Search
Close this search box.
Blog » Retirement » 6 Ways The Freelance Economy Can Affect The Presidential Election

6 Ways The Freelance Economy Can Affect The Presidential Election

There has been a major shift in the American (and global) economy over the last few years. People are forgoing the traditional employment model and creating the freelance economy. As it stands, over 53 million people are self-employed and studies project the number will continue increasing.

This brings into question how a totally new economy, and a totally new voting block, come into play during an election year. More specifically, how can the freelance economy affect the U.S. presidential election?

Massive new voting block.

If there’s one thing present in the freelance economy, it’s numbers. The number of people who consider themselves self-employed could help swing an election and it’s why you may start seeing some of the candidates talking about it.

The freelance economy was mentioned in a debate a few months ago, and while it hasn’t come up again, we shouldn’t be surprised if it does. The presidential candidates are now vying for the vote that comprises a third of the U.S. workforce.

Workplace Protections

Hillary Clinton noted back in July that the freelance economy is going to raise some major questions about what workplace protections look like in the future. For example, this will call into question how many companies are misclassifyingg workers as freelancers so they can avoid giving benefits.

She also noted how this will bring into question what a good job for the American people actually looks like. Many people are quitting their jobs so they can have more flexibility, could that lead to mandates such as requiring companies to give family leave to their employees?

Retirement and Healthcare

Two other areas in which this will really affect the workplace is retirement and health care. If more people are freelancing, what does that mean for their retirement and health care needs? These are things that are currently being covered out of pocket my a third of the American workforce.

Income Equality

Another reason many have decided to freelance is because they can make more money. In many ways, it was the answer to a down economy which has now led to innovation and opportunity for millions of Americans.

In an article released in The Guardian, economist Thomas Piketty mentioned how a freelance economy means there is less likelihood that all the wealth will end up in the hands of a few corporations, which is exactly what we have seen occurring over the last two centuries.

Taxes

Perhaps the most obvious way in which the freelance economy can affect the U.S. Presidential election is taxes. If you have millions of people who are self-employed and millions of others who are freelancing on the side, what does that mean for tax rates and codes?

Final Thoughts

Presidential candidates are eventually going to have to face a changing economy for the American people. It’s no longer about staying at the same job for 30 years and getting a pension. Instead, we’re seeing a major wave of micro-entrepreneurship.

While we still don’t know where this is heading, we do know things aren’t ever going back to how they were before.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Millennial Finance Expert and Writer
Amanda Abella is a Millennial Finance Expert that helps people understand their finances and eliminate all bad debt. She wrote a book, Make Money Your Honey. It is a powerful guide on how to have a better relationship with work and money. You can actually start building an extremely profitable business around the things you’re passionate about.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More