Since Donald Trump returned to the White House for his second term, the financial landscape for many middle-class Americans has shifted. As prices continue to rise, here are four things that may now be out of reach for the average household.
Since taking office as the 47th President, Trump has signed numerous executive orders, including controversial moves like renaming the Gulf of Mexico to the “Gulf of America” and dissolving the Department of Education altogether.
One of the most significant changes came on April 10, when the U.S. House passed a bill backed by Trump that will dramatically reshape how elections are conducted in the country.
In addition, the administration’s tariff policies have played a major role in driving up the cost of everyday goods, putting further strain on household budgets.
According to GoBankingRates, larger expenses are also becoming harder to manage for middle-class Americans, making financial stability increasingly difficult under the current administration.
Experts warn that Donald Trump’s tariffs could make many things unaffordable for American citizens (Win McNamee/Getty Images)
Higher Education
In the past, higher education was largely reserved for those from affluent backgrounds. However, in recent years, attending college has become a more accessible option for a broader range of young adults.
But is that progress at risk?
Finance expert Andrew Lokenauth, founder of TheFinanceNewsletter.com, told GoBankingRates:
“Federal student loan interest rates might increase, income-driven repayment plans could become more restrictive, public university funding might decrease—leading to higher tuition—and student loan forgiveness programs could be eliminated or scaled back.”
Healthcare
Since returning to office, Trump has signed an executive order aimed at diminishing the role of the Affordable Care Act, which currently provides millions of Americans with more affordable healthcare options.
This has sparked concern that healthcare in the U.S. could soon become prohibitively expensive.
Lokenauth warned:
“Monthly premiums could rise by 20–30% for middle-class families. Pre-existing conditions might once again prevent people from getting coverage. Many employers may cut back on health benefits to save costs, and prescription drug prices could increase in the absence of price controls.”
Healthcare may become even more unaffordable for some (Getty Stock Photo)
Transport
Given how massive the US is, transport – whether it be a personal vehicle or public transport – plays a massive role within the economy.
However, Trump’s tariffs have seen increases to vehicles not made in America, while Lokenauth warns that gas prices could also go up.
Heck, we’ve even seen a $80,000 truck instantly increase in price live on TV.
Housing
The Trump administration has promised more affordable housing, but that doesn’t mean homeowners won’t have any financial concerns in regards to housing.
Lokenauth explained: “Mortgage rates might climb due to economic policies, first-time homebuyer programs could face cuts, property taxes might increase in middle-class neighborhoods and the mortgage interest deduction could be modified, affecting affordability.”
