What’s Next

I hope you had a relaxing Veterans Day yesterday and took the time to reflect on the service of our past and current members of the armed forces who protect the freedoms that we enjoy today here in the USA.

Many of you have closely followed the presidential election. Now that it’s behind us, President-elect Trump has promised extensive policy changes for his second term, aiming to reshape key areas of governance. Some of these have insurance implications. Many of you have inquired asking “What’s next?” The Trump team has had its agenda published in a succinct fashion and I wanted to inform our readers as we get used to the phrase “President Trump.”

That agenda, reprinted here from the LSN Partners Post Election Memo, includes traditional conservative stances on taxes, regulation, and cultural issues, interwoven with a populist approach to trade and a redefined international role for the United States. Additionally, Trump’s platform involves reducing federal civil rights initiatives and expanding executive authority.

Immigration: Trump’s 2016 call to “Build the wall!” has evolved into plans for an expansive deportation program, potentially using the National Guard and local law enforcement. Though lacking specifics, his agenda includes ending birthright citizenship, conducting ideological screenings for immigrants, and reinstating policies like “Remain in Mexico.” The overarching aim is to reduce immigration comprehensively.

Abortion: While downplaying abortion as a federal priority, Trump emphasizes the Supreme Court’s role in reversing Roe v. Wade. The GOP platform’s interpretation of the 14th Amendment suggests a possible path for a national abortion ban via the courts.

Taxation: Trump seeks to maintain his 2017 tax cuts, including lowering the corporate tax rate to 15% and reversing President Biden’s income tax increases. He has also introduced tax proposals for working- and middle-class earners, such as excluding tips and overtime from income tax.

Trade: Trump advocates for protective trade measures, proposing tariffs on foreign goods and restricting Chinese investment in critical infrastructure. His approach prioritizes American self- sufficiency in essential sectors.

Diversity, Equity, and Inclusion (DEI): Trump’s plan targets DEI initiatives, proposing an end to diversity programs across federal agencies and increased restrictions on transgender rights, including limiting gender recognition to biological sex at birth.

Regulatory and Bureaucratic Reform: The incoming administration will likely aim to curtail federal regulations, particularly in energy, housing, and environmental policy, to bolster economic growth. His proposal includes an expanded executive reach, easing the dismissal of federal workers and limiting federal oversight.

Education: Trump proposes eliminating the Department of Education but intends to leverage federal funding to influence educational policy. He supports banning certain curricula and aims to restructure college accreditation, imposing strict conditions on university endowments to curb perceived liberal bias.

Social Security, Medicare, and Medicaid: President-elect Trump pledges to protect Social Security and Medicare but has proposed tax reforms that could impact funding for these programs. Medicaid policy may also shift, with a preference for state-level autonomy.

Health Care: Trump continues to advocate for repealing the Affordable Care Act but has yet to present a replacement plan. He has mentioned involving Robert F. Kennedy Jr. in health reform, particularly in addressing vaccine policy.

Climate and Energy: Trump dismisses climate change as an exaggerated concern, proposing a fossil-fuel-centric energy policy. He pledges to end incentives for electric vehicles and roll back fuel efficiency standards.

Defense and Foreign Policy: Trump promotes a defense strategy grounded in “peace through strength,” and shifting the focus of U.S. foreign policy to prioritize national interests over global alliances.

The LSN Update also includes summaries of the U.S. Senate and House of Representative races and is the first in a series of its post-election updates.

Susie Wiles. Source: Wikipedia

President-elect Trump named Florida’s Susie Wiles as his White House Chief of Staff. She will be the first woman in history to hold the position. Wiles sets the bar for leading and helping women advance in political circles. I have followed her career and admire her greatly. We will see great things as a result of President-elect Trump’s decision to place her in this position.

Up next: a new Florida Legislature is poised to take office, the latest on damages and ongoing recovery efforts from Hurricanes Helene and Milton, a crackdown on the unfortunate fraud and scams in the storms’ aftermath, plus some needed perspective on Florida’s historically-assured recovery. Have a great week!

LMA Newsletter of 11-12-24