We’re at the tail end of a contentious election season and have begun voting for our next president. For many people they will vote one of the following issues this year according to the Pew Research Center: the economy, the Right to Choose, Health Care, the Supreme Court, or the Coronavirus Outbreak response. Today’s episode was a hard one for me to do. I’m inclined to rage, to be angry, to basically lose my shit. But, right now isn’t the time for that. Instead, I would like to talk about the last 4 years, the MAGA economy and ask the following question “Did trying something new work out for you?” I’m going to be candid with you, this is not an uplifting episode. But, this episode is an important one. I urge you to listen to the entire episode because I need people to hear the hard truths. This economy sucks. But, instead of being emotional about it, I’m just sharing the facts.
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Show Notes
- I have a very basic philosophy about dealing with people. Believe what they showed you the first time. And if you’re nice than me, the third time’s a charm.
- I will never forget when 45, similar to “He shall not be named from Harry Potter” said the following while smirking “What do you have to lose?”
- I’ll never forget that smirk.
- Come to find out, we had a lot to lose.
- At the time I’m recording this episode over 700,000 Americans filed for unemployment during the previous week
- The Arts and Entertainment Industry has been decimated with no clear plans to revive it.
- The Restaurant Industry is in a death spiral because 50% capacity is not a long-term solution for the financial health of those businesses.
- University enrollment is contracting in particular international student enrollment under a trend that’s accelerating during COVID.
- Tourism is on track to lose over $500 billion dollars according to Statista.com
- Food is more expensive
- Metals and the products made with them are more expensive due to tariffs that our government has placed on imported goods.
- Major appliances are back ordered and people are reporting that they are having to wait 2-3 months to replace fridges/stoves/et.c
- Business hours are unpredictable and confusing.
- 11 million jobs will not come back even though we’ve opened up the economy.
- 40% of African-American business are gone since COVID.
- Women are being hit extremely hard financially during this time with many having to make the choice between working or being at home because their kids are now going to school online.
- In fact, America is beginning to feel like how certain people imagine what life is like in those alleged shit hole countries certain people talked about. Let’s be clear, I’m not one of those people. I don’t want you listening to this episode quickly and emailing me. Again, what certain people imagine how life is in those shit hole countries they’re worried about.
- What is so upsetting is that the US will have an uneven financial recovery varying from state to state. It didn’t have to be this way.
- But, when everyone was given $1200, a kick in the pants and a good luck sign slapped on our backs, I knew that we were in deep shit.
- My friends in Canada, Australia, the Middle East, Africa, and various other European Countries were initially bemused and in shock by what was happening in the US.
- Initially they were messing with their American friends because it was almost like a comedy show.
- Then, they began to watch in horror as it soon became clear that what was happening was no longer something to look down on us about.
- Instead, for the first time in my life as an American, I experienced being pitied because of the country that I’m from.
- I watched in exhaustion as grown ass men and women were unmanned by a piece of cloth. The crazy thing about the face mask is that it has been a normal part of life in Asia for many years. The face mask is typically work when you have a cold to protect others or to deal with air pollution. I appreciated my mask this summer as Colorado and the west dealt with unbelievable wildfires.
- I watched in shock as 45 said the situation wasn’t his problem even though he was the President of the United States. Instead, he decided to have the Governors manage each state’s COVID response. This has created ongoing confusion across the US because each state is doing something different.
- I also discovered that each state also had a different level of comfort with COVID deaths too. Honestly, it felt like being in the Hunger Games.
- I’m so grateful for Governor Polis and as a result of the swift action that he took, Colorado’s economic recovery is moving forward faster than we anticipated. That is despite shutting down our ski industry, 1/2 capacity in restaurants, and a number of other sacrifices we made at the beginning of the pandemic.
- And, we get to travel to Costa Rick because our COVID positivity rate has consistently remained low with the exception of college students returning to college. I’m avoiding Boulder right now for a reason.
- We’ve also learned that having health insurance tied to work doesn’t work. Just ask the millions of people who lost their jobs and their insurance this year.
- Even Ayn Rand’s institute asked for help this year. No pulling themselves up by their bootstraps during this time.
- The period for extended benefits and assistance is coming to a close.
- For those who requested mortgage assistant or deferment I ask, what’s going to happen when it ends?
- For those who requested help with their student loans-what’s going to happen at the end of the year?
- For those people who run tourism dependent businesses, what will they do when people refuse to visit the US or can’t because of US policy?
- For people dependent on International Students business what will they do? And, to give you an example of what a huge financial loss we’re experiencing by losing international students. Let me share the following:
- International students have to prove that they have enough money for the following
- Tuition
- Housing
- Books
- Miscellaneous
- Food
- By the time I finished working my previous job, students had to show that they had over $40,000 for the program that I worked for.
- Here is what students would spend their money while here
- New cars-cash
- Decaling those cars
- Cleaning services
- Makeup
- Threading
- Hair
- Shopping
- Travel
- Facilities for events
- Rent
- Buying homes
- Books
- Tutoring services
- Tickets to events
- Restaurants
- International students have to prove that they have enough money for the following
- What is so enraging is that financial policy married with health policy could have avoided all of this. How do I know?
- Look at Canada, South Korea, Germany, and many African countries.
The Elephant in the Room-The Stock Market
When talking about the economy, politicians will always bring up the Stock Market. It’s doing great! Seriously, it is. However, here’s something you should know.
- 55% of Americans own stock according to Pew Research Center
- Median value of those stocks is $40,000 across all Americans with amounts varying based on yearly wages. The more you make, the more you have invested.
- Homes are where a lot of people’s wealth is concentrated. Which is why people talk about home ownership so much.
The Other Elephant in the Room-Income
- 45 talked a lot about African-Americans experiencing the highest employment ever during his presidency.
- Let’s talk compensation according to the Bureau of Labor Statistics
- Black women brought home on average $777 a week
- Black men brought home on average $865 a week
- Hispanic women brought home on average $750 a week
- Hispanic men brought home on average $894 a week
- White men brought home on average $1154 a week
- White women brought home on average $968 a week
- Asian men brought home on average $1564 a week
- Asian women brought home on average $1221 a week
Honestly, it’s really hard for me to get excited about bringing home around $37,000 a year before taxes. Especially, when rent the US’s median rent is $1078 a month for a one bedroom.
Personal Finance is Political
It’s not just habits. It’s access, it’s policy, it’s political will. Personal finance is a crazy combination of luck, connections, habits, information, interests and more. With that in mind, I have to ask a final question.
Who is this economy truly working for? Because with these numbers it’s clear that it’s not working a lot of people.
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