The Silent Depression Just Started: Do This Now
Published: 2023-08-25
Status:
Available
|
Analyzed
Published: 2023-08-25
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A significant portion of Americans are experiencing financial hardship, leading to comparisons with the Great Depression.
"more and more Americans are living paycheck to paycheck and that's because we're living through what some people are starting to call the silent depression a time that's comparable to one of the worst Economic Times in U.S history the Great Depression"
Pending
An income of $4,900 in 1930 is equivalent to over $87,000 in 2023, suggesting that the average American today is not earning as much relative to historical purchasing power.
"1930 the average net yearly income of Americans annually was 4 87 so using data from the bls.gov the government's own website you can see that an income of almost 4 900 in 1930 is worth the equivalent of over 87 000 in 2023 and this is per person not per household and obviously the average person today is not making anywhere near 90 000 per year"
Pending
The average income for an American in 2019 was slightly over $31,000 per year.
"the video Then goes on to show that in 2019 the average person made a little over thirty one thousand dollars per year 2019 and this was the average income for one American in the United States"
Pending
During the worst years of the Great Depression, the average annual income across all industries was closer to $1,400, equivalent to about $30,000 in today's dollars.
"the average person in that time was not making forty eight hundred dollars per year the average across all Industries instead was a lot closer to fourteen hundred dollars per year which by today's dollar standard is closer to thirty thousand dollars a year"
Pending
The median income across all ages and industries in the US was approximately $50,000 in 2022.
"the BLS showed the median income across all ages and all Industries was closer to fifty thousand dollars per year in 2022"
Pending
A new car in 1932 cost $460 (equivalent to $10,000 today) and represented about a third of a person's annual income, whereas in 2023, a new car costs over $48,000, which is an entire year's income.
"brand new out the door that car cost 460 dollars which by today's measure is about ten thousand dollars that's about a third of a person's income in 1932 for a brand new car but now let's fast forward to 2023 because the price of a brand new car has actually gone down but it's still over forty eight thousand dollars that's an entire yearly income"
Pending
In 1940, the median home value was $2,900 (twice the annual salary), compared to $416,000 in 2023 (8.3 times the median income).
"the median home value even in 1940 was only twenty nine hundred dollars which was about two times the annual yearly salary at that time meanwhile today the median home price in 2023 was 416 000 or 8.3 times the median income of fifty thousand dollars"
Pending
A $2,100 four-bedroom house in 1932 would be equivalent to a $75,000 four-bedroom house today in terms of its proportion to income.
"if you found a house in 1932 a four bedroom for twenty one hundred dollars that would be like finding a four bedroom house today that was worth 75 000"
Pending
In 2023, essential monthly living costs (rent, food, healthcare) for the median American could reach $2,800, consuming a large portion of the estimated $3,300 take-home pay.
"it was estimated that after taxes the median take-home pay was about 3 300 per month of that 2000 goes towards rent 690 towards food and almost a hundred dollars towards health care and that's already twenty eight hundred dollars per month on just the essentials to live your life"
Pending
Monthly car payments (used or new) could push total essential expenses for the average American beyond their total monthly budget.
"that doesn't even include a car payment to get to work for which the average is about five hundred dollars per month for a used car and 700 a month for a new car that right there is already over thirty three hundred dollars which exceeds the total monthly budget for the average American person"
Pending
The Federal Reserve enacted 11 interest rate increases between March 2022 and August 2023 to address inflation.
"the Federal Reserve has implemented 11 interest rate hikes to combat inflation since March 2022"
Pending
Due to rising interest rates, the monthly payment for a $375,000 house increased from less than $2,000 to approximately $3,400 in two years.
"look at the person who was going to buy a house that was let's say 375 thousand dollars two years ago their monthly payment would have been less than 2 1000 now it's about thirty four hundred and it's the same house right the only thing that has changed is the interest rate"
Pending
The interest rate for credit cards for well-qualified individuals has reached 20.5%.
"the new offers for a credit card even for the best qualified individual being a 20 and a half percent"
Pending
Unemployment during the Great Depression reached a peak of 25%, meaning one in four people were jobless.
"back then unemployment went up to a high of 25 percent one out of four people were out of a job"
Pending
Bitcoin's 1, 3, 5, and 10-year compound annual growth rates are 23%, 31%, 32%, and 73% respectively, outperforming the stock market's corresponding rates of 7%, 9%, 9%, and 10%.
"Bitcoins one three five and ten year compound annual growth rates are twenty three percent Thirty one percent thirty two percent and seventy three percent That's compared to the stock market's seven percent nine percent nine percent again and ten percent respectively"
Pending
Current interest rates on debt are significantly higher than potential returns from stock market investments.
"the interest rate on debt right now is far higher than anything you could expect to make from the stock market"
Pending
A suggested strategy for financial improvement involves relocating to an area with a lower cost of living and reducing fixed expenses, focusing on retaining income rather than just increasing it.
"moving to a lower cost of living area and lowering your fixed expenses because it's not about how much money you can make it's about how much money you can keep"
Pending
It is recommended to establish an emergency savings fund equivalent to three months of living expenses to prepare for potential job loss.
"build a three-month emergency savings Fund in case you lose your job"
Pending
If unable to pursue a career in content creation, alternative paths to increase income include trade school, tech jobs, or the medical industry.
"if I was starting all over again but YouTube was not an option then I'd find a way to get into trade school or maybe get a tech job or something in the medical industry anything that would increase the income first"
Pending
After securing a job, the priority should be paying off high-interest loans before investing in the market.
"once I got that job then I'd focus on paying down the high interest rate loans first and then investing in the market"
Pending