If the Economy's Doing Great, Why Do We Feel Poor?

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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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[foodlover]

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.

[chazhazed]

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.

[DarkMustard]

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.

[GTO]

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.

[mrsticky]

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 Youtubers.

[rathelmmc]

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!

[xensan]

After paying $75 for groceries that I used to pay $50 for a few years ago, deflation is not such a dirty word anymore.

[catalina]

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?

[johnd.]

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!

[IBx]

Imagine thinking a one time payment of less than half the average cost of rent translates to “increased income”

[robertschill]

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.

[pizzamonster]

The same old issue, the rich get richer, the poor get poorer

[guilhermelibardimaestrelo]

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

[binry_dstructr]

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.

[getoutthere]

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.

[MahlikMadeThat]

Vincent is helping to save this generation's financial future, one video at a time

[jamesleung]

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.

[carsonl]

The rich get richer, the middle class, most of us, are poorer, the poor are the same

[psikeyhackr]

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.

[sunso]

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