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What Do Trump's Executive Orders Mean For Me?


Remember the Great Recession? I do. What next?

August 23, 2020

What Do Trump's Executive Orders Mean for Me?

It's certainly been an interesting 2020. You thought I was going to say "unprecedented," didn't you? It was hard to fathom that the crisis surrounding COVID-19 would last more than a couple of months, yet here we are in late August with no real end in sight.

The government has stepped in a few times to help Americans deal with the financial impact of the country shutting down for several months. Think of it as temporary pain relief - like getting a shot of Novocain at the dentist. Eventually the relief runs out.

With over 10% of Americans out of work, many are wondering what additional relief will come now that most of the support measures have expired. Both Democrats and Republicans have been trying to pass a bill that would extend many of the benefits given to alleviate COVID-19 impacts, but in traditional Washington fashion they have yet to come to mutual agreement. Therefore, President Trump has created executive orders to implement some key actions and keep the "Novocain" from wearing off. These include:

  • $300/week for unemployment with an additional $100 of state aid requested for a total of $400/week.
  • Temporarily halt of residential evictions since the previous federal mandate expired on July 24th.
  • Extend relief for student loan borrowers through year end. The current rate of student loans was dropped to 0% and previous relief to borrowers ends the end of September.
  • Defer payroll taxes for workers earning less than $100,000/year.

These measures will surely help those who continue to feel the effects of the pandemic. What remains unknown is how issuing these large sums of money will impact future generations and our obligation as a nation to keep a balanced budget. It's possible that we could be looking at higher taxes or a reduction of entitlement programs like Social Security or Medicare. Pre-retirement family budgeting and financial forecasting will become even more important should something like that happen. Make sure you are routinely evaluating your monthly cash flow so you are well-prepared for any scenario.

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


Will These Things Come Back in a Post-COVID-19 World?

About the author

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Brandon Hayes

Managing Director, Private CFO®

In 2011 Brandon opted to forego a long-term career in corporate America to join oXYGen Financial because he was impressed by the vision of creating a premier independent financial services firm, which strives to provide unbiased advice to the X & Y Generations.

A native of Westlake, Ohio, Brandon currently lives in Atlanta with his wife Aly, daughter Maryn, son Turner, and their black lab Pepper. He's the youngest of three children and played soccer through college at Elon University. He's an avid runner and enjoys cheering for Cleveland sports teams despite some pretty rough years.

CERTIFIED FINANCIAL PLANNER™ and MBA from Georgia State University in Entrepreneurship. Brandon holds his Series 7 (General Securities Representative), 63, Series 65 (Investment Advisors Law) and Georgia Life, Health and Variable Insurance licenses.

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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