If Trump Wins in 2024, What Will Your Bills Look Like in 2025?

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As the 2024 presidential election looms, many people in the U.S. are contemplating the potential impacts of another trip for Donald Trump to the White House, particularly where finances are concerned. Beyond the political and social implications, the money moves made at the top trickle down to your daily grind in terms of grocery, gas and utility bills.

If Trump secures the presidency for a second time despite any court convictions, how hard will it hit your wallet?

Also here is what a second Trump presidency could mean for your debt.

Quick Take: Trump Reelection vs. Your Finances

The Donald Trump administration’s first term was marked by a mix of deregulation, tax cuts and a robust stock market, which supporters argue spurred economic growth. However, critics point to increasing income inequality, a burgeoning national debt, volatile trade policies and the skyrocketing average costs of goods. A second term would likely continue many of these policies, with specific implications for necessary household expenses.

Here are a few key takeaways: 

• Though technically gas prices were generally cheaper when Trump was in office, his policies had really nothing to do with what you paid at the pump and lots of people thinking that gas or energy prices would decrease during a second presidential term would likely be disappointed. 
• If you have been trying to figure out why your grocery budget is out of control, it’s probably because food costs increased by 25% between 2019 to 2023. This food budget doesn’t even factor in eating out at restaurants which have also gone up exponentially.
• You may not realize that utilities, including electricity, have high dividends that are derived from steady costs and a stable operating system. Even with less-than-ideal interest rates, they maintain a worthy investment, but how a Trump win would affect your monthly electricity bills remains unclear.
• Any executive order Trump claims he will make if reelected alleging to lower inflation is not likely backed by projected economic statistics. 

Grocery Bills

One of the hallmarks of Trump’s economic policy has been his aggressive stance on trade. His administration implemented tariffs on various goods, particularly those from China, aiming to protect American industries. However, these tariffs often led to higher costs for imported goods, including food items.

In 2025, this could mean your credit card will be doing some heavy lifting at your local grocery store if Trump stays consistent with these policies or even intensifies certain tariffs. If this isn’t part of your thrifty plan to cut food costs you can hope that if he does win he’ll negotiate more favorable trade deals to help reduce food costs. Domestic agriculture could even benefit from fewer competitors, potentially lowering some grocery prices, but supply chain disruptions could counteract these gains.

Trump’s Potential Approach to Agricultural Policy 

Some things Trump tried to implement included support for biofuels and deregulation, which might benefit farmers if reimplemented in 2025. However, trade wars previously hurt farmers, leading to the need for government bailouts.

A supportive agricultural policy could stabilize or lower some grocery costs. However, if trade tensions rise again, farmers could face export challenges, potentially driving up prices for domestic consumers.

Gas Prices

Trump has consistently advocated for energy independence, promoting fossil fuel production, including oil and natural gas. His administration rolled back numerous environmental regulations to boost domestic energy production. This may be temporarily good for your finances but terrible for the environment. 

An increased domestic production in 2025 could lead to lower gas prices if supply outpaces demand. However, global oil prices are influenced by numerous factors beyond U.S. control. Geopolitical tensions and global demand shifts could all affect prices at the pump. A less stringent regulatory environment might lower production costs, but environmental concerns and potential international backlash could complicate the picture.

Trump vs. Renewable Energy and Climate Policies

Trump’s skepticism towards climate change policies and his withdrawal from the Paris Agreement contrasted sharply with the previous administration’s focus on renewable energy.

A continued focus on fossil fuels over renewables in 2025 might slow the transition to cleaner energy sources. This could maintain lower gas prices in the short term but might result in higher long-term costs due to environmental damage and potential climate-related regulations.

Utility Bills 

Trump’s deregulation efforts extended to the energy sector, aiming to reduce costs for consumers and businesses. These policies often favored traditional energy sources over renewable ones, but what does that mean when it comes to how much it will cost you to run your air conditioning or enjoy your streaming services?

Short-term reductions in utility bills could result from deregulated energy markets and increased production of natural gas and coal. However, this might come at the cost of long-term sustainability and increased environmental risks. The potential for regulatory rollbacks on renewable energy investments could slow the adoption of more efficient, cost-effective technologies.

Trump vs. Long-Term Infrastructure Investment

Trump has repeatedly promised significant infrastructure investments, which could include modernizing the energy grid. However, his first term saw mixed results in terms of actual implementation. Focusing on your personal finances and monthly bills is one thing, but seeing the larger impact is another. 

If substantial infrastructure investments materialize if Trump gets elected for a second term in 2024, improvements to the energy grid could lead to more reliable and potentially cheaper utility services in 2025. Yet, the funding and execution of these projects remain uncertain, leaving their impact on utility bills in 2025 speculative at best.

Overall Effects of a Trump Win

The bottom line is that predicting the exact impact of a potential Trump presidency on grocery, gas and utility bills in 2025 involves navigating a complex web of policies and external factors outside just your wallet. A mix of continued deregulation, potential trade tensions and an emphasis on fossil fuels suggests a possible scenario of initially lower costs in some areas, counterbalanced by longer-term risks and uncertainties.

You should research and weigh these economic considerations alongside broader political, social and environmental factors before you head to the polls in 2024. The interplay of domestic policies and global economic dynamics will shape the financial landscape in the years to come, making it crucial for Americans to stay informed and engaged in the political process. Simply put, if you are going to put your money where Trump’s mouth is, it might not always be a predictable investment or even a wise one.

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