Fed Unveils 75-Basis-Point Rate Hike | NEW Bill Passes Senate - YouTube

what's going on everyone welcome back to the  show so today i want to talk about why the  

federal reserve is raising interest rates because  i do have people that are asking me this question  

why should we be concerned about this well there  are a lot of reasons why we should be concerned  

about this and i'm going to talk about some of  those reasons in this video but first off on this  

channel we talk about money and the financial  struggles that americans are facing today  

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not me it's someone trying to impersonate me okay  so let's talk a little bit about the impersonator  

that impersonator is back now there's been  a while i'd say about three four months  

where i have not seen this person that's trying  to that's impersonating me okay it's not just my  

channel it's a variety of different channels all  over youtube where you'll have someone come in  

they'll they'll have my picture and they'll put my  name on there and now they're not even putting my  

name anymore they're not even putting the tec show  they're just putting a bunch of stuff on there  

uh contact me on whatsapp all that stuff and  so just be aware of that you have people that  

are out there trying to scam you okay and so if  you see a comment and you don't see that little  

check mark it's not me and finally youtube will be  addressing this i think in the next couple of days  

they're going to be taking out you're  not going to be able to use symbols and  

things like that when you uh when you post  comments and so that hopefully that will  

will block some of these these uh scammers because  what they're doing is instead of putting the the  

tec show they might put the tec but they'll  put a symbol in there somewhere and that's  

how they're getting away with doing it because  i have been reporting this stuff to youtube  

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shouldn't be the case they've addressed that but  now people are just using these different symbols  

and that's how they're getting away with it so  like i said check mark if you see that check mark  

next to my name it is me if you see someone asking  you for something that's not me okay so let's talk  

a little bit about the federal reserve so it's  expected that the federal reserve will raise  

interest rates by three quarters of a percent  and if it does change i'll put it on the bottom  

of the screen here so you can see it but the  reality is that's what we're looking at now  

why are they doing this why is this important  for the american people to be focused on this  

well we have inflation at all-time highs okay  we're looking at 9.1 percent to year that's  

what we saw uh in june and so they're trying to  slow our economy down our economy is booming and  

they're trying to slow it down and the reason why  they're trying to slow it down is because if the  

economy is booming that means everything goes up  the price of everything goes up right and so that  

is the the focus right now the federal reserve  to try to slow our economy down now the fear is  

and we'll find out more information tomorrow but  the fear is we might already be in a recession  

and if we are in a recession then now that's the  opposite of what we want to happen because that  

would mean that people will start losing their  jobs and will really be in a bad situation and  

so there's a balancing act that's going on  right now and so we have a booming economy  

you want to look at the the interest rates and  make it less desirable it sounds weird but make  

it less desirable for people to want to take out  loans and and spend money and that's what they're  

trying to do that's what the federal reserve is  trying to do but then you also don't want to make  

it to a point where people don't want to spend  money at all and then we fall into a recession  

and then people start losing their jobs and  people can't spend money if they don't have jobs  

and so we're going to have to follow this whole  story but why is this important to a lot of people  

especially people on fixed income well  we're looking at inflation right now  

and let's just look at people on social security  so let's look at the cola from last year cost of  

living adjustment for last year was 5.9 5.9 we're  now looking at inflation at nine point one percent  

year to year and so that means that there's a huge  gap in between how much the the adjustment was for  

for uh 2022 and how much inflation actually is and  so that means that people who are on that fixed  

income they're really struggling to make their to  make payments to to pay their bills and all that  

and so that is why it's important for us to get  inflation down and that's why the federal reserve  

is making these drastic moves when it comes to  raising interest rates because they want to make  

sure that the that inflation is is under control  and right now inflation is not under control and  

so we're going to have to follow that and see  where it goes but i mean i don't even have to  

tell everyone knows when you go to the store or  the grocery store to buy items everything is more  

expensive when you're buying any type of products  everything is more expensive rent is going up  

the cost of vehicles is going up and they're  trying to do different things one of the things  

that they're trying to do is this chips bill  uh which the senate will pass it today and  

so that's good news that they're actually  going to move forward with this chip's bill  

now i have mixed thoughts about the whole chips  bill because it is like 52 billion dollars  

that will be going to these corporations uh in  order for them to to make more chips in the u.s  

uh i'm all for that but i just think and and i  have to look at the bill i haven't seen the bill  

in its entirety but i just think there has to be  some type of guard rails in there that says look  

you need to produce these chips you can't  just take the money and not do anything  

or take the money and use it for upgrading your  your equipment but not really making more chips or  

i mean there's there's so many different things  and that's why when when when corporations are  

given money i really sometimes it's it's not  it's not a good thing because they get the  

money and they don't use the money the way that  they should be using the money and ultimately  

the working class and middle class people those  are the people that are going to suffer the most  

because that's tax dollars from everyone from all  americans that are going to these corporations  

and they're not doing anything they're not hiring  new people they're not doing any of that stuff  

they're taking that money and the money goes up to  the top and the people uh the the people working  

for the companies they don't see the money so  we'll just have to see what's going on with with  

this chips bill but that's one of the one of the  ways that they're going to try to combat inflation  

because right now we have supply chain issues and  so the hope is that we can produce more chips if  

we produce more chips that's for computers and in  automobiles and all of that so that that's one of  

the things that they're focused on also they're  talking about lifting the tariffs on china okay so  

we do get a lot of our products from china okay  that's no that's no surprise and so lifting the  

tariffs will hopefully drop prices down a little  bit when it comes to the products that are coming  

from china so that's something else that's being  talked about and president biden will be talking  

with the leaders from china tomorrow and hopefully  they can come to some type of an agreement when it  

comes to the whole tariff situation all right so  those are those are some of the main issues that  

we're looking at right now and the reason why  the federal reserve is raising interest rates  

because people ask me this i'm telling you people  ask me this question all the time why are we even  

talking about this well it's very very important  and it's really important for people on a fixed  

income because you can't just go and work overtime  and make more money if you're on a fixed income  

you're on a fixed income and so it's very very  important for us to watch what inflation is doing  

and the the goal right now is to bring inflation  down also if you have debt if you have debt if you  

have credit card debt this is a bad time because  if we're looking at a situation where inflation's  

at all-time highs and they're trying to to get  inflation under control they're raising interest  

rates that's also a problem because you don't  want to be raising interest rates for too long  

of a period of time because then the credit card  companies they're going to be raising uh interest  

on the money that you owe and which means that  you're going to owe more money and so this is  

one of those situations where raising interest  rates is good in order to cool off our economy  

but you don't want to get to a point where we're  going for years where we have a high interest on  

things because that would mean if you are in debt  you are going to be paying more and one of the  

things that i always tell my friends and family  members and i tell you guys the same thing if you  

have credit card debt try your best to get it paid  off try your best to get it paid off because if  

you're not paying it off you're going to be paying  even more when it comes to interest and so that's  

also something that i just wanted to share with  you guys so i just wanted to answer that question  

today when it comes to the federal reserve raising  interest rates that's why they're raising interest  

rates today if you guys have any other questions  post them down below if you like this video  

please give me a thumbs up please subscribe  for more and i'll talk to the next one bye

you