CBS News
5 ways Trump’s next presidency could affect the U.S. economy — and your money
President-elect Donald Trump’s victory in the November 5 election highlights the frustrations of millions of voters, with many Americans noting in exit polls on Tuesday that they’re still hurting from the highest inflation in 40 years and dissatisfied with the nation’s economic trajectory.
Trump ran on a campaign that vowed to tackle those issues, pledging to end the “inflation nightmare” and to bring prices down “very quickly.” He also offered a myriad of tax cuts to various groups, ranging from senior citizens to homeowners, as well as to finance some of those cuts through new tariffs on imports from China and other nations and to deport millions of undocumented immigrants.
In the aftermath of Trump’s win, economists and policy experts are assessing how those policies might impact the economy as well as consumers’ wallets. Already, Wall Street is predicting that his policies could boost corporate growth, sending the S&P 500 higher by as much as 2.2% on Wednesday.
But some experts note Trump’s plans may also boost inflation, potentially hurting consumers who are hoping for relief at the checkout counter.
“The devil will be in the details,” Ed Mills, Washington policy analyst at investment bank Raymond James, told CBS MoneyWatch. “The Trump tax, trade, tariff and immigration agenda could have significant economic impacts and raise concerns about a second wave of inflation.”
However, compromises or alterations to his plans “could mitigate the impact,” Mills added.
To be sure, whether Trump can respond to voters’ most pressing economic issues isn’t certain, especially if the House of Representatives flips to Democratic control, which could stymie his plans to extend tax cuts that were enacted in his 2017 Tax Cuts & Jobs Act (TCJA) as well as to enact other changes.
Here are five ways Trump’s policies could impact the economy and your money.
Your money under Trump’s tax plans
The core of Trump’s tax plan is to extend the provisions in the TCJA that are set to expire at the end of 2025. These include the law’s lowered tax brackets and expanded standard deduction.
Trump also wants to provide deeper tax cuts for some individuals and businesses, with his campaign proposing lowering the corporate tax rate to 15% from its current 21%. He’s floated the idea of eliminating personal income taxes on many types of earnings, from tips to Social Security benefits, but has yet to offer details.
Trump’s combination of tariffs and tax cuts, would rank as the sixth-biggest tax cut since 1940, according to a recent Tax Foundation analysis.
If Trump is able to enact these tax code changes, personal income taxes would decline for all income groups. But the biggest beneficiaries would be high-income households, according to an analysis from the Penn Wharton Budget Model (That research assesses Trump’s proposed tax cuts but doesn’t include the impact of tariffs.)
That means a middle-class family with earnings of about $80,000 a year would get a tax break of about $1,740 in 2026, the analysis found. Top-earning households, with incomes of more than $14 million, would see their taxes reduced by $376,910, according to Penn Wharton.
What could happen with inflation?
Consumers rank inflation as one of their biggest economic concerns, with many still feeling impact of soaring prices during the pandemic. Although the U.S. inflation rate has now fallen close to the Federal Reserve’s 2% annual goal, many Americans still describe it as high because prices haven’t come down; rather, prices are simply rising more slowly than they did during the pandemic.
Economists have cautioned that Trump’s plans could reignite inflation. That’s because tariffs are essentially sales taxes paid by American consumers, rather than the countries that export goods to the U.S. On top of that, Trump’s plan to deport millions of immigrants could also boost inflation as employers would likely face higher wages due to a labor crunch.
“Two main pillars of his policy proposals, tariffs and mass deportations, are likely to cause prices to rise as they will make it more difficult for businesses to produce goods,” Jacob Channel, chief economist at LendingTree, told CBS MoneyWatch.
Trump’s plan to levy a 10% tariff on all imports and 60% or more on Chinese goods shipped to the U.S. could add $1,700 a year in additional costs for a typical middle-class household, according to the non-partisan Peterson Institute for International Economics.
Trump’s plans could boost the inflation rate by as much 1 percentage point, bringing it to an annual rate of about 3.4% — above the Fed’s 2% goal — according to Andrzej Skiba of RBC Global Asset Management.
“If you add 1% to next year’s inflation numbers, we should say bye to rate cuts,” Skiba said.
Could the economy grow faster?
The economy could initially grow slightly faster under Trump’s plans to cut corporate taxes, but that impact could fade over time, especially due to the impact of deporting millions of immigrants, according to Oxford Economics.
Real GDP growth could be 0.3 percentage points higher in 2026 than if current economic policies continued, wrote Ryan Sweet, chief U.S. economist at Oxford Economics, in a November 6 research note.
But, he added, GDP growth could eventually fall to 0.6 percentage points lower in 2028 than earlier projections due to the impact of deportations and higher tariffs.
Will housing become more affordable?
Probably not, according to Bright MLS chief economist Lisa Sturtevant.
First, if Trump’s plans reignite inflation as some economists are forecasting, the Federal Reserve may not continue lowering its benchmark rate. Without further cuts in borrowing costs for consumers and businesses, mortgage rates aren’t likely to fall, she added.
Second, deporting millions of undocumented immigrants could impact the housing sector — which already faces a severe shortage of homes — because it relies on these workers to build new homes, Sturtevant said.
“His mass deportation proposal would have a chilling effect on the construction industry, shrinking the already constrained labor force and stalling badly needed new housing construction,” she said. “At the same time, proposed tariffs will increase building costs.”
Will Trump’s policies help your 401(k)?
Possibly, given that Trump’s proposed corporate tax cuts and support for lighter regulations on businesses, if enacted, could bolster company profits and lift the stock market.
On Wednesday, indices including the S&P 500 and Dow Jones Industrial Average soared on Wall Street optimism for stronger corporate growth.
“Lower corporate taxes and/or deregulation of the energy and financial sectors under a Trump administration could provide additional support,” Solita Marcelli, chief investment officer Americas, UBS Global Wealth Management, said in an email.
Other financial instruments could also get a boost, including cryptocurrencies, due to Trump’s pledge to make the U.S. the “crypto capital of the planet.”
At the same time, much of these forecasts depend on Trump pushing through changes to the tax code, regulations and other laws, Channel noted.
“Virtually all of these policies will be tough to implement, even with Republican control over the House, the Senate and the presidency,” he said. “With that in mind, we might not see much change at all in the broader economy.”
He added, “Inaction from the next Trump administration could mean that the economy continues to chug along its current course.”
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
Getty Images
The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
Nic Antaya/Getty Images
The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
Getty Images
The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more