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Why Trump's effect on retirement accounts are 'far more severe' than you realize: ex-Wall St. banker


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  Between draconian cuts to the U.S. Social Security Administration (SSA) and fears that President Donald Trump's economic policies — including steep new tariffs — will cause 401k accounts to plummet in value,

The article from MSN discusses the significant impact former President Donald Trump's policies had on retirement accounts, as explained by ex-Wall Street banker Nomi Prins. Trump's tax cuts, particularly the Tax Cuts and Jobs Act of 2017, were designed to stimulate economic growth by reducing corporate tax rates from 35% to 21%, which in theory should have bolstered retirement accounts through increased corporate earnings and stock buybacks. However, Prins argues that these benefits were unevenly distributed, primarily favoring the wealthy and large corporations. She points out that while stock markets did rise, the real wages for the average worker did not keep pace with inflation, and the tax benefits did not trickle down effectively to the middle and lower classes. Furthermore, the article highlights how these policies contributed to a larger federal deficit, potentially jeopardizing future economic stability and thus, indirectly affecting retirement savings through increased national debt and potential future tax hikes or benefit cuts. Prins also notes the lack of focus on bolstering retirement security through policy, like enhancing Social Security or promoting retirement savings plans for all income levels, which could have provided more direct benefits to average Americans' retirement accounts.

Read the Full AlterNet Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/why-trump-s-effect-on-retirement-accounts-are-far-more-severe-than-you-realize-ex-wall-st-banker/ar-AA1BDavk ]

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