This is what we’re dealing with

via Upshot:

A sizable minority of Americans don’t understand that Obamacare is just another name for the Affordable Care Act.

This finding, from a poll by Morning Consult, illustrates the extent of public confusion over a health law that President Trump and Republicans in Congress hope to repeal.

In the survey, 35 percent of respondents said either they thought Obamacare and the Affordable Care Act were different policies (17 percent) or didn’t know if they were the same or different (18 percent). This confusion was more pronounced among people 18 to 29 and those who earn less than $50,000 — two groups that could be significantly affected by repeal.

Don’t laugh. These are your friends and neighbors.

These are the people who are electing government officials and indirectly supporting legislation that works against their own self-interest, because a cable news program told them to. These are the people vociferously shouting their uninformed opinions on every Facebook page and street corner in America.

And, of course, these are the people being offered “increased choice” by the possible repeal of the Fiduciary Standard of care for retirement accounts. They are the people who are allegedly able to make good decisions for themselves with retirement on the line. They’re the people who once had pensions guaranteeing them an income in retirement, who are now expected to make investment decisions on their own in order to replicate those pensions. They’re people who will live longer than prior generations and are at significant risk of outliving their money as a result. They are people for whom the introduction of increased choice will not be a benefit, given the fact that excess choice leads to paralysis or poor decision-making.

They’re the people who are buying insurance products for a guaranteed income when what they really need is enough growth from low-cost equity exposure to outstrip inflation – not a nominal, fixed payment. All of the incentives are in place for salespeople to trick them into doing this to themselves. The incentives to deliver good advice are considerably lower, or non-existent in many cases.

This is what we’re dealing with. If you’re a financial professional and you’re reading this, you have a chance to fight for the right side to help these people. Even if they spit empty, oxymoronic political slogans in your face while you try.

Don’t give up. The rewards for being on the right side of this fight will someday transcend commissions and fees.