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