Yahoo Finance 3 Ways That a Kamala Harris Presidency Could Impact Boomers
Now that President Joe Biden has dropped out of the presidential race, boomer voters are taking a closer look at Kamala Harris to see what life may be like if the current vice president takes the White House in November.
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Since Harris recently emerged as a likely replacement for Biden on the ticket, it helps to look at where he has stood on key issues this election season and where Harris has shown support for his policies and plans.
Here are some of the ways a Harris presidency could impact boomers.
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Social Security
Boomers are closely watching what happens to Social Security, which will face funding shortfalls in the next decade. Harris has supported Biden’s plan to increase taxes for individuals who earn more than $400,000 per year to help secure the future of the program.
If she is elected president, Harris is likely to oppose cuts to benefits and plans to privatize Social Security.
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The Economy
Voters of all ages, and particularly those with lower-level and fixed incomes, are looking to the presidential candidates for solutions as they struggle with the effects of inflation.
Throughout her political career, Harris has pushed for more financial support for low- and middle-income people in the United States. While serving in the Senate, for example, she introduced the LIFT the Middle Class Act, which called for tax credits for lower-income Americans.
Harris embarked on a nationwide Economic Opportunity Tour in April to promote President Biden’s policies and achievements on economic issues like support for small businesses, job creation, infrastructural investment, healthcare accessibility and student debt forgiveness, Time reported.
Harris has said that bringing down the price of gas and the cost of living remain top priorities. But she faces an uphill battle, as many voters have expressed concerns the moves by Biden and Harris have done little to help curb inflation. However, as Harris has noted, wages have grown at a faster pace.
Healthcare
Whoever wins the presidential election in November is likely to make healthcare a top priority. That makes sense, given that voters have made it clear it’s one of their top priorities — particularly with healthcare costs putting pressures on many individuals and families.
Harris has been outspoken on many healthcare issues, including support for investments to help address the maternal health crisis and reduce health inequities. In addition, Harris was an early supporter of universal healthcare and has been a proponent of expanding Medicare to achieve that goal. She also has spoken in favor of allowing more competition among insurers.
However, not everyone thinks the Biden administration has taken a good approach when it comes to Medicare payments to physicians and other care providers. Boomers enrolled in Medicare Advantage plans could suffer higher patient costs and reduced benefits as a result of Biden’s cuts to those payments.
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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