“This Is Hurting People!” – Americans Are Getting $20B Less In Tax Refunds This Year

In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to Americans getting $20B less in tax refunds.

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The latest CNBC All-American economic Survey revealed that 69 of Americans Have negative views about the economy Both now and in the future which is the Highest percentage in the survey 17-year History about two-thirds of Americans Say their wages are falling behind Inflation and two-thirds say the nation Is headed for recession in already or And already won already in one Joe Biden Handling of the economy has received a Disapproval from 62 percent of Americans A deterioration from US 58 57 percent To 38 margin in the last survey which is The second worst reading of his Presidency on the economy his overall Rating fell by two percentage points to 39 and his disapproval rating Rose by a Point to 55 compared to the November Survey Biden lost support from several Key groups including Democrats and Independents Tom thoughts well there's a Couple sides of the economy the Market's Doing well we'll talk about that a Little bit later oil is is going to make A rebound we'll talk about that later But right now we're talking about people And let's take it down to people I Usually go macro and then Adam comes in Talks about consumer and people but I'm Gonna talk about people but people are Saying individuals is all of these Layoffs and the long-term effects six Percent inflation doesn't sound big

Until it's been going on for 18 Mountain At six percent six percent six percent It starts getting you The average Americans right now are Saying that wait this is now really Pinching me layoffs have now touched Somebody I know layoffs have touched my Nephew my cousin you know what this Economy is not helping me and all the Spin that the White House was putting on It was keeping people aligned but now You even have Democrats and independents Saying to Biden hey wait a minute man This isn't spin this isn't transitory And so things are shifting and so people Are being impacted by layoffs uh food Prices especially have not retreated SO Gas price at the pump you know bounce Around a lot eggs don't do that they get There and they kind of stay there and Like the price of food products kinds of You know ends up staying there so the Average American right now pbd is Hurting and now they're voicing it and It's coming out in surveys that the Administration and others cannot put the Public spin on and say oh well it's just Transitory it's not that bad the average Person is saying wait a minute I'm Getting squeezed and I'm feeling it I'm Feeling it worse I'm feeling it long Term and now the the real savings rate I Don't know if I can retire these are now High level concerns it's not just it's

Tough right now it's like do I have Enough to retire and what's going on and I bought by the way my nephew has moved In with me and I can't get him off my Couch yeah in fact I mean no sorry Tom You didn't know that's gonna affect like Voting when it comes down to the Election like is that going to be one of The key things that they're going to Talk about whoever's going to be going Again this is not going away and to Quote Bill Clinton Economy stupid yeah no no it's real yeah Had he was pointing something out Amongst all of the Bush senior strategy That they missed and that went right to The heart of America and that same thing That Bill said is true right now and It's getting worse great I think uh I always say this there's things that Matter and there's things you can't Control I mean it's the perfect Juxtaposition just on this page if You're looking at it right now public Pessimism on the economy hits a new high Got it we just covered that story uh Larry Summers former Economist Fed chair At one point or he was a secretary of a Treasury uh Larry Summers 76 70 chance Of a recession then you got BlackRock Larry Fink saying no big recession Headed for the economy which one is it Do a coin flip I think we can all feel The writing on the wall that something

Is happening we understand something's Happening but what can you do about it This Monday was tax day right well I Think it got extended uh two days I Think on Tuesday so Monday you had to Get in by midnight to exactly but it's Tax season right now so when you do get Your refund two grand five grand 10 Grand Maybe you don't go on vacation this Summer maybe you don't ball out at the Mall this summer I don't know maybe you Understand hey let me save that money What is that job loss no it's 20 billion Left 20 billion lessons on your point Gotcha thank you yeah so uh During covid there was free money flying Around you know cash is trash uh nfts Were more popular than money in the bank I think at this point we need to Establish just let's get back to basic Save that money understand if you do get That tax refund be very prudent with it But do you guys the question though do You guys think that they're just putting A Band-Aid on this right now because I Mean how long we've been talking about Like this bubble that's gonna burst or They're just waiting to see for the next Administration whoever it's going to be Well uh I'll use Pat's uh metaphor we've been on Steroids in this economy for well over a Decade yeah okay very low interest rates

The stimulus checks At some point if you just continue to do Steroids you're gonna die yeah or once You get off the steroids adverse cancer Yeah that too we all know uh liver King Who was here a few months ago it when You get off the steroids just like when You get off heroin there's gonna be a Really rough patch that you're gonna Have to deal with and I think that's Essentially what's On the uh come up for the economy at Some point but you know the sun will Come out tomorrow so we might have to go Through some shitty hard times in order To feel our best so you know Tom you Said something here about what happened With 20 billion dollars less IRS says Americans are getting 20 billion dollars Less in tax refunds than the prior year The uh they issued 69 million refunds At 198.9 billion dollars which is 23 Billion dollars lower than last year the Average refund check is 28.78 about 9 Lower than last year at 3305 this is Because there was no extra tax credits Or pandemic related stimulus payments Delivered by the federal government in 2022 the decrease in refund size can be Concerning for millions of Americans who Depend On the influx of money from Uncle Sam to Make major purchases save on for Retirement or payoff debt about 75

Percent of adults who expect to receive A tax refund this year believe the money Is about to their about is important to Their overall financial situation According to recent bank rate surveys so Here's the thing when you make money you Can't tell the difference between a Thousand dollars here five thousand Dollars here 200 here 500 here 1800 but When you're barely paying all your bills And you got your you know kids and School then car payment and debt and all This stuff combined this this 23 billion Dollars being less this directly Directly impacts low and middle income Families Tom yeah absolutely you know I Saw a chart a couple years ago that Showed that once a year usually in the Month of May and June that a credit card Balances would drop and and they were Tied directly to tax refunds everybody Gets your taxes in and they would get Two grand back or something that average Would you saw there and that was Actually down 500 bucks year over year The numbers Pat just shared and so they Would drop that and then slowly over the Course of the Year 100 here 100 there it Would come back up remember we're Talking about Americans average American Making 47 to 52 000 and so they get Their refund back and then they slowly Start using the credit card up again Then the refund would come back and do

It and we we had this illusion that uh Adam was just talking about that you had This oh stimulus check remember those Stimulus checks were 1400 bucks so two Of those stimulus checks was like Getting an extra tax refund that year And we saw that that dropped uh we saw It it dropped a credit card balances a Lot and then they bounced back up thanks To um poor discipline and inflation Inflation hit hard and right now the the Consumer is is stinging and we'll talk a Little bit later but it the the stock Market oil prices are completely Different but right now consumers man They gotta They gotta conserve and they're being Conserved at gunpoint and the gunpoint Is the is the inflation rate well you Know I love this chart this fear greed Index I'm constantly referencing it our Friend Malik over there was gracious Enough to pull it up thanks 30 days ago 30 days ago we did this okay and it was Almost extreme fear category 32 I think 32 days 30. it says a month ago with 30. Yeah okay and now we're back in greed Territory and as Warren Buffett always Says be fearful when people are greedy Be greedy where people are fearful again Going back to your stim to getting your Tax refund uh be very fearful yeah they Did in Bitcoin just cracked 30 000. it Did Bitcoin crack thirty thousand the

Lower it hit was what fifteen sixteen Thousand rather than that yes right 15 16 000 it's at 30 now so uh Michael Saylor apparently bought a bunch of much More Bitcoin I think about three weeks Ago or five weeks ago he went on bitcoin So you know the the the concept the the Old principles of saving money right now Applies uh this is not the season to be Reckless with your savings you know a Lot of people are Sitting there thinking well you know the Stocks are up Market's up it's doing Okay we're doing great this is not over Yet this this season of unpredictability The other day a statistic I saw by Charles Schwab that Charles Schwab's Depositors are decreasing if you type in Charles Schwab depositors decree Decreasing uh uh deposits shrink there You go this is from what New York Times Charles Schwab's deposits go shrink but Profits grow faster than expected okay As weird as it sounds this is one of the Names that was brought up by three Different uh investment bankers I spoke To that one of the fears of a bank They're worried about is Schwab now Don't get me wrong this is purely Speculation that names are being thrown Out this is one of them we may have Another bank or two or three Buffett Came out yesterday and he said something Interesting he said I'm willing to bet

Anybody a million dollars is what he Said that no depositor will lose any Money that's what he said he says no Depositor will lose any money because Warren Buffett will bet you million Dollars that no one in the U.S will lose A penny of money to a bank failure this Year now depositor keyword what does he Say deposited he didn't say no bank will Lose money yeah he didn't say no Investor in the bank will lose money he Said no depositor right recently sent an Interview that there's no reason for Anyone to worry about the safety Security or availability of their Deposits on the U.S bank and he's Willing to bet his money on it in an Interview with CNBC Buffett said I will Gladly put a million dollars of my own Money in the bank and have anybody else Put a million dollars in and at the end Of the year if any American depositor Had lost money from a bank failure the Other fellow gets the name um Gets to name where the two million Dollar goes to to what charity Buffett Himself typically keeps his money in the U.S treasury bills the vast amount of Money held by billionaire and his Investment from Berkshire Hathaway Exceeds the fdi's coverage limit of 250 000 which I believe they have 100 can You find out how much of uh Berkshire Hathaway has in cash right now I think

The number is between 75 to 125 billion Unless if they just bought something how Much does Berkshire Hathaway has in cash Right now 129 billion dollars is what They had four months ago obviously this Is a March 10th story that's telling you What they had at the end of the year but They have around 100 billion dollars of Cash they're sitting in themselves so You know there is the possibility that Something could happen to Banks does That mean depositors are going to lose Their money no one knows so if you like This clip and you want to watch another One click right here and if you want to Watch the entire podcast click right Here [Music]

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