America's Wage Earners Are Being Crushed: The Breaking Point? | Dr. Lacy Hunt

[@MauldinEconomicsYouTube]

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[@stevenbarr6000]

Dr. Hunt, still one of the best, and I am glad to see he looks healthier than last time. Thanks Ed.

[@able-ju2yd]

Thanks for getting Lacey on, you do a fantastic job of listening and not interrupting.

[@nohopeequalsnofear3242]

Dr. Lacy Hunt. The greatest economist of all time... I love it when he says "Our people"

[@marcfoss7687]

A wonderful and respectful discussion. Thank you.

[@kirstinstrand6292]

It's such a pleasure watching and listening to two mature gentlemen having a truthful conversation. I miss it!

[@MauldinEconomicsYouTube]

Glad you enjoyed it!

[@fidesedquivide3486]

Bright early Sunday morning before getting up, finished listening to this wonderful interview. Better than most of my graduate school profs' lectures. Thank you both. 🎉❤

[@albertbailey8727]

A pleasure to hear the esteemed Dr Lacy Hunt expound on the problem we face 80 different ways without actually outlining a solution. Neatly encapsulates the chronic limitations of his profession.

[@pq2667]

Thank you Ed and Dr Hunt......oh boy! Sad times when even a 'happy ending' is out of reach! Ed, your calmness "in the face of fire" is very comforting - I know it's not real but your 'on-screen' demeanour provides a momentary respite, thank you :)

[@williambramley9899]

the Hunt discussion was exceptional.

[@edreeves121]

Excellent information here. Thank you kind sirs! Cheers.

[@markvaughn2310]

I love listening to Lacey Hunt (greatest living economists). Would love to know various assets classes perform during precipitous times.

[@oksanaexell8750]

What a treat! Ed D'Agostino with intelligent and probing questions interviewing a brilliant and well-spoken economist. Thank you for this important discussion.

[@oneeleven9832]

The problem is with these economists that think everything is fine is they are not exposed to real working people..they talk to their friends at parties & everyone is doing great…it’s a bifurcated economy & they simply don’t see the bottom earning part of it..they are devoid of critical thinking skills 🤷‍♂️

[@enhancedutility266]

They're paid to not cause panic they probably do know the true statistics

[@andrewgraeme8429]

Dr. Hunt could be talking about the UK economy - we have the same problems in Britain. That interview was so good, I listened to it twice!

[@MauldinEconomicsYouTube]

Thank you for your support!

[@dahteu814]

Terrific content today. The only shortcoming is Lacy dodged every time Ed asked him for a solution.

[@RobWms1]

On the contrary, Hunt was very clear that the caliber of our leadership and their extreme partisanship stand in the way of reversing our decline. Go back and listen to him discussing the harmful impact of illegal immigration. It makes it nearly impossible to find solutions when 15-20 million illegals have been allowed in. Our social institutions are already stressed and underfunded, now FEMA has no money to assist Americans who have had their lives upended and destroyed.

[@graceamsterdam5404]

🙏🏽 thank you gentlemen, one cannot over-explain these topics in a way that everybody, especially middle class, understands what is going on. Financial literacy, just understanding money, should be an ongoing topic going viral over all social media!

[@sinewave6653]

What a great discussion!!!!

[@mehditaba6303]

The standard of living in the West and specially USA are falling and speeding up by day. They asked a person: How did you bankrupt and the person first slowly and then suddenly. The suddenly part is around the corner.

[@richardscathouse]

@mehditaba6303 As typical American, I've been bankrupt twice. It's not even a thing to care about.

[@metricdeep8856]

@@richardscathouse I get your perspective. It might be different if the country goes bankrupt. Your experience was an "acceptable loss" given an otherwise sound currency/country. The country going bankrupt is a significant risk as of late....and not improving. It would be a vastly different experience if the country falls short on financial obligations.

[@userngot12362]

The best dialogue so far that I have seen. Thank you.

[@gailminogue1583]

Excellent interview. Worth listening to twice.

[@eleanorwagner]

Thank you for a wonderful interview.

[@100seattleslew]

Great analysis and commentary. Thank you.

[@GeographyCzar]

This interview explains so much! Thank you! A thousand thanks!

[@davcochrane]

Brilliant analysis. I learn so much listing to Lacy Hunt.

[@bradw2k]

Excellent interview with the Best!

[@winnyjosephokellydegalway6608]

Great podcast Ed, thank you!

[@donsheffield4720]

Great interview thanks.

[@stanminna1761]

The extremely expensive, elective iraq venture was put on the credit card. (Afghanistan also, a better job for cia and special forces..) Never paid that bill. Instead, let china in the wto on false promises, because there was money on the table for american moneyed elites. Recent "Inflation" was blamed; That inflation occurred in spades concurrent with the ukraine invasion. The ukraine invasion changed everything. See: date of start of fed hikes, bond losses, commodity inflation... Cem Karsan said that was basically Round 1: russia and china's move. He indicated Round 2 was the october 7 hamas attack, *1 day* before saudi israeli pact signing. Again.. russia and china's move against the west to split off saudi and maybe turkey. US fiscal situation opens opportunities.. Iraq war bad idea, costly Afghanistan war bad policy, costly Ukraine war need to make it russia's vietnam. Germany laid down like a dog with closing the nuke plants, buying decades of russian gas and keeping the .5% budget deficit cap while needing US money for ukraine. Germany is "committing (economic) seppuku" -lyn alden

[@ashsobhani2379]

Amazing! Thank you so much!

[@carlosa.sanchez4246]

Excelent conversation...!!

[@markmcguire7261]

Lacy Hunt has a Darth Vader voice with a combination of Yoda and Darth knowledge. 🐐

[@dancerjim]

Wage earners sure are being crushed. Not gonna change. Wage earners need to create alternative ways of supporting themselves in any kind of reasonable manner. The old days are gone. Study, learn, get smart, invest, study entrepreneurship. Learn everything you can. Companies not gonna save you, government not gonna save you, union not gonna save you. It’s up to you and you alone. Please don’t be passive or fall prey to victim hood. You can if you want, but it’s not gonna help your future.

[@williamrivard8074]

Great Podcast...!!! Thank You !

[@crowneagle2]

Boston is replacing all their tunnel lighting to LED, saving millions in power expenses. It's a multi year project.

[@yngvesognen1092]

Luke Gromen has talked extensively about the only way out of this mess, and it's inflating the debt away. IMO that means currency debasement and less purchasing power for those with low incomes. Emil Kalinovski coined the term silent depression while collaborating with Jeff Snider, which means the subpar growth that LH mentioned. I see that continuing a long time, because no one with influence has solutions.

[@karma4406]

Excellent

[@renderdogstudios]

Great videos, thanks

[@philipdamask2279]

It is sad how our government continues to put forth a rosy analysis when your guest has a much better handle on what is going.

[@lawrenceralph7481]

Live within your means.

[@adolforosado]

Even greed has it's own self limitations hehe. You don't eat the goose that lays the golden eggs. Chinese proberb.

[@stevemelton4388]

Employees have been screwed with since the beginning of time

[@detectiveofmoneypolitics]

Detective of Money Politics is following this very informative content cheers from VK3GFS and 73s from Frank from Melbourne Australia

[@sallyannmilavec990]

According to Gallup survey 90% of Americans claimed they were Christian in the 50’s

[@stevemelton4388]

Government figures part timers as new jobs

[@swswgg9911]

Dr. Hunt's assessment of green energy at 35:00 is misleading. We're in a very different energy environment now than we were in the early 2010s, when Germany made the ill-advised decision to mothball is nuclear plants. China's output of solar panels now exceeds global demand. Prices are as close to zero as it gets. Solar installation makes economic sense in regions of America that were not suited to solar adoption even 5 years ago. The real obstacle is from special interests, including energy firms and utility companies, which are trying to prevent net metering (this would allow homeowners to sell excess power generated by solar panels back to the grid) and increasing fixed charges to disincentivize homeowners from installing panels. Dr. Hunt characterized fossil fuels as the "low cost of production" and green energy as "high cost of production." That may have been true a decade ago (and only because of the substantial subsidies that fossil fuel makers have enjoyed for decades), but it's not true today.

[@donmarek7001]

Solar is a junk technology for mass energy production. Nuclear and natural gas are the way to go.

[@Jean-Luc-sh2pg]

Per the EIA power generation YTD through July (latest month for which data are available) is up 4.3% y/y. Not sure what he's looking at. @32:40

[@olfart7902]

60% increase in home prices in central MO......but houses are selling like hotcakes!

[@togoni]

Planes are full. People are flying all over the world. Restaurants are full. Housing is still unaffordable. Cars are still double the price. So, how's country in recession ❓❓

[@curtgomes]

It's called debt.

[@petelipson3769]

You don't travel to rural Utah or rural Colorado much i see

[@jwilliam2255]

@@petelipson3769 Or rural anywhere else.

[@shanejones578]

You’ll find out the hard way.

[@LogoTimeClark]

Baby boomers are spending down their IRAs.

[@patricktheut6120]

the impact of government debt is very simple. if you are going to purchase a bond you look for the lowest risk with the highest rate. that typically is USA gov debt. Ok, whats the problem? well, if there was no government debt to speak of, investment monies would then flow to the AAA AA and A rated companies to optimize PP&E. That means actual growth aka job creation. Government does not do that. thus the economy is a shell of its former self.

[@oristhedog]

Er, the data on real wages don't support this. Go to the St Louis Fed's FRED database and deflate median household income by the CPI...

[@curtgomes]

When Trump was in offfice the economy was 100 ties better. Now, we see that "American Wage Earners Are Being Crushed"... Americans must love it. They keep voting for it. Oh well.

[@Mars_Life_and_Beings]

Is ETF lending a factor in the rebound of bank stocks?

[@richardscathouse]

Tax more on stock trades, sales, and Bitcoin transactions.

[@mikevaldez3565]

Big ticket items out of price range he says,,, anything you have to get credit to pay for is out of price range

[@DonikaJorgo-l7e]

Hi PIMCO!..

[@issenvan1050]

So, is he buying the long-end?

[@stevemelton4388]

If you’ve kept up with inflation in your job, you’re a minority. Do you believe inflation is only up 2.5% in the last year

[@KungPowEnterFist]

On an adjusted for inflation net worth per capita basis, the median aged combined Millennial/Gen Z cohort which is ~30yo today has about 2.25x the net worth vs Gen X when they were 30yo. Please explain how that is possible if we are in "hard times." @8:25 That is not the whole story. Overall consumer debt delinquency/defaults are extraordinarily low. We would have to about 4.5x from here to reach 2010 levels. Same goes for bankruptcies, which are extraordinarily low right now. We would have to about 4x from here to reach the bankruptcy rate of 2010, which wasn't even the first or second highest bankruptcy rate of all time. 2005 and 1998 being the #1 and #2 highest bankruptcy rate spikes ever. I am not saying things are better than the were last year. I am saying it is a long, long, long road from here to get to a crisis level on these. There were ~20M bankruptcies between 1997-2011, or 1.33M per year. We had how many last year? ~$450k-ish? I think even the last three years combined does not quite reach the 1997-2011 per year average. But these are "hard times?"

[@DSMentzer1]

Bipartisanship cannot be the objective. It’s a symptom of a healthy political system that’s unified in it’s core principles. We don’t have that, so bipartisanship in today’s climate is impossible. The objective of “We The People” must be for people who love this country and its founding principles to serve selflessly in government again, on both sides. The barriers to that objective are the corruption in DC that has metastasized to a point where politicians are owned, and insurgent interests that desire the literal destruction of America’s foundation have gained a foothold with these same corrupt politicians. The problem is on both sides, but one side has been completely captured. One cannot simply wish for renewal - we have to fight for it. Within the system if we can, thanks to the prescient checks and balances our founders envisioned (article 5 specifically), or in accordance with Thomas Jefferson’s admonition regarding the tree of liberty if we must. You gentlemen are both quite astute in identifying economics root causes - political analysis must be as sharp.

[@RWROW]

Great conversation. Dr Hunt's comments on the dire situation of many working Americans gave me a better understanding of why so many people are grasping at the promises that Trump makes despite his threat to democracy and poor judgment as a private businessman ( read "Lucky Loser" just published). The Democrats have deluded themselves with those national stats and high stockmarket and miss seeing the hardship endured by so many voters. We aren't in a good place.

[@astros1962]

How is Trump a threat to democracy?

[@TrevorEMayo]

The fact is nothing about the basic paradigm of the US economy will change no matter who is elected. The nation will continue to chug along with occasional burps and advances as long as it spends $1 - 2 Trillion more than it collects in revenue and successfully borrows the money. There is ZERO indication people are unwilling to lend to the country. NEITHER candidate intends to change that paradigm. All their positions on every other topic are largely irrelevant, and they know it. And so the winners and losers in the financial world will continue to be the same groups as before - if you own a wide range of sound assets you will keep pace or do better than the dollar devaluation effect and if you are too poor to own assets you will lose no matter who wins.

[@toddbroyard5124]

Far and away the greatest economist you can find online. If Trump gets elected he should make Dr. Hunt his Treasury secretary. He wouldn’t but he certainly should.

[@zomgoose]

Jimmy Carter backed Paul Volcker to increase interest rates. His selflessness is always glazed over.

[@talisikid1618]

You keep missing the point. The income/wealth disparity is the foundation of the whole problem.

[@vincemccord8093]

Yes, and inflation will only increase the disparity as it will raise asset prices for the rich and lower real wages and income for the lower 80-90% of the population.

[@saintpatrick6681]

the governments cold war on the citizens green lit the price gouging

[@paulflannery2834]

Clinton and Gingrich slowed it down but didn't stop it.the debt went up every year

[@ThisIsToolman]

Hunt states with authority what many of us have felt in our gut. If only he could find a position of influence in the Oval Office.

[@mikevaldez3565]

Median income hit the hardest he says , median income can moderatley pay for things, but the poor guy has a hard time at the dollar store,, so who gets hit harder i say the poor guy,, wind bag dude

[@Time4Peace]

Am I the only one who can't click on the 'likes' for this youtube video? Is KZbin messing with it? The 'likes' stays at 201.

[@samruda23]

Mr. Hunt largely got the immigration discussion wrong and had so many factual errors that star struck Ed simply passed over. Hunt also botched Milton Friedman's assessment of illegal immigration. Where to begin with this guy? Is Hunt a gifted economist? Yes he is. Does he have good insights and robust econometric skills? Yes he does. But he only dealt in the realm of problem identification. He posed not a single solution or even incremental solutions on anything. I was, in the past, a bit star struck with Hunt. This interview changed that in a big way.

[@PDQuig]

Agreed. Yes, Dr. Hunt, the two parties have different agendas -- but compromise isn't possible. Open borders, court packing, government censorship of political opposition, using the power of the government to destroy political opponents, Forever War, and more. In reality, the two parties are actually the Uniparty and America First. Wake up, old man! Hunt is living in a dead paradigm.

[@teresabarrett8676]

Until BLS REVISES A years worth inflated job growth and unemployment stats catch up though always lagging and GDP must be actually purchasing power (inflation) parity numbers not banking interest percentages on every loan ever thought of plus profits to wall street on paper but not much real productivity oh war weapons but even there lagging.

[@Joedisney]

If he is correct then why did the price is not drop after Trump lower taxes on corporations. Secondly we would not be the second highest tax on corporations because our effective tax rate is extremely low compared to the rest of the world. So Lacey's information is just flat out incorrect

[@larrysweeney5474]

CLEAR AND CONCISE ACCOUNT. YOU CAN’T FOOL MOTHER NATURE . . . FOREVER?

[@jbrown6367]

Hard times? They are not great, but the middle class is still going on vacation... look where most of the new jobs were. Hospitality and leisure.

[@karma4406]

Be patient.

[@Steve-rc1ug]

@@karma4406LOL!

[@robertstilson9294]

Behind the meter solar and efficiency gains contribute to reduced power demand.

[@richardscathouse]

Power demand is not reduced. More computers AI and internet toys all need more power.😂

[@robertstilson9294]

@@richardscathouse Hunt stated power demand is below normal indicating the economy is in recession, so which is it? I think he’s blowing smoke. He doesn’t say what data he’s looking at. Behind the meter solar is enormous on many grids. ISO-NE it’s 4 GW mid day.

[@Ghorgolla]

Nobody is proposing reducing National debt. Oh? Mattn Gaetz makes it his platform 𝙖𝙢𝙗𝙤 𝙚𝙨𝙨𝙚𝙣𝙩𝙞𝙖𝙡𝙞𝙨 - his core preach!

[@joe-9256]

The weekend before Helene, them hillbillies in NC were feasting on BBQ like there was no tomorrow lmao. They should have taken some BBQ off the table and kept it for a rainy day lmao. The mudslides will hit the 401Ks just the same lmao.

[@Notrocketscience101]

He's gotten the last five years as wrong as wrong could be. I'm sure that doesn't matter do the average retail investor😂

[@Hiddema2024]

Pure speculation!!

[@ParisianThinker]

You need an education

[@ParisianThinker]

You need to think more

[@Hiddema2024]

@@ParisianThinker I need nothing

[@jackjanpour8532]

Why do i want home prices to come down? That's my whole saving and retirement.

[@richardscathouse]

@@jackjanpour8532 maybe spend less time washing the homeless off the front lawn and sidewalk?

[@jackjanpour8532]

@@richardscathouse Are you willing to pay more for my social security? No? You can't build apartment near my home then! Go somewhere else.

[@GregRutkowski]

Useless

[@peterbedford2610]

Yup