4 Reasons Middle Class Millennials Should Be Wary of a Trump/Vance 2024 Election Win
When it comes to Donald Trump and J.D. Vance potentially winning the White House in November, analysts and lawmakers warn the win could come with good and bad news for middle class millennials.
Trending Now: Here’s How Much the Definition of Middle Class Has Changed in Every State
Find Out: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
Key areas such as the economy and healthcare would likely see changes that would directly impact those millennials.
Here’s a look at reasons why middle class millennials should be wary of a Trump win.
Wealthy people know the best money secrets. Learn how to copy them.
The Number of Jobs Could Shrink
The economy is a key area for voters when it comes to which candidate they’ll support in November.
Vance takes a more populist view of the economy than Trump and could influence policy if Trump wins.
According to Axios, “Vance believes that decades of liberalized global trade and immigration to the United States have been damaging for U.S. workers and that reversing those trends will generate higher wages, more productivity-enhancing innovation and greater labor force participation by native-born men.”
In an interview with The New York Times published on June 13, Vance said, “The main thrust of the postwar American order of globalization has involved relying more and more on cheaper labor.”
“The trade issue and the immigration issue are two sides of the same coin: The trade issue is cheaper labor overseas; the immigration issue is cheaper labor at home, which applies upward pressure on a whole host of services, from hospital services to housing and so forth.
“The populist vision, at least as it exists in my head, is an inversion of that: applying as much upward pressure on wages and as much downward pressure on the services that the people use as possible,” Vance said.
That “upward pressure” promotes labor scarcity — fewer jobs.
For You: How I Went From Middle Class to Upper Middle Class
Inflation Could Increase
Trump has promised to renew and expand tariffs on imported items, which could lead to higher prices for everyday items if he’s reelected.
The tariffs would likely consist of a 10% premium added to tariffs already in place. An analysis by the Center for American Progress Action Fund, a nonpartisan policy institute and advocacy organization, found that the new tariffs “would amount to a roughly $1,500 annual tax increase for the typical household, including a $90 tax increase on food, a $90 tax increase on prescription drugs and a $120 tax increase on oil and petroleum products.”
“This tax increase would drive up the price of goods while failing to significantly boost U.S. manufacturing and jobs,” the analysis noted.
But that’s not how the Trump campaign sees it. Karoline Leavitt, Trump campaign press secretary, told CNN that Trump would “cut good trade deals that uplift the American worker and family.”
Consumer Protections Could Be Scaled Back
Trump has made it no secret he doesn’t like regulations. Under another term, he’s likely to seek deregulation.
On the positive side, middle class millennials could see lower prices for utilities and goods with deregulation. However, deregulation in industries such as energy and finance could eliminate key consumer protections and lead to increased environmental and economic sustainability concerns.
Healthcare Costs Could Rise
While the Affordable Care Act has provided financial relief to help families pay for healthcare, Trump has said he wants to create better options and called Obamacare “a catastrophe.”
He may have missed the boat. According to CNN, “While Obamacare had a rocky start, with enrollment coming lower than expected in the federal and state exchanges, insurers dropping out of the marketplaces and many Republican-led states refusing to expand Medicaid, it has since stabilized.”
It also has gained in popularity. A February Kaiser Family Foundation Health Tracking Poll found that only 16% of respondents believed Trump had a healthcare plan. But 82% — including 60% of Republicans — want to keep some form of the ACA in place.
The GOP’s 2024 platform barely mentions healthcare except to say, “Republicans will increase transparency, promote choice and competition and expand access to new affordable healthcare and prescription drug options.” It also promises to protect Medicare and expand healthcare choices for veterans.
However, it gives no details as to how it might accomplish those goals.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: 4 Reasons Middle Class Millennials Should Be Wary of a Trump/Vance 2024 Election Win