Economic growth even as nations become ‘older’

Economic growth even as nations become ‘older’

I am in California for Toastmasters’ Convention. I wanted to use UBER as usual but found out that typically Lyft is cheaper. So, I was using Lyft and as usual was speaking to the driver about life, money and anything. He told me that he was born in the Bermuda but then moved to Alaska and stayed there until he started working when he moved to California. He has been here for over 20 years. He thinks it’s easier to get a job with a stable income here.

I checked the median individual incomes in California and it is as per below chart. Is this a good income?

A good friend whom I got to know since college days has been staying in the US for 26-27 years. Yes, he’s now a citizen. He told me that it’s not so easy to get a place these days because the property price suddenly jumped right after Covid ended. He said it’s around US$800,000 these days to get a small place. He is very up-to-date actually because as per Zillow.com, the median home price is close to US$800,000.

It’s not financially easy to purchase a property in California

If median income is US$39,800, the monthly income is US$3,317. The below shows the typical mortgage for a US$800,000 home.

As nation becomes older, population growth could come from new emigration too

Below is a chart from visual capitalist showing the green card issuance and the country from which the people come from:

I could see many small businesses posting the need for workers in California

It’s very common to see a sign outside the cafe / shop with the US$16 per hour job offer. I think there is a general shortage of workers even as the economy continues its recovery as per reported by most media. The US economy is growing and that’s the reason why inflation has been moving up fast and thus the Federal Reserve has been trying to control it with a higher interest rate too. That explains why the monthly mortgage payment is high. Just imagine the times when the interest rate was super low and now it’s very high… take a look at the below interest rate movement

Wishing US a continuous economic growth!

The US remains the world’s largest economy and we would always benefit from a strong economy versus a weak one. The more the demand for goods and services, the more supply is needed which could also come from all over the world including from Malaysia too. My good friend also told me who he support in the upcoming Presidential election too. I will wish that his wish comes true since he will benefit directly from the policies of the new President. Cheers.

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