Trump Back In Office: How His Policies Will Affect Your Money

[Music]

Well, here we are. It's January 20th, 2025, and on this day, Donald J. Trump will be sworn in as the 47th president of these United States. He's made some pretty big promises about what he's going to do to help the economy. We're talking huge, bigly promises.

That's it, that's the last impression. No, I'm just kidding; there will probably be more. I don't like that. I'm done.

So, in today's video, we're going to unpack these policies and show you what they could mean for you and your budget. But before we jump in, click those like and subscribe buttons like democracy depends on it. I feel like I should text you to give money to my campaign now, but I won't. I'm better than that, and also, I don't have your number.

Okay, now before you jump in the comments and accuse me of getting political on this channel, that's not what I'm doing here. Yes, it has to do with politics technically because it is in regards to a politician's policies, but this is one man's nonpartisan take on how policies could affect you and your wallet.

So, whether you lean donkey, elephant, or brain war, go ahead and storm the comment section trying to figure out what political party I am. Please tell me, 'cause I still don't know. I took one of those BuzzFeed quizzes, but all I know is that I'm an Elsa. I don't even know what that means. I'm an Alphaba; I defy gravity, and I'm holding space for you right now.

I didn't know that was happening.

A little disclaimer: we're recording this a few weeks before the inauguration, so by the time you watch this, some things or everything may have changed. But as of right now, here's what we know about DJ Trump's economic policies and how they'll affect you and your money.

First up, let's look at tax cuts. This is the big one. Trump has said his plan will massively cut taxes for workers and small businesses. One of the ways he wants to do this is by extending his 2017 tax cuts, which include lower tax rates for most income brackets and an increase to the standard deduction.

Now, quick refresher here: the standard deduction is the automatic deduction available to most taxpayers. Thanks, IRS! You're welcome, America.

Now, these days, the majority of people take the standard deduction rather than itemizing when they file taxes. It just makes more sense. So, a higher standard deduction means those people get to hang on to more of their money come tax time.

Right now, under these tax cuts, a household making 60 to 100 grand a year will owe about 1,000 bucks less in taxes than they would have owed if the tax cuts expired. So, if he keeps this going, I'm going to call this a win. 1,000 bucks more in most people's pockets? Not mad about it.

But he also wants to remove federal taxes on Social Security benefits, overtime pay, and tips. Now, this would help a lot of people, like my man Harold making that tableside guac at Alcabos.

And this might sound great, but here's the rub: cutting all these taxes means less government revenue, which experts say could add 7.75 trillion to the national debt. That's trillion with a T. Not great. It is what it is.

This would put pressure on programs like Social Security, which, according to one nonpartisan group, would lead to a 33% cut in Social Security benefits in 2035.

So, here's what I think about these tax cuts: I'm a big fan of the average American paying less in taxes, but we do have to figure out how to replace that revenue so that it doesn't lead to an even bigger dumpster fire with the national deficit.

Which leads us to the next policy: tariffs. This is the one your mom keeps talking about. I don't—what? Stop! She needs to stop. She doesn't know what it is, and tell her to stop texting me about tariffs. It's aggressive. It's simply too much, especially late-night tariff texts. Are you kidding me?

You up? Can we talk about these tariffs? Even worse, the early morning text—little wake-up text, morning smiley face. Can you talk tariffs?

Trump loves tariffs. The only thing he loves talking about more than tariffs are Filet-O-Fish sandwiches and having to flush the toilet ten times.

Listen, after flush n, it's a personal problem, Donald. People are flushing toilets ten times, fifteen times.

So, what exactly is a tariff? It's an old-timey term for taxes on stuff that's coming in and going out of the country—imports, exports, everywhere a port.

Old man Donald has said that on his first day in office, he would impose a 25% tariff on all products coming into the United States from Mexico and Canada, with an additional 10% tariff specifically on goods from China.

Now, Trump claims this will boost American manufacturing and jobs. The thought being, if it's too expensive for companies to import goods, they'll just make them here using U.S. workers.

Now, here's my beef with this tariff plan: those of you worried about inflation, it's going to likely get worse if this actually happens.

Here's why: foreign countries don't pay the tariffs; they're paid by the importers that are based in the U.S., and the cost is then passed to the consumer through higher prices.

Now, back in August, analysts estimated that Trump's proposed tariffs could add around $2,600 annually to household expenses on items like electronics, cars, and household goods.

And if you don't believe me, check the tag on literally anything you own and see if it was made in America. The chances are it's not, and chances are the prices for that same thing come 2025 might be higher.

So, you might want to buy that electric butter spreader while the getting's good. Now, why is this a real product you can buy? I have no idea, but link in bio.

I really don't know what he said at the end of that sentence. I don't think he knows what he said either.

And speaking of electric, let's talk about energy production. In order to bring down prices at the pump, Trump plans to increase U.S. oil and gas production, which would reduce our reliance on foreign suppliers.

Here's the thing you might not know: the U.S. is already the world's largest supplier of oil, and it has been for a few years now.

So, here's my take on this one: gas prices are largely tied to global markets, so the impact at the pump for you? Minimal.

But hey, silver lining: at least your car runs on the cheapest liquid you can buy at the gas station. Okay, that's actually more depressing. I take it back; we are screwed.

Next stop on the policy bus is housing. Now, buying a house right now can feel about as impossible as eating a Nature Valley granola bar without getting crumbs all over your Lululemon Wonder Train leggings.

So, if you're in the market for a home, you might be happy to hear this one: Trump is hoping to make housing more affordable by cutting regulations that increase costs and opening federal land for new construction to boost housing supply.

Now, this one I can get behind. And to be clear, presidents have no control over interest rates or housing prices, so he's not going to snap his fingers and give you magically affordable housing.

The housing market and home prices are controlled by one thing: supply and demand. But if he helps increase supply, that could end up reducing home prices by about 5 to 10%.

So, I like this one. Now, if we're trying to keep housing more affordable for the long haul, experts say we're going to need zoning and infrastructure improvements as well.

But even a temporary drop in home prices would be great for those of you who are ready to pull the trigger on a nice little three-bed, two-bath mid-century fixer-upper that's just begging for a kitchen island and some shiplap.

Shiplap! We'll put it everywhere.

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All right, back to shop talk. Let's move on to healthcare. Trump has gone back and forth between saying he would like to repeal the Affordable Care Act and replace it with a better program, but we don't have a lot of details about his plan—or should I say his concepts of a plan?

That's enough. Put down the mic.

A repeal or even a modification of the ACA could lead to higher premiums and reduced coverage for some people. But until we see more concrete details, it's just hard to say with certainty how this would impact your budget or your concept of a budget.

REM, looking at you.

So, when you look at all of Trump's policies together—tax cuts, tariffs, increased energy production, housing deregulation, and a concept of a plan for healthcare—they aim to increase disposable income, protect and create jobs, and lower home prices.

And all of that truly sounds great, but there are some trade-offs to consider: higher prices for certain goods, pressure on Social Security, adding trillions to our national deficit, and the potential for even higher healthcare costs.

And here's the deal: whether Trump's policies deliver on his promises or not, the only real path to financial security is the one you create for yourself.

No president, policy, political party, or government program will fix your financial life. The power to build financial stability is and always will be in your hands.

I've built wealth under presidents from both parties, and I've made dumb mistakes under both parties too. And you can point all the fingers you want, but if you were living paycheck to paycheck during Trump's first term and you were still paycheck to paycheck under Biden, well, it's time to quit blaming politicians and instead look in the dad gum mirror.

But here's the upside of that: you can make progress so much faster than the government because you are the commander-in-chief of your financial future.

You don't need approval from Congress to stop taking laundry detergent in your house. You don't need a Supreme Court ruling to download a budgeting app like EveryDollar to help you take control of your money.

And you don't need a constitutional amendment to start living on less than you make. You can just start and decide today.

And I talk to people all the time on The Ramsey Show who are transforming their finances by taking control of their spending, their debt, their savings, regardless of what the economy is doing or who's sitting in the Oval Office eating a Filet-O-Fish.

So, no matter how you voted, here's the bipartisan truth you need to remember: what happens in your house is way more important than what happens in the White House.

And if you're ready to make some changes to your own personal fiscal policies so that you can create some financial breathing room, be sure to check out my book, Breaking Free from Broke: The Ultimate Guide to More Money and Less Stress.

I'll drop a link in the description below.

And just for kicks, keep watching this next video to see what Dave Ramsey said when I asked him if he would ever consider running for office, or click the link in the description below to watch.

Thanks for watching. We'll see you next time.