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3 reasons why a second Biden term could be a financial boon for boomers
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We often hear a lot from political researchers about the impact of baby boomers. For the 2024 presidential election, some polls show that boomers could be the key to a victory for Joe Biden.
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In fact, according Axes, “Boomers are on track to make President Biden the first Democrat to win the senior vote since Al Gore in 2000.” While polls can’t show exactly why many boomers favor Biden, the general consensus is that his priorities match those of the country’s oldest voters. retirement.
A second term for Biden could be a financial boon for boomers for three main reasons.
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Health policies
According to Washington Examiner“[Biden’s] The growing popularity among baby boomers can be attributed to their efforts to reduce healthcare costs for seniors.” In fact, the president talked a lot about strengthening Medicare and Social Security during his reelection campaign.
He is so focused on health initiatives that, according to The hill, “President Biden’s administration is working overtime to ensure his health priorities are protected from a potential second Trump in the White House.” These policies focus on issues such as abortion data privacy, minimum staffing for nursing homes, and anti-discrimination protections for transgender patients.
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According to Brandon Gregg, financial advisor and market president at BBK Wealth Managementhealthcare policies that focus on reducing costs will likely be a financial boon for boomers if Biden wins a second term.
“We’ve already seen some of these initiatives, like capping the price of insulin,” Gregg said. “Lower healthcare costs should help those who are aging and who will have greater medical needs.”
Social Programs
Another financial benefit for boomers under President Biden is expanded social programs, including a renewed focus on reducing education costs. As part of his 2025 budget, President Biden called for broad new social programs.
According to Washington Post“The president’s 2025 budget is the strongest signal yet of his economic proposition to voters for a second term.”
Reducing education costs was already a major focus for Biden during his first term. “The hope would be that lower costs would help aging parents pay for education costs or benefit from additional funds that can be set aside for other items, such as retirement or other savings,” Gregg said.
The story continues
Interest rate
A third advantage for boomers with President Biden is lower interest rates. According to Gregg, a certified financial planner, the lower rates expected under Biden would be a big win for lending for people of all ages, but especially boomers. Overall, the economy is a big issue for voters of all ages and on both sides of the political aisle.
“Rates have been the hot topic in this inflationary period and there is concern that higher rates will lead to more defaults in the future,” Gregg said.
“The hope is that lower rates can pave the way for better financing conditions. In turn, this will lead to better financial conditions for boomers and all consumers.”
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