America's Bills Are Coming Due

Added: 2026-06-01

[00:00:00]Hey, it's Dan. Welcome back to I Allegedly. I've got a good one for you.

[00:00:05]Because so much is happening right now in the economy and it's funny how people think kicking the can down the road and putting things off for later is going to make it okay. Hit the like button, subscribe to the channel, share the video, too. Um you know, let's start with New York City. Eric Adams, he just balanced the budget and um he got rave reviews from Bernie Sanders. Isn't this great?

[00:00:36]Oh, he did something nobody else could do.

[00:00:39]He balanced the budget. Well, what they did was they took pension money that was supposed to be paid and basically divided it up, spread the pension over a long period of time as far as the interest payments, and made it so that it's going to be somebody else's problem in 2030.

[00:01:02]It's it's horrific, guys. It's horrific.

[00:01:05]You know, the money is due. The money is due for your student loan debt. I have had people write me and say, "You know, I had my payments put on hold, but wow, that interest just keeps compounding."

[00:01:15]It does.

[00:01:16]And here in California, when Arnold Schwarzenegger became governor, I think it was was it 2002 or 2004? It was anyway, it was early 2000s.

[00:01:26]And um Gray Davis was our governor that got booted. He the recall happened. And he brought in uh Warren Buffett and Warren Buffett's financial people.

[00:01:39]And they said, "We don't have a, you know, a uh uh we don't have a tax problem, we have a spending problem. We bring, you know, tons of revenue in. This This state's doing great. But the problem is we're spending so much money on the pensions.

[00:01:54]It was basically 22 cents on every dollar. I have seen reports here in California as high as 28% of every dollar. And what Mum Doney has done is he's taken these pensions and made it so that the interest is put off. Cut 6 billion here, 6 billion there, to where you're going to see pensions go bankrupt. I had a financier run into me at a restaurant talking about, "Hey, don't you think this is going to be a problem with CalPERS?" CalPERS is the largest pension company, I think, in the country, but definitely the largest here in the state. And he feels that we're going to have a lot of people that are going to have issues with um you know, pensions going bankrupt and people not getting the money that they thought they were going to get for the rest of their lives.

[00:02:39]So, transit authority people inside of New York City that they're messing with their pensions, you know, and the progressives, which I hate these terms, they're cheering this.

[00:02:54]There's a thing called austerity, and austerity is going to be a real problem for New York City because if you've ever seen the TV show Billions, one thing that they talked about with with that was the austerity and how when Bobby Axelrod bought a town, the entire town, thinking that they were going to uh have a casino there, and he was played, and there was no casino. So, with that, you have real problems where you have just basically you're burdening the people for this. So, oh man, austerity is a strict economic approach generally aimed at reducing debt by any means necessary. So, an austerity economy may give up many or all government programs to save funds.

[00:03:45]Okay?

[00:03:46]Remember free this, free that, free lunch? Now this guy wants to steal apartment buildings if he's not happy with the way you run it, which again, slum lords are slum lords. We need to deal with that. You need to have landlords be responsible.

[00:04:01]Living in an upper class area, I run into a lot of people that are landlords and have had multiple properties and I have family members that are landlords.

[00:04:11]And it's not all, you know, going to the bank every day. It's a lot of work and it's constant. But for this guy to say that they're going to take properties, it's it's insanity. I covered this on the private channel and it's it's just basically a money grab and if you think that this is going to be okay with everybody, you are kidding yourself. So, get ready. You can call it anything you want. I love these terms balancing the budget. Here's you know, if your if your own household is balanced, at the end of the month if you're not borrowing against the credit cards, you have money in the bank, you have your savings goals met and your bills are paid. You got a balanced budget.

[00:04:51]So, the city of New York can kid themselves and tell us they have that when they in fact do not.

[00:04:59]So, State Farm State Farm just sent out a notice to 19,000 agents that they're paying they're changing the way that they're going to get paid.

[00:05:11]I have State Farm insurance.

[00:05:13]And one thing that they're doing is they're doing the shakedown right now and getting rid of the commissions, lowering the commissions, lowering the payouts, lowering the incentive programs and insurance is great. Insurance is a great business. I had a friend that owned an Allstate agency and he said, "Hey, if you can get in the biggest door of the house, you can get the rest of their lives." And I was like, "What does that mean?" Well, it means if you can get in the garage and you can get their auto, you'd be surprised if you give people good service that from that you're going to be able to go out and you're going to be able to get their life insurance, their health insurance, their boat, their motorcycle, everything else. If you get and start with the car, which is the biggest door of the house, which is the garage door.

[00:06:01]And every time I ever meet an insurance person, we get into commissions and things like that, we talk about this. I had a friend of mine who was my insurance man at Allstate and he lost his agency.

[00:06:15]And it was sad. He was going back and forth and personally, I don't know the full story cuz nobody would tell me, including him, but he moved to Texas and was running a location from a different state, California. And I believe that they caught him doing that, which you're not supposed to be doing. So, with that being said, you have this deferred payment, all this money and I'm thinking, well, do you have to get that? You're just going to get this before you're old enough to retire and you have to pay taxes on it, which you do, and he did and it was a mess for that. So, this is going to happen more and more and more. Incentives are going to get taken away. You're going to have to work different, work smarter, and you know, you've been to your insurance agency's office. You've dropped off a check there. Rent's not free. The The girl that answers the phone isn't free. The phone system isn't free. All this stuff that people don't put pen to paper to, those bills come every single month.

[00:07:15]Every single month.

[00:07:17]So, base [snorts] compensation being reduced, terminating existing contracts with agents and moving to a single style contract, you know, said one agency.

[00:07:28]Read this.

[00:07:29]Compensation will fall 35 to 40%. How about you? If you lost 35 to 40% of your income, would that affect you? Now, you can sit there and go, oh my, I hate the insurance companies.

[00:07:42]You know, problem with State Farm, can't get them for homeowners insurance in new areas.

[00:07:47]This area right here is a bunch of houses on you got the toll road behind me. I'm at Irvine Park. You got a really nice area here. I looked at a bunch of houses on the hill and stuff.

[00:07:58]And uh I I could not get homeowners insurance through State Farm. But I would use them for is that the FAIR program. FAIR is the new insurance pro It's the state's program. You've heard this brought up because of the Eaton fire with everybody in the Palisades, all the Spencer Pratt stuff that they're talking about.

[00:08:22]Because the FAIR program is horrible coverage and it's anything but fair.

[00:08:26]That That coverage they say it's going to go up 40% between now and 2027.

[00:08:33]Where do you get this money? Where do you get 40% more of anything? Seriously.

[00:08:39]People don't want to hear about this.

[00:08:41]You don't hear about your insurance company going down.

[00:08:44]It's funny. I got an electric bill the other day and thought I won Lotto when I opened it and it said do not pay minus cuz I mistakenly made two payments on it and uh overpaid. I was like lucky me.

[00:08:58]You know, I again lot Dan, I allegedly Lotto winner, okay?

[00:09:05]Oh [sighs] gosh.

[00:09:07]So, you're going to see these problems.

[00:09:10]One of the thing is that I was in my bank today and I was talking to them about hey, what's the big new story we're talking about, you know, everything from the World Cup to Angel tickets to just how expensive it is to go out and be entertained. But the one thing is think about this number.

[00:09:33]They anticipate there are 1 million people that wanted to buy a new car this year that have not purchased a new car.

[00:09:41]1 million of them. They cannot afford the insurance. They cannot afford the high interest rate. A mortgage interest rate is well above 6 and 1/2% right now.

[00:09:52]Get used to it. Get you Hey, hey, we have a new Fed chairman in.

[00:09:57]Aren't interest rates going to drop to 2%? I I I'm telling you this right now.

[00:10:01]You have people that write me that say you've no clue what you're talking about. Once this guy gets in, he's going to slash rates by 1 and 1/2%. Okay.

[00:10:11]The couple of those people I wrote back and sent them a love letter, which they didn't respond to.

[00:10:17]>> [laughter] >> Okay. So, over 1 million people cannot afford this. They're not coming back. High gas prices, high interest rates, stubborn inflation, plus the fact that they work less, don't have a job, cannot make income to support this.

[00:10:36]Plus, what car and tell me this right now, what brand new car would you buy right now that hasn't been recalled?

[00:10:43]Oh, damn, that would be Toyota. No, Toyota's been recalled.

[00:10:47]Honda. No. GM. No. Okay.

[00:10:50]I have a influencer buddy, uh TK from TK's Garage, which I love his content because it's strictly car and he's strictly the guy that I'm telling you uh Stellantis and Ram have a new deal where they want to come out with a $30,000 car.

[00:11:09]Maybe it'll be out next year.

[00:11:11]But do you think it'll be 30 grand when it comes out? Maybe. Maybe, but they let him go to Detroit and drive the new, you know, Ram pickup trucks and do burnouts and donuts and on the racetrack, he got to go do all that stuff. That's super cool.

[00:11:25]But again, who can afford that? Who can afford to do this?

[00:11:30]So, just a few to finish this video. And first of all, do not forget the private channel I Allegedly Live. It's all the uncensored stuff. I love doing that content. It is fantastic. And uh it's great. You go to I Allegedly TV to sign up for that. Don't forget that I'm on Roku, Spotify, iHeart Radio, App Store, Google Store, all that fun stuff. I'm there and you can find us all over the place.

[00:11:58]>> [snorts] >> D sent me a disturbing story. She lives in Wyoming.

[00:12:03]And she said, "Dan, I have been a member of REI forever." That's the the camping, hiking store.

[00:12:12]You know, and I love going there. It's expensive, but I enjoy going there because generally you get the hiking boots. Say, "I want to get these boots. What are you going to use them for? Where are you going?

[00:12:23]What do you Oh, I've been there. Let me Let me recommend this boot for you, okay?" So, you get real professionals.

[00:12:28]Like I told D, this is what Home Depot was 25 years ago is what REI generally is.

[00:12:37]And the thing that's crazy is she's a member. So, she pays yearly to get discounted deals and things in advance and all their deals. And she got the latest catalog that her and her husband were very excited about, which was all the discounts, all the sales. And she said, "It's our biggest sale of the year, the anniversary sale." She opens it up and guess what? There's no prices on anything.

[00:13:01]How do you budget for that? You can't.

[00:13:04]So, I said, "Wow, I'd love to see that.

[00:13:05]I wonder if I can get over to my local REI and see if they have the catalog there cuz it's ridiculous. What is the point of this if you don't know the tent's $399, the shoes are on sale from $350 to $299, you know, type of thing?"

[00:13:21]Nothing. So, take a look at this. She sent me some pictures from the catalog.

[00:13:24]Isn't that nuts?

[00:13:26]How do you budget for this? How do you budget for this?

[00:13:30]So, thank you, D. I appreciate this.

[00:13:32]This is the stuff that makes it so that we're not stupid.

[00:13:37]D is not stupid. D is a member. D is paying them every year to be part of this. And like she said, something we would get excited for.

[00:13:44]But now you got to go to the store and say, "Oh, I'm I'm looking at that and I want to see Oh, well, it's a lot pricier than I thought it was." Are there different prices at different stores? Who knows? But that leads to more questions.

[00:13:57]Final final final final thing from Dr. Marvin. Story out of Florida, and that is that the average family is having a difficult time buying food. Joseph Dream House is Fran Glover's charity, and I will leave the link below for her, but they feed hungry families. And she puts together food. Florida is looking for the same thing that you're going to have in the rest of the country, and that food on average is going to go up 3.2%. Do you believe that? Cuz I don't. I think food's going to go up 13%. I think inflation is out of whack and out of control. But the thing about this is when you have hungry mouths, the little birds in the nest, it is non-stop. It is non-stop. And I, you know, my kids are on their own, and they're getting lessons in finance and lessons in in just insanity.

[00:14:51]Um I could tell you stories, and I will sometime.

[00:14:56]Hit the like button, subscribe to the channel, email me anytime. Onward and upward, and I will see you guys very soon.

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