The impact of Trump and the GOP's policies on the middle class and working class

[Wesley_Clark]

So, just for posterity, I want to create a list of all the things either Trump and/or the GOP are preparing or wanting to do, and the impact it’ll have on working people from an economic perspective.

Trump hasn’t taken office yet, so there is no telling what he will actually do. This is just based on what he and the GOP might do, or have said they want to do.

Privatize medicare. I’m not sure if Trump is in favor of this (who knows what he wants) but Paul Ryan wants it. It’ll increase health care costs in retirement by at least 6 figures per person.

Stop requiring retirement investors to act as a fiduciary(ie, stop requiring them to act in the best interest of their client). Who knows over the lifetime of IRAs, 401ks, etc. how much money this will cost the average working person. Probably 5 figures over a person’s lifetime in lost income.

Trump’s tax plan. It would raise taxes on51% of single parents. However in the interest of fairness, I think non-single parents who are working class and middle class would see a tax cut by a few hundred a year.

Reversing overtime pay

Starting a trade war will increase prices of consumer goods.

Abolishing Obamacare, starting with the subsidies (which won’t affect most people, I think less than 10% of people get insurance via the exchanges).

Cutting Pell Grants. This is another Paul Ryan agenda.

Eliminating the federal minimum wage. Trump has gone back and forth on this, but the GOP is pretty much against it.

In Trump’s favor, reducing illegal immigration should drive up wages for low wage jobs. Also as I said his tax plan will probably save a few hundred a year for working class and middle class people, just so long as they aren’t single parents (single parents will see their taxes go up under Trump’s plan). I have no idea if trade agreements can be changed to make the US more competitive w/o causing more harm than good.

Fun times.

[computergeek]

Since I work for the Federal government, I can take my current insurance into retirement, so messing with Medicare shouldn’t personally affect me, unless the President and/or Congress also mess with the health insurance of Federal retirees (and they very well could). So I’m concerned for all the other seniors who can’t afford insurance and thus use Medicare. Ryan may try to privatize it, but seniors can get pretty ornery about the politicians touching their Medicare

[iamthewalrus_3]

@Wesley_Clark

Privatize medicare. I’m not sure if Trump is in favor of this (who knows what he wants) but Paul Ryan wants it. It’ll increase health care costs in retirement by at least 6 figures per person.

Well, it can’t increase health care costs by that much, because the vast majority of people don’t have six figures to spend on health care.

What will actually happen is that more old people go without expensive health care.

[Euphonious_Polemic]

@iamthewalrus_3

Well, it can’t increase health care costs by that much, because the vast majority of people don’t have six figures to spend on health care.

What will actually happen is that more old people go without expensive health care.

5 - 10 years from now, we’ll see the fall out - more sickness and premature deaths among the older demographic. Which they will, of course, blame on Obama.

[DrCube]

@Euphonious_Polemic

5 - 10 years from now, we’ll see the fall out - more sickness and premature deaths among the older demographic. Which they will, of course, blame on Obama.

And credit Trump with “saving” Social Security. :rolleyes:

[Euphonious_Polemic]

@DrCube

And credit Trump with “saving” Social Security. :rolleyes:

“We had to destroy Social Security in order to save it” (apologies to Bến Tre)

[DinoR]

Ryan, as part of his “Better Way” during the campaign brought up increased portability of HUD housing vouchers although with almost no details that I could find. Obama included funding for a “Housing Choice Voucher Mobility Demonstration” in the 2017 budget proposal. It’s only $15 million IIRC as demonstration program. It’s budget dust to help people get better information on finding options for the voucher they are already getting.

The current state of affairs

Many more families would like to use vouchers to move to better neighborhoods — and many housing agencies would like to help them do so — but families typically do not receive the information and assistance they need to make successful moves. In addition, certain program rules,[7] as well as the program’s balkanized administrative structure, make it more difficult for families to use vouchers in high-opportunity areas. In the few cases where families receive assistance from public housing agencies (PHAs) — or partner organizations — that operate regionally, have policies that facilitate using vouchers in higher-opportunity areas, and provide information and assistance to families to move to such areas, thousands have successfully made such life-changing moves.

It’s a real chance, with bipartisan interest, to improve the outcomes of an existing program without huge new spending. If you look at the link there are other inefficiencies in the administration of vouchers that could potentially provide cost savings as well.