. That's a problem."

A resident told AFP that the city is suffering as a result.

"I have nothing against tourism, but here in Barcelona, we are suffering from an excess of tourism that has made our city unliveable," they said.

Representatives for the Mayor of Barcelona, the city's police department, and the tourism office did not respond to a request for comment from Business Insider.

Barcelona officials have taken measures in recent months to address overtourism. It's an issue that several popular tourist hubs are tackling, including Japan and Venice.

The city increased its tourist tax in April, according to USA Today.

According to Bloomberg, they later announced plans to ban all short-term rentals in June.

"More supply of housing is needed, and the measures we're presenting today are to provide more supply so that the working middle class does not have to leave the city because they can't afford housing," Barcelona Mayor Jaume Collboni said. "This measure will not change the situation from one day to the next. These problems take time. But with this measure we are marking a turning point."

Barcelona banned cruise ships from docking at one of its terminals in 2023 to address overcrowding and pollution.

• Russian forces are repurposing old infantry fighting vehicles by transforming them into makeshift artillery guns.
• The improvised guns are likely inaccurate, jumping a few inches off the ground as they fire.
• It comes as Russia continues to struggle to provide weapons to its forces.

Russian forces appear to be fashioning improvised artillery guns from the main armaments of old BMP-1 armored fighting vehicles.

One video circulating on social media shows a soldier firing what appears to be a BMP-1's 73 mm 2A28 Grom gun fixed to a makeshift wheelbase. Another video shows a group of soldiers towing the improvised gun into position.

The crude device may reflect the heavy equipment losses Russia has suffered in its invasion of Ukraine.

The General Staff of Ukraine's Armed Forces said on Sunday that Russia had lost 14,937 artillery systems and 15,645 armored fighting vehicles since it launched the full-scale invasion in February 2022.

While Russia is still more than capable of crafting new artillery systems and reviving Soviet-era weaponry, it will be difficult to keep up with the rate of losses and the firepower required on the front lines.

And while the improvised 2A28 artillery gun may act as a temporary fix for dwindling supplies, it is highly likely to be inaccurate.

One video shows the device, which is designed to be fired from a stable armored turret, jumping off of the ground as each shot is fired.

The unarmored gun will also be extremely exposed to Ukrainian drone attacks, which have proven to be successful in taking on heavy Russian tanks.

It is not the first time Russian forces have seemingly resorted to using makeshift devices.

In March, videos appeared to show Russian troops using vulnerable golf cart-style vehicles to transport infantry to the frontline.

In April, another video appeared to show a Ukrainian hit on a Russian tank that was using an "improvised EW system," Rob Lee, a senior policy fellow at the Foreign Policy Research Institute, wrote on X at the time.

Lee said the system "reportedly was effectively countering a large number of FPVs operating with different frequencies before it was stopped."

Russia has also previously deployed "turtle tanks" fitted with rudimentary metal roofs to defend against inbound munitions such as drone attacks.

"I know people are laughing at this, but I don't think it is a crazy adaptation," Lee wrote in another post on X.

"The Russians are adapting to the particular conditions of the battlefield in which Ukraine has a lot of FPVs, but not enough ATGMs, anti-tank mines, and artillery," he said. "So sacrificing observation and the ability to rotate the turret on one tank per platoon that can jam many FPVs frequencies at once makes sense."

• Boomers are gifting wealth earlier to their millennial kids, two financial planners told BI.
• The proactive inheritances come as millennials have more debt and struggle to buy homes.
• Financial planners say transferring wealth earlier can make it more useful to the recipients.

Sophia Bera Daigle, the founder and principal financial planner at Gen Y Planning, said one of her clients, a doctor, has been gifted $10,000 a year from his parents for the past few years.

Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it.

"'We would rather give it to you and your two siblings while you have kids at home and need to pay for college and all of these things, but then don't expect any inheritance,'" Daigle said the parents basically told her client.

Daigle said she's seeing more and more of her millennial clients getting chunks of money from their parents as a kind of proactive inheritance, with boomers passing on their wealth well before they expect to die.

The earlier wealth transfer can take different forms: monthly or yearly cash gifts, paying for grandkids to go to private school, or, perhaps most commonly, a large sum for a down payment on a home.

It's a growing trend in what's been called the largest transfer of wealth in history, as aging boomers pass on trillions of dollars worth of assets to their children. Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported.

But by passing on their wealth earlier, some boomer parents are providing an economic boost exactly when their kids actually need it — in their 30s and 40s when they're trying to buy a home and raise their kids.

Daigle said before she focused on working with millennials, she had clients who got money from their parents at an older age.

"When you have these baby boomers that were given inheritances when their 93-year-old mom was passing away, and they were 65, it wasn't that helpful," she said. "It was great, but they had already done things that they needed to get their own retirement place."

Millennials, in particular, could use the help. As Business Insider has previously reported, they have "more debt and a lower net worth than their parents had at the same life stage."

Gideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth. He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally.

There's a litmus test: If an older person planned their finances well, is financially independent, has enough income to support their needs and is not in danger of running out, and wants to pass down money to their kids, then it can be a good idea to do it sooner rather than later.

"We consider inheritances and money from families a gift of love," he said. "If your intention is to give that money to family as an inheritance, you probably want that money put to best use for the maximum amount of time that creates the most peace of mind for everybody involved."

The max amount that can be gifted each year tax-free is $18,000 for an individual or $36,000 for a couple.

Drucker said he thinks he's seeing this wealth transfer happen more often in part because the current estate tax exemption put in place by the Tax Cuts and Jobs Act of 2017 is set to expire at the end of 2025.

The federal estate tax currently ranges from 18% to 40% and kicks in for assets passed on that are above $13.61 million. That threshold could be cut in half in 2026, meaning the estate tax would apply to more families.

Although the vast majority of people are not impacted by the estate tax, Drucker said hearing about the exemption expiring has inspired some people to start thinking more about the best way to pass on their wealth.

One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain. For instance, if parents help with a down payment that allows the recipients to buy a house and live in a neighborhood that they may not actually be able to afford in the long run.

He said gift recipients should use the money to better plan their finances rather than radically upscaling their standard of living.

Drucker and Daigle both said that if parents determine they are financially secure and able to help their adult children financially, then it should start with a conversation about what that might look like and what would be best for everyone.

"It all starts with the parents or the older family members really knowing enough about their own financial situation, having clarity around their spending needs, their income, their assets, to then be able to decide 'what's the purpose of all this money? What do I want to do?'" Drucker said, adding, "It all starts with that conversation."

Are you a boomer who has an opinion about passing along wealth to offspring, or a millennial who is the recipient of earlier parental help? Contact this reporter at kvlamis@businessinsider.com.

• Credit card skimmers are increasingly targeting the financially vulnerable nationwide.
• The FBI estimates card skimming costs consumers and banks around $1 billion yearly.
• Authorities report a rise in card skimming and EBT fraud, urging vigilance and preventive measures.

Credit card skimmers are on the rise nationwide and they're targeting the country's most financially vulnerable people.

The FBI estimates that card skimming costs consumers and banks around $1 billion each year. Last year, Fair, Isaac and Company, a financial data analytics firm, found that debit card skimming grew by a whopping 96% compared to the previous year.

Last month, the federal agents from the Secret Service swept through 472 business in Florida after reports of increased EBT scam fraud, WJXT reported. Police found 13 devices statewide. The Secret Service estimated that police prevented around $1.3 million of losses through the operations, WJXT reported.

Authorities nationwide say reports of card skimming and EBT fraud have increased over the past year.

The Washington State Department of Social and Health Services said this week it found an "alarming surge in fraud" related to EBT skimming. The agency estimates EBT recipients lost around $5.5 million over the past two years from the fraud, The Seattle Times reported.

Authorities in Virginia, New York, and other states have also issued similar warnings in recent weeks.

The New York Office of Temporary and Disability Assistance issued an EBT scam alert on July 2, warning of increases in card skimming and phishing. Phishing is a form of scamming where criminals try to obtain your personal information by pretending to be someone you know or trust; perpetrators will often send emails purporting to be from your bank or from a social media platform you use.

While card skimmers are efficient in stealing data, EBT cards usually require a PIN number that they can't easily lift from the machine, according to the FTC.

The scammers use phishing tactics like texting or set up hidden cameras next to cash registers to steal the PIN numbers, the agency says.

To avoid card skimming scams, the FTC recommends checking to see if the card reader is loose when paying, changing your EBT PIN number at least once a month, be vigilant for phishing, and regularly check the amount held in your EBT account.

The NY Office of Temporary Disability also recommends checking for discoloration between the body of the machine and the card reader.

"The easiest way to check for a skimmer is to gently pull up on the terminal. They are flimsy and will come right off," the agency says. "If you notice any signs that a skimmer may be in use do not swipe your card and alert the store manager. Contact the police and notify your local department of social services as soon as possible."