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The Clark Howard Podcast

5.5.20 Spending habit changes during Covid; Age discrimination more prevalent; Americans saving money; Maintaining your car during quarantine

The Clark Howard Podcast

Clark Howard

Entrepreneurship, Business, Investing

4.65.2K Ratings

🗓️ 5 May 2020

⏱️ 43 minutes

🧾️ Download transcript

Summary

Spending habits have changed during the coronavirus outbreak. But it appears that everyone has cut spending no matter what your state's approach has been to locking things down. Age discrimination could become an even bigger issue post-Covid. Americans are saving a much bigger chunk of their money right now. This is good! How can you keep your car in good running order if you aren't driving it!? Clark discusses. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

It's my pleasure to welcome you here to the Clark Howard Show where it's all about you

0:10.6

and that wall of yours.

0:12.4

I want you to learn ideas to me so you can keep more of what you have.

0:17.4

So there's been a big debate that has gone on in the country state by state about when

0:27.0

state should open up what activities people should be free to do and all the rest.

0:32.8

And it has been something that has been very contentious in some states where there

0:41.0

have been residents who have been very unhappy with state restrictions on activity.

0:47.5

And then there were eight states that have never had any restrictions on activity never

0:56.5

went into any form of lockdown.

0:59.7

Well I was stunned to read something that just absolutely blew me away.

1:09.3

So it's data based on how people have been spending in states that had strict lockdowns

1:21.1

and states that had no lockdowns.

1:25.1

And so they looked at states with strict lockdowns like California, New York, New Jersey,

1:30.7

Illinois and Louisiana had a strict one for a while versus those eight states that had

1:37.9

no lockdown.

1:39.7

The stunner according to Baron's magazine is that there was virtually no difference in

1:47.8

how much economic activity reduced in states that had strict lockdowns versus states that

1:55.1

had no lockdowns.

1:58.1

So spending declined for what's known as discretionary spending by a little more than 30% in states

2:08.3

that had strict lockdowns and slightly less than 30% in states that had no lockdown.

2:16.3

How could that be?

2:18.3

The reason is that polling by Gallup found that people overwhelmingly are waiting to see

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