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Rep. Jared Golden has stated that he is “not at all” concerned about the effect of Trump’s tariffs on his constituents and that “Most Americans, a vast majority of them — me included — don’t have a lot of stocks” and that they are “definitely not day traders.” Nevertheless, anyone depending on a 401(k) plan for retirement has seen those savings lose a tremendous amount of money over the past few days.
Unlike Golden, I am extraordinarily concerned about what this means for my wife’s and my future financial security.
To be generous in relation to his understanding of his constituents’ investment positions, Golden apparently fails to recognize that more than 60 percent of Americans are invested in the stock market. For most workers, this occurs via their 401(k) plans because, with few exceptions, pensions have been essentially unavailable since the 1970s.
Although I agree with Golden that most Mainers are not day-trading within their 401(k) plans, I think the financial damage that Trump is doing to average Americans, and to the financial reputation of our country at large, is generational and beyond belief.
Despite occasional disagreements with Golden’s policies, I have been one of his supporters since he first ran for Congress. However, his recent failures to respond to questions I’ve asked him, plus his recent positions on tariffs and constraining the right to vote, are causing me to regret that support and to look for more rational alternatives in the next election cycle.
Donald Holmes
Sedgwick
