They fear that Trump’s proposals would “reignite’’ inflation, which has plummeted since peaking at 9.1% in 2022 and is nearly back to the Fed’s 2% target.

Most mainstream economists say Trump’s policy proposals wouldn’t vanquish inflation. They’d make it worse. They warn that his plans to impose huge tariffs on imported goods, deport millions of migrant workers and demand a voice in the Federal Reserve’s interest rate policies would likely send prices surging.

Sixteen Nobel Prize-winning economists signed a letter in June expressing fear that Trump’s proposals would “reignite’’ inflation, which has plummeted since peaking at 9.1% in 2022 and is nearly back to the Fed’s 2% target.

Last month, the Peterson Institute for International Economics predicted that Trump’s policies would drive consumer prices sharply higher two years into his second term. Peterson’s analysis concluded that inflation, which would otherwise register 1.9% in 2026, would instead jump to between 6% and 9.3% if Trump’s economic proposals were adopted.

The next President will face significant fiscal challenges upon taking office, including record debt levels, large structural deficits, surging interest payments, and the looming insolvency of critical trust fund programs.1 Our large and growing national debt threatens to slow economic growth, boost interest rates and payments, weaken national security, constrain policy choices, and increase the risk of an eventual fiscal crisis.

However, neither major candidate running in the 2024 presidential election has put forward a plan to address this rising debt burden. In fact, our comprehensive analysis of the candidates’ tax and spending plans finds that both Vice President Kamala Harris and former President Donald Trump would likely further increase deficits and debt above levels projected under current law.

Under our central estimate, Vice President Harris’s plan would increase the debt by $3.95 trillion through 2035, while President Trump’s plan would increase the debt by $7.75 trillion. These estimates are an update of our October 7 analysis, and include additional policy proposals.

Live updates: Trump embraces ‘garbage’ news cycle with 6 days left until the election

Here’s what we’re watching today:

• Trump to stump with Favre: The former president is in Green Bay, Wisconsin, with retired NFL quarterback Brett Favre. Favre is shadowed by a welfare spending scandal in his home state of Mississippi.
• Harris to hit three states in one day: The vice president is traveling from Pennsylvania to Madison, Wisconsin, and then back south to North Carolina.
• More “garbage” comments: Trump took questions from a campaign-branded garbage truck. Reggaeton singer Nicky Jam withdrew his endorsement of the former president after a Trump rally speaker called Puerto Rico “garbage.” Harris has called for Americans to “stop pointing fingers at each other.”

Ted Cruz, Colin Allred make spirited final pitches to Texas voters in Senate race
NADIA LATHAN and JUAN A. LOZANO

Republican Sen. Ted Cruz and Democratic U.S. Rep. Colin Allred are making their final pitches to Texas voters in a frenzied burst of travel across the state near the end of one of the nation’s most expensive and closely watched Senate races.

Cruz, who finds himself in another competitive contest after narrowly winning a second term in 2018, is leaning into conservative pledges for tougher border measures and attacks on policies that support transgender people, including at a bus tour rally outside of San Antonio on Tuesday.

Allred, who would become Texas’ first Black senator, spent a day criss-crossing Houston, the state’s biggest city and a crucial Democratic stronghold for the underdog congressman, who needs a big showing from loyal Democrats to unseat the incumbent. At a rally at Texas Southern University, a historically Black college, the three-term congressman emphasized his support for abortion rights and blamed Cruz for limiting women’s access to reproductive healthcare.

‘The Rest of the Country Just Might Crumble Around Us’: Wall Street on Trump v. Harris
In this presidential election, Wall Street is a lot like a swing state.
Sam Sutton

It’s hard to find a group of Americans with more conflicted interests in the outcome of this election than Wall Street’s bankers and financiers. On the one hand, members of the financial class prioritize profits, and Trump is offering to cut them good deals. On the other hand, they have a stake in the general welfare of the country, since a strong economy tends to boost their bottom lines and Vice President Kamala Harris’ pledge to deliver stability would help it expand.

In that respect, in this election, Wall Street is a lot like a swing state. Trump’s promises to cut taxes and reduce regulation would be a boon for financial firms, and those promises have helped him rebuild the coalition of high-powered donors and financiers who supported him through his first term.

A new president will be elected − but it may take some time to determine who wins
John M. Murphy

For more than 100 years, media of many kinds tried to be the first to report presidential election results. Although that urge still exists, pundits and analysts are now more concerned with accuracy than speed.

That’s because of the 2020 election. A raging pandemic, a divided country, a close race, polling failures, false presidential claims of voter fraud and uncertainty made everyone anxious. Then came the Jan. 6, 2021, attack on the U.S. Capitol, which meant the election was about more than the presidency – it was about democracy itself.

What’s most important now is not being first but rather being right. In recent decades, Americans have gotten used to media organizations declaring the winners of races in the hours or days after the polls close, but those are not official results. They are projections based on the available unofficial information. The formal results of the election are checked and certified through a process that takes weeks to months – and potentially longer, if lawsuits are filed.

A wrong call could spark violence, particularly because Donald Trump has yet to say that he will accept the results of the 2024 election if he loses.

The 23 must-see lines from Kamala Harris’ Ellipse speech
So What, Chris Cillizza

Vice President Kamala Harris delivered what her campaign billed as a closing argument for the 2024 campaign at the Ellipse in Washington, DC Tuesday night.

The location was intentional. On January 6, 2021, Donald Trump spoke to the “Stop the Steal” rally at the Ellipse. Many of the attendees of that speech then marched to the U.S. Capitol and broke in — trying to stop the counting of electoral votes that made Joe Biden president.

I went line by line through the transcript of Harris’ speech — and pulled out the lines you need to see. They’re below.
8. “And look, I’ll be honest with you, I’m not perfect. I make mistakes.”

‘It would hurt everyone’: American companies brace for Trump’s radical tariff plans

Andrew Ross Sorkin, Co-Anchor of “Squawk Box,” on CNBC and Steph Rhule, Anchor of “The 11th Hour” join Nicolle Wallace on Deadline White House to discuss the impact that Donald Trump’s economic plan which plans to rely heavily on tariffs which economic experts and businesses leaders say will hurt American consumers.
Nicole Wallace, Andrew Ross Sorkin, and Steph Rhule, MSNBC

A vote for Donald Trump is a vote for school shootings and measles
Nilay Patel
An endorsement of democracy, solving problems, and Kamala Harris.

In many ways, the ecstatic reaction to Harris is simply a reflection of the fact that she is so clearly trying. She is trying to govern America the way it’s designed to be governed, with consensus and conversation and effort. With data and accountability, ideas and persuasion. Legislatures and courts are not deterministic systems with predictable outputs based on a set of inputs — you have to guide the process of lawmaking all the way to the outcomes, over and over again, each time, and Harris seems not only aware of that reality but energized by it. More than anything, that is the change a Harris administration will bring to a country exhausted by decades of fights about whether government can or should do anything at all.

It is time to stop denying the essential nature of the problems America faces. It is time to insist that we use the power of our democracy the way it’s intended to be used. And it is far past time to move beyond Donald Trump.

A vote for Harris is a vote for the future. It is a vote for solving collective action problems. It is a vote for working together, instead of tearing our world to shreds.

Nvidia will Accelerate India’s AI Capabilities and Workforce,
Michael Spencer
India’s youth and AI skills will supercharge its economic growth in the decade ahead 2025 to 2035.

I am impressed with Nvidia’s conduct since not just entering the BigTech “magnificent seven” but outpacing them in market cap and revenue growth. At the time of writing Nvidia’s market cap is 3.46 Trillion. They report earnings on November 20th.

With the faltering of China’s economy, the state-driven curtailing of their own BigTech firms and an unprecedented exodus of foreign investors after poor diplomatic leadership by China, India seems inevitably the heir apparent.

The years ahead and the AI movement itself might be very telling for India’s future. The geopolitics of tech today is like nothing we have seen in recent memory. India needs to earn a bigger place on the world stage.