Americans Will Run Out Of Money By January 1st
Published: 2023-10-04
Status:
Available
|
Analyzed
Published: 2023-10-04
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A significant majority of Americans are projected to face financial depletion in the coming months.
"80 of Americans have already run out of money and it's about to get a lot worse over these next few months"
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Prices for most goods and services have significantly increased since before 2020.
"almost everything costs substantially more today than it did prior to 2020"
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The cost of new cars has risen by 30%, and used cars by nearly 50% compared to a few years prior.
"new cars are costing you thirty percent more and a used car is almost 50 percent more"
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Rental prices are 26% higher, and purchase prices are 28% higher than in 2019.
"rent prices are 26 percent higher than they were back in 2019. purchase prices are also up by 28 percent"
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Higher interest rates have made mortgage payments 60% more expensive.
"if you get a loan higher interest rates actually make your payment sixty percent more expensive"
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The cost of eating a meal has increased by approximately 30% since 2019.
"it's almost 30 percent more expensive to eat a meal today than it was in 2019."
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Travel expenses have increased, with gasoline and airfare up 40%, hotels up 15%, and rental cars up 50%.
"gasoline and airline fares are both up 40 percent hotel prices are up 15 and should you need to rent a car at your final destination that'll cost you fifty percent more"
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Wage growth between 2019 and 2022 ranged from 1.8-4% for middle-income earners and 4.9% for top earners, with a 9% increase for the lower 90th percentile.
"among the lowest 90th percentile of workers wages increased to full nine percent from 2019 through 2022. for most middle class incomes wages increased between 1.8 to 4 percent and in the top 10 bracket wages increased 4.9"
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The federal funds rate has risen from 1.5% to 5.25% since January 2020, with most of the increase occurring in the past 18 months.
"from January of 2020 through today the federal funds rate has increased from one and a half percent to 5.25 with most of that coming in the last 18 months"
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The US money supply has increased by 40% in the last three years.
"when you look at the U.S money supply we saw 40 increase within a matter of three years"
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The average savings rate has significantly decreased and is currently at 3.9%.
"the average savings rate is going down by a lot and currently stands at just 3.9 percent"
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Research indicates that over 90% of excess pandemic savings have been spent, with the remainder expected to be depleted by the end of September (relative to the video's publication date).
"San Francisco fed suggested that Americans have burned through more than 90 percent of the excess savings they amassed in 2020 in 2021 what little Remains the economists estimate is likely to be gone by the end of September"
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American household finances are generally deteriorating, according to various studies.
"by and large regardless of the study these American finances are seemingly only getting worse"
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84% of individuals perceive their monthly expenses to be increasing, with half expecting inflation to persist.
"84 said that they felt their expenses continued growing larger by the month with half of those believing that inflation will continue"
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The number of people reporting an increase in debt is double the number reporting a decrease.
"twice as many participants said that their debt had increased versus decreased"
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90% of people are not planning to move or rent a new home due to affordability concerns.
"ninety percent said that they had no intention of moving or renting a new home with the primary reason being that they couldn't afford it"
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The proportion of credit card holders with outstanding debt has risen to 46% from 39% a year prior.
"the percentage of credit card holders carrying debt has increased to 46 percent up from 39 to year ago"
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Auto loan delinquencies have reached their highest point since 2006.
"Auto Loan delinquencies are at their highest level since 2006."
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92% of adults have reduced spending recently, and 76% plan to cut back on holiday spending.
"92 percent of adults have reduced their spending in the last six months and 76 plan to scale back on their holiday spending throughout the rest of the year"
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Individuals earning less than $50,000 annually are most severely impacted by rising costs and economic pressures.
"the income bracket being hit the hardest from all of this are those making under fifty thousand dollars a year"
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Housing is the largest expenditure for the average person, accounting for 33% of their budget or $24,000 annually.
"the largest expense here goes to housing with the average person spending 33 percent of their budget or twenty four thousand dollars a year"
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Rental prices are currently decreasing in numerous cities.
"rents are also currently falling across many cities"
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Spending over $1,000 per month on transportation is likely excessive for many individuals.
"spending more than a thousand dollars a month to get around is probably a lot higher than it needs to be"
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Older cars (e.g., 2012 model) depreciate significantly less per month ($83) compared to newer cars (over $200).
"the difference between a 2015 and a 2012 is just three thousand dollars and that means the car is only losing 83 dollars a month in depreciation compared to the new car which loses over two hundred dollars a month"
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56% of food expenditure is on food consumed outside the home.
"more than half of that at 56 percent is attributed to food away from home"
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A dedicated hour spent shopping for various insurance policies could lead to monthly savings of $20-$50 with minimal effort.
"I have a strong feeling that if you just spent one hour shopping around Personal Insurance home insurance car insurance and renters insurance there should be almost no reason that you can't save between twenty and fifty dollars a month with minimal effort"
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The current economic trends suggest a potential slowdown in the overall economy.
"it's likely that our economy will begin to slow down as a result"
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