For being officially in office for only half a week at the beginning of a four-year term, President Donald Trump has already done a lot, from getting his national security team confirmed and in place to finally getting his hands on the nuclear codes. President Trump has also done several significant actions on the public policy front that directly impacts millennials across the country.
Specifically, Trump issued an executive order that mandated the executive branch agencies to begin to reign in Obamacare and to ease the economic and social impacts of the former president’s benchmark health care reform.
The ease of regulatory and fiscal burdens, specifically, on families, provides a positive effect at the lowest levels in the grand pyramid of mandated health insurance coverage reform. For one, the executive order suggests that the decrease in financial burdens, like rising health care premiums, must be eased back by the law’s statutory regulators.
Second, the colloquially dubbed “slacker mandate” or “millennial mandate,” or the regulation mandating employer-based health insurance provide coverage for payees and their dependents up to the age of twenty-six, will begin to be rolled back substantially.
Complying with the “slacker mandate” has cost employees up to $1,200 in annual wage reductions for workers that have employer-provided health coverage. The costs are also shared with workers who don’t have their adult children on plans, ergo forcing these workers to subsidize the cost for works with dependent adult children. The Conservative Review reported that the mandate also saw a rise in health care services costs up to 3 percent.
President Trump may have also paved the way for some economic and employment opportunity for millennials. A brief column for Money suggested millennials could finally have the chance to move out of their parents’ home and get out into the world under a Trump presidency. The column cited economist Matthew Pointon, who claimed that “if Trump follows through on his promise to slash regulations, credit conditions are also likely to ease. Taken together, that will enable more Americans to leave the parental home, and 2017 should see the share living with their parent’s edge down.”
Some of the potential benefits can also be seen in a pro-business climate that Trump’s administration wishes to create in the United States, as it is highlighted in my prior analysis on the potential expansion of economic opportunity for millennials.
Nonetheless, there is still a mixed outcome on what will happen to trade between the United States and the world. Trump will be meeting with the leaders of Canada and Mexico to renegotiate NAFTA, the North American Free Trade Agreement, in the coming weeks. The president stated several times on the campaign trail that if he cannot reverse the effects of American firms taking operations across international borders, he would pull out of the deal altogether, ending a period of virtually free trade on the North American content. He also bowed out of the Trans-Pacific Partnership.
In a YouGov survey from 2016, it was found that 48 percent of the respondents under 30 had a favorable view on free trade with other countries. Only 27 percent had a negative view, citing that it kills jobs. Still, Trump remains adamant on a high trade tariff proposal in an effort to bring back American companies and jobs that specialize in all tech manufacturing, despite the fact that free trade does have its benefits across the economy, especially for enterprising millennials. In fact, a repeal of NAFTA doesn’t guarantee a return of American jobs. This is because American companies would still see exorbitant labor costs in doing business stateside, in comparison to doing business in countries with low wages and regulatory obligations.
Besides this, several of the recent executive actions can prove beneficial for millennials.