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Welcome to the gill on money show, mark. What day is IT? IT is election day. IT is tuesday, november and everybody I know we're all losing our collective minds in general about the election.

What I thought might be a good idea is to give you A A quick big picture. What the heck is going on with the economy? Because everyone says it's all about the economy.

I'm going to tell what I don't think that is. I think IT is all about inflation is not all about the economy. Before I get started, I just want to say that what i'm about to talk about is going to a rock. Some people, it's not going to feel good.

You're going to say that's not my, that's not for me, that's that OK fine, go to our website gilan money 点 com， go to the blog section, click on the link that goes to the election economy blog post because a lot of what i'm talking about will be what will be covered in that blog. Let me bring in mark toli, best executive producer in the world. Hello, mark.

Hello joe.

Here's a thought experiment. It's five years ago. It's november twenty nineteen.

okay? And I wanna tell you what is gonna happen. I'm going to tell you it's november of twenty nineteen.

And what's about to happen is we're going to have a global pandemic, millions of people. We're going to die around the world. We're going to be worried for a long time about our health.

We're going to worried a lot about our personal finance. We are going to get checks from the government. We're going to have a global economy shuttered.

We are also then going to have a kind of like a step by step reopening. It's not going to be uniform. This is going to be fits and starts when the economy really does open.

Many people are just gonna spend like crazy just because they haven't been spending for a long time. We're going to have a surge in inflation and then we're going to have the fed jam, interest strates up higher, that they probably are going to a late start doing that. And somehow, somewhere more active ously, we will not go into a recession.

We will actually have growth. We will have job creation. And really, when IT comes to five years from now, in november of twenty twenty four, you will see that the economy, just by the numbers by GDP, will look and off a lot like twenty nineteen. Do you believe IT or not, mark? Could you believe that .

did all that happened? You forgot one important thing.

though.

What's that amongst all the things that you listed that happened? Uh, jill, my money went to five days a week, seven days a week, seven days a week. Great soon. then.

I mean, that's a lot of stuff to happen. Again, i'm sorry, that's a lot of stuff to happen. And I understand if you feel like the world is terrible for some reason you just sort of stuck in the universe of, oh my god, I am not Better off than I was four years ago.

Okay, fine. You can say that only one half of a people polled by galaxy said they weren't. I'm just calling B.

S. On IT. People are feeling bad, but are they really worse off? That was the question that I asked myself.

And IT let me down a rabbit hole of doing some research and that's how I got to this whole process of, like, wow, look at this. We're doing okay. The economy is expanding.

We are we have created jobs forgetting about the the stupid october jobs report, which mayor may not turn into something big um we are seeing the inflation rate come down and we are seeing that workers on average, not every single one of you but U. S. Workers are making more money today than they were in twenty nineteen.

Even when I account for inflation, I do think the devil is in the details, right? Because I think that when you are somebody who is a home owner, for example, let's say your home owner, and you've got a decent job, maybe didn't get a huge race, but you're home honor, you ve got a fixed weight mortgage, you've got a four one k like your eyes pretty good, like you are pretty good. Probably half the country feels i'm alright, i'm good.

But I really want to say that I like because I know Prices are higher. Prices are higher, okay, but all these other things are also higher and you're doing fine and compare that with somebody who's like um a single parent is a renter where your housing cost have gone up dramatically because a rents have gone up dramatically, paying for childcare has gone up dramatically. All that the way that we walk through the economy is really to say, what do we experience and how do we feel about IT.

So I was with a group of people, mark m, we were out to dinner and someone said, oh my god, I cannot believe how expensive everything is. I said, I know, why do you keep going out for dinner that you yeah, but I want to go out for dinner. Okay, just checking, just checking. I mean.

IT is expensive.

It's expensive. IT is so don't go up. No, I want to go up. Okay, then you but that's part of IT.

One of the things that I did in the blog posts I link to, uh, the compounds. Ben carlson, he is at rich wealth management. He writes a very good blog.

Mark and I were just talking about ben, we love you. And the blog has called a wealth of common sense. And he did a great thing.

He went back and he said, one has the inflation rate done by decade. And he looked at kind of where we are in the twenty twenties and compared IT with twenty tens is not that far off. And just in that, all happens so quickly.

And IT IT was condenser. So you know what to see where we end up. But I have this sneaking suspicion that we are going to look back and there's going to be two.

Like if you go back for fifteen years, right? Here's the question you're going to ask yourself that you, as an individual, forget about as a politician, what would you rather have like a great recession recovery or a coveted recession recovery? So in the great recession, what happened was we had a housing crisis of financial system that almost collapse.

We did not give people, individuals a lot of help. We gave institutions a lot of help. The banks, financial institutions and um IT took a long time for the recovery to to actually take holder.

I was really like must see to be the market bottom in two thousand and but like the housing market didn't bottom til twenty twelve or something. And we really didn't get going to like fourteen, fifteen, sixteen like we didn't really get going. And we just took so much time versus we had this inflationary y Spike after the covered recession because we have put a lot of money, maybe too much money, into individual hands.

And we we saw a big bounds, but we also got inflation. And now inflation has asked a little bit longer than anyone would like and that we are but no one seemed to suffer so dramatically as they did like we don't have people losing their homes. And so what do you think, mark, which kind of recovery would you rather have? A one which is highlighted by a lot of inflation, but its a very quick recovery or a longer recovery where there's no inflation? No, i'll take i'll take the .

the coffee recovery, please. But here's .

the problem. Politicians who are such nuckles heads, guess what, they're gna absolutely would have picked. I know this for a fact. They will never send track out like that ever again because you're going to say, oh my god, we got so hammer and they will not let that happen again. And that's a shame to me.

I mean, may be we went too far, I get IT, but there is to me, this is one of those things where it's gonna. The wrong lesson is extracted from the exact experience, and that's too bad. But you know to I hate politics, but you know my friends who cover politics, they think that wall street is crazy. So though i'm you, do you. I remark is at IT for today .

and I done, yeah everybody keep calm and Carry on it's gonna crazy whatever we find out who knows what to find maybe it's quit, may be it's so don't let that impact what you're doing with your financial lives.

That's right. Um I also want to give you a nice um quote to remember uh the I sit on the board of the L G B T Q center of new york in our h CEO shared this quote last week. SHE said joy is an act of resistance.

They power toy their cut pend that joy is an act of resistance. You know what? Be happy with where you are in your life.

Find some joy. You will get through this. Everyone's gona get through this.

And let's be nice to each other. We can be nice to each other other okay. Um are IT that's IT. That is the program.

If you have a financial question and you're worried about something going on in the election or something, thing is just knowing that you give us a holiday to drill a money. Don, click the contact us button, let us know if you'd like to join us on the air live. Don't forget design for the free weekly news leader and also subscribe to jill and money life.

We have a new web in our coming up in just a couple of weeks, thursday, november fourteen, seven eastern time. We are going to be doing here and planning and tax laws harvesting with c fp and cpa. Michael goodmen IT will cost you thirty five dollars to get that weapon or in three more after that, all the back cattle like it'll be a lot of fun.

Just check IT out would be great. Okay, you can subscribed to us on the odd sip or whatever. You find your favorite podcasts.

Please do something nice for someone else today. I, even if it's somebody who you think maybe has not vote in the same way you will voted, do something nice. Just be a good human being.

breathe. You're gone to get through this, or all going to get through this. Change your work, change your wealth, change your life. Thank you for listening. We will talk you tomorrow.

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