Could Jerome Powell Be Fired?
Welcome to the month where a Star Wars lover drops the line, “May the force be with you.” Here are our top 5 stories that could impact your money.
- Non-Competes Are Dead ☠️
- Will Jerome Powell Be Fired? 📦
- Stagflation Is A Real Threat 🚨
- The Changes Coming In Social Security 👴🏼
- Where Are Americans Renting? 🏘
Before we get into our top 5 here is our weekly one question poll.
Markets: Year to Date as of 5/1
Our Top 5
Non-Competes Are Dead
A groundbreaking move by the Federal Trade Commission this week has abolished the majority of noncompete agreements, marking a pivotal shift in US law that may redefine the dynamic between businesses and their employees.
This change will empower countless US workers to pursue new opportunities with rival companies or launch their own ventures, while posing challenges for companies in safeguarding their trade secrets and sensitive data.
Here is the ruling (if you want to read all 570 pages of it)!
Will Jerome Powell Be Fired?
If you haven’t had a chance to read “Trillion Dollar Triage” then I suggest you download it on Audible or Kindle. The book reveals how Jay Powell created trillions of dollars from thin air, combatted a public health crisis, and saved the American economy from a second Great Depression. While some people hail Powell as a savior, others are not.
One opponent is former President and potentially future President Donald Trump.
The possibility of the President attempting to remove the Federal Reserve chair based on interest rates seems challenging. The uncertainty surrounding the potential outcome adds a layer of intrigue to the situation. While the debate on this legal matter has been ongoing for decades without a concrete resolution, the implications could become more than just theoretical if Donald Trump secures victory in November and takes steps to limit Jerome Powell’s autonomy or dismiss him from his position.
Do you think Powell could get fired?
Stagflation Is A Real Threat
We’ve shared the threat of stagflation a number of times in our weekly newsletter. Well, that warning is becoming a little bit louder now after the CEO of JPMorgan, Jamie Dimon, responded to a question about stagflation with, “Yes, I think there’s a chance that can happen again, I worry that it looks more like the ’70s than we’ve seen before.”
Stagflation, a challenging economic phenomenon that wreaked havoc in the 1970s, is characterized by a mix of surging inflation, escalating prices, elevated unemployment rates, and sluggish economic growth. Consumer spending, which accounts for around 68% of GDP, takes a hit in such conditions. With soaring prices and joblessness, the economy’s ability to bounce back is severely hampered as a significant portion of the population is unable to afford essential expenses.
The Changes Coming In Social Security
As voters head to the polls this November, they are not just choosing between political parties but also shaping the future of Social Security.
By 2024, Social Security is projected to distribute a staggering $1.5 trillion in benefits to nearly 68 million Americans each month.
A significant portion of the baby boomer generation, set to reach 65 by 2030, will heavily rely on Social Security as their primary income source in retirement.
However, the looming depletion of Social Security’s trust funds within the next decade raises concerns of a potential 20% across-the-board benefit cut if no action is taken.
Congress’s action or lack of action in addressing this dilemma will determine the future role of Social Security in American lives.
To protect your financial future, I strongly advise you don’t plan for social security being there when you retire.
Where Are Americans Renting?
Apartment List reports that there are 43M Americans in single-family rentals and 58M in multifamily, reflecting rapidly changing renter demographics and locations. Here are some additional data points that you can find here.
- The 43 million single-family renters equate to approximately 14 million households, with an average of 2.85 occupants per unit and 2.79 bedrooms per unit.
- The 58 million individuals residing in multifamily buildings make up 28 million households, with an average of 1.99 occupants per unit and 1.59 bedrooms per unit.
- The distinction between single-family homes in suburban areas and apartments in metropolitan regions is evident.
- Only about 23% of the SFR/BTR households are single person, compared to 47% of multifamily. But the median age of the household held is roughly the same: 43 for the former, 41 for the latter.
Are you a renter? If so are you in a multifamily or a single family unit?
Not All Heroes Wear Capes
Did you know it was National Superhero Day last week?
I sure didn’t until my great cat calendar reminded me of the big day.
I took the time on Sunday to think more deeply about how each one of us can be a hero to someone. Keep reading to learn more.
Dad Jokes For The Kentucky Derby
A horse walks into a bar. The bartender says, “Hey.”
The horse says, “You read my mind!” 🍺
Why are race horses in shape?
Because they are on a stable diet. 🥗
When do vampires like the Kentucky Derby?
When it’s neck and neck. 🧛🏻♂️
