Washington Edition
Crackdowns on big companies prove popular

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, Bloomberg antitrust reporter Leah Nylen looks at a poll of voters’ attitudes toward antitrust enforcement. Sign up here and follow us at @bpolitics. Email our editors here.

Monopoly Games

Voters really don’t like corporate monopolies.

It’s a sentiment that unites the left and right. More than 65% of voters recently polled in the seven crucial presidential battleground states and Ohio support the government suing to break up monopolies and economically powerful companies. 

And in a clear signal for the campaigns of Donald Trump and Kamala Harris, more than half said they’d be more likely to pick a presidential candidate who also backs tougher antitrust enforcement.

Earlier this month, Democratic pollster Lake Research Partners interviewed 600 likely voters in those states about their views on antitrust issues. The results were surprising: 67% of voters said one of the biggest problems facing the country today is corporate power and a lack of government pushback. A solid majority — 58% — had a favorable opinion of government enforcement of the antitrust laws.

The Biden administration’s Justice Department and Federal Trade Commission have broadened their aggressive enforcement beyond Big Tech like Google and Apple to bring cases against other companies that dominate markets, including Visa, Ticketmaster and drug middlemen owned by CVS and UnitedHealth.

Would that continue under the next president?

Harris, the vice president, has stayed mum on how she’d approach antitrust. She’s likely trying to avoid stepping into the fight between wealthy Democratic donors who want her to ditch FTC Chair Lina Khan and progressives like Representative Alexandria Ocasio Cortez who’ve threatened an “out and out brawl” if Harris were to oust her.

Khan Photographer: Al Drago/Bloomberg

Former President Trump has also said little about how he may approach antitrust. In an Oct. 15 interview conducted by Bloomberg News he said he’d “do something” about Google but stopped short of endorsing a break up.

However Trump’s running mate, Ohio Senator JD Vance, is a fan of Khan — who has become the face of the Biden administration’s antitrust drive — for her approach to tech companies. (That’s in contrast to many other congressional Republicans.)

The poll was commissioned by two non-profits that back greater enforcement, the American Antitrust Institute and the Committee to Support the Antitrust Laws

Don’t Miss

Secretary of State Antony Blinken is undertaking his 11th trip to the Mideast in his so-far unsuccessful effort to engineer a cease-fire between Israel and Iran-backed militants since the attack on Israel more than a year ago.

Harris cast herself as a leader who would work with the private sector to grow the US economy as she sought to win over Republican voters disenchanted by Trump during a blitz through three key battleground states.

Once a master of small-donor fundraising, Trump is now relying on wealthy backers, including billionaires Elon Musk and Miriam Adelson, to underwrite his third White House bid.

Trump’s agenda for a second presidential term would drive Social Security to insolvency three years earlier and eventually slash benefits by nearly a third, a nonpartisan budget watchdog group estimated Monday.

The Supreme Court refused to open Trump to a lawsuit by his former lawyer and fixer, Michael Cohen, who says he was returned to prison because he wouldn’t promise not to publicly criticize his onetime boss.

The court also declined to hear an appeal that sought to give the president control over agencies that have long operated independently, potentially including the Federal Trade Commission.

The Biden administration unveiled a proposal that would require private health plans to cover over-the-counter contraception at no additional cost to consumers.

All versions of the F-35, the world’s costliest weapons program, have failed to meet minimum combat readiness rates for six straight years, according to the watchdog agency for Congress.

Federal Reserve Bank of Dallas President Lorie Logan repeated her call for the central bank to lower interest rates at a careful pace as the economic environment remains uncertain.

Watch & Listen

Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed Maya MacGuineas, president of the Committee for a Responsible Federal Budget, about how Trump's proposals would accelerate the insolvency of the Social Security trust fund, and why neither presidential candidate is talking about solutions on the campaign trail. 

On the program at 5 p.m., they talk with Mara Rudman, a professor at the University of Virginia and a former State Department official, about the conflict in the Middle East.

On the Big Take podcast, Bloomberg’s Sarah Holder speaks to Bloomberg’s tech reporter Jackie Davalos about the use of AI cheating-detection tools in higher education, and what happens when students are falsely flagged. Listen on iHeart, Apple Podcasts and Spotify.

Chart of the Day

Amid a housing supply shortage, a growing share of mid-income households are assuming heavier debt loads to make the leap to homeownership, according to a Bloomberg analysis of 10 million federal home-loan records from 2018 to 2023. Many lenders and consumer advocates prefer that borrowers’ debt-to-income ratios don’t exceed 36%. Last year, 58% of mid-income households approved for mortgages had debt-to-income of 40% or more — a share that’s the largest since at least 2018. The housing crisis is particularly acute in some presidential election battlegrounds like Las Vegas, where almost three-quarters of mid-income households approved for mortgages last year had debt-to-income above 40%. That’s one of the highest shares in the country. — Alex Tanzi 

What’s Next

The annual meetings of the International Monetary Fund and World Bank take place this week in Washington. 

Harris will participate in a CNN town hall in Pennsylvania on Wednesday. She is set to campaign in Georgia on Thursday and Michigan on Friday. 

Trump is scheduled on Tuesday to participate in a Latino roundtable in Florida, a virtual town hall, and a rally in North Carolina. On Wednesday, he will participate in a town hall and a rally in Georgia. 

Biden is set to visit Arizona on Thursday and Friday. 

US consumer sentiment data will be released Friday. 

US third-quarter GDP data will be released on Oct. 30. 

Seen Elsewhere

  • Scientists mapping intensifying landslide risk in Alaska are finding that some residents don't want to know, it part because of the potential impact on property values, the New York Times reports. 
  • In a tight-knit Amish enclave in Ohio, Millennials are out-earning their Gen X counterparts — a sign of upward economy mobility — despite relatively low levels of educational attainment, according to the Wall Street Journal.
  • Idaho requires parental consent for almost all health care for minors, and a 13-year-old’s pregnancy shows the consequences of what some physicians and therapists say is a misguided and dangerous law, the Washington Post reports.

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