USA Outgrows China… Because of Florida?
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- Опубліковано 3 чер 2024
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Florida is growing... fast. Actually faster than most other states, which is astounding given that it is already the fourth largest state economy in the US. This might sound like great news for Floridians and the USA at large, but is there a hidden cost behind Florida's rapid growth?
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Will you do a video on Maharashtra? its a state of India with the highest GDP.
Nice intro to Florida. You should go more in depth with competitive federalism and capital mobility. Ill post some resources on my links.
Can you also do Chinese provinces. I think it will be so interesting and something so different to see. Way more interesting that the states of the country with more information about it here
13:47 Quick correction. At this point you are reading the GDP per capita for Minnesota, rather than the USA.
Outstanding. Well done, mate.
As a Floridian, PLEASE PLEASE PLEASE STOP MOVING TO FLORIDA
Couldnt agree more😵💫
I second this
FLORIDA IS THE FUTURE 🎉
Never
YES. it is getting so bad. so many people i know are moving or planning to move. it is really sad because so much community is becoming lost because of this.
“Florida has gained as many new residents as New York has lost” as a Florida man this makes perfect sense, they all came here, New Yorkers are everywhere
I'm also a Florida man. In these parts, it's also a bunch of MA and NJ license plates -- not just New Yorkers.
Florida is the 6th borough
They have been fleeing here for decades.
Its super annoying when someone says they’ve been living in Florida for 30 years, but it’s been mainly in Ft. Lauderdale and they still have a New York accent
Yeah they even sell sahlens hotdogs at Publix lol
I was born and raised in Florida and I feel like I’m being pushed out by senior citizens from other states that have next to zero respect or decency in public/traffic. I’m making just less that 100k (in Martin county) and it’s very difficult to find a decent place to live. I don’t have any other real expenses than rent, electric, car insurance, and food. No kids, no car payment etc. I’m living in a 1 bedroom duplex with no washer/dryer, no dishwasher, tiny bathroom. Every time I try to find somewhere else to live, the prices are absolutely absurd, and I just decide to stay put.
Hey man, I live in Florida and ill say if you have 100k in tax returns for two years, you can easily qualify for an FHA loan for a duplex. Rent out half of the duplex and live in the other half and end up paying less per year for rent and utilities. Not to mention you will end up owning and generating equity by doing this. Look for downpayment assistance and you can get an FHA loan for virtually nothing down. If you already used your FHA go for a DSCR loan and with downpayment assistance you will have to put 10% down as long as the property is cash flow positive.
Florida is not sustainable on a 7% only tax. The hike of prices on everything you buy has a HIDDEN TAX behind it!!!! Florida is not what it seems!
I live in psl now but lived in Martin all my life it’s crazy how expensive it is in Martin county
I live in Martin County. Probably one of the nicest counties in Florida but the expansion has not been good for the locals. It was such a nice place before the influx.
Sounds like Ocala. It's nuts here now
4:50 "The phosphate dug out of the ground in Florida supplies 3/4 of all fertilizer required by farmers in the country."
Except the document shown on screen actually says "Florida *and North Carolina*", not just Florida.
Yeah, this channel can be quite sloppy with the facts sometimes. They do use some cool stock video though.
Probably just a mistake
It’s wild that the United States has multiple states that are as wealthy as entire nations. Crazy
40 million people in California alone. Thats more than all of Canada , and nearly 1/3 the total population of Russia or Mexico. When properly managed, that’s a lot of manpower to put behind industry. People forget how small most nations population actually are.
I live in New Brunswick, Canada.
The province is tiny by our standards, but is the same size as the republic of Ireland, with only 1/6th the population and 1/15th the GDP. (approximately)
@@hhiippiittyyNorth American big country gang
United STATES, where "state" is synonymous with country.
@@hhiippiittyy Better not be Moncton 🤮
I was born in Florida. Most people who already live here have not benefited financially from all this growth. The growth as you point out has come from higher income people moving here. Those of us who already live here are getting poorer because the cost of living and especially housing prices are completely detached from wages growth.
Yep. Floridians are getting worse with each passing year. The growth coming in mainly remote work with employers based in higher paying states. The local Florida economy is crumbling and the wages just can’t keep up. It’s time bomb just waiting to go off
The suburbs and their single family homes are making housing expensive. Hogging up land and making a walkable city impossible.
exactly its hurting locals because prices are going up we are being outpriced its wonderful isnt it
It only hurts locals who aren't increasing their wages. I grew up in FL, left for a few years for work,.came back, and live better than I ever did. I was incredibly lucky to get into our home right before the big boom, but let's not act like real estate prices exploding is unique to FL, that's a national issue because big banks are buying them to rent.
People working low wage jobs are getting screwed everywhere. FL is a bit more unique because we have several theme parks and resorts that employ a ton of low wage workers that can't possibly be housed near their workplaces in the quantity that are employed there. Luckily they're building housing like crazy, though it seems like they're building tooamy apartments, townhomes, and condos vs single family homes that people actually want.
Overall, FL is still the place to be.
Completely agree with you as a born and raised Floridian. It's becoming impossible for most lower/middle class to live here. I'm here down by Destin and it's $1800 a month for a small one bedroom apartment with one bathroom. The average restaurant costs $25-45 an entree, groceries? Astronomical. All of the housing being built around me is unaccessible for anyone making under $250k a year.
i grew up in florida. it was 1998 when we moved to south florida. our house was 140k roughly. decent area near the redlands. on a little peninsula of houses into a couple farms. pretty perfect spot honestly. all of the farms are replaced with mcmansions going for 800k. the house that would be 200k tops in texas is now 500k. the only real jobs are service jobs. and a crack house is 1500 for rent. the only people i grew up with that still live there are the ones putting the crack into the crack house. now northern florida gets a bit better. but my point is that its not sustainable. the youth cant get a job and cant afford to live. so we all left.
One benefit of not having state income taxes is that it disappears when you factor in other relocating expenses to Florida. For those who have recently moved here, both property taxes and homeowner's insurance are absurdly costly. Additionally, auto insurance is the priciest in the country. These cost three times as much as other regions. Additionally, auto insurance is the priciest in the country. The majority of hourly positions are still low paid and don't pay enough these days. Furthermore, Florida is the state where the greatest number of individuals relocate to less expensive areas-a fact that the film omitted. Florida had a cheap cost of living twenty-five years ago. The median salary in the US is currently much higher than it is in NY and CA, but wages have not kept pace.
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Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
We were all waiting for Florida Man to make a difference... now it is time.
Liberals so mad that Florida and Texas are the most successful states in socialist America. They know whats coming this Fall
That we had fewer COVAIDS lockdowns and no forcing the clot juice surely also had something to do with it. Per the "See D.C.," deaths per capita put us for a while in 18th place behind more restrictive states such as (at the time) Massachusetts, Michigan, and New Jersey.
@@cdevidal🗿
Its still crazy to me that state governments forced its own citizens that elected them the powers they have to take a trial drug.
Florida man going to save the world riding Godzilla 😂
Florida man solos China
Yeah, but did he hand off his beer? 😂 FLORIDA MAN FTW!
@@tonycrabtree3416 he held his own beer
lolz
@@tonycrabtree3416 he stuck it in his hat and put a straw in it
Fax
I've only been to Fort Lauderdale but I was awe struck by their airport and seaport. So many planes flying in and out of a relatively small airport. They must have one of the best turn around times in the world. The sea port where we caught our cruise was insane! So many cruise ships there fueling up, doing groceries on a massive scale, all the workers and cruisers loading and unloading. They were masters of moving a lot of stuff around a relatively small area that is about half under water. Surely Shanghai would make it pale in comparison but on the world stage I would guess that that city is one of the most well run cities in the world.
We Canadians like to say how we are so much better than Americans in so many ways but my hat is off to all the folks who make Ft Lauderdale do what it does with what it has got.
Canada is so much better. Because of snow. Or something
ft lauderdale is only good for stuff like planes and cruises, but for folks who live there? thats a diff story 😬
@@abigailmaturana741I like it here
@@Presbuildscities well that good! but for me? no thank you lol
@@abigailmaturana741 I respect that
As someone that’s been living in Miami FL my whole life I can actually see and feel the city economy grow day by day it’s actually unreal us Floridian are now having to compete with people from out of states that were already making 3x more then us
i was born in Florida and the cost of living has been skyrocketing recently. It really sucks.
Well, I guess that means this growth spurt is short term, as a Californian, I can tell you that the main reason why people leave is exactly that. Curiously, according to the map, Idaho's growth is also quite strong. Maybe that's where we're all going next.
You can thank California and NY
@@jeffbenton6183and Idaho residents leaving in droves
It's the increase of land value and land rent. Google Georgism 🔰
That’s actually a really good thing in the short term, it means people have very high confidence in Florida. However if you don’t expand infrastructure and build more houses it would be wasting a great opportunity to grow, and create even worse problems in the long run. Make sure to get your local representatives to abolish zoning laws that restrict multi-family housing.
I am from Orlando and can say the booming economy has lead to a COL that is so insane now that our main employers: Disney, Universal, hotels, restaurants, I-Drive, etc are all now perpetually understaffed because so many of their employees are moving away. They are being replaced with Venezuelans and Haitian's who are more okay with the low wages/COL. Even with all the apartments, condo's, townhomes, and single family homes that have been constructed and are under construction (and its a LOT, an endless sea of construction all the time), the rent has still managed to double in the last decade.
just shows how innefective single family housing is at providing adequate numbers of housing units for a rising population, if more condos, duplexes and apartments were built the problem would be solved
Yea I live in Orlando too and the cost of living right now is crazy especially with rent looking at all these places for rent skyrocketing I’m looking for a new place cause the place I’m staying right now got too expensive and looking and Zillow and these places listed for rent for 1500 in 2019 are now listed at 3000+ and it’s to the point I’m considering moving outside of Orlando and just driving the one and a half hour plus drive to get to school/work
Interesting… i live in Germany and i am considering moving to the us. I have been to orlando once. I mean of course its expensive, but my salary is 3000/month which is actually quite good in germany.
Companies have to pay enough so that workers can live closed enough to actually work for them.
@@mazeltov6752 I will say that I am looking for a place with two roommates if you are looking for a single bed apartment u can probably find those for like 1000-1500 but those have also doubled since pre covid
I live in FL and price of living is skyrocketing. I do plan on moving out in the near future. Its become the New York of the South .
The rest of the world need to stay home. WE MISS CHEAP HOUSING!!!
not even cheap- we miss AFFORDABLE housing
@@dylanwiltse1880 Agree with you there. Affordable. However with Black Rock and Wall Street investors buying everything up, it prices us out of the market. Not to mention the last four years. I'll leave that there..
THOSE DAYS ARE GONE, JUST MAKE SURE WHEREEVER YOU MOVE THEY HAVE GOOD HEALTH CARE FOR YOU WHEN YOU GET OLDER,
@@domcizek I don't disagree with you. Those under 45 need to be very entrepreneurial, frugal with spending and frivolous play. Even after you get your bag, chose your relations carefully and stand strong on principle and you'll do well.
The motto is "Adapt, not complain."
Too many Florida voters did this to themselves unfortunately, by listening to the "trickle down" mafia race to the bottom politicians
Competition among states is a wonderful thing. Not only can people vote at the ballot box, but they can vote with their feet.
Exactly. It’s not about Florida, it’s about freedom to choose which governance a person wants to live under. Warm climate, fishing, no snow, year round golf etc. is just icing on the cake.
I'm from central Florida and boy I'm scared for the future of the state. It was cool at first when people started realizing that FL is actually a great place to live in, but the amount of people from northern states that have moved in is just insane. Around 2019 you could get an awesome 2300 sq.ft house in a good area of Kissimmee or Saint Cloud for just 240k and those same houses are now going for well above 400k. I feel like we had a good thing and then when people realized it, it became popular and is slowly going away. I still love the state and will rather be nowhere else, but I fear that if this keeps up it might go the way of NY or Cali
Native born Floridian too, in Orlando myself. All I can suggest is push for urbanization in the bigger cities like Orlando and Tampa, and push public transportation. Most of our cities are just gigantic suburbs, and tbh, most of those are ghettos, neglected at best.
Push for relaxing zoning laws, it's basically forcing only single family homes on an acre of land which isn't sustainable, we don't have enough space for it even before the boom in population.
And as far as public transportation goes, my drive is 1.5 hours each way, mostly through neighborhoods, not urban areas, and is along the freeway, about 25-30 miles. From what i've researched, most people around here have similar commutes. Which means it should barely take half an hour but everyone uses the freeway, so I'm lucky to hit 45mph.
If we had even just public transport along our freeways I, and most others, could probably get to work without having to drive. Around here most of our business centers are located within a couple miles of a freeway exit ramp, that's easily within walking or biking distance for most people.
L.A, which I don't often find something to complement them on but on this I have to, has found that if they changed the zoning laws on a mile stretch of a main road (I believe Hollywood Blvd) then they could condense a quarter of the city into that mile. Whereas right now that same population occupies an area of over 125 square miles.
Either way people are coming, unless Florida became it's own country and shut the borders, which I don't see that happening. We need to start actually preparing for them and try to make things affordable for people who are already here, especially those born here.
Its happening in other countries too.
@@nellymoo635 ok, we are Floridians. We are worried about Florida. I personally couldn't give two sh*ts about any other country, and the only reason I care about any other state is because we have no way of preventing bad actors and those that don't align with our values as Floridians from coming here and messing with us, so I'd prefer their states not get so bad they feel the need to move here.
bidenflation lol
As a Floridian you should also know there are other places then just Miami, Orlando & Tampa. I was raised in Miami, and I've moved all over the state. Things are getting worse here in the panhandle too, but not to that level.
Think another factor that gives Florida a natural advantage versus other states is that its international airports are the closest route to South American countries. Lots of wealthy foreigners have a second home and businesses in Florida. Cheap insurance incase your own country has troubles. It’s another reason why many banks have established headquarters or branches in the state to service their clients no matter where their original home is.
its funny because insurance in florida is the highest in the country by a good margin in most aspects (property, health, car, etc) lol
Yep. I once worked part time for a company whose main function was to look after and maintain these properties. There was more than a small amount of shadiness to goings on with these properties.
It's by no means "cheap" by any international metric.
@@kevhayden6506 Go back and read their comment again and see if your response makes any sense.
Closer to Europe than Cali, for those looking for a warm USA trip. 😊
Wish you mentioned the aerospace industry here in Florida. It's not just from an economics standpoint but a geopolitical one as well, as space access and launch cadence are critical to project power, and Florida is the world's most active spaceport.
The problem with the US economy is that while it has been growing all that wealth is hyper concentrated in government, corporations, and older people.
Younger people may make good money on paper but still live paycheck to paycheck because of taxes, rapidly increasing cost of living, and essentially locked out of the housing market because of high prices and interest rates.
Unless something changes soon it’s going to come to a head where almost all Americans don’t own anything and spend their entire paychecks and more on basic goods like rent and groceries.
Nailed it! Thank you! God bless you for clearly stating the truth!
America needs to slam the brakes on its FOLLY of destroying the young hardworking generations. Unfortunately only the "trickle down" segment among the Boomers seem to be empowered to vote in this country. And the terrible results on the young hardworking backbone are telling
As a Florida Man myself I can speak on this, HOW DARE YOU EXPOSE OUR MAGIC!!!
Florida sucks lol it feeds off the rest of the USA’s success
😂🥲
you have no magic. You just have nice weather and slightly less regulations. This makes you get a ton of retirees, as you always have. That's basically the entire point of the episode.
Same in China, there's a map showing one region of China equals one country in Europe.
@@KevinXu-mg5sd those regions are ALOT more populated!
I once interviewed for a job in Florida. I looked at the real estate and I begged the hiring manager to make the role permanently remote. They wouldn't do it, so I moved on to looking for a different job. I can't afford to live in most major cities and their suburbs in Florida.
Literally what I’m running into today. I’ve got a final interview today for a job in Miami, but it’s 100% on site. 😬
Which state would be cheaper ? I thought Florida was relatively less expensive
Hello Florida Man here, I earned my certification by emptying an AK into a retention pond, while wearing flip flops.
From 2021 to 2023, I counted NY plates on cars from new arrivals, on my way to work each day. I'd see anywhere from three to seven. Every day. NY refugees were everywhere.
Since about mid 2023 I rarely see those tags... I think its slowed. Im told on the west coast they had a lot more CA tags. I didnt see too many of those.
I have to say, this is one of the most enjoyable ways for a non-economics trained person to learn this subject. Great content! Thank you!!
This isn’t the first time this happened in the US. Once upon a time Detroit was doing some heavy lifting for the US economy. It changes depending on a combination of factors.
The Smiling Curve model unfortunately deems Manufacturing as the least value-added and most substitutable stage of production, compared to R&D (i.e. valuable IP) in the beginning and Sales & Services at the end. This would explain why the Rust Belt hollowed out while the dense coasts remained prosperous, and why entire developing economies that fails to educate enough workers past the factory floor encounters the "middle income trap".
Whether Florida becomes one of these edge drivers remains to be seen, since the process invariably involves discomforting conservative notions about how an economy and society is supposed to work.
then detroit surrendered to the Unions, and today detroit doesn't compete with anyone. Its the worlds largest sound of money dying and so are the cities.
@@doujinflip there is a lot of manufacturing in the south currently then back when Detroit was thriving on manufacturing.
It changes based almost entirely upon the Capitalism of Red States vs. the failed socialist stupidity of blue ones.
A state gets successful and wealthy, socialists smell the money and get into politics while the Capitalists are busy constructing a society, and the resources are diverted away from the productive class and towards the unproductive people who are the worst investments.
Then the Capitalists get tired of being raped, they leave for another state, and the cycle starts over.
At some point, parasites will flood into Florida on Viking raids and the state will turn blue and get poor again.
@@mack-uv6gn Yes - and that's part of the problem he's pointing out. Manufacturing is fungible, developing and designing the products is far less so.
As a Native Floridian born and raised here. While I did enjoy the video and it addresses a lot of positives in our state. Florida still has glaring problems it needs to address quickly. Housing and HOMEOWNER INSURANCE are big ones. Both of which are becoming cost prohibitive even in some of the exurbs now.
The homeowner’s insurance problem is a big issue for Louisiana too. After Ida so many insurance companies went belly-up, leaving only an even smaller pool of companies willing to insure us and prices through the nose.
Insurance has increased in all 50 states.
@@MylesShankNot as much as Florida.
I live in south Florida and it was hard to find anyone to insure me at all. The prices have doubled in the last two years. If other states don’t tax the citizens out of their original homes they wouldn’t have to flee.
@@EMan-cu5zoI your insurance still would have went up, even if those people stayed. It’s a weather thing that’s why it’s going up
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I started paying more attention to stock and learning more about online trades
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Watching from Florida ❤!
The most important thing I have learned from watching this channel year in and year out is, that the stock image business is the one to be in. 😄
They do use some cool stock video.
Anyone that moves to Florida for the tax reasons are going to be SAD. I moved here from Minnesota (a high state income tax state)...My car insurance is 2x what it was in Minnesota, my property tax is higher, my homeowners insurance is 150% higher, water and electric are higher. I make six figures and my net savings from no state income tax is $1000/year.
How? Florida property tax and per kwh electricty are both lower than the national avg and Minnesota avg 🤔 are insurance is bad tho ... it costs me 280 a month to insure my car and house 😵💫
@@goateecusbilly1823
...There's a lot of old people, tourists, and people who may have learned to drive in another country?
Noting here that immigration actually provides a boost to the economy.
We do need these people.
Yes but that makes it far better for low income or retirees who do not typically own property. It's literally the sort of asset based wealth tax that people in 'progressive' states supposedly want.
It's expensive to live here an will only become more so. Develop a skill needed or sell a art. I'm writing badly but effort will pay off eventually.
@@notmyrealname3167 homeowners insurance in FL is about 2-5x MN (where i live) while commercual insurance is regularly 6x up to 10x conparable insurance in MN. Wife works in commercial insurance in MN (servicing nationwide) thats how i know. So its not likely its saving retirees any money, actually costing them a lot.
I live and work in Florida as a construction worker and it's pretty much a lot of construction everywhere.
People leaving your state is a good reason to try to make your state more competitive. More competition is always a good thing.
Florida is about to find out what happens when too many people move there without adequate housing. That coupled with extremely high home insurance rates...
FL is building houses as fast as can be done with so few people willing to work construction. Most of us prefer to watch UA-cam and hope somebody else will do the building for us.
We have continually dealt with the waves over the years... drive west florida and see have much undeveloped land there is.
ITS ALREADY HAPPENING, IF YOU DONT HAVE A NEW OR GOOD ROOF, NO INSURANCE YOU CAN BUY, I HAD TO GET A NEW ROOF AFTER INSURANCE WAS CANCELLED
@@asolano Remarkable to say "so few people willing to work construction" and also having a state government that's increasingly hostile to migrants
@@asolano people complain about all the new construction in florida, but thats what is preventing the housing from skyrocketing even further than it already has. although the supply isnt keeping up with the demand, its definitely slowing down how fast prices have gone up, even tho its probably just a little bit.
This is happening in Utah as well. Money from richer States is coming in, but wages for residents aren't allowing us to keep up with rising price of...everything.
Utahn here, and it’s true. The funny part is, I’m considering a job in Miami right now. But dang… prices are just getting insane everywhere (Utah included).
You can thank the fed for that
@@JalapenoSteve Yup. Glad SOMEONE understands that monetary policy is set by the Fed and is completely separate from the Executive Branch.
@@JalapenoSteve you can thank the democrats for enforcing lockdowns bc of a flu that hurt our economy and forced the fed the cut rates
I'm a software engineer who moved to Florida after 10 years in New York. The thing about Florida, beyond lower taxes, is that it's just an incredibly well run state government. The instructure is well maintained, the public services are well run, and from the business side there's minimal regulatory headaches.
I paid more than $1 million in taxes to NYC and New York state while living there and I honest to God have no idea where my money went since all of these things were worse there.
Those tax dollars are going to the illegals, it seems like.
Welcome! As a fellow Software Engineer im glad u were able to escape the social experiement that is NY
Fellow software engineer from CA who moved to Florida. I probably paid millions in taxes to CA before moving. FL truly is incredibly well-run. I really like Governor DeSantis even though I preferred Trump for President. FL is the future. It behooves us to protect though and not let it turn into a CA or NY. Back in the 80’s CA was what FL is today. Now that we know the pitfalls we can hopefully avoid them.
Now if yall can stop paying higher than usual prices for housing that'd be great! Just because you can doesn't mean you should. Making the COL higher for the preexisting natives will come back to bite everyone in the end.
please go back to anywhere else, you guys are screwing us natives up.
Some make it down to Florida without doing all the groundwork first, then they come face to face with the insurance fiasco and "new tax adjustments" on inflated home prices and turn right back around
Yup, too many people come here once on vacation and then decide they want to move here without doing their homework. It's a perfectly lovely place to live, if you know what you're getting yourself into and you're smart about it
Where I'm originally from in South Florida, I saw people buying new condos that I knew were built in swamp land. (All any prospective home buyer would need to do was ask a local. Or look at the surrounding vegetation. Or read the nearby road sign warning of potential road flooding.) Come raining season they got flooded out numerous times and everyone had surprised Pikachu faces
The home insurance is so high that it makes up for no state income tax. There are few areas not affected at least a few risks when hurricanes hit. Even away from the coast, high winds damage homes.
home insurance is super high because people keep building homes in florida on the beach. Its your own fault.
Housing tax + insurance is still lower than many states. TX home tax, for example, is much more expensive than a similar property in FL, but we have higher insurance - it balances out. That said I wish insurance was cheaper.
Irma went south to north. So did Ian. Other than Pensacola, everybody experienced tropical storm effects at a minimum. The center of a storm is only 5-20 miles across. But the tropical storm winds and flooding rains extend out over 100 miles in all directions.
@@mattmann5620 yup. And Citizens, the state ru. Insurer if last resort requires flood insurance, even if you are in a no flood zone.
Most hurricane damage comes from flooding and rising tides. Unless you're living in a trailer park or living around a bunch of trees, the winds aren't much of a concern.
Why are we trying to make Florida Man even more overpowered? He is already unstoppable.
Florida Man is a race to the bottom petty thief
I will say that your economic documentary does have me intrigued. I didn't know my state was doing that much in economic expansion. I knew it was gaining steam but that's truly something.
"Florida is a strange place".TRUE THAT.....
Something that wasn't touched on but as an engineer I find interesting, Florida has the first (edit: first good) high-speed inter-city train system in the US. Had someone told anyone that 20 years ago, you'd have been laughed out of town.
New England has had one (Accella) for a while. But, yes, the Brightline being the only private inter-city railroad, and a higher speed one at that, is pretty impressive.
Bright Line is definitely a, well, bright spot in the Florida economy for sure.
Yeah they were promising that rr for 20 years and then shooting it down as to expensive
@@brassmonkey7566 Brightline is operating today.
Trains are more expensive for minor improvements, and high speed trains are more so. The high speed train for its longest run from miami to orlando costs TWO times what the bus costs, and only gets you there an hour earlier. If you want the luxury train experience you expect, the ticket is FIVE times more expensive. Florida was inexpensive until the multi national corporations showed up to rob the state blind.
Would be nice if you could do Denmark soon?
The fact that Norway and Sweden are ranked but not Denmark is unsustainable 😂
*coughNovoNordiskcough*
a ticking timebomb if you will
How can an economics channel undervalue competition so much? Government is inefficient and has an excessive tax burden. People vote with their feet and move to more competitive and better run areas.
I was born in Florida in 1981 I still live in Florida im 42 my dad was born in Florida in 1957 my grandfather in 1919
GDP per capita is highly skewed because of the retiree's. It's not a useful metric for this state
All the meth sales make up for it
@@ctg4818No wonder why Florida is like that😂
So it’s actually much higher
Retirees also don't work or produce anything so the GDP could potentially be higher without them
As far as I know Social Security payments do not count in GDP but I am not sure how 401k/IRA count if they are part of GDP per capita numbers, I have no idea how that works.
3:50 wrong, the oldest Spanish settlements in North America are located in Mexico. St. Augustine is just the oldest in the contiguous US.
Yeah by a few years, Hernan in Mexico was set up in 1519 and St Augustine in 1565.
That's hardly a few years, that was more than some people's life expectancy at the time 😭
Yeah, this channel can be quite sloppy with the facts sometimes.
You really need to do further research on the current insurance crisis that’s starting to boil over in Florida. It has caused certain types of real estate (townhouses, condos especially) to decrease precipitously in value, and is driving out older residents as fast as they can unload such properties. It is a huge risk to the real estate market overall there, and could very well grind the state’s population growth to an abrupt halt. The government there also seems wholly incapable or unwilling to fix it too, which isn’t helping….
Well informed as always! Keep it up mate! 😊
There is an upside to no state income taxes but that vanishes when considering hidden costs of moving to Florida. Homeowners insurance is ridiculously high and so are property taxes for people recently moving here. Auto insurance is also the most expensive in the nation. These are triple what other areas cost. Auto insurance is also the most expensive in the nation. Most hourly jobs are still low paying and now don't pay enough to survive. And the video left out that Florida is also the state with the most people leaving for less expensive areas. 25 years ago, Florida was a low cost of living state. Now its well above the US median and approaching NY and CA but wages have not kept up.
I feel like native Floridians are suffering the same as us natives Texans as more people move in. The difference is that here in Texas, we have space to build out affordable suburban single family homes for people to move to, while in Florida yall aint got that much real estate available. Higher income people, more jobs, and higher paying jobs are a good thing, but if your construction industry aint keeping up with the influx of people, you're gonna have a housing issue and high rents, which will force the lower middle class out.
Have had a housing issue and high rents for the last 10 years, conservative government here has been in control for 20 years and things just get worse
Maybe, just maybe... look into densifiying a little bit? Building mixed-use neighborhoods doesn't have to mean building high-rises.
Too bad that janky power grid can't handle more houses drawing from it lol
Don't forget about the hurricanes
We have to keep all the new comers quarantined in Austin until we can verify they aren't dipshits.
I’m amazed that you ranked Norway so high on the leader board. My friends who have travel there complain that the economy seems somewhat stagnant and that the main importers and retailers effectively operate as monopolies guaranteed by the state. This means that selection on the local retail level are very limited. They said that regardless of which grocery store you go into, they all sell the same limited selection of the same products.
Yep, I’m a 26 year old finance guy that just moved from NY to FL for all the reasons you mentioned
I am a Florida resident and I also work from my computer. Any savings you get from the lack of state income tax is more than made up for in rents. It is not cheap to live here anymore and the traffic is a nightmare. It got so bad I decided to go the digital nomad route and I'm in Mexico now. The weather is nicer, the beaches are better, and the women are gorgeous
But youre still alone incel talking about womens in mexico
I’m in Commiefornia. Your rent, your gas, your tax, your entire cost of living in all categories is less than mine other than maybe flood insurance.
Thank you! Real story is that we have one of the worst ratios of high rent to livable job wages
Except for Miami, rent in Florida is $1000/month less than NYC or the Bay Area.
@@zirconiumdiamond1416Well yeah, but those are pretty extreme examples where you should compare to somewhere like Miami to be a good comparison.
Veracruz (which is also the first port in the entire continent) is ~43 years older than San Agustín. It IS the oldest european city in the U.S. though.
I live in Florida and absolutely love it. I've been here for 25 years, and I really don't want to be anywhere else.
My company manufacturers aluminum ADA compliant handicap ramp systems for use across the state that started in Miami.
No state income taxes, low fees, business friendly and that great weather. What more can you possibly ask for!
Lack of hurricanes?
the weather is terrible July to September tho
N a small town, it has grown soo much in florida, it really upsets us long time residents !
As a Floridian let’s gooooo
I guess you haven’t watched the whole video yet…
@@luca.207 not yet, just got the comment out
yea no.. we're WAY too full.
As another Floridian LET'S GO
Hated living there.
The Floridian I will also say is that one of the reasons that the state is so attractive to in migration is partially because there is already a very large vibrant Hispanic
community and a lot of the states as a working knowledge of Spanish which makes Florida a very attractive destination for Hispanics from Latin America even very skilled ones also I'm a UCF student and Florida universities to my understanding tend to be very attractive to foreign students because of the nice weather
Yea, cool weather, not drugs
I'm gonna be a UCF student in the fall.
Nice weather for South Americans. Hot as shite and humid for the rest of us
Florida State Universities are also THE bargain universities in the US. Cheapest in the country to start with, and if you maintain a B average they're free. (Tuition at least, paid with lottery money)
@@stevefl7175I was not aware of this. My daughter is early teens and I am worried about college expenses later in life if she chooses to go. I need to look this up.
Great point on the phosphorus mining and its ties to the agri sector. This is why Mosaic (Fortune 500) is based in Tampa, a key port for bulk cargo exports.
i recently moved down to Florida in January of this year because i feel in love with weather that's is all year long and there's more that i can do beside job opportunity but also in fun activities.
Elderly Florida resident here. Enjoying your informative and very well done videos. Thumbs up and subscribed.
i got no information at all from this video, what did you found?
Interstate competition is the only check on out-of-control state bureaucracies, mismanagement and taxes.
Or it can be a race to the bottom, benefiting only the wealthiest corporations.
Exactly, the NY-NJ-CT metro has crazy high taxes and the tolls on some roads are insane. So glad I left all of that behind.
Just a thought, you could make a website that has the whole leaderboard with links to the videos about each country/state/province on the board. That way people can peruse the most up to date version of the board and see the whole thing. You’d be advertising for your own videos/sponsored content as well as different ad rev from the site
We're now growing faster than China! Let's go!
🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲🇺🇲
But its the pronouns. Its the f*cking pronouns.
In what does growing faster than China benefit us as citizens
Homer: "Florida? That's America's wang"
Doctor: "They prefer the sunshine state"
My parents have owned homes in South Florida for about 25 years at this point. The growth in that area over that time has been astounding. New housing, new businesses, new infrastructure, new ammenities etc are being added almost daily.
So state taxes work exactly like prisoner dilemma. Whoever drops them benefits to the detriment of others, but if everyone does that - everyone loses.
I know illinois is kind of viewed as a has been state, but can we do a deep dive on it? It still tends to rate highly and Chicago is still a major hub for many things in America.
How does it rate highly when 250k people are leaving? Which is nothing new. Chicago has many great things no doubt, but the state is awful. Probably the worst in the union for a while.
@@CommoditySCI live in Illinois, and I completely agree. It's absolutely terrible. Very little to like about this state.
Chicago the leading manufacturer of crime 🎉👏🏽
@@CommoditySC because population is not the only metric, it is still one of the largest economies in the US. I'd be curious to hear it's pros and cons from this channel. Especially as there are many worse states even if Illinois is a state that is or was declining.
@@ashleydodson3633 Just type in "pros and cons of living in chicago quora" on google. Replace with illinois if thats what you want. No need for a video.
When considering the early development of florida i feel like you guys missed out on the introduction of A/C
the slope of immigration has not changed since.
A/C was created here 😅
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
@@mariaguerrero08I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
"Gertrude Margaret Quinto" is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
Florida has been ruined because of everyone flooding down here. My family has been here for generations and we are all shocked by how bad it’s gotten. My little beach town of New Smyrna beach is ridiculous now
I'm not worried at all about the brain drain and capital flight issues. Both California and New York have more than their fair share of both, and, in fact, would probably benefit from a relief valve. Both the Bay Area and NYC have minimal construction, despite their enormous housing cost. The result is that they are still the two most expensive to rent in areas in the US, and it is only thanks to people moving away that rents have started to somewhat stabilize.
Right, arguably the ones moving out weren't fit to prosper in the industries that power the states they left.
@@doujinflip that argument sort of reminds me of New Yorkers being proud of "if you can make it here, you can make it anywhere". So, they are proud of the fact that NYC is the hardest place in America to "make it"?
So, yeah, I guess you could say that the folks moving to Florida are doing so because they don't have what it takes to sacrifice ever having a chance of owning a house in return for living in the tech epicenter. I'd think though that the industries would be a heck of a lot healthier if they didn't require people to sacrifice quality of life to participate in them.
The "race to the bottom" often has the very positive effect of making it significantly more difficult for high tax and highly regulated states to maintain their bloated and inefficient bureaucracies. When wealthy people (and their businesses) leave, eventually the revenue shortfalls (e.g. California's $68 billion deficit) force change that would otherwise never happen at the national level.
Exactly - I really like the system in the US, where state governments and different levels of governments have to compete with each other in the proverbial "race to the bottom" but really becoming more efficient. This is one of the very unique instances around the world where people vote with their feet without actually emigrating from the country. It enforces the lower income states to rethink their competitive edge and try to position better to attract people.
A "race to the bottom" ensures growth in inequality. When capital allocators use a state resources without giving back to the state, the people without capital loses economic power. State government should protect people with regulations and appropriate taxation. Florida should see what happened to California as a cautionary tale. The Bay Area is the wealthiest region in the nation, San Francisco has the highest GDP per capita in the country. It's a gorgeous city and a desirable place to live (despite national headlines, it's still the safest city of its size in the country including all TX and FL cities) but no school teacher, police officer, bus driver, mailman and other mid-level worker can afford the city so it's a dead city. Capital allocators try to maximize their revenue and profit, and government should try to maximize the welfare of the people. It's a long term benefit to capital allocators to fund adequately their communities in order to keep a thriving base of workers but they seldom do that because that's not their "job". The ruling establishing duty to shareholders for companies, should have also enforced a duty of government to protect the people from its excess.
@@TheGlodStar I don't believe it's the government's job to "maximize the welfare" of a certain state on account of the others in the US system. Regulations and taxation are not designed to "protect" or choose winners and losers, but to address market failures. Your example of SF shows exactly that - a potentially failed government. Just because they have high GDP in nominal terms doesn't mean the cost-adjusted income of the residents is the highest. Inequality should be addressed on a personal level not on a state level, first and foremost by better equipping people to position themselves for higher income.
@@haykk5375 I am talking about state government here. The government ensure the welfare of the people and equips itself with the ability to do so via taxation and regulations. Companies should address market failures. Your argument is exactly what's wrong in the current system. Addressing inequality is simply by providing equal resources and opportunities to citizens as well as equal support regardless of social standing. Market failures shouldn't be addressed by government because that's simply socialism for corporations. Let them fail, yes it will hurt some people but over time companies will become robust and self-preserving. Government bailout which has become the standard market failure response absolve capital allocators of all fault and damages. It's a system that insulate shareholders from failure and consequences while leaving the common folks to the wolves (capital allocators aka wealthy folks). We currently have a government for the rich and wealthy only. Politicians don't really care about the poorest among us. We have ascribed ethical and moral characteristics to people according to their economic situation meaning rich people good, hard-working and smart while poor people bad, lazy and dumb. It's not true. 90% of Americans don't change economic status relative to their parents which means if you are rich, your parents were or are most likely rich and same for poor Americans. There's no moral ground to it. I'm relatively wealthy, my parents are the same. Government actors get most of their money from wealthy contributors via campaign donations, lobbying efforts and other organizations. Those are the ones being served, at the end those with capital dictates which is why government actors should be as insulated as possible from companies and capital allocators in order to exact fair policy-making and effective government. State government fails in doing that pretty easily because most people don't pay attention enough.
I’m from Florida that’s why I clicked on this, and I can confirm that every week Tampa, the city I live in gets 1k new residents, so 52k residents a year so we’re growing fast.
Great vid learned a ton on my state
They laughed at us Floridians, but look how the turns have tabled. 🐊🤣💪🏿
I'll be laughing in the summer still
We still laugh at you.
You should do some videos on some other states/provinces outside the US.
It would be awesome to learn about countries major players and nuances.
Thanks for the carry, FL man
As a Texan, this gave me great insight into my competition. Excellent stuff.
As someone moving from Washington to Florida (we built a new house, so we're not contributing to housing prices) even states that are shrinking experience the same issues. But really, even with high insurance our taxes and costs will drop dramatically. Probably helps we're moving to a medium sized town, not a downtown area thats always going to be ludicrously expensive.
Hey EE! Love the video! Just a request, could we get some videos about the economics on the states in the land down under? Id love to hear about them in a more expanded context than just a broad national overview!
No pressure ofc! Lots of love from the USA, aussie aussie aussie!
Nice to see an American willing to look outside their own borders - thx mate.
Since you are now doing individual states I would like to see one on North Carolina and how different the western part of the state is from the eastern part.
Tampa and St Pete, two big cities next to each other, are both facing cost of living crises. I am seeing firsthand what is likely caused by what you mentioned, rich retirees moving in and pricing other out.
Florida man magic I tell you 😂
The notion that China will over take the USA in terms of economic activities gas always been a fairly tale in my perspective. This opinion is based on the level of economic freedom in the USA compared to China
Look at all the people in China paying mortgages on properties that were never built.
Where udis you get that information from the western news😅😅😅😅😅.
You really think the USA isn't falling apart and won't get taken over?
@@baikeiast5255chinese bot detected
@@lembafranck3490 american bot spotted
I work for a startup that started in Miami. We actually moved to NYC because the local talent pool was subpar at best. The local universities in Florida are not nearly as good as Stanford, Berkeley or Ivy League schools - they attract the brightest people who intern build the best finance and tech companies. This is why NYC and the Bay Area cannot be replaced by Miami or Florida as a whole.
Suddenly interested in seeing a video on Georgia, and how we're doing compared to the rest of the US. I saw us there as #8 a couple of times, so we must be doing something right.
"... it will just end up as a race to the bottom..."
That is quite the statement..... No "may", no "could", it certainly "will".
I disagree completely with that comment in the video . FL is uncompetitive with practically every other state in education and business environment. You don't see any high tech firms moving to FL from CA or TX or any other state despite tax and land advantages.
I was just being sarcastic. I come to this channel for the information (research, data) but almost always when they try to give some opinion/conclusion it is messed up.
@@tonysu8860 No it's not- who told you that? Disney planned to move before covid forced them to stop, and the video itself claims many companies ARE moving to FL.
Where are you getting your opinion from?
Exactly. It WILL.
I wish people would realize how much high taxes and bureaucracy stifle the economy and make things worse for everyone.
Bureaucracy for sure, higher taxes not so much. Otherwise the heartland would be swarmed with coasties looking for a bargain, but the lack of government spending results in a lack of effective education and innovative experimentation that got them relatively rich to begin with. Being price sensitive indicates being easily replaced.
@@doujinflipthe heartland IS being swarmed with coasties looking for a bargain. Take it from a Californian, we’re the slowest growing state for a reason
Not necessarily. It depends on who you tax. Long term, societies don’t function without some communal services. Efficient bureaucracies are ideal, but a lack of bureaucracy entirely is quite bad and leads to gilded age consequences.
Great video!
You should see my area we was originally agricultural and a phosphate mine now we have a lot more industrial plants and factories here
Your graphic at 8:15 shows people moving from Washington State to Texas and Florida, theoretically because Texas and Florida have no state income tax. Washington also has no state income tax so this would not support your reasoning being discussed at that part of the video.
Except Washington state has the same craptastic liberal/blue government as Cali, NY, etc.
We know the real reason people are moving from blue states to red states
He is Australian and is completely oblivious to the complete degradation of the rule of law and property rights that is occurring in New York, California and the Cascadia region.
@@themachine9366 True. People are fleeing blue states because of crime and lack of freedoms. There’s discussion of increasing border friction because of that, Imagine if someone moving from Portland Oregon to Tampa, Florida had to petition to move and required a visa.
True but that would be because, scientifically speaking, Washington sucks.
the biggest downside is housing. There was not enough to begin with and still not enough to keep up. Also every new apartment building is geared at higher earners and not for the regular working person who are desperately looking for cheaper housing.
That's a nationwide problem, driven in part by the incumbent NIMBY homeowners who vote against densification and the cheaper housing it would provide. Hence high costs to build, and higher prices to pay it off.
Downtown St Pete FL ....2000 unit condos selling for over $1 million in one building.
That's good investors can make more per person and make the neighborhoods nicer.
Poor people can live in the street 😅😅😅😅
Florida is a big state, you don't have to be in MIami or Tampa. Areas just outside of Orlando are growing really fast and homes and apartments are being built as fast as possible given the very few people that want to work construction jobs.
Worth noting that the 2017 tax change that capped federal deductions on state and local taxes has been one of the drivers of recent migration of high-earners to states like Florida (and Texas and Tennessee) with no income tax. If it's allowed to expire in 2025 as the law is currently written it will be interesting to see if that has any effect of slowing internal migration to low-income-tax states.
When my former employer moved its operations from New York to Florida they offered employees the ability to relocate. They also notified employees that their salaries would be reduced. They said that this was due to a lower cost of living and the fact that Florida didn’t have a state income tax. Those who relocated weren’t able to take advantage of the fact that the state income tax was lower because they were paid less.
There’s already some issues about regional inequality between certain states like California and Florida trying to use their economic clout to change policy in other states iirc.
US workers have basically always been some of the most mobile and most willing people to move around to where the work or opportunity is.. the US has always had "sorting" going on with certain areas or states getting more skilled people or investments than others. Remote work, I'm sure adds another wrinkle to this, but the idea that people moving to places like FL where the perceived opportunity is is suddenly particularly detrimental to the US overall seems a little far fetched.
Um...pardon me for the politics here...
A lot of our rural areas have seen no economic growth, or even decay.
Someone coined the term "sacrifice zones" for areas that just get abandoned by industry?
This term works.
The people that live in these areas are really angry about not having opportunities?
About the economic stagnation and the flight of wealth. About their kids having to move to make a living.
These people are ready for revenge at this point-as in, smash our country.
That's the appeal Trump has for these people.
Trump said "I am your vengeance." That's what he meant.
The level of anger the abandoned people have is dangerous for our political stability.
The mobility likewise makes it easier to move out of an uncompetitive environment. If anything the weak state attitudes inhibit public spending which could result in a unique draw that attracts people away from coastal harbors; places like Denver, MSP, and Nashville are success stories of very inland cities because they offer something more than a daily grind for pay.
We moved to FL in 2014 and we barely were able to afford it. Now, a decade later, we've made alot of money on real estate but if we were to move here now, we wouldn't be able to afford it. Housing is a critical issue with insurance rates out of control. Alot of this is the result of rich people from CA and NY along with retirees with a lifetime of savings to use.
I live in Jacksonville FL its crazy how many people live here.