It's becoming depressingly clear what Donald Trump's election win means for you if you're anything other than a white, cisgendered, wealthy, heterosexual, Christian man. From attacks on women and minorities to seeking a registry for Muslims to banning abortion, President Elect Trump is dangerous socially, politically, and culturally (unless you're the aforementioned kind of white guy). The effect of Trump's presidency will be felt far and wide, from your ability to access birth control, to the very wallet you reach into to pay for it.
Trump has a lot of big ideas -- from cutting business taxes to getting rid of the Affordable Care Act (sigh) -- so how will the changes Trump is proposing materially affect you? Here's what Trump's win will mean for your money, if he gets things his way (spoiler alert: it's not great).
1. Student Debt
Your student loans are probably weighing on you, and for millennials, that was the second most important campaign issue. Trump's website and written materials don't expressly address student loans, but back in July, at the GOP convention, he said, "We're going to work with all of our students who are drowning in debt to take the pressure off these people just starting out in their adult lives." He also said that student loan payments would stay below 12.5% (it's currently 10%) of an individual's income, and would only be required for 15 years (currently 20 years) during a campaign stop in October. Troublingly, it seems that the Trump administration might push students to only take out loans for degrees that will result in high paying careers -- which means liberal arts majors might suffer, with only the very rich being able to afford them, sans loans.
Oh boy. Trump believes the whole Obamacare system should be dismantled. Not fixed or adapted, but completely taken apart and ended. Instead of the Affordable Care Act, Trump proposes health insurance premiums are deducted from income tax -- but this doesn't exactly work if you're unemployed or in a low income bracket. Healthcare could be set to get a whole lot more expensive in this "user pays" system.
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Welp, Trump also wants to cut taxes, so that low income families wouldn't have to pay income tax. Sounds too good to be true, right? Well, he also wants to cut taxes for large corporations (personal interest much?) and small businesses, which means that the 1% would still benefit most from the tax breaks. And studies have found that under his proposed tax system, low income families would actually have to pay more. So unless you're a high earner, don't expect Trump's tax plan to materially benefit you. His plan is also likely to increase federal debt.
Trump has pledged to create 25 million jobs in the next ten years. Again, sounds great. But when you look closer, like at Moody Analytics research, it looks like Trump's proposals will actually see job losses upwards of 3.4 million. And even if there is an initial spike, further research suggests a staggering loss of 11 million jobs by 2040. So say goodbye to job security!
5. WWE Shares
If you have stock in the WWE, here's where you're in luck. Since Donald Trump became president elect, the faltering WWE stock shot up 5 percent. Never mind that this is because Trump has appeared on the wrestling MANY times throughout his career -- if for whatever reason you've got shares in the company, now might be a good time to sell them and make a few bucks.