Latest / Financial Survival Network / GDP Gains and Political Pain: What’s Next for the U.S. Economy? - Mindy McIntosh #6113

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GDP Gains and Political Pain: What’s Next for the U.S. Economy? - Mindy McIntosh #6113 · Financial Survival Network

0:00
Speaker 1: So these GDP numbers and things that come out, we
0:03
Speaker 1: have to as a community start helping people, you know,
0:06
Speaker 1: alongside people next to us. So sure, some people are
0:09
Speaker 1: talking about investing, should we diversify, where should we go there?
0:12
Speaker 1: But we need to actually be helping people that are
0:15
Speaker 1: having a hard time with the inflationary numbers. They're working,
0:18
Speaker 1: they have jobs, so it's hard for them to provide
0:20
Speaker 1: for their family. So we need to be talking about
0:23
Speaker 1: how can we help them gain and obtain better healthcare?
0:26
Speaker 1: How is it going to be affordable for them, and
0:28
Speaker 1: how can they actually truly say when they're just having
0:30
Speaker 1: a hard time day to day, let alone look at
0:33
Speaker 1: next month, the next, next year, next quarter for you know,
0:36
Speaker 1: for all that.
0:37
Speaker 2: Means you're listening to Carrie. Let'sa's Financial Survival Network where
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1:05
Speaker 3: Welcome you are listening to and watching the Financial Survival Network.
1:09
Speaker 3: I'm your host, Carrie lutz Well We just got the
1:12
Speaker 3: latest GDP numbers and they blew through expectations. How convenient
1:20
Speaker 3: consumer spending is up, investment is up, government outlays is up. There,
1:26
Speaker 3: our outlays are up. There's a shocker, and lots of
1:30
Speaker 3: other good numbers that are bullish for the economy. I
1:33
Speaker 3: felt better just reading a Mindy Macintosh is with us now,
1:38
Speaker 3: and Mindy, you're from Wealthmichigan dot com. So we should
1:44
Speaker 3: all be breaking out the champagne.
1:47
Speaker 1: Happy days are here again, right, I wouldn't be too
1:50
Speaker 1: sure about that. I mean, it's nice GDP, yes, two
1:52
Speaker 1: point eight, I get it, But I was kind of
1:55
Speaker 1: teasing here earlier. Today we have some sizzle and some
1:58
Speaker 1: fizzle all with this coming out currently, so we're just
2:01
Speaker 1: seeing things kind of stay put right now. It doesn't
2:03
Speaker 1: mean we're not trending towards the recession though, so that's
2:06
Speaker 1: not always good stable ground there. But we haven't seen
2:09
Speaker 1: much change of the housing units. We're seeing less job
2:12
Speaker 1: opportunities entering the market, so we're going to have to
2:15
Speaker 1: see some chades here in the upcoming future. But for now,
2:18
Speaker 1: that's kind of staying put, as you know, kind of
2:21
Speaker 1: anticipated for us.
2:23
Speaker 3: Right, So how much of this is real? How much
2:26
Speaker 3: of this is political? Do you think? Oh?
2:29
Speaker 1: I think that we always have to throw that into there.
2:31
Speaker 1: If you even take a look at any of the
2:32
Speaker 1: news sectors of the past and been ten days right
2:34
Speaker 1: of everything that we've seen from the tech ara to
2:38
Speaker 1: digitals to you know, people can't fly in airplace it
2:41
Speaker 1: tech has been shut down. We take a look at
2:44
Speaker 1: some consumer reports, if we take a look at the
2:46
Speaker 1: macro view of the market on what's coming up with
2:49
Speaker 1: the election, we really need to find some common ground,
2:52
Speaker 1: get some good routes and stabilize and as a unit
2:55
Speaker 1: come together to really look at all things that's going
2:58
Speaker 1: on currently. And you know I talked to you last time, Carrie.
3:01
Speaker 1: I mean we really have to look at these inflationary
3:03
Speaker 1: numbers and interest rates because we need to see the
3:06
Speaker 1: changes there and anytime we see that app cycle, part
3:09
Speaker 1: of our focus process that actually is going to tie
3:12
Speaker 1: that into when are we seeing the tax rates change then,
3:14
Speaker 1: because we have to start filtering in and finding out
3:17
Speaker 1: where the next SNK event change within the econrement.
3:20
Speaker 3: You know, I saw a video. Of course you won't
3:23
Speaker 3: find it on the lane stream media, but there was
3:26
Speaker 3: a breadline in Brooklyn that stretched for like a mile.
3:31
Speaker 3: And these were not homeless people. These are working people
3:34
Speaker 3: online there who literally, due to inflation, can't afford to
3:39
Speaker 3: feed your family. And you know, we're probably a different
3:44
Speaker 3: socioeconomic strata. We don't really see that in our day
3:49
Speaker 3: to day, but that is what's happening around America large swaths.
3:54
Speaker 3: So the average guy is waiting on this at a
3:58
Speaker 3: soup kitchen where a bread line, doesn't really care that
4:01
Speaker 3: the GDP grew two point eight percent and that consumer
4:06
Speaker 3: spending was up two point three percent. Those are meaningless numbers. Yeah,
4:11
Speaker 3: they are.
4:11
Speaker 1: Even in our small town. We live in a little
4:13
Speaker 1: town called Freeland, Michigan, and our in our Freeland area
4:16
Speaker 1: we have maybe eight thousand people here or so our
4:18
Speaker 1: next town over in Midland. At one of their soup
4:20
Speaker 1: kitchens they're serving, they were just letting us over a
4:23
Speaker 1: couple of weeks ago, over five hundred individuals, and I
4:26
Speaker 1: believe that that is what they're doing every day.
4:28
Speaker 3: And that's in a.
4:29
Speaker 1: Very small community. So these GDP numbers and things that
4:32
Speaker 1: come out, we have to as a community start helping people,
4:37
Speaker 1: you know, alongside people next to us. So sure, some
4:40
Speaker 1: people are talking about investing, should we diversify, where should
4:42
Speaker 1: we go there? But we need to actually be helping
4:45
Speaker 1: people that are having a hard time with the inflationary numbers.
4:48
Speaker 1: They're working, they have jobs, so it's hard for them
4:50
Speaker 1: to provide for their family. So we need to be
4:53
Speaker 1: talking about how can we help them gain and obtain
4:56
Speaker 1: better healthcare? How is it going to be affordable for them,
4:58
Speaker 1: and how can they actually really saying when they're just
5:01
Speaker 1: having a hard time day to day, let alone look
5:03
Speaker 1: at next month, the next year, next quarter for all,
5:06
Speaker 1: you know, for all that.
5:07
Speaker 3: Means, hey, you know, they're destroying the middle class. The
5:12
Speaker 3: middle class is being pushed down to the working tour.
5:17
Speaker 3: And they didn't do anything wrong here. And look, the
5:22
Speaker 3: inflation was all predictable. It started during COVID with all
5:26
Speaker 3: the massive handouts, which maybe somewhat necessary, maybe not, Maybe
5:32
Speaker 3: they could have been done in a lot better way
5:35
Speaker 3: than they were. But then we got the Inflation Aggravation Act,
5:41
Speaker 3: which has just put inflation on steroids. And nobody out
5:46
Speaker 3: there is talking about fiscal sanity, about you know, corporate welfare,
5:51
Speaker 3: about you know, endless wars. Nobody out there really who's
5:57
Speaker 3: currently in power seems to care about these things that
6:00
Speaker 3: really directly affect or indirectly affect. You might think war
6:04
Speaker 3: is great until you go to the supermarket and you
6:08
Speaker 3: see that you know, everything is up twenty percent and their.
6:13
Speaker 1: Other ends aren't keeping up that much. I mean, we
6:15
Speaker 1: have seen within our income planning, we call it our
6:17
Speaker 1: future income planning here we have seen with those interest
6:20
Speaker 1: rate numbers right now, with current interest rates and the
6:24
Speaker 1: short term doing so well, our income and bond alturtives
6:28
Speaker 1: have done excellent. So some people that are already having
6:31
Speaker 1: their pension like income because so many people don't have
6:34
Speaker 1: a pension anymore. So some folks with their pension like income,
6:37
Speaker 1: we have been able to make a transition for them,
6:39
Speaker 1: give them some more income inside of their own investment
6:42
Speaker 1: portfolio to just kind of help ease some of the
6:44
Speaker 1: things you're talking about right Costing more even at the
6:47
Speaker 1: fuel pump, costs more to travel. If anybody's looking to
6:51
Speaker 1: you know, change homes right now or buying a different
6:54
Speaker 1: housing market and need a loan, those interest rates are
6:57
Speaker 1: relatively high currently. So it's just about design and setting
7:00
Speaker 1: a plan and then how do you find good ways
7:03
Speaker 1: to make sure things are affordable because it's tough for
7:05
Speaker 1: the younger families.
7:07
Speaker 3: Uh.
7:07
Speaker 1: You know, husband and wife these days now both mean
7:09
Speaker 1: to be providing for the family in most most situations.
7:13
Speaker 1: And how are they going to you know, maintain and
7:15
Speaker 1: get ahead. And we're going to see that. I think
7:18
Speaker 1: we're going to continue to see this cycle in economy
7:21
Speaker 1: right now, and then we'll see some future tax rates
7:23
Speaker 1: because of what we saw in that trip off back
7:26
Speaker 1: back from COVID. I fully agree.
7:28
Speaker 3: So, you know, increasing taxes with a recession coming up.
7:33
Speaker 3: Maybe we've been in the recession and because of the
7:36
Speaker 3: government spin doctors here, it hasn't been fully recognized. You
7:41
Speaker 3: have to be a working class person to know that.
7:44
Speaker 3: You know that old saying a difference between a recession
7:47
Speaker 3: and the depression recessions when you're at a work, depressions
7:51
Speaker 3: when I'm at of work.
7:52
Speaker 1: Yeah right, yeah, you and you have to. You can't
7:57
Speaker 1: just read headline news. You also can just see these
8:00
Speaker 1: numbers and percentages of that they oh everything is fine.
8:03
Speaker 1: This is a bus guy. You have to have a
8:05
Speaker 1: well developed plan, just as you know, we talk about
8:07
Speaker 1: this with you quite a bit. So I think we
8:10
Speaker 1: have could prepare for taxes. So even if folks can
8:12
Speaker 1: say five ten dollars a week, even if that's what
8:15
Speaker 1: they're saving for their future retirement plan, by all means,
8:18
Speaker 1: I really want to make sure that that's in their
8:19
Speaker 1: tax free account. Try not to spend things on your
8:22
Speaker 1: credit cards that you don't have to, so that you
8:25
Speaker 1: are not you know, forever in debt and to the
8:27
Speaker 1: credit card carrier. And just making sure that we're looking
8:30
Speaker 1: at all avenues of healthcare, what type of health care
8:33
Speaker 1: is best for you, the costs. We like to make
8:35
Speaker 1: sure that we're really helping cholks with that as well.
8:37
Speaker 1: And then just don't ride the wave these of all
8:40
Speaker 1: of your investment portfolio.
8:41
Speaker 3: Either.
8:41
Speaker 1: They need to diversify and then to be able to
8:45
Speaker 1: take a look at don't assume too much risk or
8:48
Speaker 1: too little. How do they diversify and work alongside someone
8:51
Speaker 1: to help you with this so that you don't just
8:53
Speaker 1: see the news, see the headlines and think, oh gosh,
8:57
Speaker 1: they must be talking to someone else, because they're for
8:59
Speaker 1: sure not talking to meat. And then they need to
9:00
Speaker 1: engauge their own plan individually for their family. And then
9:03
Speaker 1: the community involvement like we started with, I think is
9:06
Speaker 1: the biggest key, right now biggest key.
9:09
Speaker 3: Okay, so is AI going to get us oide of
9:13
Speaker 3: this mess?
9:16
Speaker 1: Like, hey, I'm not going to get outside of this mess.
9:18
Speaker 1: And it's definitely made some great improvements of some of
9:22
Speaker 1: the way that folks need new business. It's also taken
9:24
Speaker 1: out some of that human component, which I I don't
9:27
Speaker 1: care for. H So I do think with anything, we
9:31
Speaker 1: don't want too much. Too much of any one thing
9:33
Speaker 1: is not good. So I think in moderation it can
9:36
Speaker 1: help us with some note taking, with some servix tools,
9:40
Speaker 1: optimizing time. But we still need to make sure. You know,
9:44
Speaker 1: I don't want to I don't want to sit a
9:45
Speaker 1: prosper a roepot robot that's writing.
9:47
Speaker 3: Me a letter.
9:48
Speaker 1: I want to make sure that I'm talking to you.
9:50
Speaker 3: Yeah. Well, a while ago somebody was fired. He was
9:54
Speaker 3: a driver for Amazon, and you know, and he said,
9:58
Speaker 3: why what did I do wrong? Wasn't I producing? Nobody
10:02
Speaker 3: could say, because a machine had evaluated his performance, and
10:05
Speaker 3: I think it was a guy and just said you're out.
10:09
Speaker 3: And it's like, how do you fight the machine? You know,
10:11
Speaker 3: you think it's bad fighting the government. Try fighting AI,
10:15
Speaker 3: which nobody even knows how it made its decision to
10:19
Speaker 3: get rid of you in the first place.
10:21
Speaker 1: Correct, absolutely, And I want to make sure that we're
10:23
Speaker 1: keeping jobs for individuals, right, it's going to definitely be
10:27
Speaker 1: eliminating already have done so, and we'll see the spiraling
10:31
Speaker 1: effect of that. So we just needed to be careful
10:34
Speaker 1: of how much for action utilizing and leaning on that tool,
10:38
Speaker 1: you know.
10:38
Speaker 3: And for the vast majority of people, like work isn't
10:41
Speaker 3: just the means to a paycheck. It plays vital roles
10:45
Speaker 3: self esteem, sense of accomplishment, socially your workers. Although now
10:51
Speaker 3: that everybody works from their home office, maybe not so much,
10:54
Speaker 3: but most people at most offices have reinstituted to people
11:01
Speaker 3: personally attending at least for several days a week. Work
11:06
Speaker 3: is like way more important than just economical certainly, its
11:10
Speaker 3: value for the economy and the world. So in the meantime,
11:15
Speaker 3: while all this is going on, China is like underwater
11:19
Speaker 3: literally and nobody is taking this into account. You don't
11:24
Speaker 3: see any news reports. I mean that place is literally
11:28
Speaker 3: going through biblical floods here. That's got to have an
11:32
Speaker 3: effect on things too, the supply chain and all that
11:34
Speaker 3: good stuff, right, Mandy, for sure.
11:36
Speaker 1: Supply chain supplying demand, you know, they're doing. There's so
11:39
Speaker 1: much the frontrunner of some of these items, we have
11:42
Speaker 1: not seen anything. We've seen nothing on surplus or deficit,
11:47
Speaker 1: no real news just coming out with that at all.
11:50
Speaker 1: And really we've been trying to look at what they're doing.
11:53
Speaker 1: And you know, especially in the market on mobile they're
11:57
Speaker 1: nuclear developments and you see all this that's happening in
12:00
Speaker 1: the floody and you hear no where we've seen nothing
12:03
Speaker 1: of it.
12:04
Speaker 3: It's frightening. I saw like mile two mile wide rivers,
12:10
Speaker 3: you know that were main streets of major cities with
12:13
Speaker 3: hundreds of vehicles being washed out, floating like quorks in
12:18
Speaker 3: a bathtub. Is I'm just never seen anything like it.
12:22
Speaker 3: And we've all seen thanks to the media, we've seen
12:25
Speaker 3: a zillion natural disasters before and never seen one any rivaling.
12:30
Speaker 1: This, and they should be talking of it. How can
12:33
Speaker 1: we help, right, So, how do we divine the immunity,
12:35
Speaker 1: create us together? We're all interactively changed and interconnected, and
12:41
Speaker 1: so why are we not seeing what's happening. We're going
12:43
Speaker 1: to see some international trade and deficits. We're also going
12:46
Speaker 1: to see some different things within as well as investing overseas,
12:50
Speaker 1: and you know that could help bring inter but we
12:52
Speaker 1: need to be discloseding and talking about it and so
12:55
Speaker 1: just having blinders over it.
12:57
Speaker 3: Yeah, well, obviously, uh decision has been made to make
13:02
Speaker 3: an enemy out of China, and they're not getting any
13:05
Speaker 3: help from the US until they beg for it, basically
13:09
Speaker 3: because they've always refused international help in the past, and
13:13
Speaker 3: they go into a denial ritual when anything bad happens there,
13:18
Speaker 3: and then they blame it on the victims generally and
13:22
Speaker 3: suppress all news of it. This is so big and
13:25
Speaker 3: it's far reaching that that you know, the government's got
13:31
Speaker 3: to be talking about this and really making it a
13:34
Speaker 3: major issue here because it's going to have effects all
13:38
Speaker 3: over the.
13:38
Speaker 1: World, oh everywhere, absolutely sure, and so they need to
13:43
Speaker 1: decide what they're going to do, how they're going to
13:45
Speaker 1: portray it. And it can mean a lot of different
13:48
Speaker 1: variations of items and factors of that triple don effect,
13:52
Speaker 1: depending on what's disclosed and how that we're looking to help.
13:55
Speaker 3: Hey, you know, even though there's a decoupling taking place,
13:58
Speaker 3: there's still a lot of stuff that gets made in
14:00
Speaker 3: China and a lot of stuff that we need, and
14:05
Speaker 3: you know, and it is one world, whether we like
14:08
Speaker 3: it or not. So even though our leaders would like
14:12
Speaker 3: to split us, you know, we're like little marketing niches everybody.
14:17
Speaker 3: They appeal to everybody their own little niche and ignore
14:22
Speaker 3: the fact that we're part of a bigger hole. So
14:25
Speaker 3: that is absolutely true. And you know, look the United
14:29
Speaker 3: States and the history of helping all these nations in distress.
14:33
Speaker 3: Whenever any disaster hits anywhere in the world, the US
14:37
Speaker 3: is there in some form or fashion. So it shouldn't
14:40
Speaker 3: be any different this time regardless. Put the politics aside,
14:44
Speaker 3: put the ideology aside, and just do the right thing. Hey,
14:48
Speaker 3: So when we have when we're looking at this economy
14:52
Speaker 3: after the election, mindy, after all the damage has been done.
14:57
Speaker 3: You know, we always say, you know, there's one guaranteed
15:01
Speaker 3: loser in every election, and that is the American public. Right,
15:05
Speaker 3: So where we going to be at come come November
15:09
Speaker 3: after the whatever happens happens there.
15:13
Speaker 1: You know, I think consumers need to be a little
15:15
Speaker 1: cautious because so many states are already feel that if
15:17
Speaker 1: going to know who's going to be the new president elect,
15:20
Speaker 1: and we need to continue to create the unity. I
15:23
Speaker 1: just wish since someone run that actually is really well
15:26
Speaker 1: deserving and so inheritibly ready to be in the country stream.
15:31
Speaker 1: But who would want to who would want to have
15:33
Speaker 1: that job?
15:33
Speaker 3: Exactly?
15:34
Speaker 1: That's the big thing. The ones that really can do
15:37
Speaker 1: an amazing job with leading our country, they're not going
15:41
Speaker 1: to come to the forefront, in my opinion, which is
15:43
Speaker 1: what we really need. So the human population, like you said,
15:47
Speaker 1: we all live in one you know, one USA and
15:50
Speaker 1: one country, one global China. Everybodys to you know, we're
15:54
Speaker 1: all put out of our here. If we can start
15:55
Speaker 1: collaborating more than d shirt leading right together, it will
15:59
Speaker 1: help to create a more better developed plan. So I
16:03
Speaker 1: feel a little up at arms of what I think
16:04
Speaker 1: will happen this. You know, this November and does talk
16:07
Speaker 1: about you know, generally speaking, markets and returns and such
16:11
Speaker 1: are super effective whether we see democratic or republican. But
16:14
Speaker 1: you see things like this happen in China. Are we
16:16
Speaker 1: going to create unity and help out or we get
16:19
Speaker 1: to continuoency more nation divide on. That's all going to
16:22
Speaker 1: be a trickle down factor as well. So we have
16:25
Speaker 1: to create and develop a well sustained plan and be
16:27
Speaker 1: writing to make some changes because we're going to see it.
16:30
Speaker 3: All right, Indy, Thank you so much for coming on.
16:33
Speaker 3: Even as you're find Mindy at Wealthmichigan dot com. Got
16:38
Speaker 3: a question to comment from Mindy or myself should be
16:41
Speaker 3: an email k L at Carrie lets dot com. The
16:43
Speaker 3: link is in the show notes this interview on Financial
16:46
Speaker 3: Survival Network dot com. Please sign up for your free newsletter, Mindy,
16:50
Speaker 3: always a pleasure, Thanks for stopping by.
16:52
Speaker 2: Thank you, thanks for listening to Carrie Let's's Financial Survival Network,
16:57
Speaker 2: your solution to today's trying times. For the latest, go
17:01
Speaker 2: to Financial Survivalnetwork dot com. Financial Survival Network now more
17:07
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