With elections on the horizon, there appear to be only two possibilities for America’s next President: Donald J. Trump or Joe Biden. Each of these men represents differing values across the board, aiming to implement differing political policies that will shape the course of America’s future. No one is more concerned about the outcome of the 2024 elections than our older generations, with Boomers feeling concerned for themselves, their children, and their grandchildren. A second term for Biden could have significant economic, social, and health implications for Baby Boomers.
Let’s take a look at how a second term for Biden will impact this demographic.
Healthcare Costs
This is a big concern for Boomers, who, due to age, tend to have significant healthcare costs. Joe Biden strongly focuses on affordable healthcare, and being a Boomer himself, he understands voters’ pain. Therefore, Biden has pledged to cap insulin prices and implement other healthcare cost-reducing strategies that will ultimately keep more money in the pockets of Baby Boomers.
Affordable Housing Initiatives
Biden plans to invest in affordable housing schemes and boost the number of accessible housing across the US. This could benefit Boomers looking to downsize, meaning they get to keep more profit from their house sale.
Prescription Drug Charges
The Biden administration plans to negotiate the costs of prescription drugs to make medications more affordable. This is likely to benefit Boomers in a big way as older adults tend to have multiple prescription medications.
Medicare and Social Security
The Biden-Harris administration has prioritized supporting and expanding Medicare options and Social Security packages. This is great news for Boomers, as these benefits are crucial to many retirees who rely on these programs for financial security in retirement.
Interest Rates
Thanks to Bidenomics, the Biden-Harris administration intends to extend its focus on policies aimed at stabilizing and lowering interest rates, which could ease borrowing conditions, help Boomers manage debt cheaply, and finance major expenses.
Protecting Retirement Savings
The Biden administration may implement measures to protect Boomers’ retirement nest eggs from volatility in economic markets, such as downturns, which would benefit their life savings.
Economic Stability
Biden claims to offer a steady hand with strategies aimed at maintaining economic stability through balanced fiscal policies that could protect Boomers’ pensions and investments from economic risks and inflation.
Tax Policies
With policies aimed at taxing the wealthy and big corporations, Biden intends to maintain or reduce taxes for the lower classes and those in economic poverty. This is good news for less wealthy Boomers, but maybe not so great for the rich ones.
Climate Change Mitigation
If Biden wins the 2024 Presidential election, he will enforce climate change mitigation strategies aimed at reducing pollution, improving air quality, and reducing America’s carbon footprint. This could have health benefits for Boomers due to better air quality, etc., but it may also boost them morally and ethically as they will feel that something positive is being done to save the planet.
Long-Term Care Support
Given his age, Biden is in touch with the needs of Boomers, and he fully understands the burden that a lack of long-term care support places on individuals and their families. Therefore, Biden intends to increase funding and support for long-term care services, which might help Boomers afford the care they need later in life.
Age Discrimination
The Biden Administration has recently strengthened legislation around age discrimination. These equality, anti-discrimination laws apply to everything from medical care to employment, meaning that under Biden, Boomers can be assured they’ll be treated equally and fairly regarding access to medical treatment and/or if they wish to remain in employment for longer.
Expansion of Social Programs
Reduced educational costs and increased social support could indirectly benefit Boomers, decreasing their financial burden and that of their families. This means they can devote more financial resources to their retirement or healthcare costs.
Pension Security
Biden’s efforts to protect employer pension plans from insolvency would help secure Boomers’ retirement income, which could otherwise be threatened or reduced.
Accessibility to Technology
Investments in technology to improve accessibility for older adults could enhance Boomers’ independence and, ultimately, their quality of life by increasing their options for communication with doctors, family, and friends over Zoom, Skype, and Facebook.
Healthcare Workers
The pandemic showed us just how vital nurses and healthcare workers are, as without these dedicated individuals, many more people would have suffered and lost their lives. The Biden-Harris administration understands the value of healthcare staff, and that’s why it supports policies aimed at boosting staff numbers within healthcare facilities and nursing homes. This could improve the overall quality of care that Boomers receive.
Veterans Benefits
The Biden-Harris administration cares about Veterans, and it has made pledges to improve the benefits and support offered to Them, many of whom are Boomers. In fact, President Biden has already signed transformational legislation called The PACT Act, which eliminated barriers to veterans’ access to benefits. This means that the Department for War Veterans (VA) has been able to process more Veteran claims for disability and support than ever before.
Community Support Programs
Biden has always focused on the community, and his administration aims to expand community-based support programs that may help Boomers stay socially engaged within their local communities, ultimately boosting their health, well-being, and happiness.
Telemedicine Expansion
Biden is keen to continue supporting telehealth services, which aim to provide easy access to healthcare advice and support over the phone. This could benefit Boomers as it reduces their need to travel and could even save them money while still guaranteeing them access to expert medical advice.
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