I made a new video about why Americans feel the economy is rigged against them. Despite "strong economic growth". ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ScfqK5gNfiE.html
Simply put the UK outsourced, cut cut investment and rely solely on the financial sector. The politicians are not capable of decisions for a 20 yr plan, it's feels like they are probably the worst of the worst in my lifetime and I'm 65.
Good and, as usual, very insightful review. One thing I was missing, was that the rising taxes on the UK came with further austerity in public spending. Instead of investing borrowed money in education (skilled workforce), healthcare (healthy workforce) and infrastructure (improving of capacity and agility, and affordable housing), four consecutive governments have squandered the money to giving tax brakes to the already super rich and funneling money into their own pockets.
yup. we have added 2 trillion to national debt in 14 years whilst having crippling austerity. now people with mortgages havent got any money left after huge hikes and zero help from gov. but the newspapers tell us its labour who are shit with money?!?! just like how conservatives blamed labour for the global banking crash.
The US just spends borrowed money on the military. $6 trillion added to the national debt under Joe Biden. It now sits at $34 trillion and growing. They want to borrow $720 billion for the next 3 months. The US is all defecit spending.
They didn't actually give many tax breaks, tons of the money appears to have gone missing, into contracts that weren't fulfilled, often companies that had ties to the politicians. In any other country it'd be called corruption. So there have been no tax breaks, but no public spending either.
@@PIASOC There's a huge section of UK society that is trapped in a spiral of poor health, education and destitution. Wages rises have been suppressed for too long, look for instance at the state of doctor salaries - compared to US, Australia, New Zealand, Canada, Germany and Ireland. Lawyer salaries aren't great either. A lot of professional jobs in the UK are not earning anywhere near what they were in the early 2000s. Workers might be over educated in academic aspects, but what about technical ones? UK is famously bad at training staff technically.
That is one major difference between the UK as one example and China whose authoritarian government has chosen to suppress all reports about its declining economy. And when does suppressing basic information to the people produce a positive benefit in the long term?
If I was young and had the opportunity, I'd leave the UK & go to the US in a heartbeat. I can only see a slow steady decline over the coming decades for the UK. I fear in 20 or 30 years time, it'll be a lot worse than it is now.
also, the gov in UK only helps big business and their donors, nobody else. spanish gov put in loads of regs to stop banks fleecing their population. we basicaly halved the bank tax rate then did nothing to help the people struggling with huge mortgage rises.
The UK is over regulated as are EU states. Heavy regulation limits the creation of new businesses especially manufacturing investment. Also GDP is based upon declared profits. Profit shifting and illegitimate costs are a real problem among established businesses in the UK taking wealth away from official GDP figures and alot of the time out of the country entirley.
Industrial strategy implies that the free market isnt all knowing and the solution to everything so thats socialist. Lets just lower taxes and give money to the rich :)
Industrial strategies is the government literally picking winners. Why not just create a more business friendly environment? For every 1 successful part of IS, there are 100 failed ones at the tax payers expense.
I think the UKs problem is because we have gone through so many PM’s and ministers until we’ve now reached the 3rd division of quality. And what we have got is a vacuous intellectual position, everything is confused. Inadequate quality of leadership and too many young people rising up the ladder, self service, thinking they deserve a senior position but they aren’t ready for high office. UNFORTUNATELY PRIME MINISTER LIZZ TRUSS HAD NO LEADERSHIP QUALITIES, AND COMPLETE INTELLECTUAL EMPTINESS WHICH THEN RATTLED THE MARKET.
the problem with liz truss is she swallowed the red pill whole and went full tory thinking that deregulation and removing taxes would be enough on its own to feed growth, this is known to be a flawed philosophy and her proposed unfunded tax cuts told the financial markets the uk government was a bad business partner, and after the tories threw the whole UK economy under the bus to save the banking sector too. no honour amongst thieves clearly
This has nothing to do with number of PMs for every country changes PMs or President too that’s why there is GE. Our British PM managed to halve our inflation which is good so this was caused by pandemic but our inflation is halved and according to our Uk economists there is a massive boost on our Uk economy for this is just mild recession in weeks it will be over.
It’s because people of this country were stupid enough to keep on voting for the same incompetent government. It’s not just about the PM it’s about his cabinet and all the other incompetent clowns on the back benches.
@@Trendycosmetics-os6gh I wish I could share your optimism... Because all the fundamentals aren't looking good! And Western governments have perfected the art of artificially inflating our economies, when it suits them, at the expense of future generations... But yes, you're right! No one particular PM or President can claim full responsibility for our economy... Whether it goes up or down! Our economic systems have become vastly more complicated in recent years, and these boom-bust cycles play out over multiples of years. Indeed, a recession is actually a part of the natural economic cycle anyway... Which they tried to offset with low interest rates, so now we are paying that inevitable price! It's just that this time, I'm just not sure how costly that this price will be... But as usual, economic gravity ALWAYS wins in the end! What goes up... Inevitable comes back down! That is just the nature of things...
This channel has swiftly become my number one place to get reliable domestic economic news of the UK's performance. Its rare these days that I would consider buying a quality news paper and definately cannot afford the Financial Times so this channel is important.Thank You.
I gave up. Moved to Madeira and now make more money and can save more. Go where you’re treated best! And that’s not the uk where you’re seen as a cash cow, nothing more
How did you get into that position to code abroad? I just finished uni last year doing computer science but I really dont want to spend the rest of my life here
Canada's having similar problems, especially with housing. It's been decades since we were so misaligned with the American economy. Incredibly depressing to see their wages growing while ours fall right across the border.
Housing is not an economic problem - it's more of an immigration problem. Canadian economy was tradionally dependant on natural resources such as oil uranium gold lumber - and investments in thise industries are not paying off. Canada was never a high tech economy like the US.😊
On my new channel, I looked at whether US economy will still be booming in November election. Will debt cripple US before election,? It looks much better than 12 months ago, but long-term uncertain. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-5sEpMITb60o.html
You made a big mistake in the title: The correct version is "UK economy in recession, US economy also in recession but using fake money and forged statistics to make it seem otherwise"
The UK doesn't make anything -they have been reliant on finance and services, but as they left the EU, those sectors are slowly relocating to mainland Europe.
Where do you get this information from thin air? Uk financial sector is still out pacing everyone, a recent review also just put London tied with New York and the next European hub Frankfurt not even considered in the top 10 of the index. London is still continuing to grow, germanys manufacturing sector is in total decline and France continues to stagnate, where are you getting your information from?
@@ThomasSmith-tv7gp I work for a global asset management firm, and we moved some entities to the EU after Brexit. The remaining UK subs are loss making and need financial injections from the US based parents. In short, the entire European economy stagnates.
The U.K. was the 5th largest exporter in 2023. Exporting $800B-$1T worth of goods and services, most of this is services (we are 2nd in service exports and 14th in manufacturing) but still similar manufacturing exports as Russia.
CA at nearly half the population have a higher gdp then uk and it growth is still positive as well. a tthe rate the uk is going, texas and ny might just pass the uk as well within the decade
How about the multiplier effect on energy expenditure? In Europe there isn't a multiplier effect because energy expenditure is mainly out of Europe. The money is lost and it is vast. In the US meanwhile energy expenditure is made within the US so there is a multiplier effect for the US economy on energy expenditure. The money keeps on being spent in the US.
This is why I have some slight optimism for the UK in the future though, we are becoming huge players in offshore wind energy and are one of the fastest at decarbonising our grid which should begin to yield us with cheaper energy, once we properly legislate energy markets so we aren't paying whatever the most expensive energy source is being used on that day. There's still a lot of work needed with upgrading the grid and smashing the NIMBYs/planning reform, but we are potentially on a good course with the future of our energy security.
@@patdbean They can't help themselves. It'll always get shoehorned in there somewhere. They would counter that if it hadn't been for Brexit everything would have been SO much better for the UK now. Utter cobblers, but they'll keep banging that drum I'm afraid.
Another big reason why "gas" prices to hurt America is that we can drill and get oil and natural gas thanks to the modern fracking, horizontal drilling which can get more oil and natural gas than ever before. Modern drilling and extraction techniques help a whole lot. A big reason why we extract more oil and gas than even the Saudi's.
My five theories on this are: 1) The US is fuelling all this with huge debt, which in part they can get away with because they control the world's de facto reserve currency. 2) The US dollar is also unusually strong, which helps to enable point #1. 3) Energy sector isn't hampered by environmental laws to anywhere near the same extent as the UK (or the rest of Europe for that matter). The UK could spur a lot of growth just by reopening all of the North Sea gas fields and enabling a shale gas boom like the US did a decade ago. Whether this would be palatable is a different matter. 4) I suspect many of the long-term sick aren't actually ill, they've chosen to claim welfare because it pays better than a low wage job due to the welfare trap. 5) Wrt immigration, the US is largely importing high-skilled workers (a net economic benefit) while the UK is importing too many low-skilled workers (a net economic liability that exacerbates the pensions problem).
Wrt to point 6: UK isn't in a position to attract highly educated immigrants, USA is. For all the reasons you mentioned about wages, living standards and taxation.
Nailed it, as an American, the growth is deceiving. It’s like a house of cards. Medicare Part A is insolvent by 2026, and Social Security by 2034. It will collapse, 80% of all the money printed in the US that has been printed since 1776 as been printed in last two years
6 месяцев назад
I disagree with the last point- since new labour we have set an expection for most uk born people to do skilled jobs (e.g office jobs), our shortage is in people willing to do the unskilled jobs (e.g. building, farming operating high street shops)
The solution that is productivity investments such as education and training and more automation, so that these jobs create more value and pay more (the reason for the unwillingness is invariably the low pay). This is something the UK has been particularly bad at, partially because businesses were disincentivised to do so as there was a big pool of easily exploitable cheap labour to substitute for productivity gains.
Maybe if the tories didn’t sell 80% of the new North Sea oil fields product overseas we may not have to be reliant on topping up our fuel from overseas? Madness Also ordinary people are overtaxed in the uk while the rich can afford loopholes and follow the example of Sunak and Co who avoid paying due taxes with complex avoidance.
@fairybuddy-angel2035 for what?you can search the gdp growth figures for France, Spain, Germany and Italy? Give it a try? do you need help using Google
Don't be fooled, America. Don't spend frivolously. Save as much as you can. If you can build a surplus of the essentials, do it. Whether you see it or not, there's trouble on the horizon.
America might be booming now, because this is a Bidenomics bounce to help him win the next election so, I wouldn't put much stock into this! Once that election is over, those chickens will be coming back home to roost!
Hard to imagine the U.S. economy running out of steam this year, given that the Fed expects further moderation in inflation and is expected to cut interest rates four times in 2024.
We take risks. We start businesses. I am 52-year-old woman with a preteen. I just went back to college and graduated during COVID. President Biden's help was a godsend. I began my business and I work like crazy while my German husband works 50 to 60 hours at a Startup. We lived in Switzerland. He could not start an Aerospace company with his friends after four years of Swiss/NASA/ESA experience. We decided to return as I wanted a new career. Our friends in Switzerland and Germany are so smart, but they were frustrated not being able to start anything becase of all the red tape. It is easy just to say the US prints money when you don't see how we go about with not traveling as much so sustain my company. Yet, we are happy in my birth city of Miami which is now expanding into everything. We can move around without worrying about the language since we are both English and Spanish speakers which is ideal in the USA.
That investment line is almost the whole story. The UK needs a bold industrial strategy. Admittedly the UK does not have the world reserve currency and the worlds largest consumer market to prop up government spending, but that does not really excuse the lack of strong and clear support for UK industries that the USA is doing. Instead the UK is continuing to muddle along, there have been encouraging moves but nothing on the scale required to make serioys movement happen. Another part of this is the complete lack of cross party concensus in the UK which actually the USA does quite well with, despite the raucous politics.
Because one invested in their economy and the other didn't. Funny that Conservatives always claim to understand the economy and money, yet when they get into government they completely forget the basics of invetsment.
Most Americans actually dont feel like the economy is booming. Credit card debt is really high, savings being depleted, mental health down, people failing to pay back car loans, homes are unaffordable, quality of products keeps getting worst. You only have to spend a few moment's online to realize people of all ages think this country is going down hill for various reasons.
Don't forget the layoffs that have been rolling from industry to industry. The place I work at was lucky enough to only implement a 'hiring freeze' when some critical departments were below their minimum staffing to cover every shift.
1) the US economy is booming because of massive deficit spending to fend off inevitable decline [not saying its a bad thing] $3 TRILLION in 3 years 2) The US economy never transitioned to a peacetime economy after WW2, so with 2 big wars going on the US economy is booming, it relies on making 6om6s 3) They have no quality of life, they work 1,892 hours per year V 1,484 hours in France 4) Personal debt-based consumer spending in the US is simply insane - average consumer household debt in 2023 is $103,358. EDIT - see below For some reason the U5A seems to include mortgage debt in the "consumer debt" - the UK Govt would call this "personal debt". Consumer debt being the debt taken on to buy consumer items like phones, clothes and cars. The UK personal household debt is $82,800 V $103,358 in the USA
@@labcat647 Dude - US Govt statistics. Its not difficult to comment outside. 36 hours working is the AVERAGE of al jobs including part time - just stop. You are making a fool of yourself.
Barry, let`s look at how your economy is doing without colonialism and robbing other nations. Your fading island with crumbling infrastructure has nothing to offer except for banking. of the western countries you are the least productive for 15 years and have no product of your own. no industry, no technology, no valuable science, nothing that the world needs. thanks to banking, which doesn't have much time left and hello good old Victorian era of poverty and hopelessness.
No, actually businesses, industry, resource extraction, big tech and services are feeling great. I actually dread to imagine what the british will take the growth of their economy from in the future due to lack of industries, start.ups, resources and poor infrastructure. that's who you are actually unsustainable. even your banking is crumbling
I think the US is leveraging its position as the world's no. 1 currency. People want dollars so it feels it can borrow as much as it wants. Some parallels with the yen and the huge public debt Japan has as a consequence. They feel that as long as they can pay the interest, they will have no difficulty refinancing the debt. Other countries don't have that luxury. If/when the dollar falls from grace, the US will be hamstrung by big debt repayments, not unlike Japan now. IIRC, Trump paid for his tax reduction budget with borrowing too. It created an increase in GDP for the US but the amount borrowed ($1 trillion per year) was more than the rise in GDP ($0.7 trillion per year). So it was a window dressing exercise arguably. (Tbh, I can't remember where I got those figures, I just remember reading that at the time, so take with a pinch of salt). The basic point is the same though - the US is using its position to borrow, which is a risky strategy and likely will create problems down the line.
@@user-rk3vw3pk4w the gov slashed bank tax to 2% just before inflation hit. the banks here are making a fortune. imagine only paying 2% tax when they were the ones who caused the mess in the first place?! madness.
The best comparison for the U.K. is always France - very similar GDP and population and split of services/manufacturing. The differences are that France is more “mixed economy”, ie more state involvement and agriculture is bigger because it’s physically much larger and has much more cultivable land. But the two are otherwise remarkably similar (even if neither likes be reminded of it).
The U.K. needs the vision it once had. It’s worth mentioning that I think the U.K. could take a page out of the UAE, Singapore and Japan as far as all 3 countries knowing how to leverage their geographical characteristics to boost economic growth. The U.K. is topographically similar to the three latter countries, yet isn’t performing as well as they are. All four countries are surrounded by bodies of water- which normally should allow for not just the transportation of goods and services, but also the transportation and aggregation of ideas. The U.K. can also start by looking at opportunities for agglomerations in diverse industries, besides financial services. The use of the River Thames would facilitate the circulation of ideas that would come from this. The U.K. has done it before. London became the world’s financial centre in part because of the Thames, and it’s a smaller body of water, compared to the oceans that surround the 3 aforementioned countries. The Thames also was responsible for the London Docklands being the world’s biggest port at some point in history. It equally gave the British Industrial Revolution the rapid momentum and pace it had. It’s shocks me that the British could be so geoeconomically short-sighted, but we do have idiots in Westminster so..
The "vision" was to conquer other countries by force to extract resources and manpower from them and force them to buy British goods. No longer feasible and it has not been replaced with any new vision.
You can't really compare the UK to those countries as they are much smaller geographically. But I agree with having a vision long term for the government.
I think it is way easier to explain. The US is the king of today's world order. The strongest economy, the strongest military, and the strongest political power in the entire world. The UK is a small island nation in every aspect - its economy is small, its military and navy is only big compared to its size, and most importantly it is alone. This didn't begin yesterday. The UK (or at that time the British Empire) was the biggest loser of WWII - it lost so much of its strength that it couldn't service its colonies, and thus it imploded. The US, on the other hand, was the greatest winner of WWII. The war didn't destroy its land, but brought its industry to a level that surpassed any dreams. At the end of the war the US launched a new carrier every month! This also brought forth a military, naval, economic, and consequently political supremacy. So blaming political choices is pure political propaganda. It is not a fair comparison, not by far. Time Britain started to look inwards, and defined its place in the future - or it will be lost forever in the glory of its past.
3:20 keep in mind marginal propensity to consume, tax cuts can increase demand but have to be targeted towards poorer people in society, people working pay check to pay check. Whereas this budget targeted the richest and would cause no growth, as seen with the tax cuts done in the US under the last president. Or just any tax cut ever that has focused on corporations and high income earners.
Poor people already pay minimal taxes. The problem is productivity. Low productivity in the UK is the reason for low wages. However, it's hard to improve productivity when all you have is financial services and very little "real" economy.
@@zuzanazuscinova5209 firstly we have the highest tax burden since WW2 secondly even if we pretend you are correct, VAT is 20% of everything you spend in a shop, that's one right there. £10,000 of your minimum wage is taxed at 20%. Look at the tax on alcohol. Productivity has well outpaced pay since the 1980s. Maybe if British workers weren't so poorly compensated then they'd be more productive ever thought about that... Do you think most people work in finanical services?
@@chrimbus71Brexit is essentially Britain imposing economic sanction on itself and proactively deny its own citizens the freedom of movement within Europe... The double wamy to any country economy.
@@Dave05J a Debt crisis is a situation in which a government loses the ability of paying back its governmental debt. Also do YOU live under a rock?? Inflation has been sky high since Biden's presidency and more ppl are losing their jobs and hourly pay 🤦🏾♂️
@@Dave05J a Debt crisis is a situation in which a government loses the ability of paying back its governmental debt. Also . Inflation is sky high and we are literally in World war 3 right now. Stop acting like this country is doing so well under Biden when it's not.
@@Dave05J inflation is sky high right now and we are practically under a recession. Stop acting like this country is doing so well under Biden when it's not.
@@Dave05J Debt crisis is a situation in which a government loses the ability of paying back its governmental debt. Lay offs are at its worst right now and inflation is sky high. We are practically living under World War 3 & a recession at the same damn time and you are too oblivious to realize this
Those in power are not interested in British manufacturing. Manufacturing is done by the working classes and those outside of the SE. For how many years has there been political talk of rebalancing the economy so it’s not so reliant on financial services? Yet manufacturing has continued to decline. They pay lip service to it but in reality nothing changes.
How are you going to persuade companies to manufacture in the UK? Labour cost a lot higher. Government subsidy perhaps? But difficult to compete in global market if continuity of production needs constant government subsidy.
@@PranicEnergy compared to who? Not the US or any Northern European countries. This isn’t something that happened overnight this stretches back to the 70s 80s. Unions also guilty of it because any approach to modernise our companies to increase efficiency (and lose jobs) was refused. Hence We torpedoed our own car industry whilst the Japanese, South Koreans seized it with both hands. We now have a Prime minister who begs foreign companies to open here because we’ve fallen behind. No high tech manufacturing is done here on an industrial / global scale.. semi conductors / microchips etc. There is no pan political party strategy or long term thinking. Our country has over relied on the financial sector because it’s the only truly world market leading thing we have along with New York but even that is seemingly wobbling since Brexit. The economy badly needs rebalancing, we need to find our niche for high value add manufacturing, but also understand how it is that Germany can seemingly have a steel industry 7 times as large as ours (2023) and now we’re about to close Port Talbot. This is largely down to Government policies over the last 40 years.. decline decline decline. Is it good? The flatlining of productivity in our economy compared to other similar developed economies demonstrates that something is going wrong. The talent & pedigree is here it’s just not being utilised. Nearly every F1 team is based in the UK bar 2. We just don’t seem to leverage the talent when it comes to building global manufacturing businesses on a big enough scale.
@sam, that is not how capitalism works. Mony Power has overtaken Governmental Power since Elizabethan days and dictate how things work. The only reason why things have come to a head now is because the Western hemisphere is declining.
@Sam-jy5tj , you wouldn't like it if you truly understand why the financial centre in London is world leading. But it will also be declining for the same reason.
I think one thing that needs to be considered is Europe's reliance upon Russia for trade. That was a catastrophic error for everyone in Europe. The drop in trade with Russia and Ukraine has been to the benefit of the USA, who has replaced Russia and Ukraine as exporter of both food and energy. Couple this with the massive spending by the Biden administration to transform the USA into a high-tech manufacturer, and you've got a booming economy.
Both the U.S and U.K economy can actually get better if only the govt can start making better decisions for the sake of it's citizens, cos' they've really made life more difficult for its residents. Hyperinflation has left the less haves bearing the brunt of the burden. Its already eating into my entire $620k retirement portfolio. Like where else can we invest our money with less risks?
Just get a financial planner straight up! personally, I would invest in etf and also love investing in individual stocks. yes it’s riskier but I'm comfortable in my financial environment.
I agree. Exactly why I now work with one. A lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Annette Christine Conte up and send her a message. You've truly motivated me. God's blessings on you.
You completely overlook the effect English and even European culture has on the economy compared to American culture. We live in EU and the UK in a risk-averse culture where real venture capital is extremely scarce.
The UK decided to sanction itself with Brexit. The Tories never replaced the lost investment money coming from the EU. The Tories also never replaced the lost EU workers who helped make farming, hospitality and the NHS function. The Tories also never made the sorely needed investments in infrastructure. ADn finally the Tories presided over massive transfer of wealth from the middle and working classes to the already wealthy (as conservatives always do).
Not sure how you can get through that whole analysis without mentioning exchange rates, or the comparison with Europe. The Dollar is a massive factor in America's good health, and conversely, the relative weakness of most European countries. There's an argument that the point at which the Government reversed its fiscal stimulus plans was the point at which they handed the economy over to the banks and pension funds (who funnily enough are more interested in preserving their profits than stimulating other businesses). Truss at least recognised that inflation was coming, and though she botched the intervention her successors "more prudent" approach has gone on to do more damage than she did. The difference being that the damage was done over a much longer period of time - which doesn't get the same hysterical headlines. We currently have no-one in parliament (in any party) with a clear plan for economic growth.
For the answer to the question - just look at the recent politicians and in fact the only potential alternative which cannot improve the UK with their same ideas.
A few more wrong steps, the UK will inevitably become a failed economy and will be a lesson for all European countries. Unfortunately, large companies are reconsidering their investments in the UK due to lack of support from the government and low growth forecast. As a consequence, the Global talent and high net individuals (high tax payers) are showing less interest in the UK and are moving to Dubai, US and Singapore.
When US is actually Overheating rather than Booming. Booming implies Economic Growth and Job Growth.. We actually have been having steady rounds of layoffs for last year.. or maybe two years. But this video is pretty fair
brilliant video! Informative and not throwing out economics jargons like other so called "experts" on TV Love that you gave the example of US 30 year mortgage vs UK 2-5 year, made such a huge difference on the living cost. Think would be great to see podcast style of content with guests, would really enjoy!
These are just speculations at the end of the day, hindsight is always 20/20 My own personal opinion is the American entrepreneurial culture is lacking in UK and Europe in general American companies are always striving for growth , whether good or bad is matter of opinion But one thing that is certain that this culture will continue and despite all the social issues facing USA it will continue to grow
Do people in the UK pay property taxes or increasing insurance costs for everything? In the US, many people borrow expecting to be bailed out and the federal reserve is more than happy to paper over losses.
We pay council tax and VAT on everything. Every bill has doubled and trebled since 2021. Only the minimum wage has increased whilst the middle earners have now been caught up. It's madness.
@@kinggeoffrey3801 is council tax simikar to property tax here? Property tax is leveled against an assessed value of one's house and is all over the map (no pun intended) the same house can have a $5000 annual bill or $100,000 annual bill depending on city and state...
@@thorstenroberts4726 Council Tax was brought in by Thatcher in 91. It has a band system from A to H. H being the most expensive. So normally the bigger the house, higher the Council tax. The tax allegedly pays for the bins, grass cutting, roads, lights and services like police, firemen. Most councils are bankrupt due to government cuts and fraud. All the big wigs at the council and government have been stealing our money for their pensions. Huge increases are expected. It's a national disgrace. More people are fighting back now as people can't afford it anymore. I pay 3k a year, so around £250 a month.
Even with property taxes considered tax burdens in the UK and essentially all of EU are comparable if not higher than the US $5000 or $100,000 for the same house? While there can be alot of variance, I don't think that much. Generally speaking Property taxes are based on the value of the property. The average rate in the US is something like 1.1%. New Jersey has the highest rates around 2.3%.
A lot of it is suggested to be stress and mental health based, I believe there was a fairly recent study carried out on specifically the large numbers of younger people (Millenial, Gen Z) out of work due to long term sickness. It's really rough here in the UK in terms of living costs, food prices and housing costs are obscene and wages are really struggling to match these in real time and the spiral of wage growth from the larger employers is a plaster on a lost limb at this point, and in some ways are only perpetuating government inaction. Naturally, this has a really negative impact on peoples incentive to contribute to a workforce, we have so many people working incredibly hard that are still struggling financially and that can be super demoralising.
@@garyb455 Don't agree with this. Benefit fraud is exceptionally low here, and we literally had someone attempt suicide in a job centre recently due to the hoops they had to jump just to receive benefits they were fully entitled to. The support universal credit and other benefits provide are also commonly really inadequate and still leave a lot of people who are in work struggling. I feel like it's unsympathetic to bundle it under people taking advantage because in the grand scheme it's vanishingly rare, most people here that are able to want to work, but face the prospect of poverty even when they do
In short knock on effects: 1. Austerity pushed enourmous (I'm talking millions) of people into poverty and food insecurity. It's so bad that we're seeing the rise of diseases that we thought disappeared in the Victorian era, like scurvy. Then you have large numbers of people that have become a mental wreck because of this. 2. Defunding the NHS impacts ability to treat people, which impacts waiting lists, which impacts those people's health. 3. The pandemic was one of the worst handled in the world, by the numbers (death toll per head was insanely high relative to peers), couple the aftermath of that with an NHS already on its knees and waiting lists (and therefore death and illness from lack of treatment) have exploded. 4. Aging population impacted by all the above, takes older working age people out of the workforce earlier than should otherwise be. In short, policy over a long period of time has basically created this situation. Overly simplistic description I heard but sums it up nicely: "if you have the longest NHS waiting lists in history, then it's not rocket science why large numbers of people are off work sick."
Some people in government might actually think that declining life expectancy is good. You don't need to pay a pension to people that die right after retirement now do you?
Of course they can. The problem is that most people don’t spot the US’s massive debt mountain. 33trillion last time I looked. They just said they are selling of a record amount of 5 years of bonds. The problem is that extra borrowing need paying back so you are just deferring tax rises.
Yes, but the risk for Labour is that they use policies that are shown to work elsewhere, but in this country the media totally undermines them. Quite simply, the fundamental Tory ideas of the last forty years are just not working. We have had more than enough time to show that clearly, but until the media is willing to be les hostile, then the Tories may well get back into power in five years' time.
They pull money out of thin air all the time when a "crisis" happens like Ukraine or the pandemic. It's a question of how much the politicians and power holders want it, what the economists say, what the city/markets say and what the media says. There's a lot of cash grabbing and looking out only for their own interests going on at the top. Not a lot of looking out for the greater good of the country.
@@davideyres955it depends. Borrowing to to create investment increases the productive capacity of the economy, which over time increases growth and reduces debt. Considering that the UK only has a debt to gdp ratio of 90%, it Stands that the UK could borrow more for productive activities such as infrastructure, energy, housing and healthcare. It’s around the 120% mark where it gets dicey though no one really knows
*Thanks for continuing updates 👍🏻 I'd rather trade the stock market as it's more profitable. I make an average of $25,500 per week even though I barely trade myself.*
Of what use is the US economic growth if so many people don't see it because they're barely surviving despite having multiple jobs and will vote accordingly?
So many people see it too. Those that actually make good and responsible decisions intheir lives and cease the different opportunities that present to them.
If you have expensive royal family expenses, 80% of student loans don't get repaid, illegal migration, a significant number of Muslim migrants not working, free NHS, and costly projects like HS2, with no factories and other major companies operating in the UK, most things are imported from other countries.
Yeah, easy for me. I want to buy US goods (from hardware like Starlink, to software Microsoft, to their cars like Ford) I almost want nothing the UK sells (except maybe Rolls-Royce plane engines :P) In fact, I buy many things from many different countries that potentially lead back to Europe (eg Samsung phone, where the tech to make the screen rotate, if I remember correctly, comes from Germany) I say all that to say when there is a more one-on-one comparison between exports, most of the stuff I buy I've noticed rarely comes completely from the EU)
The UK has almost no natural resources and exports nothing of any note. Outside of the finance and services industries particularly beyond London, the UK is very weak. We are so dependent on imports which means anyone exporting to us has us over a barrel. Couple mortgage/rent/bills/nursery fee payments that eat up a huge proportion of take-home income and leave little to spend at UK companies leading to slow growth of said companies the cycle continues. The US on the other hand has cheaper housing, long-term mortgages, huge natural resources, much greater exports, and higher wages. It's not all sunshine and roses but from an economic perspective, they are really thrashing us.
We are all missing one important fact: why we are in this situation? financial greed. Solutions just to save the day. Banks were selling money with cheap interest rate, government has been promoting property as a financial investment tool, while the privileged could buy more property to rent and generate a passive income, the properties were also advertised for foreign investors which increased the competition to higher prices. Now you got one man with one kid owning 27 flats (my landlord!) and the rest of us young people can’t even dream of getting onto the property ladder. Amazing what you invent to survive on also destroys you
we buy most of it from france actually. electric anyway. we are hugely subsidising the french nationally owned energy company. we buy gas from norway and do the same. its been so great since the tories sold off all our energy eh? /s
Because the US actually has a lot of big global corporations. The UK is incredibly reliant on London based financial services, which may soon be replaced by Middle Eastern States. The UK could be in a terrible place soon.
Strange to compare a 265m fully self supporting country with a 65m country completely depending on imports to survive. Apples and oranges, but on par for thrbudea that the UK somehow is in the same league as the US
The UK likes to pretend they are still rich. They can't seem to comprehend that their riches were from colonizing originally, and also industrialization, which now both advantages are gone.
335 million country Honestly you should compare the whole EU to the USA. 446 million to 335 million And the USA is still slightly larger with more natural resources, but the EU more population.
@@mattia8327 not sure why you make that reply to me. My comment was about how silly it is to compare the UK with the USa, so I don't see any link with your post about EU/USA comparison related to my post?
Because the americans can print unlimited amounts of money without demand for their currency going down. If the US wasnt reserve currency theyd be screwed.
