If the Economy's Doing Great, Why Do We Feel Poor?
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- เผยแพร่เมื่อ 27 พ.ค. 2024
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Hundreds of thousands of Americans lost their jobs in 2023 and millions more are expected to in 2024. BUT at the same time, you’re reading endless articles about how the economy is doing great so if the economy is booming, then why does everyone feel broke?
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0:00 - What's happening?
0:27 - I never thought I would say this but...
2:49 - Is this who we should blame?
5:48 - But there's an even bigger problem
7:13 - What about the FAKE good stuff?
08:56 - Why you DON'T want prices to get cheaper
______
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
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Damn, nice spiderman wallet, I had similar when I was 12 :D
Middle-class America keeps shrinking. The top percent income is rising in this inflation. Meanwhile, the lower percent are struggling to pay for necessary goods and services.
Im voting Mary Ann Williamson for. The people not corporations
There is no middle class; there is working class and rent-seeking capitalist class.
This is impacting anyone that lives off an income. The top percent as you put it, earn way more from their investments than their income.
A lot of people I know, including us, are having to adjust our spending, and we are these top%. In our case we haven’t been high earners all that long, so thankfully we have avoided lifestyle creep, but I assure you, our income has not kept pace with inflation.
In short, you don’t earn your way out of this.
No one has any money to spend. I’m so confused who these people with savings are
USA will look like Brazil in 20 years
That Wingstop comment was pure fact. Its almost $20 for a single combo meal. I think that they forgot that they sell chicken wings and are not some dine-in 4 star restaurant.
Time to buy a whole chicken for $10 and feed your family some chicken that way. 😬
Bright side about that? At least cooking gets better and easier
They charge the amount that people are willing to pay. Otherwise, they would go out of business.
@@samanthacallaway2276 Or leg quarters. Those are pretty cheap too!
4 star restaurant would be like $100 now
Honestly, I don't ever really eat fast food anymore unless it's a really local chain, but I've noticed I still go out to local restaurants mainly for meals that are a pain to make well at home like chicken mole, lasagna, and Indian food. I've noticed weirdly enough the prices at a lot for these restaurants weirdly haven't gone up much at all. Caviar weirdly enough is something that I've personally noticed hasn't gone up in price.
“How to secure wealth during a crisis” - Vincent Chan
Making money is action, saving money is behavior and Growing money is knowIedge.
I am fortunate I made productive decisions that changed my life forever (accumuIated over a MiI) through my finance-mentor. I'm a single parent, bought my house in January and hoping to retire at 54 by next year.
sear ch the name, lf you care.
*Rebecca Martin Watson*
l’m amazed to partake on this, lt has rekindled the fire to my goals.
It's the cost of housing, the biggest increase we can't afford. Prices of vehicles and food are the next part of the wipe out process. Corporate America has cashing in big profits at our expense.
Everything besides housing is a rounding error. Oh a latte went from $4 to $7? The cheapest house in my area costs $1 million. I am not being squeezed by high latte prices.
Your biggest expense is taxes. Income taxes, FICA, state and local sales taxes, property taxes, "fees", gas taxes, on and on and on. This stuff consumes about 40% of your income but it's very hard to quantify without some digging.
Don’t blame businesses it’s the government printing too much money when ALL prices go up it’s the government. Stop voting democratic they love to print money to pander to voters
I read the title and said out loud "because we are poor." and a world that is hyper comoodified even a bit of financial security is temporary.
People will choose security over freedom every time without realizing security, as is normally defined, on this planet is an illusion, and can be taken away in an instant. And so can freedom for that matter. Truly a dilemma :)
Because the economy is not doing great and it's not that we "feel poor". We ARE poor.
Maybe we aren't literally eating mud like in Haiti poor but it's still a "when the hell did fast food get so expensive?" poor.
And by "we" I mean actual people and not TH-camrs.
Are you really poor though? Have you calculated your net worth?
Whenever they tout the inflation numbers they always go to core which ignores food and energy. What people are complaining about ARE the food and energy inflation!
And car and home insurance costs up 30%-300% and outright cancellations of insurance which is required by state law for cars and mortgage companies for homes. Oh, and property taxes.
Deflation is a good thing,
technology is deflationary, better technology increase productivity and lowers prices
Deflation rewards savers, punish debt, encourage people to buy just what they need
it is a more sustainable economy and way to live
Vincent, In 2020/21, the Federal Reserve increased the money supply by 40%. That devalued the dollar by 30%. (That is 100/140.) If the nominal value of you savings didn't increase by 40%, you lost value. If the nominal value of your home didn't increase in price by 40%, you lost value. The devalued the currency. We've been robbed.
Except now the M2 is shrinking due to QT. So shouldn't there be deflation as the currency becomes more valuable?
@@rathelmmc3194 So you mean to tell me that there's fewer dollars in the world now than 1 year ago?
The correlation between money supply and inflation has been weakening for decades, record inflation these past couple of years has mostly been the product of corporate price gouging/rent seeking, high energy prices, and global supply chain disruptions rather than monetary policy.
@@leoym1803 According to FRED M2 peaked in March of 2022.
Don’t forget all the off book money the Federal Reserve has been floating and their refusal to open the books to Congress or the American people.
After paying $75 for groceries that I used to pay $50 for a few years ago, deflation is not such a dirty word anymore.
The wealth gap tells a difference story. That 2.6 trillion went to the wealthiest top 1 percent. The rest of us suffered and the Federal Reserve has made it worse!
8:09 great points but also remember HOA fees, house insurance and property tax all went up. It's not all about the mortgage interest rate.
Agree 👍. I just moved to a 2br 2ba condo april 2023. Hoa was 726 a month. In January 2024 it is now 861 and 9 cents a month. Then in January I was told I need to pay a 4 thousand dollar roof assessment. 1thousand dollars every month until may. Found a real estate agent. Put in over 3 grand. Selling and moving to a more affordable place. And there is one in the area.😊😊😊
Add in regular maintenance and repairs, ouch.
"Corporate greed." Because corporations weren't greedy before...
Pizzas didn't go up $10.30, they went up to $10.90 THEN 11.23. Not to mention the many months of double digit% increase.
This is just so insane and psychotic sounding to me. How the hell did less than $3000 of stimulus checks make a difference for anyone? I paid 2 months of rent with mine and it was gone. There was nothing to save 😂 who the hell are these Americans with savings? I have $6 in my bank account. No savings.
It must be nice to have that extra to take your mom to lunch. Most of us had had to stop those luxuries due to lack of funds 😢
I think I have identified the disconnect. You’re young if your mom is still alive and you can take her to lunch. Our moms are dead now but we have plenty of extra money for lunch. Most people with savings are older. Boomers (like hubby) own 50% of our nation’s wealth and Gen X (me) own 29.5% of our nation’s wealth. Millennials? 8.5%. Gen Z? Negligible. The remainder is owned by the Silent Generation that is 80+ years old.
It didn't. They just want you think it was your fault so you don't ask them about the trillions they are funneling into mega corps through "quantitative easing" in the stock market
The economy does not care about people.
Economists are not smart enough to do economics.
Ask an economist about the annual depreciation of automobiles and other durable consumer goods since Sputnik.
They don't care how fast things fall apart. It just creates more opportunities for employment. Planned obsolescence is good.
ok boomer
@@andrermn
LOL
You post-Boomers will have to watch the Planned Obsolescence Consumer Economy fall apart. Tell Greta too study more economics with emphasis on Demand Side Depreciation.
Vincent is helping to save this generation's financial future, one video at a time
that means a lot, thank you so much for the kind words
Great - but too many in video commercials. I pay extra to avoid advertisements - and you put them right in the middle of the video.
You can thank TH-cam for desperately trying to demonetize small creators left and right.
The middle class was previously defined as owning a home and and a brand new car.
What is it now? HOAs, and condominiums and used cars?
Or is it renting and the latest iPhone and iPad?
We own our house outright. Never owned a brand new car, bought last one with 28,000 miles. No HOA. 3 iPads, including the latest. Working class millionaires in our 50s and 60s.
I own a unit in a condominium and it doesn't even feel like I own it.. I can't do shit. Just collect rent. HOA owns it regardless if you buy it in full or not
Now it's all welfare and food stamps !!
Renting and being able to save.
@@UNDERDOG18UNDERDOG18 wow how can i be like you?
Imagine thinking a one time payment of less than half the average cost of rent translates to “increased income”
Yes, he was way off the mark there.
All the money is at the top
I have to disagree. I'm comfortable but not rich, and I COULD retire now if I wanted to. But if I returned to the profligate spending ways of my youth, I'd be living paycheck to paycheck like most people.
I've learned that the best things in life really are free. I like to memorize poetry and prose, and I do difficult mental calculations. I also enjoy cooking for myself and others, which is not free, but I get more product for less money. And I no longer travel: in fact: I have a "staycation" coming up in three weeks. I'll go hiking and read books for free at the bookstore and take a lot of naps.
I only wish my parents had taught me the value of free activities when I was growing up. It wouldn't have taken me so long to become solvent.
Get used to it because this trend will get more pronounced. USA will look like Brazil with rich and poor but few middle class. Find a way to scramble to the top, if you are not already there. Economic mobility will shrink, but there’s a window of opportunity.
I like those things too! It’s a luxury just to have free time. I can’t wait to retire in 6-7 years. @@jeffw1267
Out of state companies should be required to pay 10 percent over the states minimum wage, as well as pay the taxes on employees on government assistance. Tax money should not go to subsidies for companies that already have money. If snap had to be used at locally owned businesses, it wouldn't funnel money to businesses out of state or country, that already have money. The abuse of local economies needs to stop.
When economists talk about the health of the economy, they're talking about the economic system on a macro level. The economy can be great, and you can still be poor. Both statements can be true at the same time. If the economy is doing great, it means the system is making money. The real question is who is getting it. Since the pandemic, the top 10 riches men doubled their fortunes. Money is coming into the system, but it's not making it to the low and middle classes.
the rich are getting richer and the poor are getting poorer. that's always been the story behind the economy is doing "great". the bigger difference is that the the poor (wealth not income) keep growing in number while the rich are even fewer. so even people in the top 20% or even top 10% of incomes are still struggling. just because more money is being spent (healthcare, insurance, rent/mortgage/interest, food, gas, tax deficit spending etc.) and the "GDP" is growing, doesn't mean that most people are benefiting from it...
Goverment should make sure that the land/Groceries prices does not increase significantly. This has a ripple effect. When you infrastructre costs more (buy/rent) the prices aree adjusted in the items that are being sold. Food is expensive not just because of high price of groceries, but also because the rent that the outlets pay have increased significanlty. The goverment won't do anything in this because many of these expensive real estates are owned by govt people. So it's benefiting them. People suffer at the end.
I have wondered if the economy can fall into a Feedback Loop? Prices are going up because Prices are going up?
Market forces. Supply and demand. Perhaps subsidize food and shelter for our least fortunate. In the USA food is widely provided by government SNAP benefits (food stamps), WIC, school lunch programs, food pantries (government and religious.) Likewise section 8 housing.
People are adding more work hours or have multiple jobs because salaries haven’t keep up with inflation, while corporations keep pulling high profit margins year after year.
Corporate profits haven't kept up with inflation, corporations are actually going broke because lazy Gen Z are being paid way too much and aren't working
You are 100% right!!! This pandemic opened our eyes and gave us time to look at our lives to realise that Inves tment is the key to sustaining your financial longevity .I know I don't want to go back to work for someone again! After my Investment experience I now believe investing today is a simple logic that creates you a future you don't need to work, fortunately for me I have figure out the easiest way to make money while I have time with my family, I pray that anyone who reads this will be successful in life too 🙏🙏🙏
That's true, there is never any culture of wealth gathering or wealth creation to keep multiplying your finance that lacks an Inves tment value Instead of saving money in the bank . This means, if you want to be successful you must be an Inves stor
People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the ruling class and step we takes
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal". '...don't have $500 for an emergency" that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn't a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke.
So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it's actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
Your financial journey is truly inspiring, and I'm currently striving to achieve the goals you've reached. Could you please share some tips to help others learn and navigate their own paths to financial success?
Few people would put off purchasing groceries if they expected the prices to drop, but I get your general point.
Yeah so for inelastic goods that's true for the most part - you still need groceries, water, etc. I'm talking more about elastic goods :).
I want to know who had money for a 2nd house bc of 5-10k stimulus checks. Nope. 😂😂😂
Who got that much?
@@UNDERDOG18UNDERDOG18maybe because some people had kids so they received more.
This isn't complicated. Like issuing new shares devalues all of the old shares, printing currency devalues everyone's dollar. The prices of goods didn't go up, the dollar got devalued. If a company is worth $20 and only has 2 shares, then each share is worth $10. If the company issues 2 new shares, it isn't all of a sudden worth $40. Instead the new shares take some value from the existing shares and each share is worth $5 adding up to the original $20.
The CPI is not designed to tell an individual how much their money can buy, its designed to determine interest rates and other macro levers. In this it works for the purpose of setting these financial levers, but does not help people determine how much their money has decreased in purchasing power. I am not sure what metric an individual should use to help them budget, but I would suspect picking some expense which cannot be reduced, such as local government rates. If you purchase all your groceries on a credit card each week, you can compare your grocery bills on your credit card bill. Another method is the cost to eat a meal at your local restaurant. Whatever real world metric you may use, these fixed costs have gone up a lot more than the CPI.
this dude really compared 3% inflation in a year to over 50% deflation in a month, either way the economy would be out of control, but deflation is much worse for the 1% not the other way around
Also it ignores that inflation at 3% in a year is just a snap shot, inflation compounds year after year. One month of deflation will not reverse that.
@@dasit6034 yeah right? if I can't (don't wanna) wait for 4 years to buy the new PS5 why would someone wait out on their rent or food? (Obviously my rent and food comes first)
Because people are still willing to pay for crap.
I'm spending to finish building our forever home. Prices have gone up so much that we've had to take out a loan... 😣 It was supposed to be paid for. 😢
It is a mental crisis that is also affecting the younger generations as well that are literally coming right out of college. I feel heart-broken when I see all those Tik-Toks about folks being barely able to make it in such a time with the economy that is "booming".
We also have the problem of the government not being properly funded for a long time. They passed their latest Continuing Resolution (CR) for March, but they have been doing that for so long it is like kicking the can down the road. But the real question is how long can we keep this up?
The National Debt just keeps growing every year. Yesterday, when walking around DC, I saw a bus stand that doubled as an advertisement that claims per person, the National Debt is akin to owing $107,065 in taxes? Stuff is crazy!
Barely making it in your early to mid 20s is typical. It was that way for me too. Save and invest diligently starting now. Someday your nest egg will support you. Mine does, but I am 52, not 22.
Be patient and consistent with saving and investing. Patience!
I like how each of these videos now ends with how the subject matter just discussed should be the least of our worries because the topic in some other video is a much bigger problem.
I don't know about anyone else, but part of the reason I've spent a bit more is just...burnout. Yes, it's buying more for fewer things, but it's also feeling like I'm living like a college student despite having a full-time job. At some point, you get tired of always having to care whether you can get chips with your sub because you want that money for a new printer (cuz the one you have is cheap junk). I'm not in any financial distress, but feeling like I'm irresponsible just because I'm not living like a Spartan has led me to just...no longer thinking like a Spartan for every single purchase.
Yeah, you got to live a little. Have the chips occasionally.
People need over $200,000 a year to feel secure. Please show me your budget.
It's like prices remain high in many areas because many retailers and companies are looking to offset losses from 2020-2023.
Greed no way lmao.
No Americans just don't have boot straps and won't work three jobs doordash that pays 4 dollars a hour after gas repair and car devaluation
We need deflation, especially after the recent shock of inflation, for our economy to be sustainable. Very few people have gotten pay increases that was above the inflation level since 2020. Consumers have kept the economy turning mostly through credit card debt and for most of the country that’s not sustainable. Prices need to come down to level off the household spending and allow people to try to pay down their debt as well. Deflation is not a bad thing.
I don’t think this inflation is transient. It’s here to stay. USA will divide further into haves and have nots.
@@UNDERDOG18UNDERDOG18 I agree, prices are going to be stuck where they are. We need deflation to stabilize our economy, but they won’t give us that and will do everything they can to prevent it. Heaven forbid asset prices go down.
The News Media always says the economy is bad. People were saying the economy was bad in the 2010s to when everything kept booming because the news articles told them it was.
inflation, monetary DEBASEMENT, and MONEY PRINTING.
Absolutely. Simple math. Print more currency = devalue each $1
Inflation. The answer is inflation. It takes us 10 hours of labor to pay for what we used to get with 3 hours of labor.
Or put another way, it costs $20 to get a $10 haircut that I used to get for $5 back when I had hair.
You missed an opportunity to explain that inflation is a year over year metric so when inflation was really high like over 9% in 2022 the inflation rate reported for 2023 is on top of the 2022 prices which is why the consumer doesn’t feel any relief from a supposed lower inflation rate .
Shoutout to the ol velcro Spiderman wallet...A man with class I see 🎩. Thank you for the informative videos for real though!
How well the economy is doing has no reflection on how well people are doing. It's not a direct comparison especially when you factor in a 50% inflation on almost all non elastic goods. Bottom line the economy is or could be doing good but people over all are doing bad.
They realised this. The busy little bees that sit & figure out how to screw you where you have no defence. If they put up say consoles or something that is discretionary spending ( something you want instead of need ) you can hold off or switch to something else etc. Nah, they clicked that to screw us it has to be something low on Maslow’s hierarchy of needs. Food,heat, light, shelter. You’re very perceptive to see it. 👊🏻
Well, if I get a job, an entry level IT help desk, I will start mad saving and pay any small debts for a better future.
that's amazing! you got this! are you on the job hunt right now?
@@VincentChanDefinitely!! It is hard to get one.
Spoiler alert, I’m you in 1 year when you get an IT Help Desk. Yes you can save if you live with your parents and don’t pay rent. I’m in SoCal and currently trying to find another position and it’s tough. Keep trying
Good luck with you 100 dollars a month😂 better get two jobs my guy and hope your real job doesn't fire you when they find out your car broke down cause you used it to much for you other two jobs
No we need a recession and in turn deflation; and a recession through everyone saving like crazy is the literal best outcome this country could have. Fed would cut interest rates to support spending, asset prices would go down, regular people would have savings due to no spending.
Despite online rage, we're still just rat's in a cage. 😒
And our cages are getting smaller.
😕
Ah, the proverbial rat race indeed :( That's why we need to financially educate ourselves, develop a solid skill stack over years, build a business, and try to break free if we can mate! Hope you're doing well in your corner of the world.
The economy of the wealthy capitalists is doing great: dividends at all time highs, stock buy backs (increases share price). Economy is bad if you are living paycheck to paycheck.
I'm pretty comfortable financially, and could retire right now if I wanted to, but I have to be concerned about the future so it's affected my spending. I don't travel anymore, and I cook all my own food. This is money that was being pumped into the economy, but no longer is.
Eventually you will take a vacation or dine out. If not, I am doing more traveling so we are canceling each other out. Spent 46 nights on a boat last year. Went to French Polynesia and Eastern Caribbean. @@jeffw1267
The rich get richer, the middle class, most of us, are poorer, the poor are the same
I lived & worked in Canada in 1987-1994. I did not like that credit system is how one buys goods, even real estate like houses& pay for services. That a good credit history is impt. in order to avail of bank loan, for housing for example.
if one is not careful with his/her spending, it is easy to be in debt & be indebted for a long time, hence, so hard to be out of debt because of being saddled with interests, compounded interests even. Such a vicious cycle, onerous to the debtor.
i went back to my country.. went back to frugal living. Peace of mind is now my constant because Im debt-free.
Put it simply, High gas prices is the cost of energy, Increase the cost of living from industrial agricultural production (which consumes gas) to transportation costs and utility costs (power) increased the baseline cost of operations in the nation. This coupled by high taxation and high interest rates. High interest rates mean that less businesses are willing to borrow money to maintain operations cost, therefore slow down hiring. High Taxes mean that the cost of employment increases, therefore business cut wages. This leads to a trickled down economic domino effect, where people demand less services but businesses decide to increase the cost of service to maintain operational expenses. (Less Demand) x (Higher Cost) >= (Operational Expense) This formula will determine if a business is maintainable in this economy or not. But that's not the case because many businesses not only lost over 90% of their stock evaluations but many of them are filing for bankruptcy and being delisted from NASDAQ. This is the overall picture to the scenario! Don't get me wrong, you undergrads are smart enough to put a picture together but we need the overall consensus to the matter.
People should used their money to buy assets instead of liabilities. Invest more and buy less crap you don't need.
I just want affordable rent, housing and food, I don’t really care about the prices of everything else
Good speaking delivery
🖖
The toilet paper craze will never not be funny :D
Until the beans craze comes along 😏
They gotta build more houses for us to buy junk, otherwise no one will spend.
We experienced deflation not disinflation .
Not american but i can say some people are doing better than ever and others are doing worst than ever, some are just in unfortunate situations but others are just financially iliterate and that´s why they are broke, imo biggest problem nowadays is housing off course everything went up in price but housing éats´ a huge percentage of your income and in a ´global´world we have migrants that help supress salaries at the bottom of society and increases demand of housing in a world that supply in records low especially in city centers where most of jobs are nowadays.
Yes, housing is ridiculous. There is real value in owning mortgage free because you don’t have to deal with ever increasing rents and you don’t have to care about mortgage interest rates.
I know that the economy is slowing down here in Commieunicornia. High end housing starts & remodels are down sharply & the company I work for is laying off contractors & our work load, barring emergencies, is also reduced even with the personel reduction.
This was a very insightful video. Especially in my case as someone who's in the middle of just 1 semester away from finishing a college degree, and still applying for jobs both in and outside my field of study.
Post pandemic-grocery prices now 40-60% higher-don’t try to bullshit us otherwise
Corporate greed
"" Tech Companies "" always had layoffs and downsizing that's the norm""
in the 90s and in 2000's major layoffs... like At&t IBM,, and don't forget about Bear Stearns
lehman brothers , washington mutual ,worldcom ,, just to name a few... that went bust...
and of course wonderful company call " ENRON""
Its not about money
We feel poorly
You starting point determined your financial goals. The lesser greed, the more you get from saving. The more you know about the ideology, the earlier you avoid traps.
Hi Vincent, I really love your videos but the way you insert your ads are incredibly intrusive. It's getting to my nerves, but I really love your channel and the content you produce.
Just because my boss got a 30% raise, doesn't mean I got a 30% raise. The GDP doesn't tell us how wealth is spread amongst the people, or how much the cost of living is.
Because Americans are spenders. I work with a guy who eats out for breakfast lunch and dinner every single day. So much spending and zero savings
Saving and investing and starting young are extremely important. Find a way. It will pay off when you’re my age.
It's not only Chinese citizens that Little Pink Chan is trying to dissuade from leaving the PRC. Manufacturing, both foreign and domestic, is far- and near-shoring. While living and working in China from 2011-2020 (I miss the people and the food!!), many American Made in China brands (e.g. Saucony shoes) moved to Vietnam and Bangladesh. However, the number of Chinese manufacturers that off-shore is far greater than is the foreign ones. As earlier as 2014, "China Inc. Moves Factory Floor to Africa" appeared in the WSJ. The trend has increased exponentially since, with Vietnam, Bangladesh, and Indonesia becoming hot offshore destinations as well for Chinese-owned manufacturing companies.
I can never afford to revenge spend on expensive items. I’m trying to save up for a metal shack that might be on sale for $20,000. That might not be there when I actually have $20,000. I will need more than $20,000 to buy the shack because the of down payment, renovations to make the shack livable, inspections to make sure the shack is livable, new appliances, furniture, etc.
Or
I could rent an apartment and worry about being able to afford rent that can go up, paying for utilities, paying for amenities I might not use and might not work, might have to pay for off street parking, etc.
How would you explain the employment numbers? It seems to be doing great. I don’t understand how that’s possible
Fabulous content!
'The economy is doing well' just means the top 1% and owners of capital are doing well. Not the workers or the common people.
Plus all the money printing and bank bailouts
Behavioral Economics also says that people won’t be really keen on investing and buying the treasury bonds of a politically unstable nation, with poor impulse control. Until that changes the economic reports and the economic reality on the ground will continue to contradict each other.
To put this simply the world didn’t so much invest in the United States, as they did the democracy of the United States. Take democracy out of the equation and the United States is a bust.
Philipp in VA hier. Wir waren am MLK Wochenende in WV. Es war toll!
Always great video. How much time do you spend on a video? Looks like it takes a lot of work.
thank you courtney!! it takes a while to make one video haha it's a lot of work :)
The answer is actually very simple, things change however with change all of us also have to change, I’ve been a freelancer my whole life and this isn’t anything new, it’s just people are changing their tactics with making money online and certain companies are micromanaging and hiring too.
Can you comment on how the freelancer style of working is in 2024? I work a typical 9-5 in addition to doing some other projects for fun, but I heard depending on your industry, freelancing can be tough right now with a lot of folks trying to do the same thing.
So basically my best advice is everybody and everything is different this has always been the case in the world will live in, there’s always a way around things including making money.
Because everyone wants house in big cities like NYC. Not in Staten Island NYC but in Manhattan NYC. World revolves around house ownership in big cities that have job opportunities
Once you start doing the right things it takes a while to see the fruit. The people who benefit are the ones who looked ahead and did the right things from the start.
But if prices deflate people will be able to buy more and that will help the economy. No one is going to be buying stuff when they aren't getting raises. I am a freelancer prices going up and I have to cut my rates to be competitive I am only buying groceries now. Your hypothesis is that people will buy stuff at higher prices and they aren't
I think it depends on the person. Im personally with you, I'm mostly buying assets (stocks and REITs) and rarely anything on stuff I don't need. But a lot of people are just saying eff it and buying all kinds of dumb crazy crap.
I only buy groceries, thrifted clothes, and gear (which work subsidizes). That’s it any more.
You will also earn less so if you don´t have savings you would be still fckd anyway.
Depends on which people. You are just one data point. My wages are stagnant but I earn more from my portfolio than my job. Portfolio is exploding! Wealth increases, driving demand / purchases. Even 3 month Treasuries are yielding 4.5%. I want to buy stuff but have been too busy. In some areas, property values are going up, increasing equity. Our house has appreciated moderately, nothing crazy, over 30 years. Don’t have a mortgage so don’t care about rates. The people who are mortgage free are in a really nice position because rents have increased from $500-800 in 1994 to $1600-3000 in 2024 for a modest middle class dwelling in suburban Chicago. I can see why workers paying that have little leftover. Property taxes are high here too.
before I watch to far in, I'll predict that it has something to do with a reverse market crash (Venezuela.)
When did “pent up demand” become “revenge spending” lol
inflation is and always the expansion of money supply
30 year fix rate mortgages thats pretty sweet the most we get in canada is 5 year fixed then have to renew at current rates.
In where I live the rate varies monthly and following the trend of US fed rate, US economy boom has a significant impact on my expanediture.
So your interest rate is variable month to month and floats with the current rates, they offer that here too, but its risky when rates sky rocket.@@conybrown991
I didn’t benefit from either of those stimulus or unemployment
Enjoyed the video but I do have to point out 2 major flaws:
1) The inflation of the past few years was caused almost entirely by horrendous monetary policy. Post-covid revenge spending certainly has some effect but it is almost negligible in comparison.
2) Prices of things getting cheaper is a natural phenomenon. Yes, allowing it to happen in the debt-based system we have today would be catastrophic (which is why the Fed will soon start cutting rates and printing money again), but the argument that deflation causes people to stop spending is demonstrably false. If that were the case, nobody would have bought a TV anywhere in the past 30 years, people wouldn't be buying smartphones, Teslas, etc.
no one buys abercrombie anymore sir
Next on breaking news you now get company provided housing and company provided groceries as well as a nice credit to buy some recreational items from the company all hail amazon for providing our saving grace. 🎉🎉🎉
I love to work hard and increase shareholder value.
the economy is not doing great, thats what the politicians tell you to keep you calm until after the election then they tell you we are in a recession
It's much easier to get paid once a week or every two weeks on Friday.
52 pay days in a year.
26 pay days in a year.
Some months, there is a third paycheck.
Some companies pay twice a month.
24 pay days in a year.
So ... there are only two paychecks per month.
You don’t get paid more just because you have a higher pay frequency. The amount you make doesn’t change, just the number of times you are paid. You just need to budget differently. 🤦🏻♂️
@thetapheonix I know. But every third month, you get an extra paycheck.
Imagine paying premium youtube to avoid ads, just to get spamed by video content creator...
People spend too much on stuff they don't need. Throw away fashion, dinners out, Starbucks, things like seasonal decorations, etc. Before you buy, think if you really need it. Shop thrift or discount stores, cook at home except for very special occasions, focus on saving whatever you can for a rainy day. And if you use credit, pay it off every month. You can still do special things but save up for them and limit them.
To be fair as well saying we are at an “all time high” for mortgage rates is a bit of an over exaggeration. We hit 8% little over 2 months ago and now we are back into the low 6s. 1980s we saw 20% rates so we still have a ways to go till we are at all time highs
It's because Democrats have used non stop open immigration, high taxes, and over regulation to put slack into the labor market year after year. Which gives all the power to employers, driving down wages, and immigration drives up housing prices at the same time. To the point tens of millions of Americans don't have any money left over at the end of the month. And it's the low wages and lack of power at the bottom that allows the excesses at the top. Causing the wealth gap.
Compare that to JFK style conservative policies of using low taxes, smaller government, deregulation, and less immigration to tighten up the labor market. Which gives power back to workers. Raises wages. Allows for advancement. Allows for mobility. Allows people with bad job records or few skills to get jobs. And gives people dignity.
If Democrats actually cared about lower income people, and were capable of compassion and empathy, they would be Kennedy/Reagan conservatives.
You can’t be for big government, big taxes and big bureaucracy and still be for the little guy.”.......Ronald Reagan
The ever expanding power of the federal government, the absorption of many of the functions that states and cities once considered to be responsibilities of their own, must now be a source of concern to all those who believe as did the great patriot, Henry Grattan that: “Control over local affairs is the essence of liberty.” Commencement Address, University of Notre Dame, January 29, 1950.....John F.Kennedy
What's going on? Repeated patterns that people consistently tolerate and are afraid to have the courage to stand up to because they're afraid of guns and weapons, not realizing that they themselves and their intelligence is the biggest weapon of defense against these systems that constantly keep people inconvenienced stressed and enslaved. Someone is always trying to say oh, it's one aspect of the economy, or it's this aspect or that aspect of the economy, when it's all of it combined.
Then people get distracted with topics that are circling around the root of the problem and getting people away from the actual root of the problem which is the economy itself. But people don't want to admit that because, in their mind that's what life is as they have been told so they will do as they are told because they are to weak hearted and weak minded to admit it, probably using a lot of their energy on Things of entertainment.
Because the economy is not doing great. Jobs are being lost right and left, inflation continues to remain out of control with no end in sight. Anyone telling you the economy is doing great is flat-out lying to you.
This could be an awesome channel if there weren't an ad every few minute. Count me out!