Grading Trump On His Policies For Older Americans part is one regarding that Finance, Forex class, written during our reporter Erick Emerson just as January 31, 2019, that paragraph can search upon that tags Americans, Grading, older, policies, Trump. I am happy to happy you as well providing that another essay belonging finance along with I am always publishing these section frequenlty.
The first half of the Trump administration is over, so it’s an opportune time to evaluate how older Americans have fared under the president’s policies over the past two years. As someone who reports and writes frequently (and without a political bias) about public policy and people 50+, I’ve just scrutinized the president’s actions regarding experienced workers, retirement security, Social Security, Medicare, health insurance and the “fiduciary rule” for investors.
I believe President Trump and his administration deserve praise in some areas, but not in others, as you’ll see below. Overall, I’d give Trump a C.
Here’s why this matters: The public policy infrastructure to support America’s elders is frayed, ranging from an expensive and porous long-term care system to an inadequate retirement savings system to worries about Social Security’s finances. “In coming decades, many forces will shape our economy and our society, but in all likelihood no single factor will have as pervasive an effect as the aging of the population,” the former Federal Reserve Board Chairman Ben Bernanke once said.
Also see: Here’s President Trump’s stock-market scorecard after 2 years in office
Given the significance of this demographic trend, you might think retirement security, Social Security reform, support for family caregivers and similar age-friendly initiatives would have risen to the top of the legislative agenda in Washington, D.C. during the past two years. You’d be wrong. Older Americans have been mostly invisible to the Trump administration. Says Howard Gleckman, senior fellow at the Urban Institute: “Aging wasn’t on the radar screen.”
Here’s my assessment and my grades, which are subjective:
Thanks to the long economic expansion, the unemployment rate among people 55 years and over has dropped sharply. When Trump entered the White House, the unemployment rate for 55+ workers was 3.7%. It fell to 2.9% in December 2018, surprising some analysts. “The unemployment rate is unbelievably low,” says Teresa Ghilarducci, professor of economics at the New School for Social Research and the Director of the Schwartz Center for Economic Policy Analysis. “I never expected to see unemployment this low.”
The low unemployment rate reflects the economic expansion that began during the Obama administration. (The current expansion is the second longest on record; it will become the longest if it lasts to July 2019.) Nevertheless, there’s little doubt the massive fiscal stimulus from the corporate tax cuts championed by Trump and Republicans in Congress boosted the economy in 2018 and pushed the unemployment rate for experienced workers to extraordinarily low levels, although the effect of the stimulus is now subsiding.
Thanks to the Age Discrimination in Employment Act, age discrimination has been illegal for more than half a century. Yet experienced workers often find themselves witnessing, or facing, age discrimination. Enforcing the law against age discrimination is the responsibility of the U.S. Equal Employment Opportunity Commission (EEOC) and the EEOC’s Acting Chair, Victoria A. Lipnic, has somewhat surprisingly used her bully pulpit often, and effectively, to highlight the injustice of age discrimination.
“Age discrimination is an enforcement priority for the commission,” she told me in a Next Avenue interview last year. One example: the agency reached a $12 million settlement with the Texas Roadhouse steakhouse chain, which agreed to change its hiring and recruitment policies toward older applicants.
Although the EEOC could be more aggressive in bringing age discrimination cases, bravo to Lipnic for her commitment.
The Administration has taken modest steps toward improving retirement security.
For instance, President Trump told the U.S. Department of Labor and Department of Treasury to consider raising the age when people with traditional individual retirement accounts and 401(k)s must start making their Required Minimum Distributions (currently 70 ½); detailed proposals are expected early this year.
Trump also wants to make it easier for small businesses to offer retirement plans to employees, through an executive order, which is a step in the right direction.
Read: Should we really wait until age 70 to receive Social Security benefits?
That said, the executive order may well get trumped by several bipartisan bills on the Hill. The most notable bill is the Retirement Enhancement and Savings Act, or RESA. It…
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