How the Beginning of the Biden Presidency Has Unexpectedly Impacted Your Finances
No matter your political persuasion, the Biden presidency is in full effect — and if the change in management hasn’t impacted your finances yet, it likely soon will. The incoming president’s first 30 days were characterized by a flurry of executive orders, but it was old-fashioned legislation that will probably have the biggest impact of all. That, of course, is a reference to President Joe Biden’s $1.9 trillion coronavirus relief package, but your wallet will almost certainly feel the arrival of the new administration in other ways, too. Keep up with changing times and move into 2021 fully informed by taking a few minutes to peruse these articles about Biden’s first month. They’re short, informative, easy to read and filled with the most accurate and up-to-date information about the new administration’s record out of the gate so far.
Vote: If You Get a Stimulus Check, How Will You Use It? Take Our Poll
Stimulus and COVID-19 Relief
Despite striking out on the $15 minimum wage, Biden’s third round of COVID-19 stimulus appears to be moving forward mostly intact. The much-talked-about $1,400 checks are about to become a reality, but eligibility requirements have changed. Find out if you’ll get a check, when you could get it and how much it’d be for:
Are You Eligible for a Third Stimulus Check – and If So, When Will You Get Yours?
Calculating Your Stimulus Check: How Much (if Any) Will You Get?
If you’re one of the millions of homeowners who applied for mortgage relief, Biden’s first 30 days brought some welcome news:
Although Biden’s bolstering of the critically important but neglected Centers for Disease Control and Prevention doesn’t directly affect your finances, the health of the agency certainly will in the long run:
The Markets
Although the president doesn’t exert any direct control over the stock market, you’d better believe the market reacts to the president’s words and actions. Already in Biden’s young administration, the stock market has witnessed some wild swings that you likely notice in your 401(k):
How the Stock Market Is Responding to President Joe Biden — And What That Means for Your Investments
Debt and Interest Rates
Students with college loan debt were disappointed to learn that Biden’s no is final on helping them dig out of debt:
Experian, TransUnion and Equifax have long been the gatekeepers of your credit score. Now, Biden is floating the idea of doing away with credit bureaus altogether:
Interest rates were at record lows, then they soared when bond yields changed. Even if you’re not a bond investor or in the market for a loan, changing interest rates affect you. Biden’s arrival is expected to cause rates to change even further in the near future. Brush up on what it means for you before that happens with this installment of the GOBankingRates Economy Explained series:
Taxes
The signature legislative accomplishment of former President Donald Trump’s administration was the 2017 Tax Cuts and Jobs Act. Biden has vowed to undo some of that and institute several major changes of his own.
Biden has vowed to increase taxes on the wealthy, but depending on your situation, you might be paying more, too:
About Biden
American history is full of plenty of fabulously wealthy presidents. Joe Biden isn’t one of them, but he’s not exactly just scraping by, either.
Also See: How Rich Are Donald Trump and All the Other Living US Presidents?
Beyond Biden
The Democrats won a stunning double victory in the Georgia special runoff elections. That gave them control of the Senate as well as the House and the Oval Office. It changed everything, and the ripple effects will eventually reach your bank account — here’s how:
Interested in how Biden’s first month measures up against the first month of outgoing President Trump? Here are the numbers that tell the tale:
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This article originally appeared on GOBankingRates.com: How the Beginning of the Biden Presidency Has Unexpectedly Impacted Your Finances
