Trump took notice while at his Asia visit for the G20 summit. Shortly before meeting with Russian President Vladimir Putin, he tweeted, “All Democrats just raised their hands for giving millions of illegal aliens unlimited healthcare. How about taking care of American citizens first!? That’s the end of that race!”
Estimates for Medicare for all, which is “one step away from single-payer” plans, have been pegged as high as $22 trillion annually, depending on how benefits-rich the plan is. North Carolina politicians recently killed their own state single-payer plan when cost estimates rolled in with a $20 billion price tag.
“The idea of free anything is the enemy of free markets,” said Dennis R. Nolte, vice president of Seacoast Investment Services in Oviedo, Fla.
“Most of my clients wouldn’t want their taxes raised. They’re in their mid 50s or a little older and have already paid for their kids’ college. They may be a little concerned about health-care costs, but most are center or right of center. We’ve planned for these events with them for years,” Nolte said.
The Democrats’ message that there is a free lunch worries Nolte. “This is changing what America is about, the idea that you put in hard work over time for reward,” said the second-generation immigrant who recently taught a graduate class in entrepreneurialism.
Many of the students were first-generation immigrants and first-generation college students who were very interested in “money, business creation and mergers and acquisitions,” he said.
“They’re definitely not asking for free tuition and handouts,” Nolte added. Socialism and free benefits “is not a good message to send people, especially younger folks who have no ideas of what a free market is. You’re not going to be getting free money like we’ve been getting for last seven to eight years forever,” the Florida advisor warned.
Ben Simiskey, director of wealth management at Stegent Equity Advisors in Houston, said he tries to think about whether some of the Democrat proposals for taxpayer-financed benefits will benefit or harm clients in both a financial and emotional way, since not all of his clients lean to the right.
“Governmental policies can sometimes benefit in one way, but harm in another. I think the proposed socialist policies would be a negative to my clients financially. But for my clients who lean left, the policies could benefit them emotionally,” Simiskey said.
The economy will likely be a significant deciding factor in the election, he added.