The Impact of Donald Trump's Presidency on Standard of Living: A Personal Perspective

In the 2016 presidential election, Donald Trump promised a range of policy changes that would boost the economy and improve the standard of living for Americans. The results of his presidency have been mixed, with some individuals experiencing significant improvements, while others saw little to no change. This article explores the experiences of a few Americans who reflect on the impact of Trump's presidency on their personal and financial well-being.

A Raise and a Lowered Deductible: Improving the Standard of Living

For Sarah, a mother of two, Trump's presidency brought about substantial changes in her household. Her husband's income increased by twenty thousand dollars annually, which boosted their earnings and improved their standard of living. Furthermore, the changes to healthcare policy, which reduced the medical deductible from $5,000 per person to just $500, significantly reduced their healthcare costs. Sarah remarks, "With the tax cuts, we bring home more each payday, and having a lower deductible means we pay less each time we visit the doctor, which is a huge relief."

Predictable Brokerage Account Growth: The Financial Impact

Michael, an investor, notes that his brokerage account experienced significant growth during Trump's tenure. With returns far better than those under Obama's administration, Michael feels optimistic about the future of the market. His optimistic outlook is compounded by the fact that he has a conservative portfolio and does not anticipate significant market volatility. However, he remains cautious about the upcoming election, stating, "I would definitely like to see Trump reelected, but if Biden wins, I will be selling my stocks and minimizing my tax hit."

A Four-Year Boost in Income and Rising Market Values

According to recent data from a Gallup poll, 56% of Americans reported feeling better off in 2020 than they did in 2016, even during the pandemic. For Jane, a business professional, her company has thrived and remained unaffected by the pandemic. She works in an office setting and looks forward to seeing unemployment rates drop to 3.5% in the second term. Jane asserts, "The economy is doing well, and the stock market has recovered, making this a promising time for the U.S. economy."

Significant Tax Savings and Smarter Financial Planning

Clark and his wife are approaching retirement and have had to deal with quarterly estimated tax payments. However, with the tax cuts, they saved an astonishing $28,000 in taxes. Clark shares, "We had to estimate our investment performance and pay the IRS a quarter of that amount every three months. But after the tax cut, we found ourselves with $28,000 more than expected. This extra money allowed us to save for home improvements and other personal expenses. The idea that only the rich benefited from the Trump tax cuts is a lie; unless you redefine 'rich' to mean a very low threshold."

As the U.S. continues to navigate the aftermath of the 2020 election and subsequent market reaction, the experiences of these individuals offer a nuanced perspective on the economic impact of Donald Trump's presidency. While some saw significant improvements in their standard of living, others remained largely unaffected. Regardless of political ideology, understanding these perspectives can provide valuable insights into the broader economic narrative of the past four years.