Economic crash worse than in 2008?

You are lucky to have the resources to pay the upkeep.
Think how many small business families only had the business to feed the family.
How many of these business are now closed permanently.

I think we're in for a rough ride.

I hope it's a smooth take off and a smooth flight.

 

Must be a west coast thing. I grew up in western Canada and its the same BS. Government overregulates everything, taxes are stupid high, property is expensive etc. Contemplated moving back but when the hourly wage for what I do is a couple bucks an hour less and property prices are 30% higher, might be best just to move another province or 2 east. Same pay, cheaper cost of living.

 

SADLY & UNFORTUNATELY, there is a LOT of truth to all this.

God bless every American and their families! God bless the U.S.A.!

 

The east has it made.

We don't make $.60 per mile on the west.
And you can't find a house for less then $300g

 

What part of western Canada or province are you from?

 

The debt can not be paid and the politicians have known that for twenty years.
It can be inflated away or a reset of the currency based on gold.
They already have a plan for the FED coin, a crypto currency.

 

Total gov't liabilities are more like 150-165 Trillion and I have no idea how it ends. I do know they will try anything and everything to keep the ship from sinking (UBI, negative interest rates, etc). That is simple human psychology at work.

 

I respect and agree on many of these points, but three things are a little misleading.

One, he’s including all government level debt and all future entitlements in the total debt. Not current entitlements or separating out state and local debts and then proceeds to compare this to single year revenue at only the federal level.

Two, in myth # 6 (effective tax rates) no one is paying negative tax rates except those below the median income with children or corporations with expensive tax lawyers. A single person earning $50K has an initial total tax burden of $15K leaving a net income of $35K and then at tax time gets a $1.5K tax return currently, making and effective 27% tax. Even if this same person is married and has three kids, after tax credits, still pays greater than 15%.

Three, you can’t grow out of this debt. Comparing the last 100 years as a mirror for the next is simply false. The population simply will not grow as it had up to the baby boomer generation. The United States is producing offspring at a rate that is barely at 1:1, which is par for any western powers today and even less than 1:1 for most of Europe. Population growth is mostly achieved through naturalization and/or illegal aliens.

However, the point I strongly agree with in the presentation is the effect that quantitive easing has on obliterating your savings. I can’t state how many times, the reason the money is printed is so that you are compelled to spend that cash before its value eroded and why people flock to gold, silver or other non destructive assets. The same effect happens when the fed lowers rates. The banks in turn offer lower yields. They don’t need your money when the central banks are offering sub 1%. Why do you think the rates have been so low the last 10 years? Duh? So you put it into other assets which frees up dollars, which in turn make more loans thus spurring economic activity. Is this rocket science? No. But, it’s amazing how ignorant Main Street America is to such simple economic facts.

 

For this keep Money in Good Times for now.i Think the worst i gone now Freight is picking up a little i think.

 

I’m going out on a limb, but really believe that things will be back to normal sooner than later. This year may be shot, but people don’t change their habits easily. I’ve seen the economic end of the world hit quite a few times, since the 70s. It’s always the same talk, “ New normal”, or “ From now on”, “ Things will never be the same”, etc. Life goes on, people marry, have kids, buy houses, cars, run up credit cards. Complain when they’re working overtime, and complain when they’re laid off. Always talk about the “ Good old days” when things were better. Nothing much really changes. It’s always been tough, working for a living, at best you have a good amount of earning years, then you die. The world keeps spinning,without you.