Why America Is Running Out Of Money

[@taus_ahmed]

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...

[@otrebla8944]

Migrants....

[@gio.orbit5498]

its crazy how everyone already knows but nobody talks about the solution

[@hh-nh6ju]

@@otrebla8944 yes more migrants will help eleviate some of the problems, like increased workforce, more people paying into the taxes

[@Dgnmuse]

Literally I've worked with government and they over pay ALWAYS. companies exploit the government big time and charge them 4x the cost.

[@someonethirsty1957]

​@@hh-nh6ju When they're legal.

[@xiphoid2011]

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.

[@lam7499]

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.

[@xlook4wardx]

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.

[@davidmella1174]

Average american consumers are bad at capitalism 💀💀

[@_Junkers]

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.

[@CharBar07]

@@_Junkersit’s 80%. I had to double, triple check my reseach.

[@Xairos84]

Keep in mind that budgets in the US rarely go backwards... Govt always gets fatter

[@Azmodaeus49]

Dollar dollar bill y'all

[@grimaffiliations3671]

Why should budgets go backwards?

[@otrebla8944]

​@@grimaffiliations3671to cut spending.

[@grimaffiliations3671]

@@otrebla8944 Why tho? If they're worried about the national debt they can just stop selling bonds

[@LaFonteCheVi]

@@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.

[@GavinGMoney]

Yeah, with 35 trillion in debt, America isn’t headed for a good place.

[@Azmodaeus49]

Yet, America continues to print that dollar

[@69pepe420]

bitcoin is tho

[@GavinGMoney]

@@69pepe420we will see. It’s not guaranteed.

[@grimaffiliations3671]

The national debt is just the savings and assets of the non-government

[@34faeli]

Debt is money. So they have plenty and it belongs to the people. US will be fine

[@jon34153]

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.

[@gianttwinkie]

If Las Vegas is short on money, we are all screwed.

[@AndreiJikh]

ha!

[@Mohamed-vv4yt]

@@AndreiJikh It s the stri$$er index

[@allthingsnu4673]

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.

[@clintpot8521]

agreed, racketeering used to be done by criminal gangs. Now racketeering is acceptable business practice in our gov't

[@joecochran7797]

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.

[@pleasedonttemptme5963]

I too live Michigan. It’s a dumpster, I am finally relocating to Georgia later this year.. This place is so worthless

[@clintpot8521]

contracts don't mean much to these politicians. They are all about social change instead of upholding contract law.

[@patrickdrozynski5070]

Im from Pittsburgh and we literally had a sinkhole that engulfed a bus, and a bridge that collapsed and also engulfed a bus 🥴

[@grimaffiliations3671]

So they should increase the infrastructure budget

[@jeffML3926]

So don't be a bus driver in Pittsburgh

[@MrTubesong]

⁠@@jeffML3926bus should be banned in Pittsburgh 😂

[@peteredwardcox]

Dave Ramjikh: You’re spending like you’re in Congress! Caller: I am Congress

[@uverex251]

😂😂😂😂😂😂

[@AndreiJikh]

Ha!! That's a good one

[@MrGRockin]

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.

[@rook9309]

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?

[@abal4lyf]

I live in NYC. There are potholes all over the city. My tires get flat all the time.

[@AndreiJikh]

Crazy! It's super bad in Vegas too

[@maritimezhang]

Check your air more often.

[@mikkhail]

@@AndreiJikh Wait till you see Rhode Island roads 😂

[@tonyspinelli9562]

Too bad those $10k credit cards Erica Adams gave out to the illegals didn’t go to fix them

[@teqexe]

@@maritimezhang rather than crave for roads? interesting

[@lukasclark884]

Unfortunately, maintaining infrastructure becomes more and more expensive with time. NotJustBikes did a great job explaining this in some of his videos.

[@cheaplaughkennedy2318]

The system has been insolvent for a long time now.

[@daniellord-vera6987]

its over even here in canada

[@gailhanks2065]

We are going broke as a country because only the middle class pay enough tax, the rich and companies have loopholes

[@hatework4282]

The "loopholes" exist for evweyone. Educate yourself and start using them.

[@JakeAoTK]

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.

[@migooknamja]

Don't forget the lower class which gets everything comped by the Democratic Party

[@JohnTubiolo]

The problem is too many people sucking up resources and not contributing.

[@Broxerlol]

That intro was 🔥🤣

[@francesca.pellegrino]

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.

[@gilliebeann]

Super interesting topic choice and I'm glad I learned something new today! Thanks, Andrei!

[@AndreiJikh]

Glad to hear it!

[@hacoc21]

It will not get any better, be happy with what you got.

[@NiMareQ]

"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."

[@grimaffiliations3671]

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

[@checo333]

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.

[@gregmoore803]

I have not yet watched the entire video, I can't stop replaying the first 15 seconds. Legendary intro.

[@a_bar8579]

This person should show his channel to all politicians, engineers, and administrators who own the management of cities or even villages!

[@steveyonkman]

I live in Chicago, we have two seasons. Winter and construction.

[@X4hunterx4]

Yet, we give money to other countries.

[@genxtechguy]

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 🙄

[@chupapopita]

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.

[@billm47645]

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.

[@JakeAoTK]

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)

[@jordanlover23]

$4T for COVID stimulus, then $150B for Ukraine and $80-100B for illegal immigrants. Pretty simple calculus.

[@dominosnostradamus2415]

Hahaha Republican elite propaganda. Goofy af

[@dominosnostradamus2415]

Corporate wealthfare checks under trump and military industrial complex

[@clintpot8521]

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.

[@twonagaskins2960]

We can't save anything because of high prices everywhere but my pay is still the same!!!🤔😡🤔😡🤔😡

[@laundrygoddess4]

Almost everyone can save something. I did it living on disability. It's about lifestyle and choices

[@TheMoonlitArcade]

​@@laundrygoddess4That's a bit tone deaf

[@laundrygoddess4]

@@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.

[@thetradersam6157]

I agree. I visit NYC often and the potholes are a menace to anyone's vehicle.

[@btr333]

This is the first time I'm hearing this. I wish more people talk about it and get things fix

[@_D3adB0y_]

The roads down here in San Diego are goin to sht.

[@WesleyJames36]

We need entire videos like the intro

[@JeepAndThings]

Blown tires? That can happen here in Phoenix well. I get around it with driving a Jeep Wrangler with thicker sidewalls.

[@Dan-od6zx]

Poor leadership and reckless spending.

[@Yolgezer]

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.

[@mbank3832]

I mean our country keep giving money to overseas and paying underserved people here, ofc we are going broke…

[@grimaffiliations3671]

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

[@ramizvatan1702]

Now we need to share this video with everyone in the country

[@willeisinga2089]

35 Trillion State Debt. 17 Trillion Consumer Debt. 52 Trillion dollar Debt. Whose gonna pay.

[@caseyfaitel]

They need to change the mission statements for the cities development authorities. They are on a mission to increase your property taxes. How is this a mission? It should be illegal.

[@Babylionhotshot]

You are getting so good at this KZbin thing. I have thought that a long time. Just now telling you.

[@Medicine91]

The song at the beginning is called Baker Street.

[@abal4lyf]

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.

[@AndrewChedid]

The Dave Ramsey intro was hilarious 😂 more please!!

[@JKPham23]

this intro was fire lol

[@AlexofCharmCity]

Demand more Ramsey impressions! Would have loved a whole skit with uncle Sam calling for advice 😂

[@Ponjolo92]

waiting for your video Broo.... looking forward to another financial enlighten ...

[@jagicyooo2007]

HOUSTON WE HAVE A PROBLEM

[@cashflowinvestor23]

That intro was absolutely hilarious

[@DREWTampa1]

I can already tell this is gonna be a banger

[@AndreiJikh]

haha thanks! Those are my favorite ones to make

[@Ur_clickbait_is_trash]

Why Andrei Jikh is running out of watchable content?????

[@KrUmPinGunz]

awesome pension plan ill be rewatching it

[@DukeFan99]

Government is generally a scam. Spending a lot and doing very little positive things. I decided to opt out with bitcoin.

[@hermanparisius2828]

Andrej for MAJOR!!

[@gregoriohb]

Stephanie Kelton: The big myth of government deficits | TED

[@user-ui6ve9vr1t]

She also said “inflation is fiscally irresponsible “

[@ExpensivePizza]

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.

[@johnvu7151]

Dude... One of my tires popped at the pothole at the railroad track... And it's true I noticed more potholes on the street.

[@FutureGoalsLetsGo]

It's very hard to get ahead nowadays 😢

[@TheIrishny]

NY, Honolulu, Detroit, Portland, Chicago.....gee....I wonder off they have something in common, like a certain party being in power forever?

[@Ponjolo92]

Fan from Tanzania 🇹🇿

[@AndreiJikh]

thank you! I'll have to visit Tanzania someday :D

[@Ponjolo92]

Cheers Brother... Most welcome ​@AndreiJikh

[@jbrockskill]

Government spends far too much and always demands more

[@pleasedonttemptme5963]

Andrei I love your channel. Keep making videos please

[@janevens7611]

That intro is on point. Wow, haha

[@CaseyBurnsInvesting]

Please make a video about the economics of the Kendrick and Drake Beef.

[@ITSupport-q1y]

Good info, keep up the good work !!!!

[@Maha-Shakti]

You can sue the City for the cost of replacing your tires BTW!! ✊️😎

[@marcomaestri4682]

What New York, the sanctuary city now is spending more than the earnings?! Who could have imagined that?!🤣🤣🤣

[@DavidVillaTorre]

The issue are suburbs and road infrastructure. If you look at the data theyre cash losses that are subsidized by other sectors

[@randybloomfield5090]

Love Jerry Rafferty 👍, oh and yer channel too😂

[@sintay8002]

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.

[@caseyfaitel]

You live where you do to avoid income tax?

[@LuisMarad0na]

Andrei for mayor 💪!

[@mamandapanda185]

All by design, compliments of the robber barons

[@joyful-nachos]

Andrei...bless your heart..this is 'merica...we print our way out of trouble! The taps will be flowing soon we just need some good names to call it: The Bipartisan Great American Rescue Financial Reduction Inflation Infrastructure Act, and so on...

[@grimaffiliations3671]

Yeah, this idea that you can go bankrupt in a currency that you create out of nothing is silly. Just look at Japan, a debt to gdp ratio of 260% and they've never come close to default or high inflation

[@imm3953]

The first and main problem is calling issuing bonds “making money”. That’s like an individual saying they make money by using their credit card.

[@d02575575]

Happy Monday everyone enjoy this amazing video

[@AndreiJikh]

Have a nice day!

[@nearby222]

Why are we running cities like businesses is the question?

[@falsettoandhighnotes6913]

I love the coin magic trick

[@devinreilly2697]

You can fool some of the people some of the time, but you can never fool Andrei Jikh!

[@freakoftechno13]

Nothing makes a city fill in potholes quicker than phallic drawings around it xD

[@Socalarborist]

I think State Pension Plans where an employee is fully vested at 10 years with benefits should be pushed back to 20 or 25 years. It should mirror the private sector, they should not be able to work a 9-5 for 10 years and have something significant to retire on.

[@Kwijiboi]

They don't. I don't know of govt pension plans that give much of anything at 10 years. I've heard fire and police get significant pensions at 20 years of service, but regular govt workers are putting in many decades.

[@susanlippy1009]

Your state pensions operate off of percentage of your salary. If you go out at 10yrs the percentage you receive is very low. To retire with full benefits requires generally 30yrs of service, some have gone up even higher for full benefits. The 10yr marker is just when you qualify for any benefit. Each year of service it goes up. I work for a school and will receive a pension at the end. What originally was 20yrs for my bargaining unit became 25 and now 30. We are not teachers but custodial and kitchen. Jobs working manual labor where it gets hard to stay in the game as one gets older. Your body cannot do what it did at 20. Many have to go out because they are injured and had multiple surgeries as they have gone on. There is only so far you will push manual labor. Asking for the 40yrs they want to reach to claim full benefits is not gonna fly well.

[@chenteramos09]

Is this how those apocalypse cities start that we see in films? The buildings and roads were almost non existent 😮

[@vonnnner]

I agree American cities have a spending problem, but they also have a big revenue generation problem. City centers are subsidizing suburban sprawl. Single family home neighborhoods generate very low tax revenue per acre, yet have the highest infrastructure lifecycle maintenance costs, leading to city insolvency. The roads, electrical wires, water pipes and waste water systems are spread out over a huge area while servicing very few people who actually pay for it. Strong Towns and Not Just Bikes cover this topic extensively on KZbin with plenty of data to back it up.

[@marshalepage5330]

I live in a quadruplex, and the town homes bring in more money than they cost, so our roads are in great shape, but on the other side of the city, where there are houses instead of town homes the roads are awful. We need to get rid of multiple lane roads all together and require train travel for long distances. Less roads, less maintenance, less CO2.

[@marshalepage5330]

Also town homes should be legal everywhere, because they work.

[@Dillanwoodring]

Our unions pension is 110% funded, I was under the impression most pensions were set up similar to ours. If we fall below a certain % then we start to pay more dues to raise it until the pensions is back to a specific %. Currently funded @ 110%

[@davidmarciniak6118]

That Ramsey impression was elite 😂

[@christaylor8337]

I would give Andrei credentials as the 'new' Dave Ramsey. They both give advice but the times have changed and Dave hasn't really changed much. I say this having watched Ramsey for 30 years. The thing is, I don't feel that I need to hear him anymore since I already know what he is going to say. Jikh gives information for current times. Good stuff. Plus magic.

[@grimaffiliations3671]

advice for people and cities is not advice for countries. The federal budget is not a household budget

[@MarbooJr]

Dave Ramsey needs to be the next fed chairman

[@AndreiJikh]

His approach is very much free market!

[@genxtechguy]

😂 the politicians would hate him, BUT he’d probably get things back on track.

[@EyeStabbingYum]

From Philly. I knew we were gonna be on the "BROKE" list but I was hoping we weren't... 😅😅

[@ryankennedy5957]

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

[@Laz_RS]

Yeah everyone is broke and the future is futile. But at least billionaires and corporations don't have to pay taxes. That would be a tragedy.

[@Quick-n-eg쿠이크앤이지]

Americans who watched movies like "Wall Street" with the character name Gecko who stated the famous line "greed is good" "greed works" lived by that mantra in the 80s are paying for keeping up with others who also believed it. Greed is not good. It states in the Bible, "Love of money" leads to fall.

[@theiceageiscoming.5516]

Nice lead-in bro! 😅 💪😎🇺🇲

[@ynottony9141]

Alot of red states are giving vouchers for private schools, which means more money towards private schools and less towards public schools. This too much spending usually is because of red states over spending.

[@Defy_Convention]

The red/blue duopoly is the problem

[@grimaffiliations3671]

Yeah people who push vouchers should be ashamed

[@jdb7918]

Write more tickets. Thats what small cities in Georgia do, unfortunately.

[@waynemay7327]

It's the same here in England Andrei: filthy streets, potholes, fewer and fewer services. Birmingham is bankrupt and so is Nottingham.

[@grimaffiliations3671]

cus you're national government has forced austerity on you. Check out a book called the Deficit Myth to see why austerity was a mistake

[@chemicalhalf]

I legit felt so hard for that mayor for whatever reason when I saw that the first time. Just seemed so helpless, like he had no way to fix the problem.

[@gbj6581]

There needs to be waaay simpler way of cities showing its citizens how they are spending money, (in like picture gram) format, AND the PEOPLE should have to approve the spending.

[@MichaelStewart-y3u]

Print more. That's you have to do.Just don't run out of paper and ink and we'll be fine

[@donaldthornton3531]

My county just raised property taxes 60 percent.