Trump’s Economic Plans Could Put Retirement Out Of Reach For Millions

Donald Trump’s economic plans aren’t only going to result in higher prices for consumers – they are threatening the entire economy. So even the folks who are well off or those who have been saving for retirement could be in danger, eventually. The stock market is doing fine right now, but all of that will change if the economy begins shrinking under Trump’s policies. Ring of Fire’s Farron Cousins discusses what could happen.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

I have officially run out of sympathy for Trump voters who of course are now freaking out as they realize that his mass deportation plans could mean that they themselves get tossed out of the country, or their loved ones do, or their children do, or that it means that their financial situation is actually about to get a whole lot worse. Again, I'm outta sympathy. I I I, I have seen too much. I have said too much. I have read too much. I have warned too many times that this would happen to have sympathy for those individuals. And that may be a horrible thing to say, and maybe it makes me a bad person. I, I genuinely don't care right now though I do, however, have mountains of sympathy for the other folks, right? The people that did not vote for this, but will also be victims of it.

And that leads me to another viewer question. This one is from RDP 7 84 1 who asks what could happen to my 401k in pension with Trump in office? And the answer is it's probably not gonna do well. Now, we immediately saw after the election, the day after the election, stock market, massive gains. In fact, for a long time after the election, obviously pretty big gains in the stock market. If you own stocks, if you have a pension, 401k in the stock market right now, you're probably enjoying things. But the honeymoon will wear off. Now, it will start with the average people, right? The people who do not have pensions and 4 0 1 Ks and you know, savings accounts. They will be hit first. And once they get hit, spending contracts, when spending contracts, the economy contracts when the economy begins to contract, the US goes into a recession.

If we have four quarters in a row where we have sustained contraction, we enter a depression. When we enter that part of things, stocks will go down. How far? We don't know. Could it potentially wipe out pensions and 4 0 1 ks maybe, or could it just take a little bit of a hit? And then of course, maybe they rebound. Definitely that could happen too. But both of those are very real possibilities. Now, Donald Trump's plans that he has stated, assuming he enacts them, will cause an overall contraction within the US economy, including, of course, his tax cut plan. Those tax cuts are not gonna benefit people who make below $400,000 a year. That is why that 400,000 was the magic number that Kamala Harris was telling us. You make over 400,000, were taking away your tax cuts, you're gonna pay more. You're gonna pay your fair share. Now, if you make over 400, great for you, you're gonna make more money

For now until the contraction starts. It won't hit you in the first quarter or maybe even the second quarter. But if Trump enacts these plans at the beginning of his presidency, like he says he is, by this time next year, all of us, regardless of your net worth, regardless of how well off you may be, you'll feel it too. Nobody will be spared. Some will be able to weather it better than others, absolutely. But in the end, the economy doesn't spare anyone. So there is reason for concern what will happen, you know, to a t we don't know, but I'm willing to bet, based on what all of the economists are telling us, including dozens of Nobel Prize winning economists, it's not gonna be pretty for anyone by the time it's all over.