Mon, 15 August 2022
Is the economy healthy or unhealthy?
We’ve had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases.
Ultimately, the NBER decides whether or not we’re in a recession.
Today’s guest, Tom Wheelwright of Wealthability, tells us why he thinks we’re in a recession.
I share with you the exact rent increase numbers I’ve had on my rental single-family homes.
Historically, a recession occurs every five years, on average.
Whether we’re there yet or not, I believe there’s a likelihood of a recession soon.
Tom thinks whether or not a recession is declared is important; it affects consumer sentiment.
He breaks down the new “Inflation Reduction Act”. It does not appear to help reduce inflation.
Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement.
“People who have never seen an IRS audit will see IRS audits.” -Tom Wheelwright
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