Today in one sentence: Biden vowed to ensure a “peaceful and orderly transition,” calling on Americans to “accept the choice the country made" and to "bring down the temperature"; Trump’s MAGA allies admit that "Project 2025" was always "the agenda" for a second term; Trump said there is "no price tag" on his plan for the "largest deportation effort in American history"; after spending more than $130 million to help Trump win re-election, Elon Musk aims to secure regulatory benefits for SpaceX and Tesla; and the Federal Reserve cut interest rates by 25 basis points for the second time this year.

1/ Biden vowed to ensure a “peaceful and orderly transition,” calling on Americans to “accept the choice the country made” and to “bring down the temperature.” During his six-minute remarks, Biden said he hopes the 2024 election “can lay to rest the question about the integrity of the American electoral system. It is honest, it is fair, and it is transparent, and it can be trusted − win or lose.” He added: “I’ve said many times, you can’t love your country only when you win. You can’t love your neighbor only when you agree.” Biden’s speech comes exactly four years to the day he was declared the winner of the 2020 election against Trump, who refused to accept his loss, attempted to have the results overturned, and spent the years since insisting that the election was rigged. (USA Today / Axios / Politico / Washington Post / ABC News / NBC News / CNN / NPR / Associated Press)

2/ Trump’s MAGA allies admit that “Project 2025” was always “the agenda” for a second term. Project 2025 outlines a plan to expand the power of the executive branch, purge thousands of civil servants and replacing them with Trump loyalists, eliminate of the Department of Education, dissolve the National Oceanic and Atmospheric Administration, shrink the social safety net, end student debt relief, deport immigrants, and a de facto national abortion ban. “Now that the election is over I think we can finally say that yeah actually Project 2025 is the agenda. Lol,” right-wing podcast host Matt Walsh wrote on social media about the 900-plus-page extremist guidebook. Steve Bannon quickly praised Walsh and amplified his post on his podcast. And, then right-wing podcaster Benny Johnson said, “It is my honor to inform you all that Project 2025 was real the whole time.” Even though Trump spent the campaign distancing himself from the draconian policy package prepared by the Heritage Foundation, Russell Vought, a potential next chief of staff, said that Project 2025 was the plan and the distancing tactic was just campaign necessity. (Axios / Mother Jones / Rolling Stone)

3/ Trump said there is “no price tag” on his plan for the “largest deportation effort in American history.” In an interview, Trump reaffirmed his commitment to mass deportations, saying his top priority is to make the U.S. border “strong and powerful.” He credited his immigration stance for drawing a diverse voter coalition, including notable gains among Latino voters, despite the logistical and financial challenges officials have warned such a plan would entail. Nevertheless, Trump said he has a mandate “to bring common sense” to the country and that he has “no choice” but to carry mass deportations. (NBC News)

  • 🔎 What’s at stake? Trump’s mass deportation proposal could significantly impact millions of undocumented immigrants and reshape America’s immigration system. While Trump views his election as a mandate for “common sense” policies, executing a large-scale deportation plan could drain federal resources and require unprecedented coordination across multiple agencies, including ICE, the DOJ, and potentially the Pentagon. Such action may strain the U.S. budget and risk international criticism, as well as deepen divisions within the country. For communities with high numbers of undocumented immigrants, these policies could lead to economic disruption, family separations, and a surge in fear and instability. Ultimately, the country’s approach to immigration—balancing security with inclusivity—hangs in the balance, potentially altering the U.S.’s identity as a nation built by immigrants.

4/ After spending more than $130 million to help Trump win re-election, Elon Musk aims to secure regulatory benefits for SpaceX and Tesla. Musk has requested Trump appoint SpaceX employees to government roles, particularly within the Defense Department, which is a key client for SpaceX. Musk is reportedly seeking reduced federal scrutiny of Tesla and SpaceX. His six companies also rely heavily on federal contracts and subsidies. Trump, meanwhile, has hinted at placing Musk in charge of a “Department of Government Efficiency” to oversee extensive budget cuts, potentially slashing funds from programs like Social Security, Medicare, and national defense. (Slate / New York Times)

  • 💭 Why does this matter? The return of a loyalty-driven administration raises concerns about government transparency, the safeguarding of democratic principles, and the influence of wealth over politics. With wealthy supporters likely receiving appointments or policy influence, Americans could see a shift in government priorities that emphasize elite interests over public good, fostering policies that might undermine regulation in sectors critical to everyday life, such as health, technology, and climate. By prioritizing transactional relationships with billionaires, Trump’s administration risks fostering a governance model that subverts democratic ideals, emphasizing loyalty and monetary backing over competence and impartiality, which could erode the public’s trust in fair governance for years to come. (Bloomberg)

  • Elon Musk’s $1M voter giveaways were fixed lotteries, lawsuits say. The lawsuits accuse Musk’s America PAC of pre-screening participants’ social media profiles to ensure they aligned with pro-GOP views, undermining claims of random selection. Despite a Justice Department warning on the legality of the lottery, America PAC continued its operations, ultimately distributing checks to selected “winners.” A court hearing revealed that winners were not truly chosen by chance, with some being described as paid spokespeople for Musk’s PAC, amplifying concerns about transparency. (Washington Post)

5/ The Federal Reserve cut interest rates by 25 basis points for the second time this year. The move reduces the Fed’s benchmark rate to about 4.6% – down from a four-decade high of 5.3% before September’s half-point reduction – and reflects the Fed’s renewed focus on the job market and inflation. In a statement, the Fed said the “unemployment rate has moved up but remains low,” and while inflation has fallen from 9.1% in 2022 to closer to the central bank’s 2% target, it “remains somewhat elevated” at 2.1%. The Fed, however, said the “economic outlook is uncertain” – a possible reference to Trump’s promises to impose tariffs on U.S. imports, deport undocumented immigrants, and renew expiring tax cuts that most mainstream economists say would “reignite” inflation. When asked whether he would resign if Trump pressured him to leave, Federal Reserve Chairman Jerome Powell replied simply: “No.” He added that it’s “not permitted under the law” for the president to fire or demote a Fed chair or any other Fed governor with a leadership position. Powell’s term ends in May 2026. (Wall Street Journal / Bloomberg / Washington Post / New York Times / Associated Press / NBC News / CNBC / Axios / ABC News)

  • 🧩 What’s at stake? The independence of the Federal Reserve—a cornerstone of the U.S. economy’s stability—is under potential threat as Trump reenters office. By prioritizing his short-term economic goals over the Fed’s more measured approach, Trump could attempt to sway interest rate policies to boost consumer spending and economic growth, which may help him politically but could introduce economic risks. If he succeeds in appointing compliant officials, or even creating a “shadow chair” to telegraph policy changes, Trump’s influence could diminish the Fed’s ability to independently manage inflation and employment goals. This risks pushing the U.S. into a cycle of unsustainable economic policies reminiscent of the 1970s when political pressures on the Fed led to runaway inflation. Maintaining a politically independent central bank helps insulate the economy from short-term political priorities, allowing the Fed to act in the best interests of the economy over the long run. If this independence erodes, it could set a precedent for future presidents to exploit Fed policy for political gain, ultimately destabilizing the economy. (New York Times)

  • 💡 Why should I care? Trump’s policies could raise prices on everyday essentials and drive up loan costs, affecting everyone’s budget. If corporate tax cuts and tariffs spark inflation, groceries, gas, and other basics may become more expensive, while higher government borrowing could push up interest rates, making mortgages and credit card payments pricier. For savers and investors, this could also mean more market volatility, adding uncertainty to retirement plans and financial security. Understanding these risks is crucial, as they directly impact both what we pay for goods and how we plan for the future. (Bloomberg)

  • 💭 Why does this matter? A truly independent Fed is vital to maintaining economic credibility and stability. If Trump or any president can sway the Fed’s monetary policy, it would diminish the institution’s role as a nonpartisan body, turning interest-rate policy into a political tool. This matters because central bank independence is foundational to a stable economy; when markets believe the Fed’s actions are based on long-term stability rather than political pressures, they respond with confidence, keeping interest rates manageable and inflation in check. Any shift away from this independence risks eroding trust in U.S. economic leadership and could trigger a ripple effect, where businesses hold back on investments, inflation spirals, and everyday expenses like mortgages or car loans become unaffordable. (Wall Street Journal)

✏️ Notables.

  1. Trump’s second term promises sweeping changes that could challenge U.S. democratic norms. In his second term, Trump has vowed radical actions that could alter core democratic structures, promising both to purge federal institutions and pursue political adversaries, moves that have raised concerns about his potential to undermine rule of law and further divide the country. Trump’s campaign rhetoric, often dark and confrontational, resonated with voters who feel alienated by the current political system and sought upheaval, leading many to support his promise of a “restored” democracy that includes reining in perceived overreach by military and civil institutions. (Associated Press)

  2. Economic concerns and desire for change propel Trump to White House despite fears of authoritarianism. Economic anxiety, inflation, and immigration concerns led a majority of voters to back Trump over Harris, with many seeing him as better suited to address their financial hardships. While many voters expressed reservations about Trump’s character and potential authoritarianism, these concerns were outweighed by frustration with the status quo and a demand for strong action on economic and immigration policies. Trump also made gains among key Democratic constituencies, including younger and nonwhite voters, as his economic message resonated across demographic lines. (Associated Press)

  3. Economic dissatisfaction fuels a national shift toward Trump, overturning expectations of a tight race. Trump won decisively, with gains across nearly all demographics and regions – a reflection of widespread frustration with economic conditions and incumbency fatigue. Analysts attribute this shift to deep discontent with inflation and economic instability, which drove many demographic groups uniformly toward Trump and led to swings in once-reliable Democratic areas, including urban centers. This “second pandemic election” shows the lingering political impact of COVID-19-era economic upheaval and marks a continuation of anti-incumbent sentiment seen in recent global elections. (The Atlantic)

  4. Harris’s democracy-focused campaign message fails as voters prioritize economic concerns in Trump’s 2024 victory. Despite Kamala Harris’s emphasis on protecting democratic principles, voters overwhelmingly prioritized concrete issues like inflation, rent, and job security, propelling Trump to the White House. Voter interviews reveal that Harris’s appeals to safeguard democracy felt distant compared to daily financial struggles, as Americans grappled with inflation, housing costs, and frustration over government aid distribution. (New York Times)

  5. Trump’s win exposes the limitations of identity politics, with key shifts among nonwhite and working-class voters. Trump’s 2024 victory was driven by a significant shift of Hispanic, working-class, and even some traditionally Democratic voters toward the Republican Party, revealing a potential flaw in Democrats’ reliance on identity politics. This election underscored that focusing on race-based group appeals may miss the broader economic and cultural concerns that drive individual voting choices, particularly among diverse communities. With income and education levels now defining party lines more than race, analysts argue Democrats may need to rethink their approach to coalition-building and voter outreach. (Noahpinion)

  6. Trump’s populist anger and relentless campaigning resonate with disaffected voters. Trump’s victory in the 2024 election hinged on his ability to transform personal grievances into a powerful populist message that aligned with millions of frustrated Americans, while Kamala Harris struggled to distance herself from Biden and failed to effectively counter Trump’s aggressive campaign. Though Trump faced legal challenges and erratic controversies, his strategic focus on key voter groups, like young men and working-class minorities, combined with an unapologetic brand, ultimately outmaneuvered Harris’s efforts to position herself as the candidate of stability and continuity. (New York Times)

  7. Harris lost 2024 due to loyalty to Biden’s legacy and missed opportunity for a distinct vision. Harris’s inability to distance herself from Biden’s unpopular economic record and forge a clear independent identity weakened her appeal in a climate where voters wanted change. Despite efforts to spotlight Trump’s controversial rhetoric, Harris’s campaign struggled with infighting, a lagging ground game, and missed opportunities to connect with key voter groups, contributing to a sweeping Republican victory and prompting Democrats to call for deep introspection. (Politico)

  8. Trump’s appeal among young men boosts his 2024 victory, signaling a shifting youth vote. While young people have historically favored Democrats, a realignment in the 2024 election saw a significant portion of young men rally behind Trump, especially in swing states – a shift attributed to his focus on economic issues, masculinity, and targeted outreach via nontraditional media. Although most young voters still lean Democratic, exit polls reveal that the gender gap among under-30 voters is widening, with young men increasingly turning to Trump’s message and diminishing Democrats’ traditional youth support advantage. (Axios)

  9. Trump’s return to the White House threatens to derail global climate efforts. Environmental advocates fear Trump’s re-election will undermine international climate goals, particularly if he withdraws the U.S. from the Paris Agreement and dismantles domestic green policies. Trump’s agenda to cut environmental protections and increase fossil fuel production risks accelerating climate change impacts, reversing much of the recent progress toward cleaner energy. Although cities, states, and other countries may continue pursuing climate solutions independently, experts caution that the absence of U.S. leadership in climate diplomacy could have far-reaching consequences for global efforts to curb emissions. (Mother Jones)

  10. Trump set to target key climate policies that reduce emissions, but experts say state and local action will persist. Climate policy experts warn that Trump’s re-election could undo major U.S. climate initiatives, such as the Inflation Reduction Act, methane regulations, and emissions rules for power plants, which have been crucial in reducing greenhouse gases. While Trump aims to increase fossil fuel production and roll back environmental protections, local and state governments and renewable energy markets are expected to continue driving some climate progress, although federal setbacks may slow overall emissions reductions. (Associated Press)

  11. Climate experts say Trump’s re-election ends hopes for 1.5°C warming limit but stress the importance of ongoing action. With Trump’s re-election, experts agree the 1.5°C warming target is virtually unreachable, a change that could intensify extreme climate impacts like heatwaves, wildfires, and sea level rise. However, they emphasize that limiting the temperature increase even fractionally could still mitigate the damage, urging continued efforts at state, local, and global levels to preserve a livable climate. International leaders, particularly from countries like China and the EU, may need to fill the void left by the U.S., while renewable energy developments and local climate policies in the U.S. offer some hope for climate progress. (HEATED)

  • 📅 From Election Day to Inauguration Day.

  • Nov. 11: Veterans Day – NO WTFJHT
    Nov. 20: Biden’s Birthday – NO WTFJHT
    Nov. 26: Trump is sentenced.
    Nov. 27-28: Thanksgiving – NO WTFJHT
    Dec. 11: Deadline for governors to certify the election and submit their slate of electors.
    Dec. 17: Electors formally vote for president and VP.
    Dec. 20: Government funding expires.
    Dec. 24-25: Christmas – NO WTFJHT
    Dec. 31-Jan 1., 2025: New Year’s – NO WTFJHT
    Jan. 3: Members of the 119th Congress are sworn in.
    Jan. 6: Congress counts Electoral College ballots.
    Jan. 20: Trump’s Presidential Inauguration.

  • The midterm elections are in 725 days.