Okay, let’s talk about the economy today.
Um, Donald Trump has been touting the current economy as the best ever. Trump has been bragging about how strong the
economy is in general. He says it’s the best it’s ever been for black Americans, the best
that’s ever been for Hispanic Americans. And he usually points to unemployment rates and
the stock market being high. And yet at the same time, 40% of the population is still
struggling just to pay their basic bills every single month, which is more than a hundred
million people in this country. How is it possible that we have the best economy ever?
And 40% of the population is struggling to pay their bills? And to really understand
this, you actually have to zoom out because it’s bigger than Trump. Of course, when Trump
says something like, this is the best economy ever. It’s meaningless political hyperbole.
But there’s a deeper analysis to be done here that is beyond left right politics, or at
least it’s beyond Donald Trump. So let’s do it. It’s true that the economic expansion that
the US has seen, dating back to the beginning of Barack Obama’s presidency is on paper the
longest economic expansion in the history of the United States of America. That’s true.
As defined as as as we define expansions and still we know that a huge portion of the country
can’t even afford an unexpected $400 emergency expense. How is it possible that both are
true? The stock market is at record highs. The unemployment rate is historically at it’s
lows, and yet there are a record number of people who are 90 days or more behind on car
payments, which is a concerning indicator that can predict economic trouble and that
number continues to climb every single month. That’s not good. How can there be on c a signals
on paper that things are so good and at the same time, nearly half the country can’t pay
its bills? And the answer effectively boils down to one
word. If we need to boil it down to one word and that word is inequality. It’s a little
simplistic, but in a sense it’s all about that one word. Inequality. I’ll explain the
economic expansion. Dating back to Obama has been hugely unequal. The gains in the stock
market that we’ve seen dating back to Obama are a hugely concentrated in a very small
portion of the population that owns the vast majority of the stock. So for a huge number
of people, even though on paper the stock market is way, way, way up, it does very little
for a huge number of people that don’t own any or almost any shares of stock wage growth
wage has gone mostly to the upper tier net worth growth has gone mostly to the upper
tier, stagnant wages on the lower tier. So again, on paper you can come up with broad
averages that look good or at least look okay. But for a huge portion of the country, cost
of living has continued to go up, but their inflation adjusted wages have not. So they
can’t pay their bills even though on paper they should be okay. Unemployment is low and
the stock market is high, just as very little for a lot of the people living in the United
States of America. So when you go all the way back to 1989 30 years ago, the bottom
half of the country is less wealthy today. Inflation adjusted than they were 30 years
ago. This is stunning given the economic growth that in total the United States has seen in
the last 30 years and the explanation is inequality or specifically unequal growth in almost every
aspect of the United States economy. And the problem with this is that the economy is in
a sense hanging by a thread, even though so many numbers look good. As Donald Trump talks about, there are like
100 million people in this country for whom even a mild economic setback in the broader
economy can push them into a completely unsustainable financial situation. This could include a
bankruptcy, this could include having to rack up crushing credit card debt at high interest.
This could include a home foreclosure or an eviction from a place that they rent, vehicle
repossession, and of course remember that in the back of our minds is the possibility
that a medical bill could bankrupt us completely. Our health insurance system fundamentally
weakens the economy because of the system that we have. People who are even in an okay
financial position are still at risk of losing everything because of unexpected medical bills
that may not be covered by their insurance. That’s how the system works. That’s how the
country works, which sheds a lot of light on the reality that our health insurance system
is an economic liability beyond just being a moral and ethical liability. So the thing about all of this is that because
these things are so political, each president, each party, they always want to take credit
for any wins they can take credit for. They want to shirk responsibility for any of the
losses that they can successfully shirk responsibility for that. We end up unable to have the real
serious conversation. As a result, this is actually bigger than Republicans and Democrats
and now it’s true. It’s not totally apolitical. It’s true that historically Democrats are
better than Republicans in terms of stock market returns, but that doesn’t affect everybody
equally. It’s true that historically Democrats are better than Republicans in terms of the
average unemployment rate during their presidency. But that doesn’t actually tell us whether
people are making a living wage or whether they have to work multiple jobs in order to
make ends meet by the standards we use. Democrats are better than Republicans, but
unfortunately those standards fall very, very short and these are just bigger that don’t
even enter into the political election cycles that we have of two, four and six years, two
years for the House of Representatives, four years for the president and six years for
the u s Senate respectively. Automation and technological unemployment is one of those
issues. Inequality is another one of those issues. Education costs are another issue
that around the margins you will hear Poe, politicians talk about, but nothing serious
has been done to deal with that. The health care system. Fortunately it’s entering more
into the political discussion, particularly since the, uh, since 2010 and Obamacare, uh,
and Bernie Sanders mainstreaming the idea of Medicare for all in 2016. But this is why
you hear the economy is the best ever, and there are actually some numbers that sort
of seem to reflect that in some way, but yet almost half the country is hanging by a thread
that’s not going to change. Listen, if the stock market, if the Dow goes to 30,000 still
a huge portion of the country will be at risk of a $400 unexpected expense, throwing their
financial situation into total disrepair. Uh, you are not going to change that if the
unemployment rate goes from 3.8 to 3.7%. Okay? These are bigger systemic issues and inequality.
If I had to sum it up in one word, tells us a lot about why this is the case. Let me know
what you think. I’m on Twitter at d pacman. The show is on [email protected]

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100 thoughts on “In “Best Economy Ever,” 40% Can’t Pay Their Bills”

  1. Why are you even bothering to address this assertion of President Turd's? We both know he's a clueless ignoramus who lies continually. We both also know that the heaving mass of knuckledragging, drooling fucktards known as his "base" will not come watch your video.
    So why, David, why?

  2. There’s always gonna be people who can’t pay there bills that’s when personal responsibility must come into place. 40% is still less then half of America, you guys just love to hate on Trump even if he’s doing a great job.

  3. The,economy is great for the,people that President Trump believes matter. He doesn’t care about the rest of us.

  4. Also with unemployment, after a certain amount of time they can't claim it anymore. Therefore the % goes down wether that person got a job or not.

  5. What no one seems to address in this "great economy" is that it's all debt. Remember Trump bragged about being the "King of Debt". That debt bankrupted his casinos and a casino is a business where people just come and give you their money. No inventory at a casino. Trump's false economy is just like one of his unpayable loans. He borrowed big on our future and cut the country's income with tax breaks to the wealthy. Disaster is lurking out there. When it comes it will crush us, but he won't care because he will be out of office by then. He hasn't changed a bit.

  6. its funny that the people in th US seem not willing to remember that Trump is one of those capitalists….who live on taking $$ out of commom people's pockets…

  7. "Best economy ever": translation: best for the millionaire and billionaire capitalist class, but poverty and misery for the working class.

  8. More people cannot pay their bills because of personal debt not because they do not get paid enough (or inequality). Its personal responsibility that is not being taken. If you buy stuff you cannot afford on credit then that is because personal finances is the issue. If you get out of debt and spend less than you make you will eventually be a rich person in America.

  9. Trickled Down (Piss) Economics at its best. Still calling piss fresh IPA beer, still calling feces Belgian chocolate. When the provincial metrics become so divorced from the real world of goods and services, you know you arrived at what Jean Beaudrillard called the Desert of the Real.

    The lies told to us are no longer working. Vote Blue in 2020. The GOP seems hellbent of ensuring that there are only two classes in this country: the working poor, and the 1%

  10. Thank you for your intellegent outlook, for all of us! Will you ever run for a seat, or president?

  11. The word is Greed! And the only way to reset us humans is War. Always was like that, always will be. If you ask why Aliens or The Lord is not coming down… Well go figure. They don, t wanna have fuck all to do with us.

  12. My federal taxes under Obama, were $298.00 and under Trump, over $4,00.00. We both have social security. so about three months of our checks. Yeah, Trump is killing us by increasing our debt.

  13. unemployment and stock market performance is how THE ELITE and their capitalist economist cronies judge the nation's economic success. but in reality these 2 factors don't reflect the economic reality of any nation. what good is 100% employment if labor is receiving poverty level wages? and since the insanity of mass deregulation that began during the Reagan era elitist wealth has increased some 500% while labor wages have, at best, remained stagnant. and this increase in elitist wealth is the result of banking and wall-street deregulation. the stock-market has NOTHING to do with economics. in fact 2 factors cause stock values to increase – 1.) stock values increase as more shares are sold. this is why the elite used their trump tax cuts for mass stock buy-backs, 2.) and stock values increase as wages and benefits decrease and profits soar. meanwhile this concentration of wealth has created hyper-inflation (that no one ever talks about) as property values, education costs and medical prices have skyrocketed. the reality is – the world's economy has been in a tail-spin since thatcher and Reagan adopted, and forced the world to adopt, the fascist, laissez-faire, neo-liberal capitalist model of Milton friedman and his INSANE "Chicago School" of economics.

  14. The stupid Wall Street Casinos were "Bit-Coin" before Bit-coin was invented. Only the "In Players" are benefiting. Adam Smiths analysis was about an economy that had actual goods flowing through it. The Neo-Liberal, Neo-Con economy is basing everything on "Fantasy money" that the Oligarchs are trading back and forth to each other across a Monopoly Board.
    The REAL ECONOMY happens when I can go to my local Grocery store, & afford to buy a Gallon of Milk.
    For under 4 dollars.
    THAT is the real economy.

  15. Beautifully elegant, veraciously speaking objective truth as to the state of our economy. Makes me think of someone tbh…
    #Yang2020

  16. If this is the best economy ever we are in big trouble with National debt exceeding over 1 trillion per year and personal debt is at all time high.

  17. It's, by far, Trump's biggest lie. And it's the lie with the gravest consequences. I'm hoping that the electorate can feel what total bullshit the Trump economy really is, and votes accordingly.

  18. Trump is even more fake than his so-called line or fake news. You'll never be better than the rest of the presidents we had.

  19. The reason why he talks about the stock market is because he inflated his assets and probably put it in there to make it look like the economy is doing good. Also it's to not scare the public before the economic crash happens. Smoke and mirrors the art of Illusion. Cuz the real truth will be revealed soon.

  20. And yes Donald Trump is riding on the back of Barack Obama who actually made us go a little further and make Trump somewhat look good. Also don't forget that Trump added to our deficit and we are going to have a collapse coming soon.

  21. Also, underemployment and declining labor force participation rate is not reflected in the misleading "lowest unemployment"

  22. "Best economy ever" is like saying you won the race because everyone else died in a bombing except you. Nobody cares how many points you scored, folks are bleeding out, fires are out of control, children are starving, Im loosing the metaphor now and just being realistic but fuck it.
    Shit aint good just because the score is up for the home team.

  23. It was the best Economy ever, until Trump became your President. Trump inherited this great Economy from Obama Administration, but all he's doing is destroying it to spike Obama.

  24. That's the capitalist system. The economy should be worshipped. It's not important that people are doing well. As long as the economy is doing well.

  25. Compared to Obama's it's astronomical.. I love seeing the left try to spin this booming economy..
    Black latino unemployment lowest ever..
    GDP above 3
    Wages finally on the rise.
    We spent eight years of stagnant over-regulated growth with the magic negro. Fact of life

  26. I'm sure the economy is doing great because I had to contribute to it with a 25% TAX INCREASE under Trump's huge middle class tax cut. DUMP TRUMP 2020!

  27. This economic system is like playing musical chairs, you need to sell assets Before the crash. End these Bush wars! 6 Trillion $$ and counting since 9/11. Young returning soldiers are mentally defeated and committing suicide at record numbers. More Americans died in Iraq than the Twin towers! Bush killed more Americans than Osama

  28. I'm doing waaaay better financially since Trump took office. When that shit stain Obama took office, my job went away.
    Jobs were near impossible to find. So glad Trump won, or I'd still be struggling under that cunt Hillary continuing the Obama legacy of fucking Americans over.

  29. Go watch the clips on the Status Coup YouTube page of Trump supporters being interviewed about the economy. Mind blowing.

  30. Very well done explaining inequality. However. Trump supporters only hear him say on and on that the economy is the best it has ever been. Yes. It probably is the best for the top 1%. You really put it in perspective. Thanks

  31. I am a small business owner. Something that vexes me greatly is how many other small business owners focus so exclusively on their tax rate and ignore their customer's financial situation. Very few of my customers are in the top 1%. None of my customers are in the top .1%, so far as I know. If my potential customers do not have disposable income then it doesn't matter how low you make my taxes as I won't make enough money to stay in business. Conversely, even if you set the tax rate higher than Bernie, AOC or anybody else has suggested but the economy's rules are set up so that increased productivity produces real wage growth, I'll be just fine as my potential customers can afford my goods and services.

    This is very basic stuff and it seems completely beyond the mental grasp of so many people.

    If increases in productivity do not translate to increases in real wages the economy will stagnate and starve for lack of economic activity.

    Wall Street has, since Reagan, become increasingly divorced from the real economy and has long since become a parasite, sucking money from the productive economy, rather than the funding engine it was intended to be.

  32. Excellent analysis. This is precisely why many Europeans are “wealthier” (as wealth is defined in Europe) than Americans (under American concepts of wealth).

  33. There is a very crazy narative being circulated in the mainstream economic media and it goes a little something like this: "The Federal Reserve has capitulated on liquidity tightening yet the U.S. economy is "stronger than ever," isn't that weird?" First, the Fed has not capitulated on its tightening policy. In fact, we have been hearing since last November from the mainstream media and some alternative media that the Fed was going to lower its Fed Funds Rate and end monthly balance sheet cuts at "any moment," yet several months later it still has not happened. Just last month the Fed cut another $38 billion in assets from its balance sheet; a move that was barely discussed in the mainstream because it does not fit with the prevailing delusion that the Fed has "already capitulated." When Jerome cuts rates back to near zero and the asset dumps stop, then and only then can anyone say with any authority that the Fed has ended its tightening cycle. Secondly, the U.S. economy is not "stronger than ever," it is at its weakest since just before the credit crash of 2008. Almost everybody, including the Federal Reserve, Donald Trump and the media are talking about how the U.S. economy is "booming." So why all the fuss over the Fed's interest rates? You see, the stage is being set for the Global Economic Reset. My Great Grandfather, now 94 years young was an investment banker and he explained to me over dinner that the Economic Reset is meant to cut a path to complete global centralization; meaning a one world monetary system controlled by the IMF, a one world currency, and ultimately a one world government. Just look at the numbers instead of the rhetoric, they don't lie.

  34. This September Trump will have dropped a total of $2.4 trillion in debt into the economy. This economy is now a fake economy.

  35. Mr.Buonarroti….have seen the Statue of David in Florence…no ordinary man carved that ….it brought me to tears ….an Italian designed the Brooklyn Bridge …Italian cuisine is wonderful…the Italian people are warm and loving 🥰….Italian immigrants helped build US and Canadian cities…Italian soldiers fought against the Nazis….I’m not Italian, I married one!

  36. Unemployment was also low when slavery was popular… Why do people think a low unemployment rate guarantees the economy is good?

  37. How can the economy be good and 40% of people can't pay all their bills? People….are….living….above….their….means. People are using credit to boost their standard of living beyond what the can afford with cash. That is why they are broke. Not because others are rich. You, an adult, signed a car loan at 18%. That's not a rich person's fault. That is your fault. You, took on a mortgage that was too expensive. That's not a rich person's fault. That is your fault. If rent is too high you need to move or get a roommate. Many immigrants live 2-3 families to a residence while the save money. Are Americans too privileged to share a living space? If people struggling to pay for bills, including cars, convinces you to push for redistribution you are constantly going to be bent over. I could go get a nicer car right now and struggle to pay my bills. I could leave the air conditioning on all day and struggle to pay my bills. I could move to a nicer part of town and struggle to pay my bills. I could eat better food and struggle to pay my bills. PAY ME!

  38. I'm not here to argue against what you are saying here, but I wish you had addressed (if possible) why people not able to pay their bills. For example, you mentioned car payments. I can't but wonder how many of those got a car that they can't really afford. Likewise with houses. Would you please shed some light on that? Thanks.

  39. Consumer credit cards are at a 2.54% delinquency rate. Residential real estate loans have a delinquency rate of 2.83%. Rental delinquency rates usually sit at under 2%. Where are you getting this 40% number from?

  40. America have been exporting poverty and war around the world now its going back to their country its time for world people to send Jews to siberia

  41. U.S. debt is more than the total size of the United States’ economy and equivalent to the gross domestic products of China, Japan and Germany combined.

    While the economy is experiencing its longest sustained expansion in American history, the federal deficit is ballooning — when its supposed to shrink during strong economic times. Strong economic times! Bigly strong. Bigly debt bomb.

    The question is: Do YOU see this sustained expansion in YOUR pocket? Or does this expansion go to the 1% richest of the richest? Your corporate conglomerate masters?

  42. Do we have a source for David's 40% statistic? Not that I don't believe it, but that's worse than I thought.

  43. Trump supporters gladly inhale Donald's every fart.
    When he tells them the economy is great they feel like getting rich.
    When he tells them they are the new elite they feel like stable geniuses.
    They prefer trusting a notorious liar and con artist.
    Waking up from this pathologic ignorance would force them to admit that they are idiots.
    God forbid!

  44. Various Right-leaning newspapers here in the UK are busy telling us that the US economy is absolutely wonderful, can't fault any of it, everyone from lowest menial to highest CEO walking on streets paved with gold while feasting on 'turtle soup and venison' (to quote the Bounderby character in Charles Dickens' 'Hard Times') every day! Mostly we're told about the employment rate and the stockmarket as markers of this utter wonderfulness. No-one seems to mention people's inability to pay bills including car payments. That sort of detail's obscure and boring.

    I can't help feeling there must be dozens of Josiah Bounderby's in Trump's America – with the UK following suit especially post-Brexit.

  45. FACT: 40% of my life is completed age wise and I cannot keep up with finding long-term quality work. Every job I apply for, I am fighting 100+ people for 1 spot! This is literally the case for every job! Almost homeless! Fuck The corrupt US Government and most US corporations!!!!!! We live in a pure evil satanic fallen realm!!!!!

  46. Please collect some old DJT quotes which say literally, these statistics are lies. Employment numbers, growth, consumer sentiment… He made a huge point of doubting metrics he never understood but which went contrary to his narrative, while bashing Obama.

    DJT denied, until he found it advantageous to exploit statistics.

    The contradictions are already there. Talking about what happened years ago I guess is still reporting, as constituents are ignorant.

    Trump claimed his Fame by pissing on Barack Obama and the metrics the institutions which measure economic activity. Measures he now adores.

    It's ironic, impossibly stupid, yet it's what's going on.

  47. It's definitely better for the wealthy so-called democrats like Pelosi, Buffett, the iPhone guy, that Microsoft dude, the Amazon guru and all the rest of the rich who dare not rock the boat while collecting the most money possible under the reign of, No Taxes on the Rich trump! It's all a scam. They are all in this together. Even those who enter politics with good intentions falter under the pressure of greed…

  48. But the economy, according to Trump is "good" if the stock market is up, even though the stock market has NOTHING to do with the economy!

  49. Employment figures need to include under-employed as not a fully employed person. It skews the statistics to look better while not giving a full picture of the economy.

  50. It is also the labor participation rate is very low, a lot of people have decided they don't want to work for corporate fascists regimes, and it is also forcing the bottom 99% to compete with wages all over the globe at, say, $1 per day, and it is not easy living in a "1st world" country, on a "3rd world" wage.

  51. The Right media has spun off into a singular media echo system, viewers misled and baited into intentional anger, they dwell in a fact free echo-chamber of disinformation.

    Recall if you will, by 2016 FOX and right wing media had convinced enough voters that Obama had the the USA on the threshold of desolation, even though the USA had just experienced 89 straight months of economic growth, a historic high of 80 months consecutive jobs growth, the Stock Market had risen a whopping 235%, unemployment had dropped from 10.6% down to 4.6%, manufacturing & exports achieved all time highs, crime rate was down, deportations of illegal immigrants up, longevity & graduations were never higher, gas prices lowest in 10 years.

    Fact is, Trump inherited a strong economy. 
    Americans in 2016 were the most privileged, living in the most prosperous, secure time in human history and yet right wing media was telling viewers that America was facing its darkest moment, on the brink of disaster.
    FOX convinced their viewers that Obama, Hillary and in fact, all Democrats are evil, anti Americans, out to ruin the USA.

    The proudly deplorable, misinformed Trump supporters wear their ignorance as a badge of honor. They claim President Trump has turned around the economy and is making America Great Again. And now, Trump has claimed victory.
    What is the score? Trump economy vs Obama Economy.

    US Stock Market:
    Obama market gained 235%. Small Cap funds went up 330%.
    Trumps market is up 32%. Small Caps are up 21%.

    Unemployment:
    Obama cut unemployment from 10.6% down to 4.6%. 6 points.
    Trump cut unemployment from 4.6% down to 3.6%. 1% point.

    Jobs:
    Obama averaged 217,000 jobs per month.
    Trump is averaging 203,000 jobs per month.

    Budget Deficit:
    Obama cut the deficit by 68%.
    Trump doubled the deficit by 100%.

    National Debt:
    Obama increased the national debt by $6.85 trillion. 
    Trump is projected to increase it $10 trillion.

    In essence, since the great recession 2008, Obama carried the football 80 yards, then handed off to Trump at the 20 yard line. Trump is now doing the victory dance in the end zone. "LOOK AT ME" "BEST PRESIDENT EVER!" "BEST ECONOMY EVER!" 
    Right wing media is playing along with the hoax. Fake news as it were.

    Somethings very wrong when a media ecosystem is able to intentionally keep more than a quarter of Americans siloed. 
    A country depends on people who understand the worth and the ways of democracy.

     America is in big trouble.

  52. Why does everyone say the economy is doing well? Stock prices have been pretty much stagnant for like 2 years, gdp is experiencing only nominal growth, and wages have been flat for decades! Sounds like capitalist robbery to me 😤

  53. 40% can't pay their bills because they spend more than they make, if you're too stupid to get it, you shouldn't be allowed to make important decisions that affect your financial status, as you haven't the ability to be responsible fiscally, let alone responsible mentally!

  54. Lol Pakman doesn’t know economics but I don’t blame him, he went to the US indoctrination camps call universities and has loans. Leftist don’t know Economics in general.

  55. HE only brags about HOW good his tax cut went to the RICH, BUT THEY NEVER, NEEDED, HELP, TO KEEP THE LIGHT'S ON.

  56. Not once did you even tease the idea that people may also not be handling their finances properly by creating a realistic budget and living within their means, while making wise, strategic decisions and embracing a sense of patience, and ultimately having a long term goal.

    Is there any room for the possibility that the people that account for your statistic are victims of their own impatience, ignorance, stupidity, or all of the above? 🤔
    You can't fix any of the aforementioned personal deficiencies by just overhauling the system, because even if you do, these people will still be impatient, ignorant, and stupid, and many will thus still continue down their foolish paths. They need to learn some basics, but they have to want it more than their desire to keep going down their current path.

  57. Indicators are telling us that the United States, if not already, soon will be in recession. A recession is a wonderful time to buy quality assets cheaply. This will be great, I'll buy more rental houses to rent to hourly wage-slave MAGA BILLY Trump loving renters.

  58. In the past year, low-wage workers saw greater median wage growth than high-wage workers, according to data from the Federal Reserve Bank of Atlanta. When Trump lowered the corporate tax rate to 21% (Sweden 22%), he enabled companies to allocate additional time, money, and resources to workforce development and education. From 2016 – 2019, The actual number of Companies providing education assistance jumped by 23%.

  59. Not thanks to Trump…he is not doing nothing for the middle and lower class…he will soon bring down the economy Obama worked hard to stablelised…. Trump is a Looser big L on his forehead 👌

  60. A rich Mexican told me he doesn't know how to read or write. I said to him but you know how to make money. He smiled and said yes.

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