Comments by "Piccalilli Pit" (@piccalillipit9211) on "The Truth About the US Economy!" video.

THANKS - you saved me watching it. The biggest problem I see in the US [IM an author on the collapse of civilisations not an economist] is that the US now has effectively two economies. 1) for the top 25% - which is doing astonishingly well 2) for the other 75% that is getting worse and worse - bordering on dire. The issue is economy No1 is so massive in $$$ terms it is distorting the overall numbers of the US economy.
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@leandro6234 NO its not, sorry. Your economic growth is roughly your increase in national debt and the fact housing is stratospheric in cost mean new house sales/renovations and rent make up about 18% of your national GDP. So in REAL terms, your GDP is shrinking and this is because your balance of trade is getting worse. Like so many things with Trump, there is a grain of truth in his beliefs, your banalce of trade is the problem - $1 Trillion per year leaves the US never to return!!! The Chinese have used it to buy up the entirety of Africa locking you out forever. Biden has done an utterly astonishing job of turning a collapse into a decline - but all people see is the decline. The West is collapsing and the US badly - the UK is in total freefall.
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@mikoi7472 Well because I don't care. I dont live in the West. I'm an author on psychology and the collapse of civilisations so its just my job to record what is happening. I have zero vested interest one way or the other. If the US does amazing I will just write a book on how the US was the first Empire in 2000 years to buck the trend. The US has a trade deficit of $1 Trillion per year - thats $1 trillion that leaves the country never to return. Thats ~3.5% of GDP that vanishes every year, it used to come back os investment and bond purchases but that ended about 6 years ago. In 1985 the G7 was 75% of global GDP its now ~28% so how do YOU think its going...???
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The biggest problem I see in the US [IM an author on the collapse of civilisations not an economist] is that the US now has effectively two economies. 1) for the top 25% - which is doing astonishingly well 2) for the other 75% that is getting worse and worse - bordering on dire. The issue is economy No1 is so massive in $$$ terms it is distorting the overall numbers of the US economy. And 100% of the politicians and the pundits live in the No 1 economy.
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The biggest problem I see in the US [IM an author on the collapse of civilisations not an economist] is that the US now has effectively two economies. 1) for the top 25% - which is doing astonishingly well 2) for the other 75% that is getting worse and worse - bordering on dire. The issue is economy No1 is so massive in $$$ terms it is distorting the overall numbers of the US economy.
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The biggest problem I see in the US [IM an author on the collapse of civilisations not an economist] is that the US now has effectively two economies. 1) for the top 25% - which is doing astonishingly well 2) for the other 75% that is getting worse and worse - bordering on dire. The issue is economy No1 is so massive in $$$ terms it is distorting the overall numbers of the US economy.
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@ayde92829 Prof Richard Wolff says that if labour starts were collected / analysed as they were in 1975 the US would have 11% unemployment I cant say if this is correct or not - Im just passing on the information
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I now live in Bulgaria - the POOREST country in the EU - the average working-class person here has 2 kids on 1 wage in their mid 20's and can afford to buy or rent a house/apartment. So just exactly HOW poor is this country??? What its lacks is the hyper-rich to distort the statistics. My rent on a beach side apartment in the city of Burgas is 300 leva a month. The average salary in this city is 2000 leva. The minimum wage is about ~1000 leva. So an 18 year old working in a supermarket could afford this apartment.
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@timeflex This has a MASSIVE amount to do with it. The country does not have debt obligations it made to pensioners 40 years ago that need to be fulfilled in a society that cant afford it, it does not have massive national debt ~20-25% of GDP. Income tax is a flat rate 10% here for everyone. Old people were given their houses because ev!l communism - so they dont see them as this life time investments - so they dont vote for the party who will increase the asset value - they see houses as a place to live. And the OTHER strange thing that make a gigantic difference is its the grandchildren who inherit here - not the children. My landlord is about 23 years old, he inherited his grandfather's apartment when he was 18. This makes a GIGANTIC difference to the young generation. It spreads the wealth and opportunities out much more evenly. If there are 5 grandchildren at least they inherit a deposit each...
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