Key Policy Shifts Following the 2024 Election: What They Mean for You

What Happened?

The 2024 election has concluded, and the new administration will be sworn in soon.

With new leadership and congressional dynamics in place, significant policy changes are likely on the horizon.

These potential shifts, which span the economy, healthcare, climate, and foreign policy, are poised to steer the country's direction in the coming years, as well as have tangible effects on the daily lives of Americans.

The newly elected administration is prioritizing economic policy, focusing on balancing future growth with fiscal responsibility. It plans to extend the 2017 Tax Cuts and Jobs Act provisions, set to expire in 2025, to prevent tax increases and maintain current tax rates.

Additionally, the administration proposes imposing a universal tariff of 10% to 20% on all imports, with tariffs on Chinese goods potentially reaching up to 60%. This move aims to protect American jobs and industries by encouraging domestic production and reducing reliance on foreign goods.

These proposed changes could impact household budgets, business investments, and the overall economic stability of the nation.

Extending the tax cuts may prevent an increase in taxes for middle-income families, while the introduction of tariffs could lead to higher prices on imported goods, affecting consumer spending and business costs.

Why it Matters

The incoming administration plans to address healthcare by focusing on reducing prescription drug costs and revising Medicaid policies. For Medicare, the administration may alter the drug price negotiation program established under previous policies, which could affect its ability to significantly lower costs for beneficiaries.

Meanwhile, Medicaid expansion in states that previously resisted it could face challenges, as proposals like work requirements or capped enrollment are being discussed, potentially reducing coverage for underserved populations.

These changes aim to address healthcare affordability and access but have sparked debates over their funding and effectiveness. Critics warn that adjustments to Medicaid and Medicare policies could increase out-of-pocket expenses for some Americans and limit coverage for vulnerable groups.

The administration’s approach reflects a shift toward controlling costs through structural changes rather than broad expansion efforts.

The incoming administration plans to expand fossil fuel production by increasing drilling on federal lands and expediting pipeline approvals. It says this will boost energy independence and economic growth.

While the oil and gas industry supports these measures, environmentalists warn that they could delay progress in addressing climate change and transitioning to renewable energy. Critics argue that prioritizing fossil fuels over clean energy investments risks hindering efforts to reduce greenhouse gas emissions and combat global warming.

The incoming administration’s foreign policy plans emphasize reducing reliance on adversarial nations like China by reshaping critical supply chains. This includes efforts to bring manufacturing back to the U.S. and negotiating new trade agreements with allies in Europe and Asia.

How it Affects You

While these moves aim to enhance national security and economic stability, they may also lead to higher prices for everyday goods as companies adjust to new supply chains and increased production costs.

For Americans, this could mean paying more for imported products like electronics, clothing, and household items, but supporters argue it would create more domestic jobs and strengthen economic independence.

As the new administration implements its agenda, staying informed is crucial. These policies will not only impact the national landscape but also influence individual lives in profound ways.

Understanding the changes ahead can help Americans prepare for both challenges and opportunities in this evolving political and economic environment.