Why America Is Running Out Of Money
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- čas přidán 18. 06. 2024
- Why America Is Running Out Of Money
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SOURCES:
• Why U.S. Cities Are Go...
www.investor.gov/introduction...
publicplansdata.org/quick-fac...
www.urban.org/policy-centers/...
equable.org/unfunded-liabilit...
comptroller.nyc.gov/newsroom/...
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
Everybody talks about raising taxes, cutting the budget, and not borrowing... yet no one talks about how the city is actually USING the money. Wasting money on inflated salaries, overpaying for construction projects, mismanagement/corruption...
Migrants....
its crazy how everyone already knows but nobody talks about the solution
@@otrebla8944 yes more migrants will help eleviate some of the problems, like increased workforce, more people paying into the taxes
Literally I've worked with government and they over pay ALWAYS. companies exploit the government big time and charge them 4x the cost.
@@hh-nh6ju
When they're legal.
Keep in mind that budgets in the US rarely go backwards...
Govt always gets fatter
Dollar dollar bill y'all
Why should budgets go backwards?
@@grimaffiliations3671to cut spending.
@@otrebla8944 Why tho? If they're worried about the national debt they can just stop selling bonds
@@grimaffiliations3671 ...that isn't how it works at all. If they stop issuing bonds then they cannot raise the funds necessary to pay and then the whole system collapses.
I'm an Asian American who came to US to study and immigrated. This video left out the root cause of the problem: American people's, in general, terrible personal finance habits. We Asian Americans are saving/investing 20-40% while horrified by how most non-asian Americans spend, borrow, and don't save. Half of the people want to pay less tax, half of the people want more free handouts. The majority, with their terrible spending habits, then elect politicians who promise to spend like they do, and then the government spends just as irresponsibly as the people. The problem isn't the country, this is why the American Dream is still true for us Asian Americans. The problem is that most Americans have been a rich country for so long that people have shed their personal responsibility and put it on the government, expecting to be able to spend irresponsibly, have the government save them except only electing politicians who either cut taxes or increase benefits.
What part of Asia are you from?
I'm also Asian-American (though born and mostly raised in the west), and I noticed the same thing where Asians (and the Chinese especially) tend to be really diligent with their savings compared to Americans.
As an Asian immigrant I agree with you. Majority of my money is saved and invested accordingly. I have a budget set up that I follow even though I can afford to splurge. I’d say I kept the same simple lifestyle regardless of how much money I have liquid or how much my investments appreciated.
Average american consumers are bad at capitalism 💀💀
Isn't the American economy built upon consumption? I heard it makes up roughly 40% of the economy. I think the debt habit has blossomed through the idea of continual growth I.e. continual ramping of personal spending. Now, there is an impending hangover.
@@_Junkersit’s 80%. I had to double, triple check my reseach.
Dave Ramjikh: You’re spending like you’re in Congress!
Caller: I am Congress
😂😂😂😂😂😂
Ha!! That's a good one
If Las Vegas is short on money, we are all screwed.
ha!
@@AndreiJikh
It s the stri$$er index
Yeah, with 35 trillion in debt, America isn’t headed for a good place.
Yet, America continues to print that dollar
bitcoin is tho
@@69pepe420we will see. It’s not guaranteed.
The national debt is just the savings and assets of the non-government
Debt is money. So they have plenty and it belongs to the people. US will be fine
There were news reports of a corrupt city employee in Houston who was having her relatives and friends to form fake businesses so she could award them city contracts worth hundreds of thousands, if not millions, for work they weren't even qualified to do. My point is that sometimes cities are being looted from the inside and outside due to corruption. Cities need to tighten down and make sure they have the proper checks and balances in place to prevent corruption and protect their revenue. There should be a team in place to award contracts, not just one person.
agreed, racketeering used to be done by criminal gangs. Now racketeering is acceptable business practice in our gov't
I live in Michigan and remember Detroit's debt crisis. A judge actually dissolved around $8B of their $18B debt. This has enormous consequences because future lenders will not purchase municipal bonds without extreme interest rates attached for fear of being left holding an empty bag.
I too live Michigan. It’s a dumpster, I am finally relocating to Georgia later this year..
This place is so worthless
contracts don't mean much to these politicians. They are all about social change instead of upholding contract law.
You are brilliant, Andrei! Love your channel not only for the magic and financial information but for the laughs! Other channels provide solid financial info, but none have the comedy woven in like this one.
Im from Pittsburgh and we literally had a sinkhole that engulfed a bus, and a bridge that collapsed and also engulfed a bus 🥴
So they should increase the infrastructure budget
So don't be a bus driver in Pittsburgh
@@jeffML3926bus should be banned in Pittsburgh 😂
We are going broke as a country because only the middle class pay enough tax, the rich and companies have loopholes
The "loopholes" exist for evweyone. Educate yourself and start using them.
Back in the 70s tax rate was as high as 70%. Federal tax revenues were nearly double if you adjust for inflation and as a result they spent more on education, housing, mental health, and infrastructure. (All areas of concern for Americans today. )
All of this came at the expense of the middle class. Most of the middle class either moved into the working class or if they were smart and or lucky moved to the upper class where these services don’t matter as much.
Don't forget the lower class which gets everything comped by the Democratic Party
I live in NYC. There are potholes all over the city. My tires get flat all the time.
Crazy! It's super bad in Vegas too
Check your air more often.
@@AndreiJikh Wait till you see Rhode Island roads 😂
Too bad those $10k credit cards Erica Adams gave out to the illegals didn’t go to fix them
@@maritimezhang rather than crave for roads? interesting
$4T for COVID stimulus, then $150B for Ukraine and $80-100B for illegal immigrants. Pretty simple calculus.
Hahaha Republican elite propaganda. Goofy af
Corporate wealthfare checks under trump and military industrial complex
Ya I remember several rounds of those covid money spending sprees were like $200 billion and only about 10% of it went to the people while 90% of it went to big corporations. COVID was just another excuse to bailout those who have bought off the gov't.
The potholes here in Colorado are outrageous. Denver is worse than I've ever seen it, constantly dodging a flat tire while jammed in bumper to bumper traffic. I visited the springs recently and it's even worse. The roads might as well just be dirt.
Things need to slow down. You can’t just keep going faster and faster and expect stuff to not become devalued. Like does anyone take their time anymore. Why is so much of pop culture in a flipping rush?
That intro was 🔥🤣
waiting for your video Broo.... looking forward to another financial enlighten ...
Remember when nearly 70% of Americans couldn't afford a $600 emergency?
I'm trying to figure out how accurate that statistic is but I'm finding conflicting reports on it
Unfortunately, maintaining infrastructure becomes more and more expensive with time. NotJustBikes did a great job explaining this in some of his videos.
its over even here in canada
this intro was fire lol
Demand more Ramsey impressions! Would have loved a whole skit with uncle Sam calling for advice 😂
Good info, keep up the good work !!!!
Super interesting topic choice and I'm glad I learned something new today! Thanks, Andrei!
Glad to hear it!
It will not get any better, be happy with what you got.
We are the USSR. We can’t afford the military anymore and we’ve done all we could possibly do to destroy the middle class. So now there’s either poor or wealthy. Go to any two class country, roads and infrastructure are terrible. Europe understood that ~30 years ago and decided to invest in their people. Now they have better infrastructure than we do.
We understood that decades ago before Regan started cutting taxes and funding to education, infrastructure, health, etc.
Federal tax revenue is nearly half what it was in the 70s if you adjust for inflation. They killed the middle class and then made upward mobility harder for working class individuals.
Some argue it was post civil rights retaliation, and honestly it makes sense when you consider the fact that minorities were mostly barred from quality education, housing, unions, and even travel in some cases. (Owning a car has a barrier to entry)
We need entire videos like the intro
The roads down here in San Diego are goin to sht.
Love the content! I always look forward to your videos coming out because I know I’ll learn something and I can trust your research while understanding it in a digestible way. Thanks for all you do!
Grew up in coal country -- recently a sinkhole opened up below a creek due to heavy rain and now there's no creek, just a big hole in the ground. We're lucky it didn't swallow up the nearby houses.
Andrej for MAJOR!!
Yet, we give money to other countries.
Yep, if we stop that we could do so much for the cities in America, but hey, the politicians know what’s better for us 🙄
Well u only looking at giving money what about all the benefits that the USA got after WW2 becoming the super power and police of the world. Invading, scheming , putting governments in other countries etc etc etc. Don't make it look like is one way street.
Blown tires? That can happen here in Phoenix well. I get around it with driving a Jeep Wrangler with thicker sidewalls.
Thank you for making this video!
That intro was absolutely hilarious
I agree. I visit NYC often and the potholes are a menace to anyone's vehicle.
Andrei I love your channel. Keep making videos please
Now we need to share this video with everyone in the country
That intro is on point. Wow, haha
Enjoyed this journalist style video, hope you do more! Also been watching a lot of Cash Jordan, and if you two could discuss stuff like this going on in New York I think that would be pretty cool. He started off looking at apartments, but has been doing more journalism as of late and I think both of your styles are cool in different ways.
Happy Monday everyone enjoy this amazing video
Have a nice day!
Love the video. Especially the last few minutes
I have not yet watched the entire video, I can't stop replaying the first 15 seconds. Legendary intro.
😂 I really liked the intro
Thanks. Interesting content.
We can't save anything because of high prices everywhere but my pay is still the same!!!🤔😡🤔😡🤔😡
Almost everyone can save something. I did it living on disability. It's about lifestyle and choices
@@laundrygoddess4That's a bit tone deaf
@@TheMoonlitArcade how so? I didn't say everyone, just most people. I work in finance and I see all kinds of spending plans. I see friends and family and what they consider a need even though it's not. I grew up on welfare and lived below the poverty level for 26 of my first 30 years on the planet. It's not being tone deaf. It's about accepting responsibility for making choices. I get that people aren't too fond of that but it is what it is.
Andrei for mayor 💪!
I mean our country keep giving money to overseas and paying underserved people here, ofc we are going broke…
the federal government can't go broke when it makes the currency. And no, inflation only becomes a problem if you spend more than your economy can produce, and we're not even close to that
watching this from Portland ! :)
I’m sorry. Blink if you can’t leave on your own free will.
You're really good! Thank you!
Poor leadership and reckless spending.
Wild that pension funds can be accessed. In Australia I don’t think that’s the case and superannuation is seperate. However there is a pension you can get from the government that occasionally gets adjusted
The Dave Ramsey intro was hilarious 😂 more please!!
Great intro brother
Sup bro. Like your videos man. Keep up the good work brother.
Thanks! Will do!
I love the coin magic trick
I live in Chicago, we have two seasons. Winter and construction.
It's very hard to get ahead nowadays 😢
This is the first time I'm hearing this. I wish more people talk about it and get things fix
Amen 🙏
Very informative.
You live where you do to avoid income tax?
Dude I was just talking with unacquaintance about how the city looks strange (Chicago). I was asking him about his opinion about why I felt the city looked strange after many years not driving through a part of it. We weren’t sure we were just saying it looks cheap and ragged. Your video totally explains what we couldn’t put our finger on.
You are getting so good at this CZcams thing. I have thought that a long time. Just now telling you.
GOAT intro
Andre , the problem with America today is that people listen to
channels that have absolutely zero value and solve nothing. While the author is getting paid.
Thanks for sharing
This is a fantastic video!
I can already tell this is gonna be a banger
haha thanks! Those are my favorite ones to make
Why Andrei Jikh is running out of watchable content?????
The song at the beginning is called Baker Street.
Thanks!
The intro 😂😂😂😂
Dude... One of my tires popped at the pothole at the railroad track... And it's true I noticed more potholes on the street.
great video
Well done
I think they need to cut down the City Agency’s budget. I recently done some data analysis based on NY City’s budget. NYPD gets the most overtime pay, then department of comptroller next.
The problem is too many people sucking up resources and not contributing.
Nice lead-in bro! 😅
💪😎🇺🇲
Love Jerry Rafferty 👍, oh and yer channel too😂
This person should show his channel to all politicians, engineers, and administrators who own the management of cities or even villages!
That Start.... ha ha ha
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury, with the result that a democracy always collapses over loose fiscal policy, followed by a dictatorship."
The public treasury doesn't really exist in real terms. Taxes do not pay for spending, and the fed has an infinite supply of dollars. The limits on government spending are in real terms, not financial terms. If we have the resources, we have the money
Ras and bins😂
they need to make an appearance on Caleb hammer.
Portland makes sense
Great intro😂
That Ramsey impression was elite 😂
I’d vote for you Andre
We will see big cities will be closing schools and be moving to online virtual education to cut expenses. This is another level how public will pay the consequence of having (public) debt.
The system has been insolvent for a long time now.
LOL the intro! xD
Please make a video about the economics of the Kendrick and Drake Beef.
The issue are suburbs and road infrastructure. If you look at the data theyre cash losses that are subsidized by other sectors
Government spends far too much and always demands more
Do you happen to drive a Tesla? I notice a lot of Tesla owners experience the same pain with potholes due to the weight of the vehicle.
Fan from Tanzania 🇹🇿
thank you! I'll have to visit Tanzania someday :D
Cheers Brother... Most welcome @AndreiJikh
14:14 what other job do you have that you are in a commercial vehicle? Just curious. I have a class A myself
The more I learn about this stuff the more I see an ongoing theme.
Governments (federal, state or city) all have one thing in common. They always defer the problem / debt for someone else to deal with in the future.
This is a hard pill to swallow because it's actually a side effect of democracy we don't talk about much. Governments only care about their short term in office until someone else gets elected to take their place. In other words, the focus on the short term and make the long term problems worse.
Nothing makes a city fill in potholes quicker than phallic drawings around it xD
HOUSTON WE HAVE A PROBLEM
Look at AJ running for Mayor!