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I visited the BEA website and it says "Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis." I see the words "annual rate." Does this mean it decreased at a rate by which 33 percent decrease would take place in 1 year?
Would Duct taping together two refrigerator boxes more like a duplex or a double wide? I have an idea to produce a TV program for HGTV flipping side sidewalk real estate.
Well invest in a good bidet so you are less likely to be impacted from TP crisis again. It also saves a lot money from using less TP. It’s also good for environment.
@@CarrotConsumer This guy literally just did a video on how you're killing people anyways. The amount of suffering that can come from an economic downturn far outweighs any virus that can strike a population in the modern age. You can't save everyone. Get over it.
That idea was never viable on a long time scale. "Only lunatics and economists can believe in infinite growth on a finite planet". I would say: only lunatics, some of them just happen to also be economists
We forget to mention that basically everyone now has a smartphone, which is significantly faster than the computers your parents (if they were lucky) were able to use when they were young. I hear people complaining about iPhone costing 1k (I mean it is ridiculous) but an IBM, Apple, or Microsoft personal computer 30-40 years ago cost closer to 3-4k, while being much less useful. And that's not including inflation, gradually increasing wages, and the much easier access to education/information. We have no right to complain... yeah the world is kind of a mess, but we have every opportunity to go and do something great. It's just a matter of starting
@@loganc2380 I don't think that logic holds up well. The medieval ages had it better than cavemen, and the great depression had it better than the medieval, so by your logic, no generation is bad, everything is always great. Also having a smartphone that everyone else also has decreases its value. The computer 30-40 years ago existed in limited numbers, and so its rarity combine with functionality that contributes to production gave it value. Just by having a computer 30-40 years ago, you gained a mean of production to provide a unique service only a few can provide. Now though, despite a significant increase in computing power in a smartphone or a computer, the sheer supply of those items has rendered them nonviable to be a item suited for production. The massive increase in population has caused many marketable assets and skills to be devalued. People, like any asset, decrease in value as the supply of them increase. When there are thousands of people capable of being a waiter or cashier, they become much more replaceable than when there is only hundreds of people.
@@fighder2 I think you misunderstood my point. The main comment sarcastically mentioned how we live richer lives than our parents, and im just giving examples how our overall quality of life is better. You can argue things are harder now in some instances, and i would probably agree. But there are so many more opportunities available for us that I dont think you can say we have to follow those set paths our parent took. Anyone rn with internet can learn a new skill, our parents didn't have that same luxury
@@loganc2380 You said it yourself, everyone can learn a new skill now, which devalues the skill. The increase accessibility to knowledge and training devalues the resulting skill set. While the entrance fee to those skills has increased, the value of the skills decreased. Not only is this inverse relation bad on an individual level, the negative effect is amplified by everyone else doing it. You talk of the increased opportunities as a good thing but disregarded the increase in competition and also a decrease in demand as technology has made it more efficient for less people to do the work of many before. The demand for people has not been growing at a proportional rate as the supply of people coming in.
the problems this quote has been said a billion times since 2008 so thats what everyone did which caused stock market to rise like crazy with the help of fed, which is far from blood on the streets.
@@odiousfox355 A major economy like the u.s going down hill is going to have impacts on the entire planet. The same would go for China if their economy down turned on such a large scale. As to how big the impact is or will be, we'll have to see.
Odious Fox yeah but they have an outsized pull on the world. Not to mention like just a handful of countries they technically can end the world literally.
Just copy paste the code on a different computer. I'm sure the new antivirus created by the China Software can prevent the spread of the broken code of the US software
Thats actually whats going down The old order of things is passing away, and the new world order, the technocratic, transhumanist agenda is on the way...where the antichrist will be given power from every government on earth.
@Schnabel Same over here, for some poorer families the house itself is a family heirloom. Some people are to poor to buy a new house, some desire to stay with family and others that could buy a house simply have a mentality of "Why buy a new house when all you have to do is wait for grandpa to die and voila - free house".
That really would be scary - a plunge in the value of the US dollar while the Fed just prints more money and lowers interest rates. Anyone fancy a Renimbi?
EE: Explains every headline is exaggerated and it’s going to be okay Me: Ok we are saved! EE: For the last part of the good news... Me: Why are is there still 12 minutes of video time... EE: We are totally F*****D Me: ...
@@haridasyedage59yes to put it bluntly yes not only that but His only begotten Son is Jesus and He died a perfect dead so that we may be reconciled to God repent as the Kingdom of God is nearing closer and closer and soon it will be to late for you
@@feelinglikeaceowithqueenal8019 Doubtful, claiming the existence of God is about as credible as claiming the existence of a unicorn. You can't prove they exist, nor can you disprove it, the only difference is that you automatically assume that one exists and the other doesn't.
I mean, in comparison to children from the 1930s (Greatest and Silent Generations), millennials and Gen Z are the luckiest generation in history. Just the fact that there are no food shortages or rationing is a massive improvement. Baby Boomers also had a good life although in the 1970s some countries had it hard (Gen X).
"just don't participate and stimulate the economy so much by buying coffee and haircuts, then you could afford buying a house with 30." - every baby boomer
Clive Bixby uhh you’d be surprised. I quit smoking cigarettes and daily coffee frappe and put that money into crypto. I’ve been doing it for 2 years. Might actually buy myself a house if I keep it up.
The "Greatest Economy in History" turned out to have a giant glass jaw. How come corporations didn't have 6 months savings reserve like persons are supposed to have?
because they were discouraged from doing so by modern monetary theory. That theory says that having lots of cash on hand to say weather a sudden crisis is bad for the company and the economy. After all money sitting around isn't being used to grow the economy.
Andrew Dobbin that’s not the problem it’s that the equity built from investments weren’t real. They played the stock market game instead of investing in real products and or people and this had nothing to show when their gravy train slowed
Bottle caps originally represented water, so they were backed by something. In Fallout 2 caps were worthless because they were making actual money. I have no idea why Bethesda brought them back
@@sureokk well the Hub is still a large economic place to the wasteland even by the time of Fallout 3 so to caps lose it's value would be hard. Second in nv the ncr money had Lost most of it's value for some reason and then caps came back with water value and third because it's easier to make one monetary system in game then making 3 or 4
“How many times is it said investing should be easy” video goes to commercial spot that starts with “want to get money fast? Buy my fool proof plan to get rich with stocks!”
@Chatsworth Osborne, Jr. Why are you investing in the Bible if you aren't reading and following it? The Bible says *not* to invest in silver and gold! (Matthew 6:19-20)
As long as the people have bread and games there won't be any large scale revolts. The food supply system collapses, that's when we get French revolution 2: Electric boogaloo.
@@thanos2703 Yeah, that's part of the point. Except it's still more valuable than some other cryptocurrencies, because the value people on the internet put into a joke.
Ah, i still remember when people at 2019 new year were hype about 2020 because it's the new roaring twenties and i saw a meme about how the 1920's have a bunch of disaster and just laugh knowing it will never happen and here we are
We will get back to normal eventually.We survived WW2 didn't we? The AIDS epedimic has no vaccine yet ,but we have therapeutics.WE will have herd immunity one day and maybe this COVID 19 will not be as deadly as it is today.People have a wake up call and hopefully will rethink their position and not rely too much on the government but will apply more efforts to be industrious and resilient.
@@lourdesvillegas807 Your government was printing trillions of dollars supporting the banks before covig19 came along. The USA has serious financial problems which it is covering up with money printing. If the money printing stops, interest rates will soar to around 12%. The USA can not live with 12% yet the money printing will undermine the dollar eventually. The USA is f----d. buy some gold/bitcoin/foreign assets.
@@lourdesvillegas807 - Comparing COVID to AIDS is laughable. There's only a few sure fire way to contract AIDS. THIS virus can just land on your skin. And there is a chance that social distancing, and mask wearing may be here PERMANENTLY. You should prepare yourself for that possibility.
@lourdes villegas yes it will go back to normal eventually but for now you have to prepare the economic things aren’t gonna better quickly it will take a lot of time
I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn't mean security. So I really appreciate your transparency and giving people a fighting chance during these troubling times.
After an initial demo account trading training, I now use a real trading account. I decided that the real account would make my training and experience far better. Therefore I deposited $5,200 into my first trading account. After 2 months of suffering and blowing up my account (almost 75%lost, I decided to join a professional advisory service) I started to earn some money
@Heschewingonit Yessir. You nailed it! The boogaloo is inbound, and this time we are fighting for our right to live and be free, and the enemy is fighting to rule over us. I'm itching to mag dump (freedom) in the face of Marxists and other evil bastards.
history is a serious of short and irrelevant events leading up to major crises. It's the classic proverb, The end of the universe won't be a bang but a whimper.
@@georgejoseph3726 Referring the Holy Roman Empire, which was a complex Empire existing in modern day Germany/Italy, and dubbed ''Not Holy, not Roman and not an Empire,'' by Voltaire, due to political turmoil in it. It wasn't ''Holy'' because it tolerated heretics (Protestants, Calvinists), it wasn't ''Roman'' since it had no relation to the Roman Empire, and it wasn't an ''Empire'' since the Imperial Throne was an elected title. Although I'd say it was an Empire.
“The moment you make passive income and portfolio income a part of your life, your life will change. Those words will become flesh. Often, the more money you make the more money you spend; that’s why more money doesn’t make you rich - assets make you rich....
I am interested and willing to invest heavily in bitcoin. All ma homies be telling me that they are making money through bitcoin trading and investment
@@cryptocapitalventure6096 don't listen to those fake comments/bots that promote an asset manager for bitcoin or anything else really. You should try to learn about the stock market/crypto market and how it works before investing and then chose your investments wisely
“How many times is it said investing should be easy” video goes to commercial spot that starts with “want to get money fast? Buy my fool proof plan to get rich with stocks!”
EE talking about how making money off stocks shouldn’t be easy. Ad: Hey you, would you like to make a million dollars off of buying and trading stocks?
The billionaires will absorb the cost through the stock market since all of it is just numbers on computer nowadays. They will do so in order to maintain dominance over the working population who sever them, and pass the austerity on to us.
@@jamesrichey I'm not sure what your saying? How do the billionaires absorb this through the stock market? Why does that give them dominance? Them instituting austrarity that I understand. They will try to make the unemployed pay for their crisis along with those that still have a job. They'll start cutting the UI benefits saying without doing so the unemployed won't return to work and for those who have jobs they will be telling us at work that there are others that can do your job better so shut up and keep working. .
@Sally Hillal The government goes into debt so wealthy US Treasury bond holders can be paid future tax money. That scam has being going on since Alexander Hamilton. Instead of taxing the rich the rich invest in government and go home with a tidy government guaranteed profit paid for with tax money.
@Sally Hillal The top income people in government are government managers not unionized workers. Cops, prison guards and "justice system" employees are NOT workers.
The US is the world's biggest customer, if US consumers stop buying businesses all over the world would suffer. We're looking at a Second Great Depression at worst or a Second Great Recession at best.
@@JollyOldCanuck this is not the second of anything it is a million times worse than 1929 the world recession or depression does not cut it you should call it economic ANNIHILATION
@@RectalBisque without those "shutdowns" you would have had even more cases and even more economic loss and loss of life. But I guess simple math is pretty difficult for people who think masks are political
He said average household income went up; I wonder how median household income fared. I suspect most of the increase is the stock market increase and stimulus money, which are both temporary, and the former goes almost entirely to the wealthy and those employed and with 401(k)'s.
In 2020? Yeah sure, if you eliminate a big portion of bad paying service jobs, you will end up with a higher median or average income. That is all to the story tbh
The American "economy" added over $5 trillion in welfare, such as $600 a week extra for the vast majority of low income unemployed workers, while many employed low income workers received hazard pay, and almost all employed and unemployed workers received a $1,200 "bonus". Add very low or no interest "loans", such as the PPP and the corporate slush fund, as well as the complete artificial propping of the stock market and there's no surprise at all that "average" and median incomes went up. Sure not all unemployed workers were made whole, such as higher income workers or those making over or well over $4k a month, or those that were illegal and unable to receive benefits, but the vast majority of those unemployed were lower income workers and the large majority of the US in general is lower income workers. 70% of workers make less than $50k a year and over 40% of workers, the majority of them women, make less than $25k a year. So the extra $600 lifted tens of millions or workers one to three classes (quintiles) of income higher...
Or they could just be lying... lol no one is able to even confirm the credibility of the numbers/info ... we all just accept it as fact when they add GDP and all the fancy terminology...
**laughs in staying at home alone because nothing's changed for us introverts, and we don't have the money to do such things anyway** **slowly transitions to crying**
Me: Wow this guys making a good argument I should worry *Glances down and sees 12 mins remaining* Me: Oh no My mum: Oh no My Cousin: Oh no My dead grandma: Oh no The ghost of Karl Marx: Oh no
No, its because people in low income jobs in the manufacturing and services sectors have been disproportionally been laid off as opposed to higher income jobs, driving the overall median income for workers still employed up.
Yea the "average" household is a bad statistic. To better understand you should almost always use medians, because it let's you know where the middle is. Averages are extremely bad for measuring this sort of thing and are almost always misleading.
With the sheer volume of simps in the world these days the US would make a killing! Seriously, there are so many simps that it's a VERY solid business plan for the US.
@@elementj4830 You could be fake. Girls get surgery and fake boobs, US fakes (economy) numbers and fakes its currency as a solid one, and market it as the world reserve currency.
@creapsmantic World's largest economy by quite a large margin, USD is essentially the default world currency that all floating currencies are valued against, a frankly gargantuan spending power from the middle class, 3rd largest population, extremely potent and diverse military forces, a massive cultural dominance. It has become very popular recently to trash talk the USA (and there's some valid criticism) but it is undeniably the sole super power.
@creapsmantic That's simply not true. They are the dominant country by a significant margin. The USA's debt "problem" isn't that much of a problem. If anything they're a victim of their own success, there's a large demand for US debt because (at least for the moment) it can be quite a lucrative investment. Of course they should be vigilant of growing debt, but it is hardly the crippling issue that people make it out to be.
the ideal scenario would be a focus on small/medium enterprises like they did in Germany, those are the backbone of any national economy, the little coffee shop, the little mechanical workshop, the small local market. Big companies like Amazon, Apple, Google will never generate the amount of jobs that the local small enterprises will, those companies provide tools of innovation, but in the end they'll not employ as many people as a bunch of little enterprises
@t-dot Money and politics are the perfect mix of poison in America. Unfortunately, our best efforts to unite against it are not successful. Whether its oppression, racism, partisanship or anything else, it is far easier for those still reaping rewards to divide the masses of those hurting.
The best thing that could come out of this is the death of the unsustainable philosophy we've been operating on since the 80s. Let's be honest, most of the "growth" of the past decade has been built on shaky ground through tax cuts and irresponsible fiscal policy to bolster the markets and make it look like everything was getting better. Sometimes something has to fail catastrophically before people realize it was a flawed design from the get go. I can only hope whatever emerges makes more sense than what we had.
If the economy grows to the tune of trillions and trillions in debt and unfunded liabilities, did it really grow at all? People like to claim that Russia is a poor country , compared to U.S. but if you look at Debt to GDP, then you realize U.S. is not so rich , and Russia is not so poor.
Don't forget immigration of low-skill workers, that is proven to increase GDP while stagnating or lowering wages for workers similar to the immigrants.
Is it possible for an economy to function if a significant portion of its citizens pursued FIRE? Well, first we want to consider two types of FIRE: 1) FI (Financial Indepencence) 2) RE (Retire Early) Some people (FI) just want the security that comes with not *needing* to work to fund their life, but once there may continue on working as normal. However, others want to RE and literally stop working, and instead pick up a hobby that doesn't have to pay for itself. FI doesn't sound like it would hurt an economy, as individuals would continue contributing to the economy. It might even make certain parts of the economy more resilient as people have more individual stability, who knows. On the other hand, can the entire workforce retire early? That would make the workforce considerably smaller, and younger. Can the entire economy be on the backs of people under 50/40/30 and still meet everyone's wants and needs? The other factor to consider, is that FIRE is not just increasing saving, but decreasing spending. If people are buying fewer luxuries than they used to, maybe we *can* decrease the workforce and still have a functioning economy
@@ThomasBomb45 Although I'm personally pursuing FIRE, I don't think we'd ever see a reality where a majority of people will diligently save & invest their money. FI doesn't sound like it would hurt an economy but I'd say most of the workforce in company's who make up those index tracking ETF's wouldn't be there if they were FI. If no one wants to do the grunt work, then that 7% p.a long term return won't happen.
I really wanna know if he's on r/FIRE to be honest. Also, should we conflate FIRE with passive investing? Part of me says yes, because for most people thats what that means.
His criticism of passive index funds was odd, for sure. There is no evidence that passive index funds are bad for stock price discovery. Even if a majority of shares were held in passive funds, a majority of *trades* will inevitably be made by active managers. If passive funds ever did create a pricing error, active managers would make money by capitalizing on it
Well, there are a few reasons for this. 1. The stock market dropped so far in March that a lot of its recent "growth" is just catching back up to where it was in February. 2. The stock market is fueled by expectations, not results. It's been going up because a lot of investors are hoping that as lockdowns end, the economy will recover. If this doesn't happen, the stock market will probably stall or drop again. 3. The stock market only measures publicly traded companies, usually giant corporations. Many of these businesses, like Netflix and Amazon, do a lot of business online. People staying home and retailers closing means more online shopping. 3. A lot of people actually made more money off unemployment benefits than they did their regular jobs. Also, a lot of people claiming unemployment were furloughed, not laid off. This means lots of people with more money than usual who expect to return to their regular job rather than spend weeks/months searching for a new one. This means a lot of people are not feeling the full effects of the economic downturn and may not be curbing their spending habits accordingly.
Jean-Luc Martel Trump before coronavirus gave the US so many jobs and boosted the economy tremendously. You just wanna say “orange man bad” because that’s the trend of the internet.
"Average household income has increased since the beginning of 2020". I'd be interested in seeing the median and exploring this data point a bit more because it DOES indeed seem to contradict a lot of what we're seeing in terms of both unemployment numbers and generally a lot of anecdotal stories of people losing their jobs. Is the average higher because billionaires are propping it up (I remember reading that during covid-19, the world's richest billionaires increased in value)? Or is it because the stimulus packages were actually more than some people who were working part-time? It's not that I don't believe it, but I feel not enough time was spent on this (especially since you mentioned it's both strange and unexpected) given how much individual incomes are usually how people "live" through a recession.
Depends on how they are measuring it. If income is only measured if it is coming strictly from jobs then losing lots of lower paid jobs while the middle and higher paid jobs are shifted to a work-from-home stance but retaining their income then average income would rise. But if you include the reduced income for the now unemployed people then yes, it should be going down.
Above the fact of the electoral intentions of all Trump's cash aids, and the artificial pumping of the stock markets -and big boys wallets-, what is really worrying is the total distortion of economic incentives, from financial to labor markets. So, yes, USA is esentially collapsing.
@@vids9190 You seem like a behaved fella in the comment section. So let me ask you I've been hearing a lot lately about the 21st century, what'd you make of it?
"Once the crisis has ended the figures should go back to normal." Ah yes when in one year we will have enough vaccines for most of the population it will go back to normal. Great but we just got half a year behind us and im not sure how things are going to look like in another half year and as you pointed out even when we get out we still have other problems. Furthermore these Problems are also affecting other countries not only because global trade and investments but also because the Dollar is a world reserve currency and if the USA has a high inflation that will hit all countries that have them for safety or other things. Please take my opinion on the situation with a pinch salt since im not an economist. Thanks
@@lieQT The assumption is correct. The entire world continues to become richer. Some faster some slower but almost all are gaining quality of life as time progress.
Don't make investing harder. Make it better. We don't need more attention on the 2400 indices on NYSE. Set up more local stock exchanges, to invest in local, or even small businesses. Make mom's shop on the corner easier to invest in. Or maybe not stock exchanges, but do something that makes funding smaller projects easier. Don't leave this to the banks; I bet that simple "credit rating" capital allocation can be beaten. Hundreds of thousands (millions including casual traders) of talented, highly motivated individuals are currently wasting their time performing sentiment analysis on just 2400 CEOs. They should be analyzing the logistics and market phenomena: you know, actually identifying opportunities. ~~~~~~~~~~ I'm a huge hypocrite, mostly investing through my E*TRADE account, but I'm at least trying to diversify my portfolio through emerging market ETFs and foreign companies. If I have the time, I'll try to find some way to help out startups, but even that is far more complex.
Good on you. Your heart appears to be in the right place; unfortunately the way capital markets are set up currently does not allow for good intent. Rather, it's a repeat telecast of the "too big to fail" argument, which only results in further concentration of capital and with it an increased misallocation of capital
I do have friends who plan on only flipping houses ... It's not really "heart": I legitimately just want to invest, understanding what I'm getting into and why it provides returns (or doesn't). Like, I tried to buy Tesla shares because "inflation would be good for domestic manufacturers", hoping that it's some insurance if prices jump by, say, November, but then everything got swamped by earnings report hype, which pushed prices up by 40-odd percent (between when I purchased, and chose to leave). I got lucky on this one, but it'll easily work in the opposite direction next time. In a normal year, I'd just say "short term jumps average out," but there's really no guarantee anymore, and it really does feel like you're sitting on a powder keg.
There are venues that do small micro loans to developing nations. You pick a business to fund and they return the money as they grow and earn profits. It gives underserved markets a chance to grow and help their communities and you get interest if they succeed. I have to look up where to do this because I forgot, but it's similar to the idea you talked about with mom and pop shops.
The term "Investment" in GDP does not mean purchases of financial products, but rather purchase of new equipment or building a new factory etc. People might not be sitting on a pile of cash, they could've already used it for financial products. This would explain the recent rally regardless of the economy not performing well.
Indeed I think we’re kind of past the time when “everybody has piles of cash”. That cash has gone into bonds (which are now all in negative real yield), Apple, Amazon, the stock market in general, gold, silver, houses, crypto, foreign stocks etc etc. And when the cash fully runs out, that’s when that wealth will be absolutely destroyed in what is probably one of the largest asset bubbles in history. Which is now sitting thanks to Covid on the flimsiest of economies. It’s... really bad. And if cash keeps coming in, well, then the dollar will just plummet so much that assets might as well have crashed 50%. Don’t think that’s going to happen though, the fed is not so stupid to completely kill the dollar in its attempts to cancel gravity.
But in the USA especially the majority of capital investment occurs via asset leases, mortgages, equity finance and venture capital which are all investment products. There is no way to directly measure capital investment especially in service industries so indirect measures are needed.
@@andriyshevchenko6689 The fed is just a central bank there is really no force or incentive preventing the fed from printing the U.S dollar to oblivion. The print record currency and lower rates to zero today but they are going to stop printing and raise rates in the future when the whole system is more levered up? makes no sense, history shows the printing usually stops when the currency has already been destroyed. This will not happen overnight because of the dollar's reserve status but this is easily the biggest bubble in history nothing comes close.
@VobisPacem I heard Jim Cramer say that it is a transferance of money from the middle class businesses, which closed due to covid, to the publicly traded companies which remained open.
these kinds of vids are something you treat more like a podcast. the visuals are just... there. minimize, tab out, and do something else while while you listen
A video on the future of the Decennial recessions would be interesting, because right now it just seems like we're bound to fall into the same trap every 10 years
@elijah mikle it' s not properly a feauture of capitalism, you could find booms and busts in the feudal age as well, due to reductions of the agricultural output
@elijah mikle it is the cycle of govt planned monetary policy. Capitalism would survive without it. We have more or less had low interest rates from the fed since bill Clinton. 25 years and counting. Over time that malinvestment bubble from cheap money implodes into a recession. This one as the video noted is structural. Govt closing down the services industry and closing off international trade are driving this disaster.
@elijah mikle It's not, Boom and bust and futures of every economic system, Ever, No matter how perfect, A disease could strike the crops and you would have a recession tommorow, A civil war could happen in an exporter country and you would have shortages, No economic system is free from external forces.
Isn't GDP just a measurement of economic activity in a country? I mean obviously it's going to be lower when people can't spend money or do much in lockdown/quarantine. I think it will normalize once COVID subsides.
@@Reluxthelegend Much of economic spending in America is on luxury consumer goods, when people realise they need to stop spending, they do it much more.
Sounds intuitive but unfortunately it's not as simple as that. Modern day companies rely on cash flow. Whenever they have a spare doller, they reinvest it into their own growth. Having no earnings for two months can mean bankrupcy, especially when the banks you're in debt with don't trust you performance anymore. By the time the crisis is over, a lot of businesses might be bankrupt due to the lack of domestic customers, which results in that companies exports also going away and can result in a long term reduction of the GDP.
I believe the growth in household income is from households that were making minimum wage are now getting a living wage from unemployment. Edit: Also the stock footage @ 15:37 is blowing a stop sign lol
Ray Bod It’s not like that though. The argument (substantiated by studies, historical precedent, mathematics, economics etc.) is that letting the market determine wages ultimately improves overall wages as well as pricing.
@Austin Martín Hernández With the advent of technology, minimum wage jobs have become more and more redundant. You seem to want the government to raise the minimum wage, that will only accelerate the transition to automation while leading to honest workers becoming black market workers to sell their services at the market price.
Austin Martín Hernández Your making a false equivalency by way of incorrect assumptions. Yes, wages have been stagnant in nominal terms; when inflation is considered, they’ve actually decreased considerably. We agree. However, this has little to nothing to do with minimum wage laws. This has to do, mainly, with globalization moving domestic job markets overseas/below the border, reckless actions by the FED, careless deficit spending habits by congress (war and entitlements mainly), repeal of Glass-Stegal, the rise of Asia (this is a consequence of globalization) etc. Look, I realize that it isn’t intuitive to believe that having loose regulation on minimum wages in America; it doesn’t seem to make sense nor be ethical. But, the science says otherwise. Recent MW hikes to $15/hr in certain regions have offered tremendous amounts of data concerning this question. I have a business degree from a Ivy League institution, and used to believe the same as you before I learned the finer points of macroeconomics. By the way, healthy competition is the cornerstone of capitalism. Anything else is a perversion, typically facilitated by interested/incompetent state parties. Capitalism is by far the best system there is, for all its faults.
But this isn’t capitalism. Capitalism doesn’t have a central bank that can print money for nothing, loan it to govt at interest. Capitalism doesn’t have bailouts and too big to fail. A well run capitalism would protect workers and citizens not corporations and billionaires. Of course it isn’t that simple, the devil is in all the details, but the us has moved to a semi fascism of corporate and govt feeding each other over the expense of ppl, infrastructure, public services.. our health care system is a prime example of how unbalanced .. mnk malinckindrodt Corp pursed their gel price from a few hundred to 30,000 a dose, and is now suffering the consequences currently of that corruption.. the only job of the govt is to service, protect the public.. no that does t mean pushing MW beyond what the market can bear just because, no that would fix nothing and likely hurt most small business. No the fix would truly come if the govt can begin to balance ppls welfare and health, education, employment, public infrastructure. Our education system is beyond a joke at this point, for the average person/child it’s really depressing how low educated a standard high school senior is, algebra at best with almost no science and very little reading comp..
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Ok. Bruh
Your conclusions and analysis sound eerily similar to the Austrian School
Great Info.
Not sure if you’ve done it before. But a scenario where US hegemony completely collapses. What happens next, for the world and for the US?
careful patreon might go belly up with all those arbitrations
1929: The Great Depression
2020: The Big Sad
2021: The Bigger Sad
@@watema3381 I will be 2022 -99.9 percent GDP 2021 will be 66.9 percent get ready for economy collapses !!
The big cough!
2120: The Enormous Lament
Sad shaq
I visited the BEA website and it says "Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis." I see the words "annual rate." Does this mean it decreased at a rate by which 33 percent decrease would take place in 1 year?
Government is printing more than they can repay. Invest in Gold as the dollar will collapse
Gold is one of the worst things to invest in
The US should just set a Patreon account
ikr
😂😂😂😂
@@zyan983 capitalism would disagree with you😁
taxes are just america's patreon account
Nah dude, onlyfans is the way
Printer go brrrrrr.
Invest into cardboard, the next real estate.
They're quite up to date with the memes
Cardboard Hooverville (Trumpville) homes. The next trend. 😍🏚
I'd rather invest into glass and repair companies that service Democrat cities, as they'll be having a lot of work for themselves.
Would Duct taping together two refrigerator boxes more like a duplex or a double wide? I have an idea to produce a TV program for HGTV flipping side sidewalk real estate.
The one good thing about the video. BRRRRRRRR.
Before you enter the United States, a quick shout out to or national sponsor raid shadow legends
Start now for free!
🤣😂🤣
You mean shootout?
isis: before we proceed on to the beheading we'd like to thank our sponsor raid shadow legends which has been the "new" rpg game for the last 9 years
this is why usa is collapsing.
Look at this guy man
Well, it's been real ladies and gents. Time to invest in canned beans and bunkers.
Gold and silver bro get onto it
Can’t no money
Well invest in a good bidet so you are less likely to be impacted from TP crisis again. It also saves a lot money from using less TP. It’s also good for environment.
You should always have your beans, bullets, bullion, and buddies organized in case of a crisis.
And Bottle Caps as well
“Take a nice deep breath relax a little and let me tell you why we are all f**ked” wow
They got us at the first half... Not gonna lie
@@BearMeOut this made me laugh a lot
Hope all the fear mongering over coronavirus was worth it. Now you've got a scarier problem to deal with.
@@Horible4 Human life is worth it, yes.
@@CarrotConsumer This guy literally just did a video on how you're killing people anyways. The amount of suffering that can come from an economic downturn far outweighs any virus that can strike a population in the modern age. You can't save everyone. Get over it.
Everyone: Flatten the curve
USA: OK
Everyone:(gasps) You flattened the wrong curve!
USA: Oops
Underrated comment
Europe gdp zone fell 40 percent
I like curves!!😀
@@Umamaahoe Portugal fell 13%
@@Umamaahoe Europe isn't a country
"Children will live richer lives than their parents did."
I had to pause and laugh...then cried :(
That idea was never viable on a long time scale. "Only lunatics and economists can believe in infinite growth on a finite planet". I would say: only lunatics, some of them just happen to also be economists
We forget to mention that basically everyone now has a smartphone, which is significantly faster than the computers your parents (if they were lucky) were able to use when they were young.
I hear people complaining about iPhone costing 1k (I mean it is ridiculous) but an IBM, Apple, or Microsoft personal computer 30-40 years ago cost closer to 3-4k, while being much less useful. And that's not including inflation, gradually increasing wages, and the much easier access to education/information.
We have no right to complain... yeah the world is kind of a mess, but we have every opportunity to go and do something great. It's just a matter of starting
@@loganc2380 I don't think that logic holds up well. The medieval ages had it better than cavemen, and the great depression had it better than the medieval, so by your logic, no generation is bad, everything is always great.
Also having a smartphone that everyone else also has decreases its value. The computer 30-40 years ago existed in limited numbers, and so its rarity combine with functionality that contributes to production gave it value. Just by having a computer 30-40 years ago, you gained a mean of production to provide a unique service only a few can provide. Now though, despite a significant increase in computing power in a smartphone or a computer, the sheer supply of those items has rendered them nonviable to be a item suited for production.
The massive increase in population has caused many marketable assets and skills to be devalued. People, like any asset, decrease in value as the supply of them increase. When there are thousands of people capable of being a waiter or cashier, they become much more replaceable than when there is only hundreds of people.
@@fighder2 I think you misunderstood my point. The main comment sarcastically mentioned how we live richer lives than our parents, and im just giving examples how our overall quality of life is better.
You can argue things are harder now in some instances, and i would probably agree. But there are so many more opportunities available for us that I dont think you can say we have to follow those set paths our parent took. Anyone rn with internet can learn a new skill, our parents didn't have that same luxury
@@loganc2380 You said it yourself, everyone can learn a new skill now, which devalues the skill. The increase accessibility to knowledge and training devalues the resulting skill set. While the entrance fee to those skills has increased, the value of the skills decreased.
Not only is this inverse relation bad on an individual level, the negative effect is amplified by everyone else doing it.
You talk of the increased opportunities as a good thing but disregarded the increase in competition and also a decrease in demand as technology has made it more efficient for less people to do the work of many before.
The demand for people has not been growing at a proportional rate as the supply of people coming in.
A famous rich man once said the best time to buy is when there’s blood on the streets. Even if that blood is your own.
the problems this quote has been said a billion times since 2008 so thats what everyone did which caused stock market to rise like crazy with the help of fed, which is far from blood on the streets.
Yeah. If you can buy stuff that is. This is why crisis furthers the gap
@@blyat7276 yup. But that's not blood in the streets yet. Itll come. I'm sitting on the sidelines until then.
Too bad only a select few have the means to buy at that point.
Can't agree more!!!
Media: the world is f****d
Me: shut up
EE: we’re f****d
Me: So it looks like the aztecs were dyslexic after all
USA is not the world.
@@odiousfox355 A major economy like the u.s going down hill is going to have impacts on the entire planet. The same would go for China if their economy down turned on such a large scale. As to how big the impact is or will be, we'll have to see.
Odious Fox yeah but they have an outsized pull on the world. Not to mention like just a handful of countries they technically can end the world literally.
We are NOT fucked, we are just GOING to be... 😅
@@odiousfox355 *Laughs in Mandarin*
Have we tried unplugging and replugging the economy?
I think the reset is needing more of a Ctl+Alt+Del
@JHyun - gonna have to search outside Australia for that one.....lol
Just copy paste the code on a different computer. I'm sure the new antivirus created by the China Software can prevent the spread of the broken code of the US software
What about blowing the economy cartridge.
Thats actually whats going down
The old order of things is passing away, and the new world order, the technocratic, transhumanist agenda is on the way...where the antichrist will be given power from every government on earth.
2:01 "Children will live richer lives than their parents did"
*Several Millennials and Gen Z are typing...*
...... while still living are their parents homes. Oh yeah, and their kids too.
My guy we can only wish
@@RobertGarcia-wv8vx Weird how American pride themselves as parents by kicking their children out and hoping they would survive.
Millenials caused this bullcrap
@Schnabel Same over here, for some poorer families the house itself is a family heirloom.
Some people are to poor to buy a new house, some desire to stay with family and others that could buy a house simply have a mentality of "Why buy a new house when all you have to do is wait for grandpa to die and voila - free house".
Economics of flattening the curve VERTICALLY
@Egg T what does that mean?
@@zUJ7EjVD Japanese and Latin
@@zUJ7EjVD I'm on Korean and then I'll start Arabic later on
@@duo496 I am learning french. Is Latin still spoken?
Nobody speaks latin natively,
When you hear Americans start saving, you know how bad the economy is.
An underrated comment
So true lol
What a joke - With half the US work force out of work or taking huge pay cuts - How can you can when you can't pay for basic living necessities?
Usagi I mean meager savings won’t avert an impending downturn
@@ErikPT Of course they don't. I interpreted the comment as more like a dark joke.
The US should start an OnlyFans Account
Put cia secrets in it lol
No one would donate except americans
As much as I'd like to see the US's privates, they don't leave much to the imagination, so I'll pass
Hamlet Prince of Denmark Idk about you, but I bet she’s a thicc one
Yee, the world def would pay for those thicc Trump leaks.
> be government
> borrow money
> spend it
> "LOOK THE GDP IS GOING UP YAY!!"
Cut everything & place back gold standard. Limit gov, cut credit, money supply, create production (nationalize it)
"OOH LOOK THE NATIONAL DEBT IS GOING UP TOO"
The chinese way...
They wanted to prevent a liquidity crisis.
@@Tonyx.yt. chinese government is lending money out. just see how much american nation debt they are holding in hand now....
America Prints money
Weimar Republic: not so bad eh
underrated comment^
crypto and metal holders: yah its amazing
That really would be scary - a plunge in the value of the US dollar while the Fed just prints more money and lowers interest rates. Anyone fancy a Renimbi?
The germans need to stop crying, they didn't have to suffer under a saint germain
Imagine if your entire economy disappears overnight
@@lizadey5347 yes, if countries start stockpiling the Chinese currency then its best to start learning Mandarin
EE: Explains every headline is exaggerated and it’s going to be okay
Me: Ok we are saved!
EE: For the last part of the good news...
Me: Why are is there still 12 minutes of video time...
EE: We are totally F*****D
Me: ...
literally just read this comment as he said it
@@haridasyedage59yes to put it bluntly yes not only that but His only begotten Son is Jesus and He died a perfect dead so that we may be reconciled to God repent as the Kingdom of God is nearing closer and closer and soon it will be to late for you
I'LL be happy if he hates me.
@@feelinglikeaceowithqueenal8019
Doubtful, claiming the existence of God is about as credible as claiming the existence of a unicorn. You can't prove they exist, nor can you disprove it, the only difference is that you automatically assume that one exists and the other doesn't.
@@TylerSpark714
I totally agree with you👍👍.
"and children will live richer lives than their parents."
*Laughs and then cries in Millenial*
I mean, in comparison to children from the 1930s (Greatest and Silent Generations), millennials and Gen Z are the luckiest generation in history. Just the fact that there are no food shortages or rationing is a massive improvement. Baby Boomers also had a good life although in the 1970s some countries had it hard (Gen X).
Well, my parents live in russia and I am in germany, so yeah, I kinda live richer then them lol
"just don't participate and stimulate the economy so much by buying coffee and haircuts, then you could afford buying a house with 30."
- every baby boomer
Clive Bixby uhh you’d be surprised. I quit smoking cigarettes and daily coffee frappe and put that money into crypto. I’ve been doing it for 2 years. Might actually buy myself a house if I keep it up.
@@Bonanzaking Turns out managing your finances works.
The "Greatest Economy in History" turned out to have a giant glass jaw. How come corporations didn't have 6 months savings reserve like persons are supposed to have?
because they were discouraged from doing so by modern monetary theory. That theory says that having lots of cash on hand to say weather a sudden crisis is bad for the company and the economy. After all money sitting around isn't being used to grow the economy.
@@ADobbin1 which is true.
Andrew Dobbin that’s not the problem it’s that the equity built from investments weren’t real. They played the stock market game instead of investing in real products and or people and this had nothing to show when their gravy train slowed
El Bottoo bro u need to be way more articulate I agree with ur main point and it doesn’t refute mine. But your way of saying it is hella dumb bro
Cash is a depreciating asset
I guess it's time to invest in bottlecaps.
Haha 👍
Bottle caps originally represented water, so they were backed by something. In Fallout 2 caps were worthless because they were making actual money. I have no idea why Bethesda brought them back
@@sureokk well the Hub is still a large economic place to the wasteland even by the time of Fallout 3 so to caps lose it's value would be hard. Second in nv the ncr money had Lost most of it's value for some reason and then caps came back with water value and third because it's easier to make one monetary system in game then making 3 or 4
Stockpile railroad spikes. Thank me later.
You are forgetting the value of land mines and nuke coal quantum futures.
EE: Investing should be hard
EToro ad spam in EE: Investing is easy
That is hilarious!
truuuue
I just thought i was having some cognitive dissonance
@@MarioC42 There is a vaccine for that.
huh so I'm not the only one getting these ads every single video
Guess the economy should have worn a mask.
But iF I sHUt DowN My FiguRES WiLl shRiNK!
We should’ve cut off China
James Gors ya how dare people care about keeping their businesses afloat. They are so selfish.
Marcus J No, you should have taken the virus seriously and not refuse to social distance because “iT’S mY cOnSTiTuTioNAl rIgHT tO Go tO tHE bEaCH”
BuT mUh fReEdOm!!
“How many times is it said investing should be easy” video goes to commercial spot that starts with “want to get money fast? Buy my fool proof plan to get rich with stocks!”
@Chatsworth Osborne, Jr. cool but no one asked
It can't be that fast, but over-time you can make some good money from stocks if ya don't act stupid with trading randomly.
Stonks only go up!
Chatsworth Osborne, Jr. - Go all in on gold right now, sell everything you own and buy! You won’t regret it 😉📉 *sarcasm*
@Chatsworth Osborne, Jr. Why are you investing in the Bible if you aren't reading and following it? The Bible says *not* to invest in silver and gold! (Matthew 6:19-20)
1929: Great Depression
2020: Depresso Grande
fake news fake news fake news
2021: Depression Ultimatum
Despacito
Big sad
Depresso Grande with 🍨Cream.
“After the game, the king and the pawn go into the same box.”
- Italian Proverb
But the king is remembered, pawn isn't.
What does this proverb means?
@@MeetYourArchitect who wants to be remembered by pawns? 😅
But the king got plenty of box when he was alive
@@nitishkumarjurel241 everyone goes to the same place when they die.
We're all equal in death.
1930's: Great Depression
2020: Big Depresso
Big Sad*
At least this one got wit behind it.
Big Depresso Grande
Vinti
Great Desperation?
As long as the people have bread and games there won't be any large scale revolts. The food supply system collapses, that's when we get French revolution 2: Electric boogaloo.
yup. processed food, social media, and on demand tv. that's what most people live off of.
My opinion is th-cam.com/video/-tvOX_f5IWw/w-d-xo.html
There was plenty of bread and circus in Chile in October 2019. Still...
@@MariaMartinez-researcher I meant the world wide food supply system. Say we enter a climate down turn, or a major war in fertile countries etc.
Yup, and millions are about to lose their homes, so those creature comforts are going to fall by the wayside.
time to pull out my investments in dogecoin
nah that is safe as any investment ever. 1 doge will always = 1 doge. Doesn't get more secure than that.
Isnt dogecoin a joke currency
@@thanos2703 Yeah, that's part of the point. Except it's still more valuable than some other cryptocurrencies, because the value people on the internet put into a joke.
@@thanos2703 r/woosh
Hi Dogeee
2020: “TOP THIS GREAT DEPRESSION!”
I disliked your comment. Not because you're wrong, but because I wish you were.
2021:"Lol your depressions was only 'great'... Weak. Mine is gonna be LEGENDARY!"
dame da ne.
“Its the end of the world as we know it “🎶
th-cam.com/video/msBQblicMg0/w-d-xo.html
Ah, i still remember when people at 2019 new year were hype about 2020 because it's the new roaring twenties and i saw a meme about how the 1920's have a bunch of disaster and just laugh knowing it will never happen and here we are
I stayed for the "Money printers go brrrrr" meme inserted into inflation graph charts. Thank you for making my day.
Wow, people still believe things will "get back to normal" as if there is no damage. Change is coming.
We will get back to normal eventually.We survived WW2 didn't we? The AIDS epedimic has no vaccine yet ,but we have therapeutics.WE will have herd immunity one day and maybe this COVID 19 will not be as deadly as it is today.People have a wake up call and hopefully will rethink their position and not rely too much on the government but will apply more efforts to be industrious and resilient.
@@lourdesvillegas807 Your government was printing trillions of dollars supporting the banks before covig19 came along. The USA has serious financial problems which it is covering up with money printing. If the money printing stops, interest rates will soar to around 12%. The USA can not live with 12% yet the money printing will undermine the dollar eventually. The USA is f----d. buy some gold/bitcoin/foreign assets.
@@lourdesvillegas807 - Comparing COVID to AIDS is laughable. There's only a few sure fire way to contract AIDS. THIS virus can just land on your skin. And there is a chance that social distancing, and mask wearing may be here PERMANENTLY. You should prepare yourself for that possibility.
What is the “change”?
@lourdes villegas yes it will go back to normal eventually but for now you have to prepare the economic things aren’t gonna better quickly it will take a lot of time
Jeff Bezos: Skewing the average household income across the entire US.
which is why averages are always a bad measurement
@@trillmixin6999 wait what?
Wonder what it would be without it
@@trillmixin6999 Yeah, average income is like 10 times higher than median. Because rich people have all the money.
he and all of the American elite do by not paying Americans more cuz they import cheap labor through immigration
Me: I think everything is going to get better from now on.
EE: We are f*cked.
Me: Oh for f*ck sake.
1928: Im the worst economic crisis ever
2020: You are a child
😂😂😂😂😂
th-cam.com/video/1qZjPA95-pE/w-d-xo.html
2020 is anywhere close to the crash of 1929, dummy.
Imagine saying this unironically. Try cracking open the Wikipedia page on the Great Depression, dingus
I think this pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn't mean security. So I really appreciate your transparency and giving people a fighting chance during these troubling times.
After an initial demo account trading training, I now use a real trading account. I decided that the real account would make my training and experience far better. Therefore I deposited $5,200 into my first trading account. After 2 months of suffering and blowing up my account (almost 75%lost, I decided to join a professional advisory service) I started to earn some money
As I'm writing this I had recovered my first deposit plus a decent profit on top of that.
Forex trading has really changed my life with the guidance of my portfolio manager
@Eamm michea I'll recommend Mr Robertson. he is a sincere broker that have been managing my acct and returning my profits as well since 2018 till now.
Hey you're not far from making profits, when someone is straight forward and good at what he or she does people will always speak for them
"Children will experience richer lives than their parents did" *Laughs in millennial*
Cries in gen z
Me: *laughs in ok boomer*
*laughs in hard work*
@@bigredwolf6 Good one
millenials and gen z sacrificed their lives, but at least gen alpha will life wonderful lives that we can only dream of!
u know he is being serious when he is not playing music
Lol
"Bro, just invest in real estate and you're golden"
Henry George: Am I a joke to you?
Underappreciated comment
Buy Bitcoin
@@lukainteressado.3202 No.
Lucas Galeto and silver.
@@zombieat yes
The Ppl that think everything will just “go back to normal” are going to be unprepared for the perilous times ahead
Indeed !
We are gonna dance like never before !
If it wont go back to normal what will it turn into.
@Heschewingonit Yessir. You nailed it! The boogaloo is inbound, and this time we are fighting for our right to live and be free, and the enemy is fighting to rule over us. I'm itching to mag dump (freedom) in the face of Marxists and other evil bastards.
@@rickb06 haha, look at this cyber warrior.
@big pompano Exactly, "normal" is NEVER coming back, we've entered a new era, for better or for worse.
Lol people are acting like it's the end of the world while they lie safely in their beds watching TH-cam videos.
Well, if the world has to end, that's the way I'd like it to go.
@@andrasbiro3007
Rather it be more instant than watch it happen slowly.
Yeah it is not so dramatic. Numbers don't tell the fact that people haven't lost, the economy was just hold back
history is a serious of short and irrelevant events leading up to major crises. It's the classic proverb, The end of the universe won't be a bang but a whimper.
They won't be doing that for long after the stimulus money runs out, which it just did a few days ago.
“When we are no longer able to change a situation, we are challenged to change ourselves.”
― Viktor E. Frankl
I literally see you in dozens of channel's comment sections
@@awadoy yeah I feel it is a comment bot.
What would a bot achieve with such a quote? (Trying to understand the whole bot thing 😊)
@@awadoy am I doing anything illegal here? haha
@@pradhumnkanase8381 thanks for the compliment!
Holy growth empire was never holy nor growth nor the empire.
Leeel
I see what you did there lol
@@georgejoseph3726 Referring the Holy Roman Empire, which was a complex Empire existing in modern day Germany/Italy, and dubbed ''Not Holy, not Roman and not an Empire,'' by Voltaire, due to political turmoil in it. It wasn't ''Holy'' because it tolerated heretics (Protestants, Calvinists), it wasn't ''Roman'' since it had no relation to the Roman Empire, and it wasn't an ''Empire'' since the Imperial Throne was an elected title. Although I'd say it was an Empire.
Maybe the Chinese will invade and be our Napoleon.
@@MrKogline hopefully not, I made a bet that it will be Canada and I realy want to win this bet
“The moment you make passive income and portfolio income a part of your life, your life will change. Those words will become flesh. Often, the more money you make the more money you spend; that’s why more money doesn’t make you rich - assets make you rich....
I want to know if bitcoin trading is really worth it. I have been watching videos but couldn't make it but recently i see people make a lot from it
I am interested and willing to invest heavily in bitcoin.
All ma homies be telling me that they are making money through bitcoin trading and investment
@Mark Hopper
Is there a Way i can contact Mrs Taylor? .
I really have been looking a chance to invest in bitcoin
@@cryptocapitalventure6096 don't listen to those fake comments/bots that promote an asset manager for bitcoin or anything else really. You should try to learn about the stock market/crypto market and how it works before investing and then chose your investments wisely
What if you don't have any extra money to help turn into passive income? What should you do then?
“How many times is it said investing should be easy” video goes to commercial spot that starts with “want to get money fast? Buy my fool proof plan to get rich with stocks!”
I know ROFL!!! 🤣🤣🤣
Iiiiiiiits Trading 212 time
I know!! Get rich advertising! I call it fake news!! Look Wots happening ! Not to bad in England! But see how thing's will turn out.
flaw of the algorithm that only sees, "investing "
S T O N K S .
The toilet paper industry is doing well
Considering that we are in a lot of sh....
And the gun market
@@williamoneswhannell1060 And bullets
@@williamoneswhannell1060Nah that's declining. It's all about the toilet paper.
@@zyan983 I disagree
: )))))))))))))))))))))))))))))))
Your videos have been so quality so consistently. Good work mate. It’s nice to see an Aussie out there doing something good.
cheers mate :) hope you are staying safe in this crazy world right now.
As oppose to other Aussies *cough* Margot Robbie *cough* Rebel Wilson
A fabulous series. Makes us Aussies Proud!
EE talking about how making money off stocks shouldn’t be easy.
Ad: Hey you, would you like to make a million dollars off of buying and trading stocks?
I'm most concerned about the inflation to make up for the trillions of spending
The billionaires will absorb the cost through the stock market since all of it is just numbers on computer nowadays. They will do so in order to maintain dominance over the working population who sever them, and pass the austerity on to us.
@@jamesrichey I'm not sure what your saying? How do the billionaires absorb this through the stock market? Why does that give them dominance? Them instituting austrarity that I understand. They will try to make the unemployed pay for their crisis along with those that still have a job. They'll start cutting the UI benefits saying without doing so the unemployed won't return to work and for those who have jobs they will be telling us at work that there are others that can do your job better so shut up and keep working. .
@Sally Hillal The government goes into debt so wealthy US Treasury bond holders can be paid future tax money. That scam has being going on since Alexander Hamilton. Instead of taxing the rich the rich invest in government and go home with a tidy government guaranteed profit paid for with tax money.
@Sally Hillal The top income people in government are government managers not unionized workers. Cops, prison guards and "justice system" employees are NOT workers.
You're a clown. You should be worried that they are bailing out the top markets and not the people.
Some would say that it's 2/3rds full...
The US is the world's biggest customer, if US consumers stop buying businesses all over the world would suffer. We're looking at a Second Great Depression at worst or a Second Great Recession at best.
@@JollyOldCanuck this is not the second of anything it is a million times worse than 1929
the world recession or depression does not cut it you should call it economic ANNIHILATION
Absurd optimism always gives me a smile, thanks.
Actually it’s -1/3rd full
Underrated comment.
The “YUGE” Depression
Bigly.
The Greatest Depression
@@RectalBisque without those "shutdowns" you would have had even more cases and even more economic loss and loss of life. But I guess simple math is pretty difficult for people who think masks are political
Rectal Bisque
If the republican governors waited just one more month before reopening then we would’ve gotten over this problem in June.
The BEST depression folks.
Income is up but job security is an all time low, people know that they need massive emergency fund. 6 months does not even begin to cut it.
The rich spend less and invest more
Investing in these economic crisis will be one of the best thing to do.
Investing in these economic crisis will be one of the best thing to do.
You're right I think Gold and Crypto are the best to invest right now☺️
Gold's are good but crypto is better
He said average household income went up; I wonder how median household income fared. I suspect most of the increase is the stock market increase and stimulus money, which are both temporary, and the former goes almost entirely to the wealthy and those employed and with 401(k)'s.
In 2020? Yeah sure, if you eliminate a big portion of bad paying service jobs, you will end up with a higher median or average income.
That is all to the story tbh
The American "economy" added over $5 trillion in welfare, such as $600 a week extra for the vast majority of low income unemployed workers, while many employed low income workers received hazard pay, and almost all employed and unemployed workers received a $1,200 "bonus". Add very low or no interest "loans", such as the PPP and the corporate slush fund, as well as the complete artificial propping of the stock market and there's no surprise at all that "average" and median incomes went up.
Sure not all unemployed workers were made whole, such as higher income workers or those making over or well over $4k a month, or those that were illegal and unable to receive benefits, but the vast majority of those unemployed were lower income workers and the large majority of the US in general is lower income workers. 70% of workers make less than $50k a year and over 40% of workers, the majority of them women, make less than $25k a year. So the extra $600 lifted tens of millions or workers one to three classes (quintiles) of income higher...
Or they could just be lying... lol no one is able to even confirm the credibility of the numbers/info ... we all just accept it as fact when they add GDP and all the fancy terminology...
“... for some, it might going out and getting a job. But for the MAJORITY of you, ill mean vacations and parties.”
*Stares in ‘some of you’*
**laughs in staying at home alone because nothing's changed for us introverts, and we don't have the money to do such things anyway**
**slowly transitions to crying**
"This country has never seen anything like this before. It's tremendous." Yeah, you got that right. Tremendously bad.
Depression.
It’s breaking records all right. That’s what trump likes and care for is his rating and records.
He likes to say “tremendous”.I will never use this word anymore.
@Flare LOL, seriously? Get real.
It never got better after the 2008 bailout. EPIC failure of the system for the people
Makes you wonder why. Who benefited from things not getting better.
@@cbalan777 Bankers
@@dennismitchell5276 Makes sense. I suppose we can only guess how much they made off of the whole thing.
Lol’ed at the “let me tell you why were all f**cked” then cried 😆 😭
Me: Wow this guys making a good argument I should worry
*Glances down and sees 12 mins remaining*
Me: Oh no
My mum: Oh no
My Cousin: Oh no
My dead grandma: Oh no
The ghost of Karl Marx: Oh no
Let me watch the rest
Kool-Aid Man "Oh YEAH"
P.S. We'll be fine in a couple years.
Coolaid man: OH YEAH!
Its Kool-Aid
1929: The Great Depression
2008: The Great Recession
2020: The Great Transmission
Underrated
what do you mean by transmission?
@@nicksmith534 Transmission of the disease.
@@koopanique Nop! transmission of Wealth
@@apublic3619 From the rich to... themselves?
"Wages have gone up!"
Either because people are making more on unemployment and/or the government doesn't include unemployed people.
Half the population works from home. Those people have grown their work opportunities by cutting out commutes. I think that might be a factor
No, its because people in low income jobs in the manufacturing and services sectors have been disproportionally been laid off as opposed to higher income jobs, driving the overall median income for workers still employed up.
@@mathiasfenger-eriksen3362 two things can be true at once
Yea the "average" household is a bad statistic. To better understand you should almost always use medians, because it let's you know where the middle is. Averages are extremely bad for measuring this sort of thing and are almost always misleading.
@@endme6658 Thank you! The Average has become treated as a magic statistic, 'just derive that and we're done, all we need to know'
The US should set up an onlyfans account.
Don't you have to be pretty to get one of those?
With the sheer volume of simps in the world these days the US would make a killing!
Seriously, there are so many simps that it's a VERY solid business plan for the US.
@@elementj4830 You could be fake. Girls get surgery and fake boobs, US fakes (economy) numbers and fakes its currency as a solid one, and market it as the world reserve currency.
Copycat
Obesity doesn't sell well on OnlyFans
Who would win:
The most powerful Super Power nation to ever exist in history
or one infectious boyy
Kung flu goes brrrrrrrr
People traveling in march go brrrrrr
@creapsmantic
World's largest economy by quite a large margin, USD is essentially the default world currency that all floating currencies are valued against, a frankly gargantuan spending power from the middle class, 3rd largest population, extremely potent and diverse military forces, a massive cultural dominance. It has become very popular recently to trash talk the USA (and there's some valid criticism) but it is undeniably the sole super power.
@creapsmantic
That's simply not true. They are the dominant country by a significant margin. The USA's debt "problem" isn't that much of a problem. If anything they're a victim of their own success, there's a large demand for US debt because (at least for the moment) it can be quite a lucrative investment. Of course they should be vigilant of growing debt, but it is hardly the crippling issue that people make it out to be.
@@willh2241 the only thing making America a super power is the GI :D
Exactly like Germany in 1940 ;)
But ey
"Last bit of good news..."
*12 minutes remaining*
Me: Oh boy...
lol...
the ideal scenario would be a focus on small/medium enterprises like they did in Germany, those are the backbone of any national economy, the little coffee shop, the little mechanical workshop, the small local market. Big companies like Amazon, Apple, Google will never generate the amount of jobs that the local small enterprises will, those companies provide tools of innovation, but in the end they'll not employ as many people as a bunch of little enterprises
The difference is, Amazon, apple etc have enough money to bribe the government into funding them, unlike the small ones ^^
Or the same amount of taxes or freedom...
@t-dot Money and politics are the perfect mix of poison in America. Unfortunately, our best efforts to unite against it are not successful. Whether its oppression, racism, partisanship or anything else, it is far easier for those still reaping rewards to divide the masses of those hurting.
@t-dot Sad isn't it - that the US wastes so much on something they can't ever get right
t-dot tell that to the military industrial complex
Thumbnail: the end of an empire?
Every nation's golden age will end, no one will escape.
Now is time for china's golden age! China number ONE!!
"the rise of the first order"
@@tohyongsheng3406 (X) Doubt
British empire isn't falling either, it just become just another country
Chutiya
EE: Investors have too much money in their hands
Investors: That would be easy to get rid of. We'll put it to "Star Citizen".
Even that's already on shaky grounds. I mean... a roadmap to make a freaking roadmap?!
@@IllusionistsBane Developin' ain't easy
And then Star Citizen be like: _"I need more!"_
The best thing that could come out of this is the death of the unsustainable philosophy we've been operating on since the 80s. Let's be honest, most of the "growth" of the past decade has been built on shaky ground through tax cuts and irresponsible fiscal policy to bolster the markets and make it look like everything was getting better. Sometimes something has to fail catastrophically before people realize it was a flawed design from the get go. I can only hope whatever emerges makes more sense than what we had.
If the economy grows to the tune of trillions and trillions in debt and unfunded liabilities, did it really grow at all? People like to claim that Russia is a poor country , compared to U.S. but if you look at Debt to GDP, then you realize U.S. is not so rich , and Russia is not so poor.
Socialism, god willing.
@@werewolf4358 Mao come back pls
Don't forget immigration of low-skill workers, that is proven to increase GDP while stagnating or lowering wages for workers similar to the immigrants.
Don't forget, keep on voting for more of the same.
Be seeing you !
Really good point at the end with the FIRE movement. Would love to watch a video of how FIRE affects an individual’s and the overall economy.
Is it possible for an economy to function if a significant portion of its citizens pursued FIRE? Well, first we want to consider two types of FIRE:
1) FI (Financial Indepencence)
2) RE (Retire Early)
Some people (FI) just want the security that comes with not *needing* to work to fund their life, but once there may continue on working as normal. However, others want to RE and literally stop working, and instead pick up a hobby that doesn't have to pay for itself.
FI doesn't sound like it would hurt an economy, as individuals would continue contributing to the economy. It might even make certain parts of the economy more resilient as people have more individual stability, who knows.
On the other hand, can the entire workforce retire early? That would make the workforce considerably smaller, and younger. Can the entire economy be on the backs of people under 50/40/30 and still meet everyone's wants and needs?
The other factor to consider, is that FIRE is not just increasing saving, but decreasing spending. If people are buying fewer luxuries than they used to, maybe we *can* decrease the workforce and still have a functioning economy
Look for Michael Hudson! He seems to be one of the experts on this.
@@ThomasBomb45 Although I'm personally pursuing FIRE, I don't think we'd ever see a reality where a majority of people will diligently save & invest their money.
FI doesn't sound like it would hurt an economy but I'd say most of the workforce in company's who make up those index tracking ETF's wouldn't be there if they were FI. If no one wants to do the grunt work, then that 7% p.a long term return won't happen.
I really wanna know if he's on r/FIRE to be honest. Also, should we conflate FIRE with passive investing? Part of me says yes, because for most people thats what that means.
His criticism of passive index funds was odd, for sure. There is no evidence that passive index funds are bad for stock price discovery. Even if a majority of shares were held in passive funds, a majority of *trades* will inevitably be made by active managers. If passive funds ever did create a pricing error, active managers would make money by capitalizing on it
Unemployment going up = Stock market going up.
Hmmmmm ...... Something sounds fishy 🤔
I da just got a job
Well, there are a few reasons for this.
1. The stock market dropped so far in March that a lot of its recent "growth" is just catching back up to where it was in February.
2. The stock market is fueled by expectations, not results. It's been going up because a lot of investors are hoping that as lockdowns end, the economy will recover. If this doesn't happen, the stock market will probably stall or drop again.
3. The stock market only measures publicly traded companies, usually giant corporations. Many of these businesses, like Netflix and Amazon, do a lot of business online. People staying home and retailers closing means more online shopping.
3. A lot of people actually made more money off unemployment benefits than they did their regular jobs. Also, a lot of people claiming unemployment were furloughed, not laid off. This means lots of people with more money than usual who expect to return to their regular job rather than spend weeks/months searching for a new one. This means a lot of people are not feeling the full effects of the economic downturn and may not be curbing their spending habits accordingly.
Same in India lol. Muskesh Ambani wealth was 21 billions of dollars 3 years back. Now, 77 billions of dollar. God save from this morons.
the economy benefits from people having less jobs
kobe mop heo
1928: The Great Drepression
2020: The Best Depression
Rome burned while Trump built a useless wall. US GRAVESTONE.
Jean-Luc Martel Trump before coronavirus gave the US so many jobs and boosted the economy tremendously. You just wanna say “orange man bad” because that’s the trend of the internet.
Everyone in the comments are evolving into Ultra-Doomers rn.
My life is my own
To be fair some of us were becoming doomers for years.
My Doomerism slowly manifested in 2013.
Boomer vs Doomer
"Average household income has increased since the beginning of 2020". I'd be interested in seeing the median and exploring this data point a bit more because it DOES indeed seem to contradict a lot of what we're seeing in terms of both unemployment numbers and generally a lot of anecdotal stories of people losing their jobs. Is the average higher because billionaires are propping it up (I remember reading that during covid-19, the world's richest billionaires increased in value)? Or is it because the stimulus packages were actually more than some people who were working part-time?
It's not that I don't believe it, but I feel not enough time was spent on this (especially since you mentioned it's both strange and unexpected) given how much individual incomes are usually how people "live" through a recession.
Depends on how they are measuring it. If income is only measured if it is coming strictly from jobs then losing lots of lower paid jobs while the middle and higher paid jobs are shifted to a work-from-home stance but retaining their income then average income would rise. But if you include the reduced income for the now unemployed people then yes, it should be going down.
@@Subjagator extra $600 checks for unemployed
Chutiya
averages are a pretty poor way of looking at economics.
Above the fact of the electoral intentions of all Trump's cash aids, and the artificial pumping of the stock markets -and big boys wallets-, what is really worrying is the total distortion of economic incentives, from financial to labor markets. So, yes, USA is esentially collapsing.
Household income increased because nobody is paying their student loans now.
LOL. At least I'm not alone.
Doesn't matter if you go bankrupt; you'll still owe it thanks to Biden.
@M Bryant I thought we speak about NET household income.
@Houssain Al ahmafi How did you like Biden's bombing in Syria? Trump at least tried to reanimate USA economy.
Phew, seems like the Americans are tired of winning.
All Empires rise and fall. Wealth and power is fluid and not fixed forever. The US did not do their due diligence to maintain this power.
@@jon6309 If the US economy fall so does the world economy
@@assassin_rk42 to an extend yes, however while the us economy tanks long term other economies reallocate their resources
@@vids9190 You seem like a behaved fella in the comment section. So let me ask you I've been hearing a lot lately about the 21st century, what'd you make of it?
@@vids9190 If the US Economy collapses so does over 40 trillion dollars worth of commodities etc.
House remodeling is already at an all time high, I guess being stuck in your house more really does make you care.
So the Americans started spending less? Never thought I would see this day.
Do you mean in nominal terms or do you mean that as a percentage of their income?
laughs in 300 dollar chair, 190 dollar controller, and 1300 dollar tv.
@@unitedglobalgaming2243 cute, thats cute
The did not.. the rest of the world is still bankrolling them, just as for the past couple of decades 🤷♂️
Yeah I know it’s almost as if citizens not buying products and economic prosperity are inversely correlated.
"Once the crisis has ended the figures should go back to normal." Ah yes when in one year we will have enough vaccines for most of the population it will go back to normal. Great but we just got half a year behind us and im not sure how things are going to look like in another half year and as you pointed out even when we get out we still have other problems. Furthermore these Problems are also affecting other countries not only because global trade and investments but also because the Dollar is a world reserve currency and if the USA has a high inflation that will hit all countries that have them for safety or other things. Please take my opinion on the situation with a pinch salt since im not an economist. Thanks
hahahhaha vacines xD... don't think it'll be that easy...
we already have a cure for Coronavirus. It's called hydroxychloroquine
Forget the vaccines, open America! This case of the flu has affected our minds worse than our bodies.
@@isexuallyidentifyasanapach4720 You are insane, look at your unreliable sources.
@@isexuallyidentifyasanapach4720 - & drinking bleach
The US couldn't realistically be the only country with a major GDP drop right?
They are trying to get rid of cash so they can track your every move !
You’re using an app that tracks you and saves your data as we speak.
Your cellphone already tracks you, credit cards do that as well, when you buy anything on the internet.
Aaand charge you negative interest rate
*Never bet against America - Warren buffet*
😂😂😂 seems legit
Sathya narayanan I him him for quotes like that😂
And children will live a richer lives than there Parents
Are you ok ?
They will rob more banks!1
The us population has steadily become richer.
He was pointing out that's an assumption made by politicians and economists, not that he actually believes it!
@@lieQT The assumption is correct. The entire world continues to become richer. Some faster some slower but almost all are gaining quality of life as time progress.
@@benjaminr8961 In theory, but the US is pretty historically bad at raising quality of life for the poor.
Last time i was this early, rates were above zero
WW3: I am going to restart this empires whole career
China be like: *chuckle* I'm in danger!
more like cold war 2.0 U.S. vs China edition
🚀🚀💣💣🔥🔥soon 😶🥺
@@smoggrog5155
China : _So you have chosen bat soup?_
War is a business in the US
Don't make investing harder. Make it better.
We don't need more attention on the 2400 indices on NYSE. Set up more local stock exchanges, to invest in local, or even small businesses. Make mom's shop on the corner easier to invest in.
Or maybe not stock exchanges, but do something that makes funding smaller projects easier. Don't leave this to the banks; I bet that simple "credit rating" capital allocation can be beaten.
Hundreds of thousands (millions including casual traders) of talented, highly motivated individuals are currently wasting their time performing sentiment analysis on just 2400 CEOs. They should be analyzing the logistics and market phenomena: you know, actually identifying opportunities.
~~~~~~~~~~
I'm a huge hypocrite, mostly investing through my E*TRADE account, but I'm at least trying to diversify my portfolio through emerging market ETFs and foreign companies. If I have the time, I'll try to find some way to help out startups, but even that is far more complex.
Good man. Small scale business have always been the heartbeat of any well run economy.
Good on you. Your heart appears to be in the right place; unfortunately the way capital markets are set up currently does not allow for good intent. Rather, it's a repeat telecast of the "too big to fail" argument, which only results in further concentration of capital and with it an increased misallocation of capital
ahhh.. too much work! Just keep flipping the houses!
I do have friends who plan on only flipping houses ...
It's not really "heart": I legitimately just want to invest, understanding what I'm getting into and why it provides returns (or doesn't). Like, I tried to buy Tesla shares because "inflation would be good for domestic manufacturers", hoping that it's some insurance if prices jump by, say, November, but then everything got swamped by earnings report hype, which pushed prices up by 40-odd percent (between when I purchased, and chose to leave).
I got lucky on this one, but it'll easily work in the opposite direction next time. In a normal year, I'd just say "short term jumps average out," but there's really no guarantee anymore, and it really does feel like you're sitting on a powder keg.
There are venues that do small micro loans to developing nations. You pick a business to fund and they return the money as they grow and earn profits. It gives underserved markets a chance to grow and help their communities and you get interest if they succeed. I have to look up where to do this because I forgot, but it's similar to the idea you talked about with mom and pop shops.
**Salutes**
Well men, it's been an honor but it looks like this ship is sinking.
*cries in argentinian*
**cue sad flutes**
If you're the captain, then you should stay while we all leave...
...It's tradition.
*hugs and kisses your 80 yo wife for the last time while water begins to pour into your room surrounding your bed.
*"Nearer My God To Thee" intensifies*
Considering how often you talk about economics, I know one good sector for us to invest in: the stock footage industry.
The term "Investment" in GDP does not mean purchases of financial products, but rather purchase of new equipment or building a new factory etc.
People might not be sitting on a pile of cash, they could've already used it for financial products. This would explain the recent rally regardless of the economy not performing well.
Indeed I think we’re kind of past the time when “everybody has piles of cash”. That cash has gone into bonds (which are now all in negative real yield), Apple, Amazon, the stock market in general, gold, silver, houses, crypto, foreign stocks etc etc.
And when the cash fully runs out, that’s when that wealth will be absolutely destroyed in what is probably one of the largest asset bubbles in history. Which is now sitting thanks to Covid on the flimsiest of economies. It’s... really bad.
And if cash keeps coming in, well, then the dollar will just plummet so much that assets might as well have crashed 50%. Don’t think that’s going to happen though, the fed is not so stupid to completely kill the dollar in its attempts to cancel gravity.
But in the USA especially the majority of capital investment occurs via asset leases, mortgages, equity finance and venture capital which are all investment products. There is no way to directly measure capital investment especially in service industries so indirect measures are needed.
@@andriyshevchenko6689 The fed is just a central bank there is really no force or incentive preventing the fed from printing the U.S dollar to oblivion. The print record currency and lower rates to zero today but they are going to stop printing and raise rates in the future when the whole system is more levered up? makes no sense, history shows the printing usually stops when the currency has already been destroyed. This will not happen overnight because of the dollar's reserve status but this is easily the biggest bubble in history nothing comes close.
@VobisPacem I heard Jim Cramer say that it is a transferance of money from the middle class businesses, which closed due to covid, to the publicly traded companies which remained open.
You need to show graphs and schemes for better understanding of what you're saying instead of stock footage.
these kinds of vids are something you treat more like a podcast. the visuals are just... there.
minimize, tab out, and do something else while while you listen
I love stock footage because the joke when talking about stock gets me every time but yes. However it depends on their format decisions
1929: The great depression
2020: The great suicide
The great starvation
@@Matthew-re9pb Self-starvation
@Austin Martín Hernández The countries, not the people
@Austin Martín Hernández they literally starved the economy by lockdown.
@@n.m.8802 if the economy dies, people will die, but i'm not against quarantine, we have no option.
A video on the future of the Decennial recessions would be interesting, because right now it just seems like we're bound to fall into the same trap every 10 years
@elijah mikle it' s not properly a feauture of capitalism, you could find booms and busts in the feudal age as well, due to reductions of the agricultural output
@elijah mikle it is the cycle of govt planned monetary policy. Capitalism would survive without it. We have more or less had low interest rates from the fed since bill Clinton. 25 years and counting. Over time that malinvestment bubble from cheap money implodes into a recession. This one as the video noted is structural. Govt closing down the services industry and closing off international trade are driving this disaster.
We never had capitalism in the us.
@Иван Петрович Indeed you' re right
@elijah mikle It's not, Boom and bust and futures of every economic system, Ever, No matter how perfect, A disease could strike the crops and you would have a recession tommorow, A civil war could happen in an exporter country and you would have shortages, No economic system is free from external forces.
For these videos, it must be a game of whac-a-mole avoiding demonetization, 'tis a hard life
Ahhh it's alright to be honest. Most of the time you can get it appealed so long as you are not needlessly abrasive or misinforming people.
@@EconomicsExplained Chutiya
People: How’s your life going?
My life:
We should of focused on rebuilding our manufacturing industry
Ding Ding Ding! Exactly
But what would we manufacture if not more product to consume? We'd be in the same boat, just in a different way
@@GY-bd9bo we could manufacture anything from motorcycles to TV's its not rocket science
@@GY-bd9bo and there is nothing wrong with consumption as long as we give output as well
@@GY-bd9bo it is the consumer that drives economy and in turn civilization
Isn't GDP just a measurement of economic activity in a country? I mean obviously it's going to be lower when people can't spend money or do much in lockdown/quarantine. I think it will normalize once COVID subsides.
It is biggest percentage drop of any country affected by COVID.
@@Reluxthelegend Much of economic spending in America is on luxury consumer goods, when people realise they need to stop spending, they do it much more.
I mean he literally addresses this three minutes into the video
SuperStandard yeah but the 33% drop is just alarmingly large
Sounds intuitive but unfortunately it's not as simple as that. Modern day companies rely on cash flow. Whenever they have a spare doller, they reinvest it into their own growth. Having no earnings for two months can mean bankrupcy, especially when the banks you're in debt with don't trust you performance anymore.
By the time the crisis is over, a lot of businesses might be bankrupt due to the lack of domestic customers, which results in that companies exports also going away and can result in a long term reduction of the GDP.
I feel like Economics Explained just called me out at the end.
Chutiya
I believe the growth in household income is from households that were making minimum wage are now getting a living wage from unemployment. Edit: Also the stock footage @ 15:37 is blowing a stop sign lol
The Republicans stand united against raising the income of serfs. The wealthy need their sub-minimum wage help.
Ray Bod It’s not like that though. The argument (substantiated by studies, historical precedent, mathematics, economics etc.) is that letting the market determine wages ultimately improves overall wages as well as pricing.
@Austin Martín Hernández With the advent of technology, minimum wage jobs have become more and more redundant. You seem to want the government to raise the minimum wage, that will only accelerate the transition to automation while leading to honest workers becoming black market workers to sell their services at the market price.
Austin Martín Hernández Your making a false equivalency by way of incorrect assumptions. Yes, wages have been stagnant in nominal terms; when inflation is considered, they’ve actually decreased considerably. We agree.
However, this has little to nothing to do with minimum wage laws. This has to do, mainly, with globalization moving domestic job markets overseas/below the border, reckless actions by the FED, careless deficit spending habits by congress (war and entitlements mainly), repeal of Glass-Stegal, the rise of Asia (this is a consequence of globalization) etc.
Look, I realize that it isn’t intuitive to believe that having loose regulation on minimum wages in America; it doesn’t seem to make sense nor be ethical. But, the science says otherwise. Recent MW hikes to $15/hr in certain regions have offered tremendous amounts of data concerning this question.
I have a business degree from a Ivy League institution, and used to believe the same as you before I learned the finer points of macroeconomics.
By the way, healthy competition is the cornerstone of capitalism. Anything else is a perversion, typically facilitated by interested/incompetent state parties. Capitalism is by far the best system there is, for all its faults.
But this isn’t capitalism. Capitalism doesn’t have a central bank that can print money for nothing, loan it to govt at interest. Capitalism doesn’t have bailouts and too big to fail. A well run capitalism would protect workers and citizens not corporations and billionaires. Of course it isn’t that simple, the devil is in all the details, but the us has moved to a semi fascism of corporate and govt feeding each other over the expense of ppl, infrastructure, public services.. our health care system is a prime example of how unbalanced .. mnk malinckindrodt Corp pursed their gel price from a few hundred to 30,000 a dose, and is now suffering the consequences currently of that corruption.. the only job of the govt is to service, protect the public.. no that does t mean pushing MW beyond what the market can bear just because, no that would fix nothing and likely hurt most small business. No the fix would truly come if the govt can begin to balance ppls welfare and health, education, employment, public infrastructure. Our education system is beyond a joke at this point, for the average person/child it’s really depressing how low educated a standard high school senior is, algebra at best with almost no science and very little reading comp..
It’s not that bad where I live. Everything is open except my job lol
Where do you live
『MrÂhmëd』 ñ California