I Live in Nevada: 5 Reasons I’m Worried About How a Second Trump Presidency Would Impact My Budget
Written by
Laura Beck
Edited by
Chris Cluff
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Fran L., a warehouse worker from Las Vegas, is sweating the upcoming election. Not because of politics, but because of her pocketbook.
“Every time I turn on the news, it’s all about [Donald] Trump this, Trump that,” Fran said. “And sure, I care about politics, but what I really care about is my bank account. I’m worried about more handouts for the rich while the rest of us suffer.”
GOBankingRates sat down with Fran to find out why she’s worried about how a second Trump presidency might impact her monthly budget.
Healthcare Headaches
For Fran, the Affordable Care Act isn’t just a political talking point — it’s how she affords her doctor visits.
“I remember when Trump was gunning to get rid of Obamacare,” Fran said. “That scared the heck out of me. I’m not getting any younger, and I really don’t want to lose it.”
Fran’s worried that a Trump win could mean another push to dismantle the ACA. “I know it’s popular though, so I’m not sure how far he’d get. Still, it’s a concern.”
Tax Cut Tango
The Tax Cuts and Jobs Act of 2017 gave Fran a bit of a boost. But with those cuts set to expire in 2025, she’s feeling uncertain.
“Sure, paying less in taxes was nice,” Fran said. “But I keep hearing about how Trump might try to extend these cuts. Sounds good on paper, but what’s the catch?”
Fran’s concerned that without a plan to make up the difference, important programs might end up on the chopping block. “I mean, I’m no economist, but something’s gotta give, right?” she said.
For the record, the Congressional Budget Office projects that extending the TCJA would increase the deficit by $4.6 trillion over 10 years.
Retirement Jitters
As retirement creeps closer, Fran’s got her eye on Social Security and Medicare.
“Trump says he won’t touch these programs, but then I hear his advisors talking about ‘reforms,'” Fran said. “I really need Social Security to stick around if I ever want to retire. And trust me, I was ready to retire yesterday!”
At only 49 years old, Fran isn’t close to retirement age yet, but she still has her eye on the prize – living out her golden years in moderate comfort. Any changes to these programs could force her to rethink her entire retirement strategy.
Market Madness
Fran’s got a modest 401(k), and she worries what a second Trump presidency could do for the state of the world’s markets.
“I’m not looking to get rich quick,” Fran said. “I just want to know my nest egg is safe.”
Fran believes that Trump is “sometimes unstable” and that can lead to the stock market also being unstable. “I just want to not think about my money but also know it’s growing – is that too much to ask?”
Experts generally say presidents have little direct impact on the stock market.
Wage Woes
While Fran’s not earning minimum wage herself, she knows that changes at the federal level can ripple through the entire economy.
“If the folks at the bottom aren’t seeing raises, it makes it harder for the rest of us, too,” Fran said. “Everything keeps getting more expensive. If wages don’t keep up – which, quite frankly, they’re not – we’re all in trouble.”
She’s concerned that Trump’s mixed messages on minimum wage could lead to stagnation across the board.
Trump has opposed a minimum wage in the past; in this election, he is proposing an end to taxes on tip wages.
The Final Word
Fran’s quick to point out that she’s not telling anyone how to vote. She’s just trying to make sense of what a Trump presidency might mean for her monthly budget.
“Maybe some people will do great under Trump, I don’t know,” she said. “But for a regular person like me? I’ve got questions.”
As November approaches, Fran’s doing her homework. She’s poring over both candidates’ economic plans, trying to read between the lines of campaign promises. That way, when election day comes, she can vote with confidence for the candidate she believes will help the middle class.
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.
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