Get Rich Education
410: Are We In A Recession? IRS Audits Increase with Tom Wheelwright
- Author: Vários
- Narrator: Vários
- Publisher: Podcast
- Duration: 0:41:47
- More information
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Synopsis
Is the economy healthy or unhealthy? We’ve had two consecutive quarters of GDP contraction. High inflation and supply problems persist. On the other hand, we have a strong jobs market, low unemployment, and high rent increases. Ultimately, the NBER decides whether or not we’re in a recession. Today’s guest, Tom Wheelwright of Wealthability, tells us why he thinks we’re in a recession. I share with you the exact rent increase numbers I’ve had on my rental single-family homes. Historically, a recession occurs every five years, on average. Whether we’re there yet or not, I believe there’s a likelihood of a recession soon. Tom thinks whether or not a recession is declared is important; it affects consumer sentiment. He breaks down the new “Inflation Reduction Act”. It does not appear to help reduce inflation. Rather, it appears that it will: increase union wages, enact climate change policy, add taxes to pharmaceuticals, hurt small business, and increase IRS enforcement. “People who have never seen an IRS audit