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How the Midterms Will Affect Your Finances

How the Midterms Will Affect Your Finances

(AmericanProsperity.com) – A dark cloud loomed overhead, the possibility of a recession on many voters’ minds, as US citizens headed to the polls to determine the fate of Congress. Election results’ effects could significantly impact Americans moving forward, with finances among the biggest issues affecting the population. The final count could mean the beginning of some big changes throughout the country.

With the economy still on uncertain ground, the country’s standing in the months and years to come will rely on this election’s winners to regain its footing. Newsweek notes that in the likely event Republicans regain control, Congress will probably begin by reining in spending.

The expanded child tax credit will likely be among the first programs to hit the chopping block. Republicans are banking on citizens’ awareness that such programs have only contributed to crippling the economy, and GOP members are sure to address the assistance as part of their solution. According to Politico, tax increases for the average American could also be on the agenda. Social Security and Medicare could also take hits, according to the Washington Post.

Forbes reports the midterm results will also likely impact Donald Trump’s decision to run for another presidential term in 2024, which might further affect fiscal policy. Corporate tax cuts are likely to occur in conjunction with attempts to chip away at the deficit and improve economic growth If the 45th president returns to the office as the 47th president accompanied by a GOP majority in Congress.

Bloomberg warns that a recession could be inevitable regardless of who takes control. There’s also a chance for a close divide in both the House and Senate, which could make meaningful forward movement difficult in the coming years.

~Here’s to Your Prosperity!

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