November 8, 2026
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Michael's Daily Memo
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Relief is on the way. That was Chuck Schumer’s promise this week as Democrats celebrated retaking the House and Senate. Hakeem Jeffries, the presumptive speaker, said his caucus will fight to make the country affordable for every American. Affordability won the midterms. The question now is what voters think the word means.
If it means prices returning to where they were before the pandemic, many are going to be disappointed, regardless of what Congress does. Prices across the economy rarely fall. The last time the overall price level declined for a full year was 2009, in the depths of the Great Recession. Before that, you have to go back to 1955. The Federal Reserve targets 2 percent inflation, not zero, because broadly falling prices usually signal something worse.
Gas is different. It rides a global oil market, and when the war with Iran winds down, I expect the price at the pump to follow. But rent, car insurance, tuition, the check at the diner? Those tend to move in one direction.
What can change is the gap between what we earn and what we pay. Slower inflation combined with rising wages is how affordability actually returns, and it happens so gradually that few people notice when it arrives.
That leaves Democrats in a tough spot. They won on an economic message, but they’ll govern alongside a president holding a veto pen. Matt Bennett of the centrist group Third Way has already warned that voters may have heard a promise of quick relief that divided government can’t deliver. Plenty of people will judge the next two years by their grocery receipt.
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DAILY POLL
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Gas aside, will prices ever come down?
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TOP STORY
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A gunman with alleged far-right, ultranationalist beliefs killed six people and injured at least 15 in a shooting at Krakow’s historic Main Market Square in Poland, which officials described as a terrorist attack, while three of his relatives were later found dead in his home.
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TODAY'S YOUTUBE
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SPONSORED BY PARX CASINO
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IN OTHER NEWS
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Florida Gov. Ron DeSantis is preparing another run for the GOP presidential nomination after Republicans suffered sweeping midterm losses, with allies arguing his state's resilience against the Democratic wave gives him fresh credibility heading into the 2028 primary.
California Gov. Gavin Newsom's decision to commute the sentences of all 548 state death row prisoners to life without parole has drawn fury from some victims' families, including Polly Klaas's father, while anti-death penalty advocates and other relatives have praised the move.
Stephen Miller, the architect of President Trump's most aggressive immigration policies in both of his administrations, is set to take over as White House chief of staff on Monday, replacing Susie Wiles after Republicans' crippling midterm losses.
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President Trump said on 'Truth Social' that he has offered the White House press secretary job to UFC chief Dana White, asking him to bring a crew of fighters as assistants, with White confirming he plans to meet with Trump Monday to discuss the unconventional proposal.
Following Democratic gains in the midterm elections, Fox News contributor Jonathan Turley argues that the party could use its growing control of state governments to advance the National Popular Vote Interstate Compact, effectively bypassing the Electoral College and raising constitutional questions.
After sweeping midterm wins fueled by voter frustration over the cost of living, Democrats preparing to take control of Congress in January face Republican filibusters and a president vowing to veto their affordability agenda.
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CARTOONS
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MORE NEWS
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"Jagged Little Pill" singer Alanis Morissette revealed she is pansexual during the Nov. 3 episode of the "Handsome" podcast co-hosted by Tig Notaro, Fortune Feimster and Mae Martin, discussing her sexuality and past experiences with same-sex attraction.
As war with Iran drags on and a US-Saudi nuclear pact awaits Congress, decades of American and Israeli silence about Israel's undeclared arsenal — long shielded by a policy of deliberate ambiguity dating to Nixon and Golda Meir — is facing new pressure from lawmakers and even Secretary of State Marco Rubio.
Moviegoers returned to the iconic steps of the Philadelphia Museum of Art this weekend as 'I Play Rocky', a new film depicting Stalone's journey to getting the original movie made, hit theaters nationwide, with actor Anthony Ippolito's portrayal of the Italian Stallion as a true stand out feature of the flick.
For the Left
Senator Bernie Sanders is urging Democrats to pursue ‘Medicare for All’ and other healthcare reforms following their sweeping midterm victory, arguing that voters expect change and for the party to deliver on its healthcare promises even in the face of President Trump’s veto power.
For the Right
The Center for Advancing Innovation and Standards for Super Intelligence’s informal reporting relationship with the White House has raised concerns that political influence, leadership instability and limited oversight could undermine federal AI safety assessments.
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