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#349
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We gotta cut the millennials and Gen Zs some slack because this is an ordinary. They are moving the goalpost so quickly on the middle class because of the housing. Even that slide you just brought up, someone making $77,000 and not qualify for a $400,000 home. That's the first time that's ever happened in the past 50 years. So they're being forced to rent. It's eating up 50% of their income. 50 plus percent say we're in recession. 58% say the economy is getting worse. It's not by all objective measures it's getting better. People keep feeling worse. Why is that? I think it depends on the age because I think we're kind of living in two separate economies if you will. Because if you're somebody who's over 60 years old, if you have a $400,000 home and you have just property taxes and homeowner insurance for 600 a month, that is significantly better than a millennial or Gen Z or spending 2500 for rent or 3600 for a mortgage. So I think people under 40 are really feeling the stress about the economy saying it's not good because housing's up, college is up, daycare is through the roof. But I think people over 60 who sit back and go, my 401K is looking good. My house went up 40%. The economy's doing well. Groceries are high, but we can deal. So I think it just depends on the age because the millennials and Gen Z are the ones really struggling.