I Voted! – Retire by 40

This is it. It’s time to vote and make your voice count. This is the most important election of my lifetime and I already voted. In Oregon, we have been using mail-in ballots since 1998. They are very convenient and there haven’t been many problems. Losers who refuse to accept defeat make a lot of noise about voter fraud without any evidence. They are entitled bullies who get their way by blustering and lying. Voting for those people will undermine the democratic process. Don’t fall for their lies!

It’s the Economy

The RB40 family has done very well financially over the last 4 years. COVID was a rough stretch for everyone, but we came out ahead. Sure, our monthly expenses are up, but our net worth has increased quite a bit as well. I feel we are doing very well. The U.S. economy is the envy of the world; life is tougher almost anywhere else. I’m thankful we live in the United States.

How about you? Are you better off than 4 years ago?

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Trump’s Economic Plan

I realize not everyone is better off than 4 years ago. Young folks are having a tough time with high housing prices and inflation. Many small businesses were devastated by the pandemic and never recovered. Lots of people were laid off and couldn’t find a comparable job. The last four years have been tough for many of us. You might hope Trump will improve the economy because he’s a billionaire businessman. However, I have bad news for you. Trump will bankrupt the U.S. economy like he did with his casinos.

20% Tariff

Trump wants to put a 20% tariff on all imports. Unfortunately, American consumers will bear the brunt of this tariff. Margins are thin on imported consumer items so the 20% tax will be passed on to consumers. It’ll also start a new trade war with the rest of the world and diminish our export market. Inflation just came down to an acceptable level, do you really want high inflation again?

Eliminate Federal income tax

We’ll skip this one. Trump has said he’s open to eliminating income tax, but it’s just pandering for votes. 20% Tariff won’t be enough to replace the Federal income tax. Deficit will explode if the Federal income tax is eliminated.

Eliminate tax on Social Security benefits

Eliminating tax on Social Security benefits sounds appealing, but it will hasten the insolvency of the Social Security trust funds by a few years. You could see reduced benefits as early as 2031. Are you ready for that?

Deport illegal immigrants

There is no question, the Democrats have mishandled immigration. We need to strengthen the border and reduce illegal immigration. However, bringing back concentration camps is the wrong answer. Trump wants to use the Alien Enemies Act of 1798 to round up illegal immigrants and deport them. During WWII, over 100,000 Japanese Americans were forced into concentration camps across the United States. Many lost homes and businesses due to “failure to pay taxes.” This was a shameful chapter in the history book. Do we want to do that again? They’ll start with illegal immigrants, but who knows where it will end. Putting people in concentration camps is a slippery slope. As an immigrant, I’m completely against this.

From an economic perspective, mass deportation would get rid of a huge piece of our labor force. Businesses would have a smaller workforce and won’t be producing as much. Economists estimate that mass deportation could reduce the GDP by 8% and trigger a recession.

Trump’s plan will crater the U.S. economy

Inflation will soar. The deficit will explode. GDP will plummet. The U.S. economy will fall into ruin if Trump successfully implements his economic policies. Inequity will widen. If you are doing well now, you’ll probably be fine. If you’re struggling, life will be even harder under Trump.

Harris’ Economic Plan

Harris’ economic plan is more of the same, but that isn’t bad. The last 4 years have been pretty good. Inflation was nuts for a few years, but it is under control now. Most of us came through the pandemic intact. Unemployment is low and most people are earning more than ever today. People just don’t like paying higher prices than previously.

Raise taxes on the wealthy

Harris plans to raise tax on the wealthy and large corporations. She also wants to cut tax for lower and middle-income households through expansions of the child tax credit and earned-income tax credit. Harris’ plan is progressive and would deliver more benefits to low and middle-income families.

Raise the minimum wage

Harris has advocated for a higher minimum wage and eliminating the tipped minimum wage. I think this is a good idea. Workers need a livable wage.

Ban price gouging

Detail is scant on this one. How will they ban price gouging? I don’t think this will work. The overhead probably would be quite expensive.

Harris’ plan is better

Harris’ economic plan is pretty mild, but the U.S. economy is doing quite well. We don’t need to mess with it that much. Her plan would benefit lower and middle-class families more. Trump is full of Dunning-Kruger and he thinks he can do better than economists. The history book is full of dictators who screwed up their countries’ economies with ill-advised economic plans. I don’t want to see the U.S. there.

Go Vote!

The important thing is to vote. Voting is a fundamental right for every adult U.S. citizen. You need to take responsibility and exercise your right to vote. Who knows? This might be the last time your vote is counted. If you support a fascist, you might not get to vote again in 4 years. Trump already tried to overturn an election in 2000. If he becomes the next president, he’ll have much more time to consolidate power.

Have you voted yet? What are you waiting for? Vote early if you can because election day will be CRAZY.

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Joe started Retire by 40 in 2010 to figure out how to retire early. After 16 years of investing and saving, he achieved financial independence and retired at 38.

Passive income is the key to early retirement. This year, Joe is investing in commercial real estate with CrowdStreet. They have many projects across the USA so check them out!

Joe also highly recommends Personal Capital for DIY investors. They have many useful tools that will help you reach financial independence.