There are many ways to honor military veterans on this Veterans Day, including the way you shop.

I'm David Brancaccio in New York. First, we're leading with a new heads up from a big Wall Street credit rating agency that if President-elect Trump does what he has promised, the finances of the U.S. government could deteriorate.

Moody's is the last of the three main credit agencies to keep

America's top rating in place, but it's reviewing that determination now. Moody's rivals slightly

downgraded after repeated debt ceiling fights. Let's go deeper down with Harvard's Jason Furman,

who is chair of the White House Council of Economic Advisors under President Obama. Professor,

good morning.

Great to be with you. What about this notion from the credit rating agency that if we take

the president-elect at his word on many of these policies, the federal government's fiscal

health could suffer? That's exactly right. President Trump was basically every week announcing a new

area of income that would not be subject to tax. You add all of that up, and it's more than $10 trillion

worth of promises. That would be a huge increase in the deficit if Congress is willing to pass it.

I think voters sometimes are cynical or like, well, everybody makes promises.

What you're saying is there are some economists out there who are kind of hoping that these were promises and not actual policy.

I don't think it's some economists out there. I think it's probably the vast majority of them.

My Republican friends in the economics profession, first of all, thought this was too expensive, but second of all, thought they were very poorly designed.

They're really, you know, one pandering giveaway after the next.

Fiscal policy has real effects to people around their kitchen

table, because if you're borrowing more, that can drive market interest rates higher, for starters.

I mean, the tricky thing with fiscal policy is the direct effect is always good. It's paid for,

though, by higher inflation, higher interest rates, eventually maybe higher taxes or

spending cuts, and all of that is indirect, but at a time like this, when we already have a high

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