DROWNING In DEBT; Why Gen Z Can't Afford To Make Ends Meet
2024 ж. 22 Мам.
27 889 Рет қаралды
Jessica Burbank and Amber Duke discuss mounting credit card debt amonst American GenZers. #Credit #genz
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if $2000 is drowning in debt, i died long ago.
Hahahaha , not alone !
They forgot to mention the $50k + of student loan debt
$2000 is drowning in debt when their money is spent every month from rent, car payments, food, utilities, etc. Unless you're living in your moms basement or dad's mancave.
Right but the joke is if $2,000 is drowning then those of us who might have $20,000 for example must already be six feet under. 😅 @@AKAAAK
Same. ☠🪦🥀
You're rich if 1/3 of your income covers rent
My friend who has not held a real job in the last 70 years pays 1/3 of his income for rent. All of his income is welfare payments from the government. That is why he gets a beautiful large apartment for $300 a month.
Hardly. I own my own home and I also have 6 rental properties. I still don’t consider even that rich.
@@Therearealwayshiddenagendas - 6 rental properties, sounds like you are rich in maintenance problems.
@@jrstf nah. The cash flow from the rent covers everything with plenty left
@@Therearealwayshiddenagendas he means its a lot of head ache.
But the white house said economy good. But no orange man so it must be good.
It not just the presidency at all. Congress is to blame
Orange Jesus won't make anything better.
@@meganharris583 Wrong. He has vero power. Didn't use it. Signed the spending bills.
@@TraderByDayorange Jesus had a great economy. Because of his policies. Joe Biden came in on day one and single handedly ruined the economy. Along with 2 stimulus checks that weren't needed and passed by Dems alone.
Actually it was much better when he was president. Just look at grocery prices. @@TraderByDay
They are doom spending. They knew they can’t get ahead in life and why we even bother and just the money they have right now. I know it’s not the right attitude but I don’t blame them
A fiscally desperate populace is easy to manipulate...
Humanity (and governments) require subsistence economies. If the citizens are satisfied and complacent, there is no impetus to do the jobs that no one wants to do. Instead of attacking and taxing the wealthy more, remove the incentive for excessive wealth by removing luxury goods and build modest housing. The Ponzi scheme of inflationary economies is the throttling of resources (material, laborial and financial).
Not really, that's when people start revolutions. When they have nothing left to lose
Amber is the sharpest host Rising has, and it’s not even close
Seriously, she deserves her own show. The hill better try their hardest to hang on to her.
I don’t know how it’s possible, but Jessica Burbank looks and sounds wildly different in every appearance. She and Amber are right: the financial crisis right now is serious. Billions for Ukraine and zero for the middle class.
Why do people whine so much about the Ukraine money? It's literally a rounding error compared to social security and Medicare. We are literally spending close to $1 TRILLION on interest this year and you're sitting here complaining about pennies being used to try to slow down our top geopolitical enemy.
@@nicolasgirard2808Those programs actually help American taxpayers Ucranie aid is money laundering She does like different every episode
@@nicolasgirard2808you're pointing out a relative problem. Which is dumb. 97 Billion can go a long way to address domestic problems.
@@kamman1374 it's a trivial amount of money and wouldn't make any significant difference. We are currently in a $1.7 trillion annual deficit. If anything we should be giving more money to Ukraine given how expensive it will be if we don't stop russia now.
@@nicolasgirard2808 Part of the reason for the massive inflation is the war, what are you talking about? Get to a peace agreement even if it means Ukraine has to make big concessions, it’s not the US’ problem to begin with. Same with the other war and as well as the overall defense spending. I agree with you on Medicare as well. Tackle all those items and we’re on a good path.
If you go to college you get 1000 credit card offers so I am not surprised.
Is not just that, these kids need them just to make ends meet. Rent costs are outrageous.
I like these types of segments. Americans are hurting despite all the gaslighting from Biden and co. Its also refreshing to see something relevant to Americans and their well being.
To be fair, Trump handed Biden a huge mess
@@jackeagleeye3453I don’t know about you, but I had much more money in my pockets during Trump era.
@@JohnK.-cj2nqdid he line ur pocket during his last year of his term when covid hit?
@@luismedrano6680 I didn’t even receive a stimulus check as my income is in the 1%. But interest rates, taxes, stock market, and other economic indicators were much, much better.
@@jackeagleeye3453stop deflecting. Biden has been the worst president in modern history, possibly the history of the entire country.
High school curriculums teach trigonometry, calculus, chemistry and biology but not financial education.
They do, my classmates just don’t care.
Capital Gaines tax is capped at 20%, whereas the working class is taxed up to 37%.
I am minimum wage, 1,000 every two weeks... minus 150 for taxes. Then 7% sales taxes on anything I buy. Health insurance is 400 a month, but if I made 500 less I would qualify for a 100 a month financial aid, plus food stamps because the government admits that people cannot afford food.
Yeah, but those poor investors and corporations are just trying to get by! You have no idea how much a Unicat costs these days!
Yeah but if you lose money on an investment, the government doesn't cover any of your loss. It's a "heads I win, tails you lose" scenario. Also, investing money is a strategy for beating inflation, and inflation is a kind of hidden tax which is caused by government overspending. There are a lot of issues that I'm sure we could agree on, but just adding more taxes is not a great answer for taxpayers.
@@gbh_events Agreed. Because the government purposely devalues the money you save every year, you can't just save your money. So you basically have to invest it.
That is to offset the risk of investing.
Um did they mean to say 20,000? 2000 is nothing if you make average of 60k out of college. These numbers are fishy…
I definitely agree. 60k seems extremely high for graduates coming straight out of college and most people (Americans and beyond) would dream of only having 2k worth of debt.
I said the same thing
The biggest thing debt affects is FLEXABILITY for workers. Debt locks people into their current job whether or not they are happy.
Stop going to expensive colleges to get degrees you don't need and stop ordering from ubereats.
I feel for the younger generations. I think the biggest issue is affordable housing. Rents are so high it's difficult to save money and pay off student loans. On top of that the only new housing going up is large luxury housing, which drives up the price of more modest homes. Plus, big investment companies are buying up the more modest homes.
LLC’s 🥃🔥
"the only new housing going up is large luxury housing" - what does that mean? Also, the big investment companies are just a part of that, it's mostly mom and pops from what I understand.
the biggest issue is spending money you don’t have stop blaming other things
They voted and got what they wanted, now I have to suffer because of your vote....haha
@@brianbattaglia2187 Gotta be something to this right? How do people afford the things I see them buy?
Unless you can pay off your credit card each month you should not have one. Credit card fees besides the interest can triple the cost of purchased items. Save borrowing for large items like cars and houses.
Some people don't have the luxury of financial discipline especially with children, we want more of those to work right?
@@coleslaw9997 Calling financial discipline a “luxury” is pretty disingenuous.
Very horrible realities for young people which is the reason I am so upset with this government and this Administration if you were going to be about war for 4 years wouldn't you want to take care of the American people first.
They don't care at all. I no longer believe in anything
@@justhomas83 Don't say that be optimistic the sky's the limit.
34T in debt... fiscal irresponsibility seems like a characteristic of this country
And yet Jessica suggests more government spending to "get the economy moving".
8 trillion on the "War on Terror" that made us LESS safe & free then those same people that cheerleader want to lecture us on spending. Hahahaha
I remember when having a high school diploma was enough to get a good job. High school drop outs ended up with the bad jobs. Now you need a college degree to change oil.
And the folks with the degree, can't name most states.
Gotta pay to play
Rofl
Rich kids on the panel here talking about the poor.
Aha. The poor can not afford to have a panel to talk about their poverty.
@@gilsonsangulukaniphiri5018 Wont do. Surrogates tend to seek control. We have enough psuedo intellectuals trying to organise us into something they can manage. In some countries they get permanently cut out (if you follow my drift here)
@@gilsonsangulukaniphiri5018that is depressing.
@@gilsonsangulukaniphiri5018 they enjoy your suffering and talk like it's a coffee break fun right 👍
Corporate greed is a myth.
Between July 2020 and July 2022, corporate profits rose five times faster than inflation. In a market that HAS price competition - rising input prices should not make profits rise even faster. Time to enforce the antitrust laws and tax price gouging.
But markets didn’t have price competition for over a year. Small businesses were forced to shut down, while Amazon and Walmart were allowed to stay open. What were you clamoring for in May of 2020? Freedom or draconian, authoritarian lockdowns?
@@SeiyaSoiya-un4jj Nice strawman. Let's enforce anti-trust and enact a windfall profits tax, ok?
@@carycunningham9510 How is it a straw man? YOU LITERALLY provided the years for measurement in your original comment, and then conveniently left out the biggest global event that occurred during that time. You went to public school, didn’t you? Yikes…
What is price gouging?
@@deadgolfer6345 It has to do with why the Sherman Act, and others, were passed almost a century ago. Monopolies and oligopolies (a small cartel of companies) have such a dominant position in a market, they don't have to compete on price, they get to set it instead. Simply put, in a truly competitive market, rising costs should not make profits rise even faster. Market concentration erodes price competition. Anti-trust enforcement, and a windfall profits tax, are some of the ways to counteract this.
Would be interesting to see how all that money on credit was spent.
I’ve watched many financial audits of people claiming to be broke but their credit card statements show them spending $900 in a month at Taco Bell.
Bills; rent; ramen noodles.
I'm guessing a good bit of stuff they didn't have to buy. I have no idea how people afford what they're buying. How is a pickup truck $76k?
@@SeiyaSoiya-un4jjcheap food? What’s wrong with that?
@@willmcquitter8985 If a single person is spending $900 per month to eat, that’s not cheap food.
And, we need more government to fix it? Fire the government.
More government spending isn’t going to fix the roads. In California the government takes money for the roads department to fund other projects that aren’t road related. Then, the government asks the voters for another raise in the gas taxes to pay for roads.
Don't have a credit card. Go to the store cook/prepare your own meals. Don't Grubhub every meal of the day. You don't need every or any streaming service.
Very well could be equal part debt/budget
Make America Cook Again
The groceries are often more expensive than restaurants now
@@1D4ever No they’re not. At the grocery store you can still make 6-8 meals with $50 worth of items. Where as a restaurant you’re paying $25 for 1-2 meals. It’s literally laziness that is stopping people.
The government is spending less??? What?
Covid emergency spending naturally sunsetted. It’s a liberal talking point.
Yeah I was like is it opposite day??
Give up the Starbucks, Uber eats, and get two jobs for 5 years working 60-70 hours an hour, and most of all get a skill not a useless degree like American American studies.
Malapropisms aside, 1/3 of income I rent is a POSITIVE sign. What's occurring now is 35%-50% going towards rent/mortgage.
Is she really talking about the stimulus checks from 4 years ago .
Rice and beans with seasoned ground beef and steamed broccoli is 3$ for 2 meals a day...better learn to meal prep
That’s not true man. Rice is expensive unless u buy cheap rice. Still over 1$. Beans if ur lucky .69 cents a can. Pink beans is like 1.75$ a can!!!! A pound of ground beef is roughly 5$ broccoli is free if u grown ur own. Still gotta buy the seeds tho. Let’s say 3$.. your math is way off, or your lying and sum ppl out there will believe you. I’m not one of ‘em.
@@johndsouza842 Pinto beans $17 for 25#, rice $17 for 25#, Costco
I eat rice and tuna or sardines every day for lunch. Costs me about $1.50 per meal while the rest of my coworkers order Doordash every single day of the week. One guy said he spends over 500 a month on fast food. Breakfast lunch and dinner.
I’m glad my parents are financially responsible and taught me the way lol
University was never the answer for everyone, yet it was pushed as the only way to better yourself. What we should be pushing is the trades and Entrepreneurship.
It was pushed to explain why certain people were shut out from careers
I think there’s a big problem with accountability, people overspent during Covid, didn’t anticipate that high costs were going to continue past Covid and now they’re squeezed. Stop living above your means and start purchasing less, either by choice or our govt is going to force you to. It’s simple.
Don't print more money. The government agency needs to fire people. We need a surplus budget.
I hope they print heaps more. It makes my rental property retirement plan harken sooner. 🎉
They're called roommates
Im 36 and only paid off all my credit cards by winning 10k at the casino
Well with 34 trillion in debt, it's no surprise, we are all struggling to some degree.
Spend, spend, spend.....👍. And this is your future America, a broke GenZ 🙄
It seems to me that with each new generation their executive functions are becoming less and less. Leading to less control over their habits, be they spending, self-control, or any other plethora of things. This is why the younger generations can't hold on to money, have a regular work schedule, etc. It is not simply a lack of willpower it is an in-built deficit.❤🎉
Government spending will only make things worse.
The government spends what it is directed to, where it is directed to, by the companies that direct it. There's a reason both political parties are corporations. Just business doing business. Calling it government.
None for America, everything for everyone else
“Sometimes we want stuff that’s not super profitable like good education, and good transportation, & smooth highways to drive on.”
Hey Amber on Fulltime. She’s one of the very few Gen z’s I’d listen to. 😂
you act like they are drowning not from their own actions and spending. why should we feel sorry for group that buys $1000 phones, door dash everyday, pays for 8 streaming services etc
Inflation is actually corporate greed....
I love seeing Jessica hosting more frequently!
Living with parents and grandparents is really the only option. Working and trying to save money while staying at home
Solid analysis by Jessica.
Most of the current tax revenue is from the top. We are the new target.
There's no argument - the buying power for most has only reduced overall for multiple decades. Meanwhile, productivity has broken records again, and again, and again. Record profits achieved again, and again. We serve the wealthy, in finance, in materials, in blood.
Aren't these people at the top scared American's are gonna ban together and confront them?
The Government has a spending problem and so will it's citizen. Government should set better example for it's people.
Gen X too
Not really in debt but stuck around a net zero for the last twenty years….
$2000 is drowning in debt? 😂😂😂😂
Well, it can be.
Corruption leads to revolution.
or dystopia
Jessica Burbank hurts my brain
Miscontruding Share holders with " the rich" is a misgnomer. Most of the middle class gains their wealth from being share holders in companies.
$2,800 is nothing. Was the compare with Millennials at the same age adjusted for inflation?
Everyone’s crying “broke” but last time I checked, Taylor Swift and Beyoncé aren’t performing in empty stadiums.
And those tickets were not cheap
You don't need a credit card
And they have no clue who to blame.
I would urge a community service solution to pay down personal debt. Let these kids work at a fast food place at $5/hour for 5 years in exchange for loan forgiveness.
The pandemic proves the government could make some rich and others broke.
These hosts are off the rocker. "Sometimes we want stuff that is not super profitable. Like good education and good transportation and smooth highways to drive on" lol At the time when government spens like never before just not on things the people and country desperately need.
Because they don't listen to their parents who are trying to help them and think they can do things on their owns.
Eliminating stock buybacks is probably the #1 thing we can do to improve the situation for consumers and reinvigorate innovation.
$2000 is nothing. That’s like one decent paycheck. Rent shouldn’t be more than 1/4 of your gross income, assuming you’re debt free. People need to learn to budget and live within their means/ skill set.
Who's rent?!?
@@1D4ever “who is rent?” Is that what you meant? I don’t follow your broken English.
Who's rent is 1/4 of their income now in 2024
@@1D4ever “whose”. The answer would be those who are fiscally responsible.
My mortgage is 880 a month I make 80k a year. Just bought it last year for 159k. I pay extra on it every month to get it paid off faster.
Yes. Print more money. 🙄
The kind of casual assumption that federal spending automatically results in higher inflation is an old saw from laisse faire economics departments, but it isn't really the case. Still, it's used as a justification for austerity budgets to cut benefits for the poor and interest rate hikes to "discipline" the work force.
More public spending? Public spending is at an all time high. Public spending got us into this mess.🙄
huh? the "all time high" was around 1945 when federal spending as a % of GDP was nearly 50%. We're nowhere near that and haven't been for decades. what planet are you on?
@@bryson8918that’s because they are just printing more money daily to hand out to the military industrial complex. That artificially boosts GDP while causing inflation and destroying the middle class in this country.
The only spending that is "high" is the repeated lack of being able to complete an audit and not accounting for double digit trillions at the Pentagon.
They don’t understand.
Gen Z needs to hustle!!!😤
Two words....Joe Biden
Rent payment, 1/3 of the salary, is the high boundary of what it was 20 years ago, 25% - 33’%. The issue is housing prices are less affordable, besides the different life style of the new generation.
Housing is central. Start building more houses, and give 1st time buyers the priority. Ban non-citizens from buying us houses.ban REITs and investors to buy up houses. This will lower housing prices and rents, which will help. Not spending more money.
The Saudi's would never let that happen. They own a lot of US real estate, and large proportions of multiple media corporations.
I’m not drowning in debt I have debt, if I would FINALLY have a well paying job with my degree I’d be able to get out of debt in 5 years. I have 50,000 in student loans, car, bills, credit cards if I would again FINALLY get a well paying job I’d get out of debt in 5-8 years
Inflation is high so we need more government spending?
We need a pull back for healthy growth. This growth isn't healthy
Novel idea… stop going into debt. Too much sense though 😁
6:01 grocery stores are forced to pass on their cost for items. They keep a consistent profit per item. But the production or distribution companies raise their prices more than inflation would cause. It is further amplified by the lack of competition because these companies are all owned by the same mega corporations b
Those new iphones will not buy themselves! I kid...
Governent spending less? Are you crazy?!? The federal budget is exploding away! Especially now with higher interest payments, which are only going to be financed away with more new issued debt. The pandemic and shutting the economy down as a result, didn't help either.
1/3 of income for rent..? No, most of the people I know are paying 50% or more of their income on rent.
Sorry... It’s not debt. It’s income disparity. :)
Not just young people. Fees driven markets
60k a year for college grads seems inflated even with recent inflation. also 1/3 of income going to rent is only for "new traditional contract rent agreements".
Im a Gen Z been in sales since I turned 18 would recommend all my Gen Z bros/sis to learn sales so that there is never a cap on what you make! Otherwise youll always be replacable with a cheaper college grad! In sales they keep the top ballers kick out the low performers with a settler mentality
Sales is a special skill not everyone has. While it can be learned a lot of folks just don’t take to it. If it works for you you are lucky
Sales ain't for everybody.
I'm sorry The Hill but these are deeply unserious conversations. Jessica saying that maybe the federal government should be spending more?! We have the highest spending EVER right now. E V E R That is why inflation and interest rates cannot come down.
You have a typo in your onscreen graphic.
Millenials tried to warn you about debt...
"I think they are starting to connect the personal debt they have, to the people who made money off of it." Pretty keen insight there Ms. Burbank.
You make money off folk for borrowing. Nothing wrong with that!
@@causewaykayak She definitely wasn't talking about the concept of usury there.
@@FreedomForever2010 Hi there. Usury is as old as the hills. Money lending is an established business. No one gets a free ride. I get her (their) making a strong point about inadequate pay but they are NOT talking about "Rowntree Primary Poverty." If I understand them properly They are saying that its unfair that people have debt because they spend on aspirational goods. IE Wilful Debt. That isn't the fault of the lenders. No i dont know about you but I can't feel a lot of sympathy for such debtors. They need to live with the consequences of their choices. Neither do I have much tolerance for those who defend profligate spending pretending to be some sort of socialists.
Tax the 1% or many of us will leave the work force and go overseas
Ask yourself, if these institutions of higher learning are so expert in their fields, how is it that they can't deliver their product to market at a more affordable price. How is it that they can't build in efficiencies of scale?
That makes us all "Gen Z"
How about have a panel for poor people like myself? I make $10.50/hr and use welfare.
Quit buying on credit.. Save and pay cash..
Melennial data is probably not indexed for inflation. Considering costs of most things are up by 30% in some cases double and triple like insurance and electricity and groceries.
$2k? I usually make around $2k to 3k payments on my credit cards every month to reset them to $0. 😂
Why wouldn’t we just nationalize a portion of the grocery supply? We already subsidize farmers with billions, and we subsidize consumers with food stamps, why not connect those dots and have a nationwide government sponsored grocery store. Oh wait I forgot, that makes too much sense. Our government would never go for it. It’s in the business of keeping us sick not healthy.
Do you like going to the DMV?
@@SeiyaSoiya-un4jj Government cheese and other staples used to be considered the standard others had to meet. Now we access trash with a brand name, with occasionally changed packaging. The businesses control the government. Just follow the history of US tax revenue by source type. Only one tax source bracket has gone down over the last 100 years. That's why the government has the public perception it does, decades of corporate manipulation in media and sabotage. I get the impression we're headed back to Company towns and Company Scrip for pay. Where your business owned your property, your electricity, your water, and your pay. They raise the rates on the rest, but don't raise your pay. Move 16 tons, what do you get?
That's too efficient for maximized profits. Inefficiencies are needed to increase profit margins. FYI - the government isn't allowed to profit.
its def higher than 2k