How the US Is Destroying Young People’s Future
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- čas přidán 9. 06. 2024
- Here is my response to @TED - How the US Is Destroying Young People’s Future | Scott Galloway - Enjoy! Original video here: • How the US Is Destroyi... | Check out acorns.com/graham/ to sign up and receive a $20 bonus when you start saving & investing with Acorns! (OFFER HAS BEEN EXTENDED THROUGH MAY 2024)
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I saw the TED video last week. His initial question was if we love our children and it was to imply we don't because there are changes that can be done to help them. The problem is people only love their own children.
That’s a good point. Mosf wealthy politicians only really care that their OWN children are given opportunities.
No they don't. The rate of "procedures" and divorce indicates almost nobody loves their own children. Look up Stephan Moneneux -- he has some good speeches about how the West use children for power -- they don't love them.
"The problem is people only love their own children." read my mind
Nah some people even if they aren't rich hate their children in poor communities and don't want to see them succeed 💯
But the decisions all parents and grandparents are collectively making is leading to the same results for all their children across the board....
...So that limited love hardly counts as actual love. Since the repercussions will affect all new generations.
You want a younger Government, You need term limits.
Just if you want an uncorrupt government you need term limits. The longer someone is in office, the longer they expose themselves to potential blackmail schemes. That's what the Epstein affair was. They didn't even have to do anything salacious on the island, they just had to be on the flight logs. That was enough to blackmail them.
You don't have to do anything immoral or embarrassing to be blackmailed, you just have to be linked in some way to those that have done those things.
He says our representatives don't understand these technologies. That's basically true, but that's not the *problem*. The problem is that they don't care to, and aren't in fear of losing their positions as a result of their ignorance.
The problem isn't that they don't or even that they can't
the problem is they try to "help" anyway
XD as a minority engineer, I vehemently disagree with Graham when he says that the college degree does not affect your success in the workplace. If I hadn’t received generous financial aid to allow me to go to college and gotten a degree, I couldn’t have even got into the door at an entry level engineering job. I watched my immigrant parents struggle in their careers for years because Americans didn’t understand the value of their university degrees from their country.
They have studied this already. The people successful in college would have been successful without it.
Those that fail at college also fail at careers.
Difference is nowadays both come out with a mortgage.
Engineering job.
A college education is needed for people who wish to work in fields like engineering, medicine, science, law....those professions are always in demand and highly useful, even in a down economy
What people in the West, especially in the US are arguing why college is useless.and can only get people in the hole, are those that need to take out $100k loans to study pointless majors like ethnic studies which have no stability or presence in the job market
Some jobs require a college degree, but it's not the ONLY way to become successful, I think his point was.
Yep I finally got my degree and landed an operations manager position at Amazon. Without the degree I wouldn’t have a chance.
I hire software engineers all the time, and i couldn't care less if they have a degree.
"I'm in the exact demographic he's talking about", said the multi-millionaire
aren't we all?
Lol I think Graham forgets how wealthy he is compared to most people
He's talking about the millennial age group.
He’s in the demographic, just an outlier
Generational demographic
My job department is getting laid off. The amount of older people that do not have an emergency fund is scary
Does 1.2 million mean anything in 2064
if you invest it, it will mean something on 2064.. it might actually mean something big
No. To you and me a million dollars is life changing money. To others a million dollars is pocket change. A million dollars might not mean anything TODAY let alone in 2064.
Iirc it's worth around 300k in today's money assuming typical inflation
That's not the point. Investing $150 a month is pretty low and something I'm sure most people end up spending on crap they don't really need. If you start with that amount at age 18/23 and slowly increase that over time as your wages increase, you can have a multi-million portfolio to retire. Also, 1.2M is better than nothing.
Yes it will. The vast majority of people, even in 40 years, will still never sniff that number.
His point about the s&p was to show that the ability for the working class to buy into the valuation of the s&p is less of a possibility today than it used to be. He wasn't saying that wages should keep up with the s&p. I feel like this guy must make a lot of money on rentals 😂
well thats 16 min of my life im not getting back
Well I think the point was also that companies should be paying more if they have grown so much.
That doesn’t make any sense because you can buy into the S&P with very little money.
He makes more money on CZcams than his rentals now.
@@goldeneagle2066 just remember man, we out here looking at a ton of economy videos but what really matters is Azeroth
The high interest rates in the 80s lasted for a few years. Home prices have been outpacing wages for decades. I don't understand how you can consider those equivalent.
It is the issue of our time. I only hope the anger is not misplaced, and the situation made even worse. The cause is not greed but inflation. The masses need to figure out for themselves what causes inflation!
That was a point he touched on In the video, he said previous generations have made housing an artificially scarce commodity. There's plenty of space to build homes but regulations and permitting have made it significantly more difficult and expensive to develop land. On top of that, NIMBYs have made it harder and harder to get new homes up so they don't hurt their property values. Now the supply is down while prices to buy and rent are through the roof. This all happened when we as a society shifted to thinking about housing as an investment.
@@focojeepr but inflation is the caused of greed. It's the result of getting money easily so you can gouge by stuff and reduce the supply of goods which causes prices to go up due to limited supplies in the market.
@@freakinsweetdude This is true... Think about websites like AIRB&B making people think buy homes to rent them out as investments. The problem is that wages don't go up. So, if you're age 35 and younger .. if you didn't got special treatment and started working a labor job while going to college and getting one or more degrees. Thinking this will help you get a job that pays good and find out you can't get a job in the field and the entry jobs are looking for masters level with a low pay. It just shows that our wages are lower compared to previous years and you won't have money to even live on your own because your expenses keep going up every year while your pay stays the same. The pay you got won't even support yourself. If you're in such a situation how can you invest in the stock market? I mean people show what $5 can do with compounded interest Yet, ignore the facts that there's brokerage fees and risk of the companies that you bought stock from that might file bankruptcy. If this happens and you don't sell your shares at a discounted rate. You will make losses and you can lose everything if you didn't diversify . Also there/s not many shares you can buy with just $5.000. a lot of stock are at the $80 to $100 dollars a share.
@@bebdaumon3948 greed has always existed. It is a constant, a non variable to the situation. Centralized power and control of the currency supply and interest rates are the problem as is zero limits to government spending, both of these result in the inflation “tax”.
Stefan with all due respect look into the history of public colleges in California and the 1960s '70s and '80s. They were all free you didn't even have to take out a loan if you were a California resident it was covered by taxes free to $500 a semester you didn't need a loan because you can pay for it working summer job.
Have you heard of iPad kids have you heard of the computer or cellphone what education isn't free I can get full college lectures, ebooks, reports, I can get government documents, I can read government documents,information is free if you pay for it or believe the lie that you have to then you you are not near as intelligent as you college degrees say you are I dropped out school in 8th grade because school was below my intelligence self educate become walking encyclopedia set also this is the internet I give a rats butt about my typing
And then that drove demand up, which drove costs up... then the government subsidized it more driving costs further.
Most people probably should not go to college. Currently they only function as hives of debauchery and indoctrination anyway.
I graduated Arizona State University back early 1990s. Cost instate then was $500/semester, unlimited classes. My 2br/1ba shared apartment was $165/roommate. And back then, we had this thing called J-O-B-S. My total college debt was roughly $4,000 (which was credit card debt mostly filled with wings, beer, a new stereo and misc car repairs). Paid off in full three months after I began working.
Recently, my nephew went to Gettysburg College at my sister's insistence. Gettysburg College is $75,000/year, and total college debt is over $300K. This is just criminal, in that his financial future is pretty much destroyed.
Ohio state local branch in the late 80s, 3500 a semester.
since most people dont use their degree anyway: just dont go to college
Graham, you are very wrong about the s&p500 point, the value of the s&p500 is in part connected to the profit that the companies on it generate. If profits have gone up significantly faster then average earnings it means more wealth is being generated / retained by companies then paid out through wages
So why can't the employees do the easy path to wealth, and exchange those wage dollars for an ownership stake? Thereby benefiting from the out-performance of capital. Oh I know....they want lifted trucks and bass boats, and then complain about "the man" taking all their money.
@@typhoon320i ??? Most people struggle to live paycheck to paycheck lol, what money are they supposed to invest? In any case, yes anyone anywhere can make different decisions to put themselves on a better financial path, the point of the presentation is that there was a point in time when people didn’t have to obsess about their finances to do okay. As hard as it is to believe, not everyone is obsessed with becoming wealthy lol, some people just want to live a comfortable life and focus on kids and family. These people could exist in the old world, but increasingly are hard to find now. This will continue to have devastating effects on the economy, and it’s bigger than buying boats lol, who are you even complaining about. Your argument is the equivalent of supporting getting rid of the FDA because if people care about their health they should research what they eat anyway, personal responsibility is important, but their should be a reasonable bottom that society can create for people’s standard of living.
@@therealbubathe same FDA that said "safe and effective" and now it's being pulled off the market?
@@thedopplereffect00 wow, you must be special, never having made a mistake in your whole life. For the rest of us, we understand that when organizations make mistakes it doesn’t invalidate their entire existence lol
@@therealbuba a mistake is forgetting to lock the front door. This was mass ____
4:30 if you can buy a home for 2x or 3x yearly salary, 20% interest rates dont matter
Exactly, plus your mortgage got cheaper and cheaper as rates dropped precipitously and you refinanced right out of that 17% into a 12%, then a 9%. People don't understand how pleasant and beneficial a perfect 40 year downslope of interest rates can be. You can almost do no wrong because interest rates will bail out even your bad investments. But the 25-30 year upslope that we may be up against now won't be nearly as fun.
yes they do. if a house costs 3x your yearly income at 20%, it costs you 60% of your income in interest alone.. you have to work your ass off for a short while and get a second job or live on rice and beans to be able to pay that off without it ruining you
@@La_sagne or you just save for a few years
@@La_sagne Why wouldn't you just your money and live in an apartment prior to buying?
Like hell. My home is 2x, and it would be very difficult at 20%. You are on crack.
But the $5 a day investment at 18 to be have $1.5 million at 68, you have to include the dollar purchasing power loss for the past 60 years, in the other words ,being a millionaire in 60 years at lets say 2074 ,the cars will be worth 200k,gallonnof milk 50$, gallon of gas $45, so the one million will be worth about 100k now
1.5m is no money. You need 15 million dollars to live remaining of your life starting from 2074
@@sercan272727 Will you be better off then with $1.5 mil or with $0. Easy question.
Bitcoin
Which is why you should be doing more than $5 a day. You should be aiming for 25% of your income.
Still more than $0 🤷
I really don’t like your takes on this to be honest Graham.
This man lost all credibility saying he sees no point in the S&P statement
IKR
Would be really cool if you could get this guy on the Iced Coffee podcast
Ok. He’s not comparing wages to the S&P. He’s comparing people who have wages high enough to have disposable income to INVEST in the S&P 500. See the difference. He’s saying low wages make it hard to buy assets.
You can still buy fractional shares.
Scott is the GOAT he’s been calling this out for years
When I was younger I was a free market absolutist. After busting my ass for over a decade and still treading water despite working multiple jobs and living frugally, I realize people like Scott Galloway are right.
An easy way to see this phenomenon in action is simply to come into a monopoly game halfway in and see how well you do.
I wouldn't say "the U.S. is Destroying...", I would say "politicians are destroying"
It's one in the same. We have the ability to vote our terrible leaders out yet we never do.
Politicians vote for who donates them money because it’s what gets them elected.
Bigger question is why does spending money on campaign adds increase their chance of getting elected?
I wouldn't say "the U.S. is Destroying...", I would say "big business are destroying"
This country was built on the hard labor of people , not because of the investments of the Uber wealthy . Man, you are relatable because you are young and you talk about money .. but your multi millionaire stands on social issues and taxation are obviously not going to resonate with anyone outside your usual bubble.
To add to your comment, Graham’s message of “this country was built on investments, and therefore we MUST keep capital gains taxes super low” is completely ahistorical. If you look up a graph of the historical capital gains tax rate vs. the historical level of real investment (in the US), you’ll see they’re not related at all. I didn’t believe it at first either, but eventually I realized that my entire life I had been fed a bunch of lies by the ownership class.
Our country was built on the backs of the hard work of slaves and underpaid workers which allowed the overlords to extract wealth from the fertile soil and natural resources of the land, meanwhile enlisting the rest of the lower and middle class into committing a genocide against the native peoples. Sure, some few people in the olden days had grand ideas of utopia and of equality, but let’s not act like America became what we are today by just putting our nose to the grindstone and living honest moral lives. The truth is ugly.
as some meme says "If government can just print money whenever they want, why do we pay taxes?"
If you put a bunch of hard-working people on a plot of land and told them to build a house nothing would happen. No supplies, no tools, no coordination or direction. That is all wealth is, the ability to direct money where it needs to go to make things happen
Hard working people are wonking on investments...poor countries have plenty of workers but no investments
52k a year for an entry level job? What happens to the people currently making 60-70k? Do we now pay them 90-100k? Does no one see the ramifications of this and how quickly that extra income vanishes as we pay more for everything else?
that was an awesome TED talk.....totally true
I think you’re simping for the rich.
I agree.
I mean, he is rich. So he's simping for himself
Stephen, I like how you just conveniently skipped over the part of the video where he talks about housing prices and the the restrictions for building new homes. It's almost like your wealth is built on that and you would rather be rich and greedy than acknowledge the problem. Nice! 👍
Graham already agrees there are too many restrictions on building housing
He owns property in CA and stated part of the reason he left was because of taxes and regulation.
There are plenty of talks out there about how we need to build more housing and that’s was before we imported several million people.
He has talked about that issue in plenty of other videos 🤷
Graham is determined to fight everything in the TedTalk. If you have no skin in this game, as you said, just leave it alone. This commentary didn’t even attempt to empathize with the plight of young people or give give good advise. Literally just another rich person telling you it’s not that bad, work harder.
And to not go to college. Bc he didnt
Who do you want to copy the rich person or the person complaining about being rich?
Copying one leads to prosperity the other leads to misery.
@@starspaceschool587 Copy the rich person by being born into wealth is the trick... where would graham be if he started in a trailer park? Who knows, but probably not where he is today.
It's called "pulling the ladder up" and it's the universal pastime of those who make it. The "I gots mine!" phenomenon.
@@TL-rh1lf most of the wealthy weren’t born into it. Half the people born into wealth lose it.
It's interesting to see that even Stephen is effected by his own wealth. There is simply a problem with wealth, yet every thing the speaker brings up is somehow wrong or relevant. That sounds like someone being at the right side of history not wanting to be effected by the negative side effects of the system he got wealth through.
well as long as graham keeps his money and his investments airtight, he'll never get negatively affected by the negative effects of the system financially. but yeah your right, he's biased without realizing it and misses the point on a lot of the ted talk he's reviewing.
He’s a millennial and self made. He believes in others and that they can do the same with hard work and smart decisions. Victimhood will only make people’s lives worse off.
@@focojeeprthis is why rich people have to pretend to be socialists. All the people wallowing in their victimhood cry and cry that the wealthy are out of touch.
@@focojeepr False hope is when you're told if you work hard, you will be properly compensated for that hard work. That just isn't the reality today with the companies are. It's still about the bottom line.
Graham did not disagree with every point Scott made.
Scott Galloway is worth $50 million. He's obviously benefited from the economy he's criticizing. I agree with Graham's take. He makes a couple good points, but the rest is bs.
Even if they had 20% interest rates in the 1980s that was still more affordable on average. As the average price for a house was maybe 80k. That'd make the monthly cost on a 30 year fixed around $875/month. STILL wildly more affordable than the over $2000/month.
You have to consider the size of homes, amenities and wages to compare apples to apples
@@AC-qo8oq It was far easier to save money back then.
youd be happy to make $1100 in 1980.. good luck living off the remaining $225
Homes were half the size, with double the interest rate and double the number of people in the home.
@@AC-qo8oq true. But you also have to compare technology and how expensive it was to build then vs. now as well.
I’m distracted by that drink. Maybe it’s the lighting but it looks like carbonated pond water.
😂😂
It does 😂
He lets the ice melt so he can get more bang for his buck 😂
😂
We're in this predicament BECAUSE we love our children, not in spite of it.
We tried to enable everyone to go to college (that drove up competition and prices). We tried to enable everyone to buy homes (that drove up demand and prices). We tried to enable everyone to travel and experience the world (that drove up prices and overtourism which damaged the environment).
We tried opening every opportunity to everyone when, instead, we needed a bit of tough love.
Too much demand, not enough supply, and too much value in those who control the supply. People who provide the most value to society should be able to live the most inflated lifestyles, but just not by 1000x
Love your content. You have taught me so much.
I’m 30 and make around 95k a year in Kentucky and can’t buy a decent home and support my wife and kid. My dad did the same thing in the mid 90s making much less than me. The American dream is dying.
Sounds to me like you are probably living a pretty inflated lifestyle. I live in Dallas and make around the same amount, I own a house, I can support my wife and kid, and I am still able to save half of my income.
You can definitely afford a home in Kentucky on 95k
@@CJ-re7bx my lifestyle isn’t inflated. I don’t suffer but I definitely don’t have money for a 300k house
@@antonioiniguez1615not in Georgetown Kentucky. Unless I want a junker
@@thejoshman1234 not with that attitude.
Graham, I hear you, anyone who truly applies themselves and works hard can make it with out college. But the average person doesn’t have that mindset or drive. The average person wants to love their life and not have to strive for more. With that said, college sets up the average American for an average life and that’s ok. People want the safe guards of college because college will (statistically speaking) guarantee a middle wage income where they’re not necessarily in the poverty line. The average American doesn’t want to strive for more if it means hustling every day.
And someone still has to work those other job positions. Someone has to work in the grocery store stocking the shelves. Someone has to work at that restaurant serving the food. These jobs are essential and a person should be respected for working an essential job and should get paid enough money for them to have a comfortable life otherwise we're just practicing slavery with extra steps
@@UlexiteTVStoneLexite While I agree with you to some extent and acknowledge that jobs like grocery bagging are essential, we must also recognize the influence of the free market, which ultimately dictates wages. Additionally, I advocate for acquiring new skills and striving for self-improvement. It's important not to become complacent in roles such as serving food, as compensation in these positions is also governed by market forces. Settling for the minimum effort can often result in minimum rewards.
@@CarlosMendez-gd2zmacquiring new skills does not address anything I pointed out. Someone still has to work the register. Someone still has to stalk the floors. The person doing those jobs should be able to afford a place to live. They're doing an essential job and you can't just say that kids do those jobs because that doesn't work. Somebody has to run those stores while the kids are in school and you don't want a constant revolving door of replacing those people every number of weeks because the kids left the house or went to college.
People complaining now about people not being able to do their jobs in getting bad performance but what do you expect from a kid????.?
You have to work harder today than our grandparents did at our age. Yes they had more physical labor, but overall, we have to work harder for the same dollar.
@@douglassmith9445 And that dollar doesn't go as far, either.
I have to say something. Not everybody is meant to run a business or small business because people don't want to put in the time that you have to work 24/7. There's nothing small about small business
And everyone likes to forget that somebody has to also run that small business. There has to be someone doing the other jobs. There always has to be somebody being a cashier. There always has to be a person stalking the floors.
That's kind of a paradoxical statement😂 say'in
Half of all Americans ran a small business at one point. It has been a top down push to end that for decades.
There’s no such thing as “meant to”. People are just too soft today to do anything for themselves. And then when corporations or the government own everything they complain about it.
@@James-qi6zinot wanting to own a business is soft? Like especially in this economy more than 75% of businesses will fail before they even start. Those who really want it should go for it but why call people soft for not wanting to do something that they simple never wanted to do?
This was a very good video!! Do more of these
Who is more likely to vote? People on social security or kids?
When you are dependent on the state you vote for more of it
@@thedopplereffect00 The new deal was a ponzi scheme. My new deal would be a whole lot different because mathematically, it's just far too luxurious to send out big enough checks to have people house and feed themselves on an individual basis. It's absolutely absurd compared to Eastern and ancient societies. Of course, current recipients always complain about the "small" amount but it's not supposed to be a pension, it's supposed to be enough to keep your belly full and your butt off the street. It's not supposed to keep you living comfortably by yourself in a four bedroom ranch house two miles from the nearest market and hospital.
I can't imagine many 35 yr olds having the free money and time to run for office, I mean, I was just reaching financial independence at 50, and that is when you MIGHT have the time and funds to waste tilting the windmill of public service.
Anyone notice Graham has gotten more let them eat cake over time? Before he was more honest about how lucky he got in the real estate market, but these people HAVE to believe it's just a matter of hard work. No one works harder than poor parents trying to keep their house in a market sucked up by people just like Graham.
Videos like this is why I am subscribed.
While on one end of the spectrum it is a good thing we are being exposed to more tools, opportunities, & places online/IRL , it does make sense to push oneself even further to stand out in order to succeed in an area, if everyone else is now having access to that. People are now starting to look at themselves if they really have what it takes to live the life they truly want, specially with how quick things are changing. Sink or swim situation
What was the overall cost for that setup?
V6 rn is like $250 a month or v8 for 450
25 56k is hard especially if you don’t want to live with roommates
Productivity argument for the reason for minimum wage hasn’t increased was very off putting and not very relevant. Really dismisses the problem of inflation and greedy corporations.
We are just paying the CEOs paychecks though and they hardly send it back down to us. All of the goods that we are purchasing are just going to work them.
Keep it up!
This man literally said 56k a year for 25yr olds is average. Some of the highest paying jobs for the average worker is roughly 20 to 25 an hour which is 38k to 48k before taxes.
Facts! 🥂🍾
Abolish all tax for under 40s.
Everything will crash since the system designed for younger payers to pay for older people - kind of like a legal pyramid scheme.
Won't help. Making an extra 30% per year wont do anything. People need about TEN TIMES what they are currently making.
You need to do the exact opposite. Make everyone pay a fair flat tax rate and pay hold the government accountable for over spending.
No. That's the able-bodied that can contribute the most into the system. You can't rely on geezers that can barely walk to pay giant tax bills.
You do not have to pay income taxes, taxes are voluntary but you have to plan to get off the enslavement system or you could be liable.
I think with wages versus S&P 500 is that investments grow 7-8% annually without dividends, but wages do not grow like this, even without compounding.
I appreciate Graham’s pov with Scott’s.. definitely insightful
I want to say thank you to the guy in the comments who recommended Eledator to me. You've been very helpful. Thank you!
I was today years old when I found out Graham is a sellout
What a sell out this Graham is. Puts up this Ted Talk and then straw mans the argument.
How so?
Hmmm, you say the S&P has no comparison to wages, it means that stock valuations have risen so exponentially and supporting the upper/older classes but we cannot even afford a precentage of the stocks they used to be able to at the same time.
Then you say the social security thing, but you fail to see how they're taking away child tax credits and all to fund the older. You aren't acknowleding how much support has been stripped from the lower classes and continues to be stripped
Overall bad take, you're not taking into account his points in relation to how they fit into the bigger topic at hand, perhaps he could have elaborated more, tho, yes.
wages don't matter with the s and p because of stock splits and mutual funds. the stock market is not the same as property, crypto, and gold where the amount is fixed and can't be added to effectively. stock splits divide each share into multiples, slashing price without changing the value held by the shareholder.
@@commonsense-og1gzagain missing the big picture
@@RandomSwae4346 missing what big picture?
@@commonsense-og1gz if true wealth and prosperity is gained by acquiring assets, and the price of the assets is going up much faster than wages, that's a bad thing. It benefits the people who were able to buy said assets 30 years ago (like Scott Galloway mentioned) but is a relatively huge disadvantage to anybody who wants to buy them now because they have to spend a larger percentage of their wages to acquire them.
The funniest part of all this is that Scott Galloway is wealthier than Graham and advocating for these changes for younger people but because Graham is doing well he doesn’t want to see his own generation thrive.
Its "I got mine", personified, has no clue what happens in history when the young male population have nothing to lose and get angry
I loved it. He touched on some good and uncomfortable conversations but it needed to be said. I watched it when it first was released and it intrigued a different perspective for me.
Love from Louisiana 🎉
Time to get Scott Galloway on the Iced Coffee Hour 👍
Literally everyone has been saying this since 2008.
Glad you touched on this. Such an iconic TED talk. He had another great interview on CNN (shocker). Scott Galloway's new book The Algebra of Wealth is also worth a read.
Well, if the companies are worth so much more money, that's where the s&p 500 comes into play. These companies are quadrupling their value of paying their employees. Nothing even if they didn't have to hire more employees
Congress needs term limits and cognitive test
The amount of jobs that just require a degree of any kind is crazy and youll make double then a majority of places. Yes there are trades and other jobs that are similar but there normally back breaking and someone with a project management degree makes more then everyone on the jobsite.
Not always true. I work for a utility, and the guys doing the work - skilled pipe-fitters and technicians, actually make more than the project managers and engineers. This is because they often have a union, and they also get a lot of overtime so they make OT pay.
I agree that showing S&P returns vs wages wasn't the best graph to show. What he probably wanted to or should have pointed out is wage growth of normal employees vs executive/management staff (he was probably trying to compare investment returns - although didn't include dividends, but investors do take risk unlike employees)
The reason he compared the S&P to the wages is to show the profit of the markets have NOT led to the "trickle down" that people believed it would have. That's what was sold to a lot of folks in the 80s, that if we help the corporations earn, the people would too. That didn't happen and now we have a majority of wealth locked into the market by the folks that can afford to invest.
Also, we saw what happened when people didn't have Social security... Heck even with SS the older generations are slipping into poverty. I cannot imagine why anyone would want to go back to the days before SS.
I want the option to invest my money and not get pennies on the dollar in return.
@@myscorebig no one is stopping you from doing that. But just in case you lose your shirt SS is there to help you from descending into poverty. Our society shouldn't just let luck dictate our standard of living. I don't want to live in a society that lets you starve because you made a bad bet, do you? If so why?
Learn from history or be doomed to repeat it.
@@myscorebig naw, because then you’d be screwed when crypto goes tits-up and you have nothing to retire on. I don’t want to deal with your old bag-of-bones dying in the street in 50 years.
Wages have never kept up with markets since the beginning of time nor is it supposed to. Wages are the biggest line item for companies. If they did keep up returns would be not near what there are normally
@@nicksaylor3288 we definitely disagree that wages shouldn't keep up with markets, that's exactly why we are in this situation where profits are skyrocketing while people are struggling to pay for basic necessities.
And yea, returns would be lower, just because you're used to outsized returns doesn't mean that should be "normal."
Scott Galloway has written some great books too and always gives great interviews
I am curious if there is any truth to a higher capital gains tax discouraging investing. The personal and corporate tax rates used to be much higher. Did people and corporations not want to make profits back then? The percentage of corporate federal tax in comparison to GDP has almost never been lower.
It just lets the ultra rich pay less because they pay politicians to give them loopholes to pay less taxes.
My first job out of college was $18k a year back in 2002. Overall all my spending was down, so no daily Starbucks for me.
This certainly sounds good too, but I think it's still worth considering more reliable options like copy trading platforms such as Eledator, for example.
The main issue with Social Security, that was implied by what he said, is that it is *supposed* to be a system you pay into and get paid out after you retire.
Unfortunately, only something like 10~15% of SS goes to to retirees. A big chunk is leeched to social programs that target inner-city minorities, creating a financial dependency on the state which is then in turn used as a lever to pressure that population to vote a certain way, keeping the corrupt in power. The rest magically disappears into some politician's or special interest groups' pocket.
A very, very small portion of your taxes actually go towards something beneficial to the general population.
Thank you.
SS needs to be phased out entirely
Good analysis on Scott’s video Scott points to some serious problems and misses real solutions, more to express what will be the most popular assessment.
Get him on the Pod
Scott Galloway is 🔥
The issue is not age of government
People
It’s how long they have been in ( career politicians that are inclined to greed)
And how sincere their goals were
S&p to wage comparison shows the profitability of companies could support better wages
That assumes s&p valuation is based on profits.
Most 25 year olds I know make like 30k
I’d love it if you had Scott Galloway on Iced Coffee. I just finished his book: Adrift and it was very eye opening
This is why I like Graham. Non-biased , non-hysterical analyzing. As opposed to all the whiny betas in the comments spewing out their personal failures.
OH SHET EP ALREADY DUDE 🤪
Yo, what happened to Yotta Bank? They stopped paying interest for over a month
Please reply
ugh what did I think this guy was going to say? more "the system isn't the problem, you just need to work harder." this dude is the youngest boomer alive I swear.
Yes, that’s why he’s successful. He’s not immature like you. Maybe instead of hating on him, you could copy him.
@@reggiejenkins6458 thank you for proving my point 🎶
Mobile phones and subscription culture makes costs skyrocket
The thing I don't like about this guy is he thinks social security is a welfare program and should only go to those who are extremely needy, but it is, in fact, a pension program for ALL citizens.
A pension program we can’t afford. Which the social security admin readily admits.
Scott Galloway has been a guest on some CZcams channels. I would REALLY like to see Scott Galloway on the iced coffee hour.
Something no one really mentions is the younger you are the more important your monthly investment are and trying to make more money. 20 year old today 1.2 mil isn't going to be worth as much
"minimum wage should be close to $23 per hour."
Graham: "I disagree"
I actually watched this Ted talk, it sad that our children and their kids will pretty much have nothing. But that’s the way they plan it to be. You will own nothing and want nothing 😮
You'll own nothing and be happy.
That's the future, don't forget.
That is not my future. I and my family will not be a victim.
@@janelleg597 I agree with you mate, I only emphasized "global" plans
That's stupid. human's standard of living gets better and better every single generation.
Keep in mind, that has nothing to do with making as much money (adjusted for inflation) from previous generations. it has to do with longevity, leisure time, consumer technology, etc....
BTW that whole "own nothing and be happy" is totally misunderstood. If I told you in 1995 that you would own no CD's and be happy, you'd say "They are trying to steal our CDs!" .......Do you get it now?
Graham, i would like to counter its not that govt made the loads available its that they are immune to bankruptcy.
You should have this guy on your podcast!
As someone in their 30’s, makes me not want kids!
The thing with the S&P 500 vs wages is that the market is currently so overvalued that your wages are buying you way less of the actual earnings share compared to what boomers typically were able to get. The Shiller PE ratio is currently almost 35, vs in the 70s until the 90s when it averaged closer to 15. So based on that valuation metric you need to pay more than twice the price for a share of corporate earnings compared to the boomers. I.e. your expected return on investment per dollar is less than half compared to what boomers got. Of course this is a fairly simplified argument as valuing the market is tricky.
Social security if it is still at the level at what it is today since people are living longer and people have more years of living off social security
Interesting video but I do think you make a mistake talking about capital gains taxes. If one earns $15 after taxes in wages and then invests it, there is no capital gains tax on that $15 of investment. The tax falls on the growth (the epynomous 'gains'). The money originally invested is not double-taxed.
I disagree with your other arguments about not raising the capital gains tax, but they're valid arguments that we can disagree on.
He did that in one of his last videos too. Hope Graham at least sees this post.
In addition, capital gains in their purest from (aka dividends) have been taxed at a corporate level (21% federal tax) already, where as wages have not.
Also, one pays 0% CGT if one has a taxable income below $44,625, 15% if below $492,300 and 20% for anything above that
Still liking!
Scott Galloway 💯🥃
I love how the video starts with understanding that more government involved private industry produces horrible results, and ends with we need government to restrict individual rights. 😂 this is so dumb. People really are just chasing their tails
Although I agree income and assets are different vehicles of wealth I think the point is to show how corporations value investors (making their stock more attractive) over their actual employees. The current incentives (taxes) benefit investors. Also, want to reiterate the stock market is just one slice of the whole economy.
The formula is very simple. If companies charge higher prices to customers, they should pay higher wages. Only then can salaries keep up with cost of living, people will be able to afford rents, etc. It's unfair that people pay more for products and services but are paid low wages. Increase in productivity should definitely result in an increase in wages. If a worker can provide more services and serve more customers because technology has improved each worker's productivity, it means the company is making more money per employee hour, and that should result increased salaries and wages for the employee.
I saw that video. Essential the guy finally spoke the truth
My parents paid 13%. I paid eight back in 2001.
How much did the houses cost?
but in year 2020 you could get 2.6% interests for a 30 year fixed mortgage. Just because you can easily get loans to buy homes. It doesn't always means it's cheaper compared to other years. It costs more to buy a home now. My parent's home they paid $70,000 back in the 1980s with a 6% mortgage fixed 30 year. Today it's market value is $350,000.
2:28 Why would labor costs go up when you have millions of women and immigrants enter the labor force? Flood the system with cheap labor and you will get stagnating wages.