Some people might be getting tired of all the world and national news about the Trump tariffs, but one population group is wanting to hear every word.

Middle class Americans who are 50 years old or older most likely have a large part of their life savings tied to the stock and bond markets. What happens to those markets has an impact on personal wealth.

Trump’s tariffs are a gamble. It all hinges on what other countries do and how Wall Street reacts. Judging by the way stocks plunged after China retaliated with tariffs, Wall Street will react negatively to any steps that bring the world closer to a trade war.

That means Trump is gambling with the life savings of many average Americans. I have an investment plan with a conservative mix of stocks and bonds, but there’s still some risk.

My portfolio could lose a substantial part of its value if we have a major recession. If we enter a new era with lower stock prices, I might never get it back.

Something needs to be done to take the risk out of retirement investments. It used to be that many workers had pensions. It used to be that Certificates of Deposit and other bank-based investment products earned enough interest to offer good retirement income.

We’ve moved away from that since the 1980s. The move has coincided with 1990s free trade measures such as the North American Free Trade Agreement and the General Agreement on Tariffs and Trade.

I agree with Trump that foreign governments have often strayed from free trade by applying tariffs to American goods. I would favor his tariffs if it weren’t for the well-being of millions of average people.

My main priority would not be whether we can have growth in our gross nation product. I wouldn’t fixate on how many jobs we create.

My biggest concern would be for the people who’ve worked hard all their lives, built something fairly significant, and now need to spend it down slowly.

Social Security by itself is not enough to keep up keep up with all of the out of pocket costs experienced by retirees. Increases in Social Security benefits do not keep up with rising prices and service fees. The only option is to draw from investments.

There are only two options I can think of for helping older Americans preserve their capital without worrying about the ups and downs of markets.

One would be to create a federal mandate that all employers offer pension plans, either on their own or along the lines of the Public Employees Retirement Association. Another possibility would be to create a federally managed retirement program that could work like Social Security, where you pay in and eventually draw out.

Both would be radical departures from our current emphasis on free markets. It might not be an option to make the whole process risk free.

That creates a responsibility to properly manage national affairs through effective economic policy. Investors shouldn’t be shot in the foot with efforts that experts consider bad for business.

We still don’t know for sure how the tariffs will play out. The fact that countries want to negotiate isn’t surprising They don’t want to keep paying tariffs if there’s a way to bargain.

The only sure sign of a positive impact will be if they agree to take steps that create a more favorable trade balance. Meanwhile the market has to deal with uncertainty.

Regardless of how the tariff issue turns out, it’s important to look for ways to expand local and regional markets. There are actually very few things entrepreneurs can’t do on a small scale.

They can’t build ethanol plants. They can’t manufacture cars. They can, however, choose one in hundreds of possible ways to turn a hobby into a business.

They need technical assistance, financing, access to materials, and distribution networks, Most of all they need customers. Communities need to believe in them and help the succeed.

Older investors and entrepreneurs share a desire to be self reliant, to have some level of control over their financial well-being. We need a system that provides them with the opportunities.

— Jim Muchlinski is a longtime reporter and contributor to the Marshall Independent