On Average, Trump’s Early Actions on Economy Cost Middle-Class Households $1,331

The following article by Molly Cain was posted on the Center for American Progress website February 27, 2017:

AP/Susan Walsh — President Donald Trump speaks while visiting the Boeing South Carolina facility in North Charleston, February 2017.

President Donald Trump’s major economic policy actions in his first 39 days form a concerning agenda that puts corporate profits ahead of everyday Americans. After just one month in office, President Trump has already endangered Americans’ retirement savings and access to expanded overtime pay and affordable mortgages. While President Trump has undermined the economic security of the middle class, he has also ensured that the wealthy have benefited by beginning to rollback regulations on the financial and energy industries. A new Center for American Progress Action Fund analysis found that President Trump’s early policy actions set the middle class on a path to lose nearly $189.5 billion over the next decade or, on average, $1,331 per middle-class household. Meanwhile, these same policies will provide Wall Street and Big Industry $106 billion over the same period.

Nearly $189.5 billion cost to the middle class 

Trump’s executive order takes $150 billion over 10 years from middle-class retirees

One of President Trump’s first executive orders was aimed at eliminating the fiduciary rule. Also known as the conflicts of interest rule, the fiduciary rule protects Americans saving for retirement from self-dealing financial advisers who line their own pockets instead of acting in the best interest of their clients. According to a U.S. Department of Labor analysis, before the fiduciary rule, the underperformance associated with conflicts of interest—in the mutual funds segment alone—was expected drain $210 billion from American individual retirement accounts, or IRAs, over the next 10 years. Getting rid of the fiduciary rule might make financial advisers very happy, but it will cost retirees $210 billion over the next 10 years. Read More

Paulsen Vote Tracker: H.R. 7

H.R. 7: No Taxpayer Funding for Abortion and Abortion Insurance Full Disclosure Act of 2017

Summary: Prohibits the use of federal funds for abortion or health coverage that includes abortion. The restrictions would apply to the “morning after pill,” in the case of women with non-lethal pregnancy health-related issues, and in the case of fetal abnormalities.

Paulsen voted: YEA

TAKEAWAY:

Paulsen’s vote RESTRICTS WOMEN’S RIGHTS TO MAKE DECISIONS ABOUT THEIR REPRODUCTIVE HEALTH WITHOUT GOVERNMENT MEDDLING. 

Paulsen’s vote makes it MORE DIFFICULT for lower income women to terminate pregnancies and to receive health coverage related to abortion. The restrictions of the bill apply even when the woman has significant but non-lethal maternal health issues and when there are fetal abnormalities.

Paulsen’s vote INCREASES INEQUALITY IN THE PROVISION OF HEALTH CARE in our society. Higher income women will be able to access insurance that provides abortion health services whereas lower income women will not have access to this insurance.


Rule on the Independent Office of Congressional Ethics

Summary: On January 2, 2017, during a closed-door meeting, the House Republicans voted to put the Office of Congressional Ethics under the authority of the House Ethics Committee which is controlled by the Republican Congress.

Paulsen voted: ??? This was a closed-door session. Paulsen has not responded to our requests to tell us how he voted.

TAKEAWAY: This rule would have INCREASED THE LIKELIHOOD OF CORRUPTION in the U.S. Congress because it removes the independence of the Office of Congressional Ethics. Fortunately, after widespread public backlash, the House reversed course and did not impose the rule.