On Wed, 06 Nov 2024 11:21:50 -0600, Jim Colegrove
Post by Jim ColegrovePost by Bruce...
America: it was nice while it lasted.
Yep.
"R.I.P. America
It was fun while it lasted
1776-2024" America. 2024
Dean and Jim might be right, but dwelling on doom and gloom isn't really
my style. I'm inclined to wait and see what actually happens.
I asked Copilot:
what might be the effect of proposed import tariffs on the cost of living
for senior citizens
(me - to state the obvious, seniors with substantial savings or
investments {eg Rick? :} will be better insulated against cost
increases; on the other hand, it's estimated that around 20-30% of
seniors are already living near or below the poverty line)
Response:
Proposed import tariffs, especially those as high as 60%, could
significantly impact the cost of living for senior citizens. Here are
some potential effects:
### Increased Prices on Consumer Goods
- **Essential Items**: Tariffs on imports can lead to higher prices on
everyday items such as clothing, footwear, and household appliances¹.
Seniors, often on fixed incomes, would feel the pinch as their purchasing
power decreases.
- **Healthcare Products**: Many medical supplies and medications are
imported. Tariffs could increase their costs, making healthcare more
expensive for seniors.
### Reduced Spending Power
- **Overall Budget**: Higher prices on imported goods mean seniors would
have to allocate more of their limited budgets to cover basic needs,
reducing their ability to spend on other necessities or leisure
activities.
- **Inflation**: Tariffs can contribute to overall inflation, further
eroding the value of fixed incomes and savings.
### Potential Benefits
- **Domestic Production**: In some cases, tariffs might encourage
domestic production, potentially leading to more affordable
locally-produced goods in the long term. However, this transition period
could be challenging.
### Economic Ripple Effects
- **Market Volatility**: Tariffs can lead to market instability,
affecting investments and retirement funds that many seniors rely on.
- **Retaliatory Tariffs**: Other countries might impose their own tariffs
in response, further complicating the economic landscape and potentially
leading to higher costs for a broader range of goods.
Overall, while the intention behind tariffs might be to protect domestic
industries, the immediate effect on senior citizens could be an increase
in the cost of living, making it harder for them to manage their
finances.