Prices of various things have changed since Donald Trump took office in January, and here are the four things ‘middle class’ Americans may no longer be able to afford anymore.
Since returning to the White House for his second term, the 47th POTUS has signed countless executive orders, including renaming the Gulf of Mexico to the Gulf of America and signing a bill eradicating the Department of Education.
He also signed off an order that will change elections as we know it – something which was passed in the US House on Thursday (April 10).
Tariffs have also played a huge role within the Trump administration, which has in turn increased the prices of many everyday items.
On top of that, you’ve got bigger spending not afford for the ‘middle class’ American too, as per GoBankingRates.
Higher education
While higher education was only possible for children who came from an affluent background in the past, there’s no doubt going to college has become an option for many more young adults in recent years.
But could that be about to change?
Well, finance expert Andrew Lokenauth, founder of TheFinanceNewsletter.com, said per GoBankingRates: “Federal student loan interest rates might increase, income-driven repayment plans could become more restrictive, public university funding might decrease, leading to higher tuition, and student loan forgiveness programs could be eliminated or reduced.”
Healthcare
Since returning to office, Trump has signed an executive order to roll back the importance of the Affordable Care Act, which millions of Americans are signed up to for cheaper healthcare.
As a result, many are worried healthcare in the US could soon become unaffordable.
Lokenauth said: “Monthly premiums might skyrocket by 20-30 percent for middle-class families, pre-existing conditions could once again become a barrier to coverage, many employers might reduce health benefits to cut costs, and prescription drug prices could increase without price controls.”
Transport
Given how massive the US is, transport – whether it be a personal vehicle or public transport – plays a massive role within the economy.
However, Trump’s tariffs have seen increases to vehicles not made in America, while Lokenauth warns that gas prices could also go up.
Housing
The Trump administration has promised more affordable housing, but that doesn’t mean homeowners won’t have any financial concerns in regards to housing.
Lokenauth explained: “Mortgage rates might climb due to economic policies, first-time homebuyer programs could face cuts, property taxes might increase in middle-class neighborhoods and the mortgage interest deduction could be modified, affecting affordability.”
