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We can't afford the 2017 tax cuts that cost a couple hundred billion a year... But somehow the federal government can afford to spend 2 trillion more per year in 2021, 2022, 2023, and 2024 than in 2019 (not including interest).
Not a republican or dummycrat. Having said that the debt is so high now that it is to late to fix it. Even after raising taxes government spending is out of control . That includes your savior Biden.
I wouldn't worry about it until it happens because I've been hearing the same thing all my life and I used to budget for the debt crisis and nothing ever happens except more spending.
You are already feeling the effects with the current inflation which is twice what the CPI says. Try buying house or getting home repairs or a new furnace, car, etc. The government is to blame for inflating the money supply with the Fed to finance a reckless, selfish government who play Santa Claus with our tax money.
Talking about increasing tax revenues without talk of decreasing, or at a minimum freezing spending, only means all the extra revenue will only just get wasted in additional frivolous and inflationary spending. We already spend more on servicing the interest payments on national debt than we spend on the military, and we spend a LOT on the military! We have to cut spending, to include the elephants in the room of social security and medicare. Otherwise we are all screwed.
Yeah, the jerk prof doesn't know where the shoe pinches. Taxes are already too high and complicated. We need a simple flat sales tax and no income tax and a government we can afford, not this selfish mess in DC.
My finance professor said it best IMO. "Economics is good at telling you what's going to happen. It's terrible at telling you when it's going to happen." National Debt is a classic example. We've been talking about the dangers of it for decades and that catastrophe is just around the corner , yet it has never materialized. The catastrophe will occur someday and it will be tragic.
no, it won’t. 😂 who still falls for this BS. Like honestly, nobody could explain why that actually that is a problem. It’s so funny. The people think that it is because others say so but when push comes to shove, it never is a problem. If that guy was a professor and you paid him for that lesson I would ask for my money back. You have wasted your your income.
@@mikeHamilton-w3xit’s a problem because our money is backed by nothing. It’s a promise to pay back your debt through work basically. We are currently paying off our old debt by making more debt. Like paying off a credit card with another credit card. Eventually the bank is gonna stop giving you credit cards. In the case of currency you just print more money, which eventually results in that money being worth less and leads to economic collapse. This always happens with fiat currency
@@letsdanceonhere no it has the fundamental limit of resources available. But in terms of the debt and that being any kind of restriction is laughable.. if I wanted to build a road to nowhere and I had unlimited money then the only true restriction would be the amount of concrete and labor that I could acquire. See money is not a problem. It’s the logistics.
gender change is not even a blip on the radar of national debt. Foreign wars are a blip, less than 1 percent of gdp, illegal immigration, also less than 1 percent of gdp.
What happened to the money supply on the debt clock on April 29 at 7:33 am the supply was -$332,382,148,700 and at 13:32 the supply was -$59,900,327,555. Where did $272,481,832,000 come from?
@@wnose When the tax cuts expire do you think the dollar will get stronger?. Inflation increases with government spending. The wealthy can run to financial safety where the lower and middle class get crushed by inflation.
@@wnosewhy didn’t Obiden and the Democrat majority in 2021 raise taxes? Or even propose a change in the tax code? Or is easier to blame someone else for the deficits, the border crisis, inflation, high energy prices, Middle East and European wars?
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No 'debt' because of fiat paper is not a solution. To pay off our financial 'obligations', they must destroy the value of the dollar. So it's a disaster either way, but it takes down the whole country because many have their life savings in cash in a bank or bonds which will have no purchasing power. So rather than a government fail with a gold standard, the whole population gets hit bad.
How about realizing corporate profits are at incredible multi decade highs and tax rates on both corporations and Billionaires are at multi decade lows. Congress ie government has been bought and paid for by these select ultra wealthy interests. End of story.
Whether you target spending or tax rates debt reduction can only be accomplished by taxing the debt back. That mean running surpluses on the public side for many years. Further, every form of countercyclical spending to keep the economy from going into depression, which it would inevitably do, would have to be canceled to prevent the debt from rising again. This is why you hear "address the debt" or "fix the debt" instead of what really would be done. Euphemisms hide the reality.
You missed the point, silly. The treasury will spend it on something stupid -- Medicare fraud alone is over $100 billion every year; government knows this, but it continues. Don't even get me started on SSI fraud, welfare fraud, defense fraud.
When I think about the debt I just think about the last two decades and how they were squandered because we knew this would be a problem and just kept making it worse and worse and celebrating false short-term victories.
What is the problem? the spending or the taxes? why not keep the taxes the same and cut spending? If you have 5 dollars in your bank account would you be irresponsible and spend it on a chocolate bar? That's what's in these bills, a chocolate bar.
if I have $5 in my bank account, what else am I going to buy? It's less than what it costs me to get to work. Might as well buy that chocolate - it's a lot of calories for the money and will give me some comfort as I look at my life collapsing :D
no, you have a magic bank account that you can decide how much money is in there or not in there at any given time. People always compare the national debt to what you were going through, but it’s not true. The national debt is fake and it doesn’t matter at all how high it goes.
"we can't afford tax cuts" ..... don't you technically mean, WE CAN'T AFFORD ANYTHING. How is it acceptable to have such a large budget deficit that you need to keep printing money, you can't afford the interest payments so you just print more money again.... it's just an endless spiral into oblivion.
Get rid of the military and farm subsidies , . . Means test SS , Medicare , unemployment , etc. like all other welfare programs. Cut everything left 50%. Welcome to a $1 trillion left a year to pay off the debt. Or do you enjoy paying $1 trillion interest a year and rising ?
They have too many people who are trying to inflate stocks on this channel. Always ask why they say all is good. It's good to see people warning of the impending downturn.
How about not paying people's bad student loans to gain political points and instead fix the ridiculous cost of college education? Subsidize American students by charging a tariff on foreigners.
And colleges will just increase the price like they've been doing. Since a degree became a requirement for a decent job, tuition costs have exploded more than house prices. Until the government pays for education like the countries that send their people here, education will be out of reach for majority of Americans and why all job gains have gone to foreigners since 2018. They come in cheap because their education has already been paid for.
Well we can start with those 4 paying taxes Re the Wharton Professor - there is a huge downside to be overly pessimistic - massive slow down in the economy However, cost of capital will rise as we will have to borrow internally more (no more China) and crowding out the market is potentially the biggest risk, though great opportunity for PE
Tax cuts are the only way to further impose a fiscal straight jacket on Washington. Many will say "but have you seen how big are deficits are?!?!?!" Apparently they're not big enough because the bond market still lets us finance them. We need interest rates on T-bills to spike - that and only that will force Washington to cut spending.
I dont have a problem with deficits as long as the deficit is being used for investments of infrastructure or something else which will increase gdp. But it shouldnt be used for taxed cuts for very wealthy like the trump taxes cuts which had little to no economic impact but lead to a rapid increase of the debt
Maybe we should think about a special tax for CEOs. Why? In 1973, the ceo to employee compensation ratio was 22.7. In 2021, it was 389. We can start here 🤷♂️
@@GeorgeSchneider8889 Yeah. They went through both chambers and got signed by a president. The ability to tax income was allowed because of a constitutional amendment. The mega rich don't make much income. They own stocks. You can't tax unrealized gains because they don't actually have the money, they have stocks. There are actual ways to tax the mega rich but unfortunately politicians use those same tax loop holes to enrich themselves so they will never be repealed.
@@GeorgeSchneider8889 Yeah. And? Most rich people don't make income. The ways they wiggle out of paying taxes are the same exploits politicians use. The figure you referenced is for assets. A lot of which are stocks. That ain't taxable unless they sell them.
Americans have come to believe tax cuts are free. Spending can increase, and taxes cut, and there are no consequences. Perhaps the tax cuts from 2017 should simply expire, and Congress should start to actually fund the proposals they have .
Very narrow view. You don't think 2 decades of war, blank check economic stimulus, massive ineffective social programs, unnecessary tax cuts, and then mailing everyone thousands of dollars and not requiring them to pay their student loans for almost 4 years had an effect?
Sure it did. I also watched a profitable, 100 year old, manufacturer in my home town get ravaged by a PE LBO in the 80s. Been tracking them ever since. Literally hundreds of thousands of similar stories. Milions of jobs. Think that had an effect? Good read - Plunder by Brendan Ballou @@John-zh1ud
Looks like CNBC deleted my comment back John. Just some facts about a company that was decimated by PE in my hometown. Good read is Plunder by Bredan Ballou @John-zh1ud
@@JohnReynolds-ni5lv the gov will spend its way out of this, and bitcoin was initiated on the premise that governments globally will do exactly that.
The ending of the Titanic. Is that the ending they put in the theaters or the original intended ending where they find the old lady on the back of the ship with the Heart of the Ocean in her hand. :)
The debt (as to how much it is) doesn't matter at all. All the national debt is US owing the Federal reserve money. I E the people of the US owe to the FED what it is on the debt. The debt is our money supply. It's all the money the people of the world use in terms of US $. All of the $ that exist = the debt. That's our money we all use . The government spends more by voting to get more from FED and then spend it in the world someplace. Of course, it never goes away after that and is spent by whoever just got it and so on. That is inflation . The only problems are government uses that to take wealth from everyone that uses US $. They make more by inflation in 4 ways. 1st they get the money they print to spend. 2nd That pushes asses to a higher number of $ (so between what you buy an asset and sell the asset for) if higher $ you pay tax on the difference even though it's only inflation and not a true gain. 3rd Inflation is not even as prices go up to match the same % as money supply increased , and wages are last. Exports are more profitable during the time prices are higher and wages haven't yet gone up. So more exports and that = more taxes. 4th The wages themselves push incomes higher while you get increased pay to go up with inflation. So prices go up then wages. Except now you're in a higher tax bracket and pay a higher % of your money to tax. Of course you're not really getting paid more in terms of more wealth. Just more in terms of $. If prices go up by 10% and later wages go up by 10% , your tax goes up by 15%. That's why government likes inflation. They get paid more from the poor people. The debt itself doesn't matter as to how much it is (except for what the government does as I just said). All the money = all the goods and services all the time. So more money supply = more prices increase by the same % of increase. Like a pizza be cut up into smaller and smaller pieces still = only one pizza. How fast prices go up matters directly because government will take more and directly because it's not as fast for wages going up. So the poor with no assets lose while inflation is taking place. At the same time people with assets get paid more. Like if you own 2 homes. The rent goes up while your mortgage stays the same. That's more income to you. Of course the tenant only pays more and more for all things. So you win while they lose. Happens with all assets. The poor working class do not have assets and the only lose. But government takes from everyone and we then compete each other . The real wealth taking is government tax on the poor through inflation by those 4. Index inflation to incomes and keep the increase steady and it will become a standard become even as it goes . Fast changes like we have been doing and catching up is slow for the poor working class. Be in the end the amount of debt doesn't matter at all. Because prices will go up to match. NO way to stop prices from going up after the money supply is increased. It always and every time happens throughout history and there are no exceptions ever.
It’s not about collection of debt… it’s about the 500 US dollar loaf of bread you would need to be buying That if some were willing to accept those dollar knowing it would be worth less the next day
GOP: The debt is too high, we need to cut spending by $200 billion to balance the budget Also GOP: Let's give tax cuts to the richest 1% and add $8 trillion to the national debt
Its not a partisan problem. The powerful love it when the working class divide on politics, race, religion etc. Keeps us from noticing who is buying farmland etc. Just know that msnbc and fox are both propaganda, not news
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Kennedy 2024. Trump added so much to the debt shut down business said he would change the old guard and then only put old guard jobs (bolton for example) and Trump is too divisive. RFK jr is the best candidate and its not even close. He will close the border and actually change the corperate capture in the federal gov
Every president has increased spending while they're in office. All of them do it. This isn't a political party issue. It is a systemic government issue relying on Keynesian economics.
I seen one of the shows today saying that the national debt would be $44 trillion by 2054. It's $35 trillion right now.... how the hell do they figure its only gonna go up $9 trillion in 20 years. Since 1980 It's pretty much doubled every 7 years. It's $35 trillion today. Do that math.
I love that all the gazillionaires on the photos who don't pay any taxes and have institutions worth a combined of TRILLIONS in value are most likely saying, cut social security, medicare, medicaid, veterans etc...poor people need to step up and pay up!