Alabama's Morning News with JT
Erin Real Discusses how Americans feel about Finances under President Joe Biden
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So what's it looking like as far as, you know, the finances and what you see in some of the numbers out there? 43%, that's the percentage of Americans that say that their personal financial situation is worse since the start of the Biden presidency. Not surprisingly, this falls very strongly along party line. 68% of Republicans say that their personal financial situation has gotten worse. But overall, 37% of all U.S. Americans think that Trump would be best for their personal financial situation. These are not numbers. They get you reelected as president. Yeah, 37%. What's that mean for the other 63%? They think Biden's doing it. No, 32% say that Biden would be better for them. And then 6% say that Kennedy would be better for them, 14% say none of them would. So let's be clear. That's a relatively high percentage that thinks like, "No, you're all going to blow it." Yeah. But I think that what this tells us is that very often, JT, we give the president far too much credit when things go good or bad. Those who say their finances have worsened, they could be thinking about the rapidly rising inflation. Now, obviously, policies that were approved under Biden could have contributed to that. But it's also supply shocks, COVID-19 rescue packages, pent up demand, all of these are reasons why the economy is doing well by the metrics we measure, but it's not doing well for the individual. If you don't have holdings in the market or real estate outside of that, you're really struggling. Inflation has eaten into so many people's income every single solitary month. And the reality is it doesn't matter what the reason, what matters is that people don't feel like they have more money today than they did in 2021 and the president does not get real active when that's the situation. Yeah, absolutely. And we've seen it before. And you're right. It's where the rubber hits the road and that's in your own homes. What's happening with the market and the bigger picture numbers with the Fed and all that, it's good signs, 30,000 feet up. But when you come down to what's happening today, what am I spending? What bills am I paying? What medicines am I getting? What about my kids going back to school? It's like, my gosh, we need two grand this month to get this all done. And we only have 1,500. It's like, what are we going to do? And it's not just an occasional oops, oh, my gosh. It seems to be every month now and people, as we've talked before, jumping into their credit cards, jumping into their 401ks. And that can only last so long that debts go on up. The savings are coming down and you're still seem to be facing the same issue every month. So you're right. I mean, that would be the biggest indicator for me to make a change, absolutely. So when it comes to investing money and where we're going down the road, is there a different thought when it comes to investing money for, let's say, you know, Gen Z years versus boomers these days? Yes. And I love that you bring that up because we have new data out from the world economic form. Those are the folks behind Davos, the new world order, all of that. They say that there's about 73 trillion in terms of wealth transfer that's about to move from the silent generation and the boomers to the Gen Zs and the millennials. This will happen by 2045. That's when we're going to see the younger generations come and control of all this wealth. And it comes at a time where the democratization of financial information is very real thanks to social media. There's something called the finfluencer, the financial influencer. And it's this segment of online influencers. They're sharing advice about money, about investing. They do it on social media and they're really driving, again, this democratization of financial information is a trend that's going to completely reshape investor behavior. Let's look at the meme stock frenzy. It doesn't matter how many billions you have under management. It doesn't matter what your algorithm can or can't do. It doesn't matter, you know, the lightning's best speed of your trading platforms. You have enough people decide they like a poorly performing stock and they buy it. You can be holding the short position. You're going to get squeezed and you're going to go out of business. So this is such a fascinating way to look at things. And I would like to know your thoughts on these because I am not anti-gen Z by any stretch of the imagination. I think they looked at all the mistakes we made as millennials and they decided we're not doing that. Well, absolutely. Yeah. Go ahead. You know, Bill Belichick, the coach of the Patriots used to talk about it all the time. If you don't adjust when things change and pivot, you know, you're going to fall off the vine. You're going to be left behind. The train's leaving without you. It's going in a different direction. You know, he said one time, you know what? You know, this draft brought us three new running bags and we lost two wide receivers to other teams. Guess what? We're going to be running the ball more this season than we did last season. So you got to make adjustments when things present themselves to be a better situation for you. And I think that's true with investments in the markets and you really got to stay on top of it. And I like using somebody that knows it and is in it every day as opposed to me doing it. I just don't have time to do it. And I once again yield to the experts in that field to do it. But yeah, I think you got to be willing to just say, all right, I'm going to take this whole clump here and we're moving this trading track over here. We're not doing this one anymore because it's bringing me 4% and this guy's saying he can get me seven. So I think you got to stay on top of your own situation, but use a pro to do it. So there's my thoughts. Thanks Aaron. Hey there. It is Ryan Seacrest with you. Do you want to make this summer unforgettable? Join me at Chumbak Casino. It's the summer's hottest online destination. They are rolling out the red carpet with an amazing welcome offer just for you. So don't wait. Dive in now and play hundreds of social casino games for free. Your chance to redeem real prizes is just a spin away. Care to join me? Sponsored by Chumbak Casino. No purchase necessary. VGW Group. Forward, we're prohibited by law.