Since Donald Trump began his second term in office, there have been notable changes in the prices of various goods and services, impacting what ‘middle class’ Americans can afford.
Returning to the White House, the 47th President of the United States has issued numerous executive orders. Among these are the renaming of the Gulf of Mexico to the Gulf of America and the dismantling of the Department of Education.
Additionally, Trump has enacted an order that significantly alters the election process, a measure passed in the US House on Thursday (April 10).
The Trump administration’s tariffs have also significantly influenced the cost of everyday items, leading to increased prices.
Furthermore, expenses have risen for the ‘middle class’ Americans, according to GoBankingRates.
Higher education, once predominantly accessible to affluent families, has become more attainable for many young adults in recent years.
However, that might be changing. Financial expert Andrew Lokenauth, founder of TheFinanceNewsletter.com, shared with 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.”
Trump has also signed an executive order that undermines the Affordable Care Act, a critical source of affordable healthcare for millions of Americans.
Consequently, there are concerns that healthcare might soon become cost-prohibitive in the US.
Lokenauth noted: “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.”
Transportation, whether it involves personal vehicles or public transit, is crucial to the US economy due to the country’s vast size.
However, tariffs imposed by Trump’s administration have led to price hikes for vehicles manufactured outside the US, and Lokenauth cautions that gas prices might also rise.
In one instance, the price of an $80,000 truck increased immediately during a live broadcast.
While the Trump administration has pledged more affordable housing, potential financial challenges still loom for homeowners.
Lokenauth clarified: “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.”