Yes... People ARE Angry | How Money Works

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1:00Make sure you're watching the season. This episode is brought to you by Google Chrome. You think you know a browser, but Gemini and Chrome? That's new. It can help you with practically anything on the web, like restoring a vintage motorcycle from a 50 page restoration block, or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online makes sense? There's no place like Chrome. Check responses set up require compatibility and availability very 16 plus. For some reason, everybody keeps asking if you feel better today than you did four years ago, and for many people, the answer is pretty clear. Prices for everything they are buying have stabilized, but they haven't gone back down. The average household is now making more than ever before, but the median household is still worse off in real terms than they were in 2019, which means a lot of people are just falling further behind. That is, they are falling further behind the small group of households pulling the average up, and they are falling further behind on their own personal finances. Household savings have been eliminated while credit card debt has climbed to its highest

2:01level in history. Housing is less affordable than ever, especially for people who weren't lucky enough to lock in generationally low interest rates. And the job market has been filled with automated systems, endless interviews, and rules that never really existed. Unemployment may be down, but that data point completely ignores the millions of people who have simply given up. There are a lot of real problems, hurting a lot of real people. And the worst possible thing you can do is tell them how great everything is and how grateful they should be. We learned this morning that the economy has created 517,000 jobs just last month. We are the half million jobs in just a month of January. Inflation at 2%, unemployment at 4%, and the fastest growing economy in the G7 so we have a lot of work to do. Alright, we gotta talk about it. 2024 has been the biggest election year in history, with almost half of the world's

3:02population going to the polls to decide on who will represent them. In the elections that were free and fair, the incumbents have overwhelmingly struggled to hold onto power no matter what side of the political aisle they were on, a trend which of course continued last week here in America. It's possible that no matter how perfect they campaign and how perfect the messaging was, the reincarnation of George Washington himself would have lost his election if he was the incumbent candidate. The reason for this huge shift though across all of these countries is that, yes, people are angry. According to poll after poll in country after country, the number one reason why people want change is because they feel like they have been financially falling behind over the last political term. Now this might not be completely fair. Governments across the world have been quick to point out that employment is up, inflation is down, the stock market is at all time highs and we manage to avoid a recession while recovering from COVID lockdowns. The problem is, these big picture figures haven't really mattered for a lot of people. Employment might be up, but layoffs are dominating the new cycle and a lot of people who do

4:03lose their job are exiting the workforce entirely, making the figures look better than they really should be. The stock market might be at all time highs, but stock ownership has become more concentrated than ever before. So this is only really good for the wealthiest households in the world. When there are no perfect candidates or even decent candidates, it's a lot easier to vote for the team that can at least acknowledge there is a problem. Now income and politicians hyping up their figures while downplaying the details is absolutely nothing new, but there are a few important reasons why it just isn't working anymore. No, it's not because the average voter has studied up on financial literacy. The first reason is that tragically there actually have been some major wins for workers and consumers. The only problem is that politicians aren't allowed to talk about it. In just the last four years, the Federal Trade Commission has won its regulatory dick around more than it has in the last four decades. The planning of non-competed agreements that stop workers looking for a better job, outlawing third party apps that let landlords and businesses collude on prices through technology driven middlemen, mandating a one click cancellation on subscription services, and a much

5:06tighter grip on corporate consolidation and market power have been huge wins for the average American. Being able to job hop for better pay and benefits can go a long way to improving household incomes and making businesses actually compete for your dollar rather than just resorting to scummy sales tactics or monopolistic behavior is a great way to make prices, you know, more competitive. The massive turnaround in administrative effectiveness has been largely thanks to the appointment of Lena Kahn, someone who we have mentioned a lot on this channel, because she seems to be the first FTC chair in the last 40 years who isn't just interested in lining up a partner position at a corporate law firm after the appointment is up. These little changes have had more of an impact on everyday people than they realize. Unlike adjusting interest rates, injecting trillions of dollars into the economy or any other blunt macroeconomic instruments that overwhelmingly just benefit wealthy asset owners, the smaller, more deliberate policies will actually help out regular people make more money and make that money go further. The reason that dams weren't screaming about these achievements through a megaphone throughout the entire campaign is because it hurts the feelings of one particularly sensitive minority

6:09group, billionaires. Well the asset owners on both sides of the aisle overwhelmingly hated the FTC actually doing their job. Political donors and media outlets on either side wanted her gone at any cost. Unfortunately the work of the FTC is boring and people won't know about it if they aren't told about it and people weren't going to be told about it because both sides were hoping to quietly make it go away after the election. Trump is clearly going to fire her on day one as he appoints new staff and deal makers have made no secret of the fact that they are going to push through a lot of mergers and acquisitions over the next year that just wouldn't have been possible with a more active FTC. Unsurprisingly corporate consolidation like this might be great for investors but it's terrible for consumers and workers. Using this was a clear win that nobody wanted to take credit for and that's just the first reason. So it's time to learn how many works to find out why telling people how great things are has been such a terrible message. This week's video is sponsored by DeleteMe. DeleteMe is a subscription service that removes your personal information from data brokers

7:11across the web. These companies collect and sell data often without your consent but delete me steps in to take control back. With DeleteMe your data is removed from hundreds of sites that collect everything from your name to your address and they keep up with removals all year long. When you need to build up your team to handle the growing chaos at work use Indeed Sponsor Jobs. It gives your job post the boost it needs to be seen and helps reach people with the right skills, certifications and more. Spend less time searching and more time actually interviewing candidates who check all your boxes. Listeners of this show will get a $75 sponsor job credit at indeed.com slash podcast. That's indeed.com slash podcast. Terms and conditions apply. Need a hiring hero? This is a job for Indeed Sponsor Jobs.

8:22This episode is brought to you by Google Chrome. You think you know a browser but Gemini and Chrome? That's new. It can help you with practically anything on the web like restoring a vintage motorcycle from a 50 page restoration block or finally break down that long article you've had open for weeks. Gemini and Chrome is here for it. Ready to make anything online makes sense? There's no place like Chrome. Check responses set up require compatibility and availability very 16 plus. To powerful tool for protecting your privacy and reducing your exposure to things like identity theft and unwanted solicitations. I've personally been using the leap made and it's amazing to see just how much of my information they've found and removed. The reports are super detailed and knowing my data is actively being taken down is a huge relief and delete me offers plans for the whole family because data brokers often share info about relatives to take control of your online privacy. Leave your personal information from the web at the link in my description and use code hmw for 20% off.

9:22Go to joindelete me.com for it's slash hmw. Now the last thing the world needs is another zealist influencer on the internet telling people how they should feel about an election, especially since it's been two weeks late now. But I still think it's important to acknowledge my own biases on these issues. I grew up in Ohio in a town made up of working class families, went to Ohio State and then moved to California to work in high finance before making this channel which mostly produces videos about what big institutions are doing to screw their consumers, their employees and occasionally even their investors. I am uniquely lucky to have experienced the concerns of working class families and the wealthiest people in the country while putting together deals for their companies. Minus a little bit of ideological flexibility and some eyeliner, my background is almost identical to the vice president elect and even though it's absolutely none of your business by watching my videos it should be clear who I voted for. But yet it isn't. There is one common theme throughout every video I make and whether you realize it or not, it's probably why you keep on watching my goofy animations every week.

10:24It's simply the acknowledgement that there is actually a problem to begin with. Here in the peoples republic of California cities are spending billions of dollars to address homelessness and it's only getting worse. The programs have been widely criticized for being ineffective with no clear delegation of responsibility. They have also become huge employment providers which means even if they provide no benefit it's very politically difficult to roll these programs back. Now the solution isn't to outlaw homelessness but it's also not rebranding the issue and asserting that it's not a problem to begin with because even the highly progressive people in the cities can only deal with so much San Francisco snow before the insist that the problem is at the very least acknowledged. Of course this is just one issue and there are millions of people across the country and across the world that are dealing with worse problems than the largely wealthy residents in these major cities which makes it even more frustrating when genuine hardships are ignored. There is now the infamous example of $20,000 forgivable loans to be given to black entrepreneurs

11:24and pathways to support federal marijuana legalization. This was a very small program that didn't deserve as much attention as it got, except for the fact that it made people feel like their struggles weren't acknowledged. Even highly progressive voices agreed that such a program should be based on economic need, not race, and for everybody else it was a clear example of a luxury belief. Robert Henderson is a political commentator who popularized this term in an article he wrote about his experience as a poor student attending Yale. His wealthy classmates not only had the financial ability to be politically active since they didn't have to be as worried about losing their jobs or missing a few days of work, they also advocated for ideas that sound progressive but hurt the lower classes. One of the examples Henderson gave was to push to defund the police. A popular idea amongst wealthy college students who have never lived in an area where they needed the police to keep them safe. Roy Tashera, a prominent left-laning political scientist, supports this finding through a report called politics without winners. He found that 73% of non-white working-class respondents supported keeping police budgets

12:26intact. However, 20% of white college-grad liberals favored reducing police budgets. Getting rid of a public service that people rely on for their safety sounds like the policy of the right, which just makes it more confusing for working people to figure out how to work out who is looking out for them. Now the reason that politicians won't announce these unpopular ideas or highlight achievements that would be genuinely popular is simply money and the power of loud voices. The big money donors still have an outsized influence on policy and they do not want policy that will benefit consumers or workers at the expense of business owners, which means that the side that was typically pro-worker can't focus on these issues. Now I know it's not exactly a radical take to say that big money in politics is problematic, and there is some good news in all of this. According to OpenSecretes.org, this year's election was the most expensive in history, with over $15.9 billion spent by both sides on the presidential House, Senate, and governorship races. Adjusting for inflation, that's actually less than what was spent in 2020, although maybe that's just because inflation has been a bit too high.

13:29Even here on YouTube, you might have noticed creators putting out more videos than usual, and that's because spending on the election was so intense that adds since doubled over the last two months, and every available slot was bought up in hopes it would reach some random person in Pennsylvania. This channel normally makes about $4 for every thousand views it receives, but last month it was more like $7 since not all of you are watching from America. Just to keep up with this, politicians have had to keep their donors happy just as much as they have to keep their voters happy. But the good news, or maybe the bad news, is that it looks like we have hit peak advertising spend and every additional dollar is falling well into the realm of diminishing returns. According to data from OpenSecrets, the candidates that spent the most overwhelmingly won their election, obviously with the exception of one particularly important race. There are only so many campaign ads that people can watch before they get fed up with both sides, and unfortunately, we are now well into the realm of diminishing returns. It's understandable to be angry at the results of the election. It's understandable if you were voting or chose not to vote because you were angry at the

14:30problems that matter to you not being addressed. It's understandable to be angry because the other side will be even worse. Either way, you should remember that if your team won, things are not going to be as good as they promised, and if your team lost, things are not going to be as bad as they warned. I hope. Now, there was one group above all that nobody wants to recognize this falling behind, and that's working aged men. They were a major demographic that voted on these very issues, so call and watch this video to find out aside from voting why young men are simply choosing not to work, and how they are surviving in this economy with no income. And don't forget to like and subscribe to keep on learning how money works.

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