182: “Silent Depression” or Complete Delusion: How Bad IS The American Economy? w/Jessica Dickler

On The Market

BiggerPockets

News, Investing, Business, Education

4.8 • 820 Ratings

🗓️ 24 January 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The “silent depression” is here. Just like in 1929, the American economy is ravaged by a declining GDP, plummeting asset prices, widespread unemployment, and a completely fractured banking system. Wait…are any of those things happening today? Not quite. But, according to social media, a “silent depression” is widespread across the American economy, with high inflation, limited wage growth, and low homeownership for millennials and Gen Z. To explain the “silent depression” trend, CNBC’s Jessica Dickler is on the show, giving her take on this trend and other popular economic trends across social media. We’ll get into why younger generations feel so bad about the economy, EVEN with strong financial fundamentals, the rising cost of living across the country, and whether or not economists agree with the “silent depression” theory. And if you want to see Dave get really fired up, prepare to hear his best “you darn kids!” impression as he explains why so many young Americans are tired of older generations holding so much of the wealth. In This Episode We Cover The “silent depression” explained and why so many Americans are financially fearful How BAD is the American economy in 2024? (is it even bad at all?) Economic depressions vs. inflation and why the rising cost of living hits so hard Explaining other popular TikTok trends like “loud budgeting” and “girl math” Social media vs. reality and why you can’t (always) trust the internet Dave aging instantly by thirty years during an on-air rant And So Much More! Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-182 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome everyone to On the Market. I'm Dave Meyer, your host, joined today by Henry Washington.
0:14.9	Henry, how often do you get your news from TikTok?
0:20.6	I don't get my news from TikTok very often, but I'd be lying if I didn't say,
0:24.5	I don't I get my news from Instagram, which probably means I get the news late. Yeah, yeah,
0:30.0	because it goes on TikTok first and then to Instagram. Well, TikTok is increasingly a lot of people's
0:36.3	primary choice for information, news, economics, all of that stuff.
0:41.3	And there's a new trend emerging on TikTok about the economy.
0:46.2	And the idea is that the U.S. is in a quote unquote silent depression.
0:51.4	And this is a really interesting idea and interesting topic that is gaining traction,
0:56.7	and we wanted to dig into it. So in order to do that, we've invited on Jessica Dickler,
1:02.4	who is a contributing writer and editor. She covers personal finance for CNBC. And she recently
1:09.1	wrote an article and investigated this idea of a silent depression and
1:13.6	Henry and I are going to chat with Jessica about this trend and learn more about it.
1:19.6	And then stick around because at the end of the episode, Henry and I are going to talk about
1:23.6	our feelings about this and what we think about the silent depression if it's real
1:28.3	and what's at the core of some of the economic sentiment that is spreading across the U.S.
1:34.2	So stick around.
1:35.5	We're going to get right into our interview with Jessica Dickler.
1:38.1	Jessica, welcome to On the Market.
1:48.3	Thank you for joining us.
1:49.7	Thank you for having me.
1:51.0	You wrote an article called Is the U.S. in a silent depression, economist's way in on a viral TikTok theory.
	...

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