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For those watching the Presidential election, things have been looking very bad for Kamala lately, with national polls tightening, and Trump ahead in several key states. Although it remains too close to call, Trump's odds have shot up to 57% according to Polymarket.
Harris's 1.4% lead in national polls is cold comfort given that, at a similar point in the election, Biden was up by 9.4% and Clinton was up by 6.7%.
Democratics are panicking about Trump's support in the black community, which has traditionally voted 90/10 in favor of Democrats. While Trump will still lose the black vote by large margins, his style is more appealing to black voters (especially men) then previous Republican candidates like Mitt Romney. Democrats have responded by trying to shame black voters. Recently, Barack Obama was even unearthed to chastise black men for not wanting to vote for Harris.
Enter the latest vote-buying scheme, which I think is the most naked attempt to buy votes I've ever seen in recent US politics, even more than college debt forgiveness.
https://x.com/KamalaHarris/status/1845993766441644386
Harris-Walz have proposed a 20k forgiveable loan for up to 1 million Black (capital B) entrepreneurs to start a business. The fact that the loan is forgiveable means that this is essentially a gift to any grifter who wants to take advantage. But most importantly, it's explicit racial discrimination against the 86% of the country who isn't black.
Personally, I think this appeal is likely to backfire as most swing voters are sick of handouts to people who aren't them.
Will Trump counter with some asinine scheme of his own? Probably.
I know very little about prediction markets, so can someone explain to me how likely it is that Trump's surge on for example Polymarket is the result more of speculative behavior than of people rationally trying to predict the winner of the election? I don't really see any reason to currently view the race as being anything other than pretty close to 50-50. People might say well, if I believe that then why not try to make some money on it? And maybe that's fair. But that does not necessarily mean that the betting odds on Polymarket are actually an accurate guide to the likely election outcome.
Other countries have let people bet on politics for a long time and no, they’re far from always accurate. Right before Brexit, the betting market hugely favored remaining in the EU for example.
Prediction markets are well-calibrated when there is sufficient liquidity.
A 20% chance is not a 0% chance. It will happen 1 in 5 times. When it does happen, the prediction market is not "wrong".
This is what Nate Silver had to say over and over again in the wake of 2016 when he made a "wrong" prediction by giving Trump only a 30% of winning. Most people simply fail to understand how prediction works.
Yes, but for a non-repeatable event it’s also very easy for a pollster to say they were right. After all, even someone who predicts a 95% likelihood of A winning can say “well, the 5% likelihood of B winning happened to be the outcome in this scenario, my forecast was in fact entirely correct” and this is completely unfalsifiable.
You have to look at their predictions in aggregate. If they predict 20 elections with a 95% chance for party A, and A wins 19 of those 20 elections, then yes they were accurate.
Even if that 1 election was a landslide for party B, the prediction method is accurate. People who say otherwise just aren’t accepting that it’s a percentage chance and not a poll.
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