3 Reasons a Biden Second Term Could Be a Financial Boon for Boomers
We often hear a lot from political pollsters about the impact of baby boomers. For the 2024 presidential election, some polls show boomers may be the key to a victory for Joe Biden.
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In fact, according to Axios, “Boomers are on track to make President Biden the first Democrat to carry the senior vote since Al Gore in 2000.” While the polls can’t show exactly why many boomers favor Biden, a general consensus is that his priorities match up to those of older voters in retirement.
A second term for Biden could be a financial boon for boomers for three key reasons.
Healthcare Policies
According to the Washington Examiner, “[Biden’s] growing popularity with baby boomers can be traced back to his efforts to lower healthcare costs for older people.” In fact, the president has talked a great deal about strengthening Medicare and Social Security during his reelection push.
He is so focused on healthcare initiatives that, according to The Hill, “President Biden’s administration is working overtime to ensure his health care priorities are protected from a potential second Trump White House.” These policies center around things such as abortion data privacy, minimum staffing for nursing homes and antidiscrimination protections for transgender patients.
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According to Brandon Gregg, a financial advisor and market president for BBK Wealth Management, healthcare policies that focus on lowering costs are likely to be a financial boon for boomers if Biden wins a second term.
“We’ve already seen some of these initiatives, such as the capping of the price of insulin,” Gregg said. “Lower healthcare costs should help those aging who will have higher medical needs.”
Social Programs
Another financial boon for boomers with President Biden is expanded social programs, including a renewed focus on lowering education costs. As part of his 2025 budget, President Biden has called for broad new social programs.
According to the Washington Post, “The president’s 2025 budget is the strongest signal yet of his economic pitch to voters for a second term.”
Lowering education costs already has been a huge focus for Biden during his first term in office. “The hope would be that lower costs will help aging parents afford education costs or benefit from extra funds that can be earmarked for other items such as retirement or other savings,” Gregg said.
Interest Rates
A third boon for boomers with President Biden is lower interest rates. According to Gregg, a certified financial planner, the expected lower rates under Biden would be a huge win for borrowing for people of all ages, but particularly boomers. Overall, the economy is a big issue for voters of all ages and on both sides of the political aisle.
“Rates have been the hot topic in this inflationary period and there is concern that higher rates will lead to more defaults in the future,” Gregg said.
“The hope is that lower rates can pave the way for better borrowing conditions. In turn, this will lead to better financial conditions for boomers and all consumers for that matter.”
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