The 2022 midterm elections have been quite the Royal Rumble. 😵🗳️ The only things missing were thrown folding chairs and Vince McMahon strutting around like a rooster. 🐓 Do people still smell what The Rock is cooking? Hey, wasn't he supposed to run for office?!
All political wrestling aside, a ton of issues were at stake during the Midterms, and money was a major one! 🤑 It's no surprise that the majority of folks (82%) say inflation and the economy are their top worries. So, how do the results of the latest elections impact your Paycheck?
Here’s Five Fast Facts on what the Midterms mean for your wallet:
- 👴🏻💵 Social Not-So-Secure-ity - The futures of Social Security and Medicare are up in the air and a huge issue for both sides of the aisle. Personalities, errr, politicians across the board are wrestling over needed changes that have to be made to prevent these programs from going bankrupt (**think** raise taxes).
- 🙇 For The Kids - According to projected results, it looks like the GOP will take the House but the Senate is still a toss up. However, if Democrats keep control of Congress, lawmakers might try to pass more measures from Biden’s $1.7 trillion Build Back Better Act. Some of the top priorities include universal, free pre-kindergarten, paid family and medical leave, extending the Child Tax Credit, and reducing the costs of home health care and housing (again, **think** raise taxes).
- 👷 For The Jobs - Republican lawmakers might try to make the 2017 tax cuts permanent to grow the economy and create jobs. The GOP will also most likely push to get rid of Biden's recent corporate tax hikes.
- 📈 Stocks - The stock market has been kind of a floating turd lately, but according to history, there might be a silver lining? In 17 out of 19 midterms since 1946, stocks did better in the six months following the election than they did in the six months before.
- ❤️💙 Who Ordered the Gridlock? - Whenever the House and Senate are controlled by a different party, it's a recipe for some good ol' fashioned gridlock. This usually makes getting new laws passed more difficult, especially if they're around budgeting.
🔥Bottom line: Voters haven't been this bugged out about the economy since the 2010 recession. As the last of the votes are tallied up, the whole country's watching to see how the results will affect their paychecks. No matter who wins what, we've got tips to ease those money fears, like saving on energy bills, lowering your healthcare costs, and getting your small biz recession-ready. Hell yeah, brother!
What's your take on the midterms? How did things change in your state?
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