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GOBankingRates spoke with three voters who believe that a Trump presidency can bolster peoples retirement savings.
Gas prices and the prices of items associated with petroleum should drop, Blessing said.
Further, it is a demand for liquid cash from an illiquid asset.
She said she saw her savings and income drop sharply during the Biden-Harris administration.
Since then, with Biden [and] Harris in office; savings $0.
Income less than half than 2020.
Inflation reached a 40-year high in 2022, which didnt sit well for most Americans.
Blessing explained how the tariffs are likely to cause short-term pain on retirement savings, followed bysignificant long-term benefits.
He laid out the three phases of Trumps proposed tariffs.
There will also be a drop in exports as nations retaliate.
He continued, In the second phase, the economy will start to adapt.
The LFPR usually quickly recovers as low-income Americans see wages rise to the point where they take the jobs.
Meanwhile, jobs which American firms had off-shored will be recreated here.
Price rises will taper off, probably quickly.
Prices stabilize and, in a few sectors (mostly petroleum-based sectors) prices will fall.
Export industries will begin to improve more quickly in the third phase.
Whats the bottom line for voters?
Blessing summarized his predictions:
So, at first,retirement incomes and savingswill take a hit.
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