STOP SPENDING MONEY | Recession Inevitable
Channel: Hayden Schreier
Date: 2022-06-16

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INFLATION IS GETTING WORSE!:
The latest CPI data or consumer price index showed that last month inflation in May reached its highest level since December 1981 at 8.6%. Economists and Analysts were anticipating May to be at 8.3% tied with April’s inflation rate. When news broke, the S&P 500 drastically stumbled downwards officially declaring us in a bear market. Down more than 20% from its high

WHY GAS IS GOING UP:
This now marks the national average for gasoline to $5.00 a gallon up $0.60 from just a month prior. Remember guys just last year gas use to sell for $3.00 a gallon. Energy experts estimate that every penny increase in the price of gasoline costs Americans an extra $4 million a day. Although most people think that this has everything to do with the Russia and Ukraine war which certainly is a factor, there are many other factors that are driving the price of gas up. 

THE GREAT RESIGNATION ISN'T OVER:
Real wages when accounting for inflation fell 0.6% in April, even though average hourly earnings rose 0.3%. On a 12-month basis, real average hourly earnings were down 3% adding to the great resignation. There was a record 11.5 million job openings in march while turnover remained historically high as 4.5 million people quit their jobs in search for better paying wages. Employers are having a hard time matching inflation in their employees pay leading to more and more people putting in their 2 weeks. 

CRYPTO CRASHES:
The entire crypto market cap had fallen below 1 trillion dollars as bitcoin dropped 65% from its all time high. Crypto lending company Celsius Network announced late on Sunday night that it would freeze all withdrawals and transfers due to “extreme market conditions.” Binance, the world’s largest crypto exchange by trading volume, also added in on Monday morning that it was freezing bitcoin withdrawals “due to a stuck transaction causing a backlog.”


Legal Disclaimer: I am not a financial advisor nor is any content in this video presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.