Yahoo Finance 5 Economic Policies of Trump’s VP Pick JD Vance That Could Help Boomers Preparing for Retirement
The economic policies of JD Vance have been under the microscope in recent days. Since Donald Trump announced the Republican senator as his vice presidential pick, analysts, supporters and critics have been talking about what Vance’s economic policies look like and how they compare to Trump’s ideas.
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Here’s a closer look at five of Vance’s economic policies and views that could help Boomers preparing for retirement.
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Vance on Social Security
One big topic on the mind of many Boomers is Social Security. The combined trust funds for Social Security are projected to last until 2035, at which point 83% of benefits would be payable. That means whoever wins in November may have a big role in shaping the future for Social Security.
According to CNBC, while both Trump and Joe Biden have promised not to touch benefits for the most part, Vance has been less clear on his views. For instance, according to CNBC, “In recent years, Vance has said he does not support cuts to Social Security or Medicare, according to press interviews sent by his Senate team dating back to 2022.” But the National Committee said that’s really an about-face from earlier comments made by Vance.
Further, in an interview with The New York Times that was published in June, Vance suggested one way to help Social Security is to get more “prime-age men” in the labor force and working.
Vance on Medicare
In addition to voicing his support for Social Security, Vance has a record of doing the same for Medicare. This is another important area of consideration for Boomers looking to retirement.
He has been on record telling other lawmakers they all need to fight back against calls to take money from Medicare. In fact, according to The Washington Examiner, “During his time in office, Vance has also worked on a bipartisan basis to expand and improve certain aspects of the Medicare program.”
Vance on Drug Prices
One area where Vance may differ from more traditional Republicans is his views on Medicare drug prices. While most traditional Republicans have been cautious about having Medicare directly negotiate drug prices, Vance has said such negotiations are needed to reduce costs and keep Medicare afloat.
Vance on Healthcare
A major battle is setting up in Congress next year about whether to extend enhanced Affordable Care Act subsidies. Those have helped people afford insurance.
So far, it appears there may be differing opinions between Trump and Vance when it comes to the ACA. According to The Hill, “When Trump expressed support last year for reviving repeal efforts, Vance was among the many Senate Republicans who shrugged it off.”
Further, Vance has broken with some of the party line when it comes to healthcare. When asked about Trump’s comments, Vance told Semafor that healthcare was too costly and he saw areas for reform, but said parts of law like protections for patients with preexisting conditions were very popular.
Vance on Tariffs
As Boomers prepare for retirement, another big consideration is prices and how inflation and other factors will impact how far their money may go after they quit working.
According to CBS News, “Vance supports Trump’s protectionist trade policies, including tariffs on Chinese goods, which indicates that this could be a priority for a second Trump administration.”
As you may know, some economists have raised concerns that the tariff plan from Trump will raise overall costs for many everyday goods and have other negative impacts on household budgets. Vance, for his part, told CBS News he doesn’t agree with the premise that tariffs will raise costs for shoppers.
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