4 More Ways JD Vance Could Impact Your Wallet If He and Trump Are Elected
Written by
Brooke Barley
Edited by
Chris Cluff
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After Donald Trump selected Ohio Sen. JD Vance as his running mate for the 2024 election, GOBankingRates talked to an economist about how Vance’s philosophy of devaluing the dollar could affect Americans. One of the big potential ramifications of his “weaker dollar” approach likely would be higher inflation, the economist said.
Here are some other ways Vance’s fiscal approach could influence the economy and your wallet — most of these aligning with Trump’s expected economic strategy.
The Price of Goods Could Go Up Even More
Trump has voiced his support for an all-tariff policy, meaning taxes on the American people would be lowered or eliminated, while taxes on imports from other countries would be higher.
David Schultz, a political science professor at Hamline University in MInnesota, said Vance’s support for tariffs means we could see even more than we did during Trump’s previous term with Mike Pence as vice president. “Look to see more tariffs against China and other countries,” Schultz said.
But Louis Balla, a partner at Nuage, said more tariffs doesn’t necessarily read all bad for consumers.
“More tariffs and trade wars could drive inflation, hurting consumers and companies dependent on foreign goods,” Balla said. “However, if policies coerce trade partners into fairer deals and boost domestic industry, they may strengthen the middle class in the long run.”
Prices of Technology Could Shift
Vance has been a very vocal critic of technology companies. He was one of the politicians who supported President Biden’s measure to give high-speed internet subsidies to low-income households. Vance was such a proponent of this measure that he was one of the lawmakers who wanted to hold up an FAA must-pass bill in order to get the internet subsidy bill to go forward.
Not every businessperson is comforted by Vance’s stance with technology.
Ryan McEachron, the CEO of ISU Insurance Services ARMAC Agency, worried that this anti-tech viewpoint might negatively affect his business: “Limiting technology adoption could reduce efficiency and raise operating costs, forcing us to adjust premiums.”
Balla agreed: “As an ERP partner, I worry what a Vance-influenced Trump administration may mean for technology spending. Vance is skeptical of technology’s impact, and I can see policies aimed at limiting automation or incentivizing onshoring jobs. This could reduce business tech budgets, hurting software companies and partners.”
Support for Pro-Worker Policies
After Tim Walz, the Democratic nominee for vice president, accused Vance of not voting for a single pro-worker policy, the Washington Post released a fact check that showed Vance had indeed voted for two. One was the Railway Safety Act, which would impose new safety regulations, and the other was the Radiation Exposure Compensation Reauthorization Act, which gave aid to uranium miners.
Balla pointed out that Vance also showed support for limiting outsourcing for workers and visa, which might pose problems for businesses.
“While appealing politically, they risk raising costs for companies reliant on global supply chains or tech talent,” Balla said. “These higher costs may be passed to consumers through higher prices. However, if policies boost domestic manufacturing, they could increase jobs and consumer purchasing power. It’s hard to foresee the net effect.”
Rob Macoviak is the president of Oyer, Macoviak and Associates. He worried about what Vance’s policies might mean for his insurance customer base.
“Though pro-business policies may boost growth in the short term, the reality of higher out-of-pocket costs for medical care and less stability may hamper long-term success,” he said. “Our clients range from individuals to large employers across industries. Policies incentivizing lower costs at the expense of comprehensive care may seem appealing but often lack substance.”
Healthcare Policies Could Become More Restrictive
In his limited time in the Senate, Vance has made his healthcare priorities known. He wants to limit access to abortion and gender-affirming care. He also does not support access to federal health programs to Dreamer immigrants.
Macoviak said that such big healthcare restriction mandates like this could affect healthcare coverage, which would be bad news for both business owners and their employees.
“Here in Florida, the economy depends heavily on small businesses and tourism,” Macoviak said. “Healthcare policies disrupting coverage and increasing uncertainty could significantly impact these industries, trickling down to workers and families. While optimistic about growth, the effects on my clients depend entirely on how new policies are executed and impacts to affordability.”
The truth is a lot is hard to predict without seeing Vance in action. Though these are predictions based on his previous measures, it really depends how he decides to try to implement those beliefs into policy — and whether Trump wants him to.
“Overall it’s hard to predict how Vance’s influence may trickle down to wallets,” Balla said. “A mix of pro-worker and protectionist policies could either boost or hinder growth, depending on execution and economic conditions. As with any administration, the effects will depend greatly on the state of the economy and geopolitical events — both hard to foresee years in advance. The policies that seem appealing in campaigns often change once in power.”
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. For more coverage on this topic, please check out How Could Harris’ VP Pick, Tim Walz, Affect Economic Policies and Your Wallet?
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