August 18, 2025 • 19 mins
(August 18,2025)
College students have already changed forever. Experts say rural emergency rooms are increasingly run without doctors. Why fewer Americans are moving for jobs and homes.
College students have already changed forever. Experts say rural emergency rooms are increasingly run without doctors. Why fewer Americans are moving for jobs and homes.
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Episode Transcript
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Speaker 1 (00:01):
You're listening to Bill Handle on demand from KFI AM
six forty KFI AM six forty Handle here on a
whoa auspicious Monday morning, Big Time. First of all, the
Zelenski Trump European Leaders meeting is happening today. First uh
(00:25):
Zelensky and Trump and then the European leaders are meeting
with President Trump to talk about, Hey, you got to
back Ukraine a little more.
Speaker 2 (00:33):
But here's some of the big stories. That's the biggest one.
Speaker 1 (00:36):
Hurricane Aaron is pelting parts of the Caribbean, Big time
waves and rip rip tides on the East coast. And
who Here's News. MSNBC is changing its name to My
Source News Opinion World or ms NOW, And originally it
(00:58):
was going to be whpd W.
Speaker 2 (01:01):
The change was going to be which stands for we.
Speaker 1 (01:03):
Hope people watch, and that is not going to happen
anytime soon. Seniors in college are coming back this year
and this is the first generation of students that have
used AI from the time they were freshmen. AI has
(01:24):
changed everything. At first, students didn't know what AI could do,
you know, what uses were appropriate.
Speaker 2 (01:31):
Appropriate.
Speaker 1 (01:31):
Faculty was blindsided by how g chat GPT could write papers,
do homework. Well, college was completely transformed. Now, nobody thought
it's going to happen this quickly. Three years later, AI,
the transformation has just been complete. By the spring of
twenty twenty four, two thirds of Harvard undergrads were using
(01:55):
AI at least once a week. In a British survey,
ninety two percent of college students reported using AI in
some fashion.
Speaker 2 (02:07):
So AI has changed everything. You do an English.
Speaker 1 (02:11):
Paper, you do a history paper, all you do is
ask chat GPT and you've got a great paper. Now
can the teacher do the same thing? And there's plagiarism. Yeah.
One of the things about chat GPT AI is it'll
write papers English history.
Speaker 2 (02:32):
How do you do English without writing a paper? Well?
Speaker 1 (02:36):
More in class testing, you remember those blue books where
you would take the test and you would handwrite those tests.
Speaker 2 (02:43):
That was in class.
Speaker 1 (02:46):
And that's how, for example, the bar is taken little
blue books.
Speaker 2 (02:50):
You can type.
Speaker 1 (02:50):
But I remember I was in a huge it was
Long Beach. I think it was a convention center in
Long Beach where I took it in Jack. Chat GP
wouldn't have helped there, but it sure helps in terms
of doing homework now and creating content and annotating certain
(03:13):
papers so that it sounds like you're coming up with it.
Speaker 2 (03:20):
And so how do teachers deal with this?
Speaker 1 (03:23):
Well, they come up and their programs that come up
that counter that. I think, And I'm not a big
expert on AI because I don't use chat GPT very much.
I'd rather be wrong about the facts that I tell
you on the show. I think it's just more fun.
What chat GPT can do is give you the paper.
(03:44):
And the problem is there's a lot of what's called
hallucination where to get to where you want to go,
they will not only plagiar eyes, they will make up
sources and that gets.
Speaker 2 (03:59):
To be a little problematic.
Speaker 1 (04:00):
So it's not quite there yet, but where it's enough
there that Harrison Lieber, a Washington University senior major with
economics and computer sized computer size science, says it can
pretty much do anything and everything. There's a strategic marketing
(04:21):
professor at Cranfield School of Management, no idea where that is,
who says I'm seeing in classes that I teach, and
I'm hearing from students at my school that this technology
is no longer just a curiosity or way to cheat.
It's where they're going. It's a part of homework. It's
(04:43):
part of their education. And then the problem becomes, what's
the quality of that education?
Speaker 2 (04:49):
What do you.
Speaker 1 (04:50):
Get you get someone, for example, that can write. One
of the issues is you want a writer, and you
are part of a zillion other people that are trying
to get that job, and so you come up with
this great writing example that everybody else has come up with,
and you sound.
Speaker 2 (05:09):
Brilliant, and you're cheating, or you're not cheating.
Speaker 1 (05:14):
Saying everybody else is doing it, and I have no choice.
It's a tough way to go. I don't know where
you go with that, but it's now ubiquitous. My kids
were the among the first generation that from the time
they started, computers were in their hands. They couldn't imagine
(05:35):
going to school without computers, couldn't imagine talking to each
other without texting.
Speaker 2 (05:43):
At all.
Speaker 1 (05:45):
So we're in a very different world now. I want
to tell you a story almost four years ago. I know,
if you've been listening for a while, you'll remember that
I was gone about five months because what happened is
I had back surgery here in LA followed by open
(06:07):
heart surgery because I had an infection that got into
in the hospital, I got infection that went into my
valve that I had replaced a few years before that.
Speaker 2 (06:17):
So then I had surgery to replace that again.
Speaker 1 (06:19):
And then gangreen set in and they removed my legs,
and then as a result of an infection, my arms
were removed. So I am now a torso sitting here.
Actually the legs and the arms. Okay, that story is
a little bit rough. However, the back.
Speaker 2 (06:36):
Surgery and the heart surgery, that's legitimate. So I was
in Las Vegas at the.
Speaker 1 (06:42):
Time, and I've always had a bad back, and all
of a sudden, my back decided to explode on me
and I needed surgery. And I was not going to
have surgery in Southern Nevada. Whatever you do, don't have
orthopedic surgery or back surgery or neurosurgery in Southern Nevada.
Those the back surgeons spell back with two ks, this
(07:07):
is not the place to go. So I had to
go to Los Angeles and so I'm sitting in an
ambulance and they were going to drive me five hours
with my back exploding on me along a bumpy road.
Speaker 2 (07:24):
You think that was going to happen?
Speaker 1 (07:27):
And so I had to take an air ambulance and
I was flown from Las Vegas to Los Angeles and
an air ambulance picked up at the airport driven directly
to the hospital where I had the back surgery. And
the point of this story was between Las Vegas and
(07:47):
LA you don't have much in terms of doctors and clinics.
Speaker 2 (07:54):
They almost don't exist.
Speaker 1 (07:55):
And in rural areas across the country there are no doctors.
Speaker 2 (08:00):
Of fact, I think one clinic that was between.
Speaker 1 (08:03):
LA and Las Vegas, I think there was a small
clinic that didn't have a doctor, that didn't have a nurse.
I think it had a first year veterinary technician as
medical care there.
Speaker 2 (08:19):
And this is it is tough.
Speaker 1 (08:21):
First of all, there's a shortage of general doctors, internal medicine,
huge shortage. And why well because they are in these
little towns. They don't make much money. Now, certain towns
have in fact tried and what seems to have worked
is they'll pay for someone's medical school. The town will
(08:46):
upon a written contract that the doctor stays there for
five years or three years or whatever. But it's going
to take that kind of arrangement before these doctors show up.
Speaker 2 (08:58):
And what do you do about it? Well, there are
certain things the government can do, one of them being.
Speaker 1 (09:04):
If a doctor works at a rural clinic as defined
by the number of people that are there where the
local hospital is. I mean, some of these clinics are
sixty miles away from a hospital. And if someone gets
banged up really good, what happens, Well, I guess you
have to air flight them out to the hospital. In
(09:26):
my case, I had to get an air ambulance, which
I had to pay for. Let me tell you what
a hit that one was. Oh yeah, I woke up thinking, boy,
was that worth it? Basically three times the price of
a first class ticket four times. But I had no choice,
and a lot of people have no choice in these
(09:47):
rural areas. They get into accidents with farm equipment, and
now that is serious stuff. You have one of these
harvesters that are out there and all of a sudden
it's harvesting someone's leg, and that gets pretty serious. So
what happens, Well, there aren't doctors in that area, and
(10:09):
it's getting worse and worse, and so something has to
be done.
Speaker 2 (10:14):
Is it happening?
Speaker 1 (10:16):
I mean, with those programs out there, certain communities paying
for med school. One of the things that can be
done is no income tax for five years or ten years,
a forgiveness program of paying for medical school, or no
tax for a number of years, as I just said
(10:37):
on income. But the problem is if you're looking, if
you're in a rural area, if you're a doctor, how
much money can you make? And they pay with sides
of bacon on top of that, there ain't no money.
Speaker 2 (10:52):
Is there an answer here?
Speaker 1 (10:54):
By the way, we haven't had one, because it's getting
worse and worse.
Speaker 2 (10:58):
Matter of fact, you know, I let's talk about this
with Jim on Wednesday.
Speaker 1 (11:02):
And because if is there a shortage of r docs
in general, I'm assuming there isn't a major cities like
you know, if you're talking Orange County, you're talking to
La Jim used to work in uh well he still
he now works in Long Beach. But he ran the
Er and Mission Hospital in Mission Viejo and there wasn't
(11:24):
any problem. You go to Laguna. I mean, there are
plenty of doctors, But what do you do in a
rural area? First of all, what do you do in
a rural area anyway? I mean, what do people do?
Speaker 2 (11:35):
You know? Weird diseases they.
Speaker 1 (11:38):
Have, they have sex, with sheep, which by the way,
should not be illegal as long as an adult consenting sheep.
That's the other thing that the laws should be changed.
Interesting sideline, wasn't that I go off on these tangents.
Speaker 2 (11:55):
Let me finish this up about why fewer Americans are moving.
Speaker 1 (11:58):
They're moving for jobs, or they're not moving for jobs,
not moving from homes, because.
Speaker 2 (12:04):
Look what's going on.
Speaker 1 (12:07):
For generations, Americans have moved from city to city, state
to state because US companies.
Speaker 2 (12:13):
That's the way companies operate.
Speaker 1 (12:15):
You get promoted, you especially let's say you're someone is
an executive and they need that executive someplace else to
run a division or whatever, and so you move and
they pay for the move, and you sell your house,
and the companies actually help you sell your house and
buy your home. Well, that's not happening anymore. That mobility
has completely stalled, and so people working for major companies
(12:39):
are working in general, are staying in homes that either
are too small, staying in jobs they don't love. As
I said, staying in their parents. If you're in your thirties,
how many people live with their parents their people in
their thirties. I mean, it's crazy or some have these
golden handcuffs. They bought homes.
Speaker 2 (12:58):
When the mortgage rates or.
Speaker 1 (12:59):
Were rediculously low, or have white collar jobs and saying
I'm not moving, I'm staying right where I am and
buying a home today is crazy. Let's tell you sell
a home and oh, I made a lot of money,
but then you have to buy something else and it's
a fortune. Now, economists are looking at this immobility and
(13:22):
here's what's happening. The housing market is frozen, so growing
families can't upgrade, empty nesters can't downsize, first time buyers,
you can kiss that one goodbye. They're basically all locked up,
all locked out. So when people can't move for a
job offer or better opportunity, they're earning less than they
(13:44):
would have. When companies can't hire people who live in
a different state who won't move, can't move, then productivity
and profits drop at that point.
Speaker 2 (13:56):
This is a big deal.
Speaker 1 (13:58):
And economists are saying that economic and geographical mobility often
go hand in hand. And I haven't put that together before,
but geographic locality, the ability to move or not to move,
really puts companies in a position where they're not making
a good They're not making as much money as they should.
(14:21):
And going back in history, in the fifties and sixties,
twenty percent of Americans would typically move every year. That
has slowed way down. And here's a couple of reasons.
First of all, the population is aged, and so they're
not working and they're not moving, just not interested. Older
people tend to move less. Also, Americans live in household
(14:44):
with two earners more and more, which means if one
gets a job, what does the other one do?
Speaker 2 (14:51):
Who has a good job? So you just stay put.
And in twenty.
Speaker 1 (14:57):
Twenty three, which is the last the last figures that
the government has according to the US Census Bureau, which
began recording this stuff in nineteen forty eight, it is
the lowest rate of people moving since they started. It
is a very tough thing. So there's a story about
(15:19):
this is an interview that was done in the Wall
Street Journal. A couple bomb and then Rufato moved into
Chicago home in the suburb thirty five years ago with
two school age kids.
Speaker 2 (15:31):
Kids are grown up.
Speaker 1 (15:33):
They live in a twenty four hundred square foot home
in a great school district.
Speaker 2 (15:38):
They obviously no longer need.
Speaker 1 (15:40):
They've already paid off the mortgage, and they're buying their
next home in cash, so let's not worry about interest rates.
He and his wife can't find a home nearby because
you've got these sellers that are hunkering down and not selling.
And when the US started to reopen from the pandemic,
(16:03):
companies couldn't hire workers fast enough. Job applicants could name
their own price. Today it's a very different world. Employees
are less optimistic than we're even a year ago about
finding a new job if they lose theirs.
Speaker 2 (16:19):
This is the New York Fed survey.
Speaker 1 (16:22):
Half of the respondents said they're sticking to their current
job because they don't want to worry about being laid
off as the newest hire in a new job. And
recent college grads are underemployed more than three times as
lake likely to be underemployed a decade later than students
(16:43):
were five years ago. What does it all boil down to, Well,
if you have a job opening at minimum wage for
my daughter Pamela, as soon as she finishes her master's
degree in computer engineering, were very interested in sending you
an application.
Speaker 2 (17:03):
It's that tough. It really is.
Speaker 1 (17:06):
As I said, I bought my first home when I
was in my twenties, and I did it on my own.
It's not like borrowing money for my parents for a
down payment or anything. Who in their twenties without parental
help can pay or buy a home. I've offered my
daughters a down payment. That's going to be my gift
to them for a home. I'll pick up the down
(17:27):
payment and you pay for the rest. You know why,
I don't worry about losing my down payment. They're never
going to be able to make the mortgage payments because
housing is so expensive. That's like my elevator philosophy of life.
You get the credit and you don't do anything.
Speaker 2 (17:47):
You know.
Speaker 1 (17:47):
See, you're in an elevator and someone is running to
the elevator and now you're starting to push buttons and going,
oh oh, I'll have you come in, and you're pushing
the panel. You're not pushing any buttons, and so the closes.
People think you're great because you've tried, and no one
gets away. You know, you're by yourself. My daughters, I'll
(18:09):
pick up your down payment for your house. Ha, You're
never gonna be able to pay off the mortgage, so
don't even try.
Speaker 2 (18:18):
And I get the credit for it. It works out well.
Speaker 1 (18:21):
Tomorrow we start all over again at five am. Will
and Will wasn't around today.
Speaker 2 (18:27):
He was here, he just wasn't in the studio today. Oh.
I didn't even say hello to Will because you see him,
he had a flat tire. Right, Okay, there he is, Hi, Will,
Welcome to the show. Hello Bill. Wait, thank you Bill.
It's quite a long driveway. And yeah, I died. Sorry,
not a problem.
Speaker 1 (18:46):
Tomorrow morning five to six o'clock eight cap call with
Will and Amy, and then Neil and I jump aboard
at six am to write about now. And of course
Cono and Ann are here forever and they never go home.
This is oh Gary and Shannon up next, don't forget that.
And they're going to talk about big time what's going
(19:08):
on at the White House with the EU leaders and
Zelinski and President Trump.
Speaker 2 (19:13):
KF I am six forty All right. You've been listening
to the Bill Handle Show.
Speaker 1 (19:18):
Catch my show Monday through Friday, six am to nine am,
and anytime on demand on the iHeartRadio app.
You're listening to Bill Handle on demand from KFI AM
six forty KFI AM six forty Handle here on a
whoa auspicious Monday morning, Big Time. First of all, the
Zelenski Trump European Leaders meeting is happening today. First uh
(00:25):
Zelensky and Trump and then the European leaders are meeting
with President Trump to talk about, Hey, you got to
back Ukraine a little more.
Speaker 2 (00:33):
But here's some of the big stories. That's the biggest one.
Speaker 1 (00:36):
Hurricane Aaron is pelting parts of the Caribbean, Big time
waves and rip rip tides on the East coast. And
who Here's News. MSNBC is changing its name to My
Source News Opinion World or ms NOW, And originally it
(00:58):
was going to be whpd W.
Speaker 2 (01:01):
The change was going to be which stands for we.
Speaker 1 (01:03):
Hope people watch, and that is not going to happen
anytime soon. Seniors in college are coming back this year
and this is the first generation of students that have
used AI from the time they were freshmen. AI has
(01:24):
changed everything. At first, students didn't know what AI could do,
you know, what uses were appropriate.
Speaker 2 (01:31):
Appropriate.
Speaker 1 (01:31):
Faculty was blindsided by how g chat GPT could write papers,
do homework. Well, college was completely transformed. Now, nobody thought
it's going to happen this quickly. Three years later, AI,
the transformation has just been complete. By the spring of
twenty twenty four, two thirds of Harvard undergrads were using
(01:55):
AI at least once a week. In a British survey,
ninety two percent of college students reported using AI in
some fashion.
Speaker 2 (02:07):
So AI has changed everything. You do an English.
Speaker 1 (02:11):
Paper, you do a history paper, all you do is
ask chat GPT and you've got a great paper. Now
can the teacher do the same thing? And there's plagiarism. Yeah.
One of the things about chat GPT AI is it'll
write papers English history.
Speaker 2 (02:32):
How do you do English without writing a paper? Well?
Speaker 1 (02:36):
More in class testing, you remember those blue books where
you would take the test and you would handwrite those tests.
Speaker 2 (02:43):
That was in class.
Speaker 1 (02:46):
And that's how, for example, the bar is taken little
blue books.
Speaker 2 (02:50):
You can type.
Speaker 1 (02:50):
But I remember I was in a huge it was
Long Beach. I think it was a convention center in
Long Beach where I took it in Jack. Chat GP
wouldn't have helped there, but it sure helps in terms
of doing homework now and creating content and annotating certain
(03:13):
papers so that it sounds like you're coming up with it.
Speaker 2 (03:20):
And so how do teachers deal with this?
Speaker 1 (03:23):
Well, they come up and their programs that come up
that counter that. I think, And I'm not a big
expert on AI because I don't use chat GPT very much.
I'd rather be wrong about the facts that I tell
you on the show. I think it's just more fun.
What chat GPT can do is give you the paper.
(03:44):
And the problem is there's a lot of what's called
hallucination where to get to where you want to go,
they will not only plagiar eyes, they will make up
sources and that gets.
Speaker 2 (03:59):
To be a little problematic.
Speaker 1 (04:00):
So it's not quite there yet, but where it's enough
there that Harrison Lieber, a Washington University senior major with
economics and computer sized computer size science, says it can
pretty much do anything and everything. There's a strategic marketing
(04:21):
professor at Cranfield School of Management, no idea where that is,
who says I'm seeing in classes that I teach, and
I'm hearing from students at my school that this technology
is no longer just a curiosity or way to cheat.
It's where they're going. It's a part of homework. It's
(04:43):
part of their education. And then the problem becomes, what's
the quality of that education?
Speaker 2 (04:49):
What do you.
Speaker 1 (04:50):
Get you get someone, for example, that can write. One
of the issues is you want a writer, and you
are part of a zillion other people that are trying
to get that job, and so you come up with
this great writing example that everybody else has come up with,
and you sound.
Speaker 2 (05:09):
Brilliant, and you're cheating, or you're not cheating.
Speaker 1 (05:14):
Saying everybody else is doing it, and I have no choice.
It's a tough way to go. I don't know where
you go with that, but it's now ubiquitous. My kids
were the among the first generation that from the time
they started, computers were in their hands. They couldn't imagine
(05:35):
going to school without computers, couldn't imagine talking to each
other without texting.
Speaker 2 (05:43):
At all.
Speaker 1 (05:45):
So we're in a very different world now. I want
to tell you a story almost four years ago. I know,
if you've been listening for a while, you'll remember that
I was gone about five months because what happened is
I had back surgery here in LA followed by open
(06:07):
heart surgery because I had an infection that got into
in the hospital, I got infection that went into my
valve that I had replaced a few years before that.
Speaker 2 (06:17):
So then I had surgery to replace that again.
Speaker 1 (06:19):
And then gangreen set in and they removed my legs,
and then as a result of an infection, my arms
were removed. So I am now a torso sitting here.
Actually the legs and the arms. Okay, that story is
a little bit rough. However, the back.
Speaker 2 (06:36):
Surgery and the heart surgery, that's legitimate. So I was
in Las Vegas at the.
Speaker 1 (06:42):
Time, and I've always had a bad back, and all
of a sudden, my back decided to explode on me
and I needed surgery. And I was not going to
have surgery in Southern Nevada. Whatever you do, don't have
orthopedic surgery or back surgery or neurosurgery in Southern Nevada.
Those the back surgeons spell back with two ks, this
(07:07):
is not the place to go. So I had to
go to Los Angeles and so I'm sitting in an
ambulance and they were going to drive me five hours
with my back exploding on me along a bumpy road.
Speaker 2 (07:24):
You think that was going to happen?
Speaker 1 (07:27):
And so I had to take an air ambulance and
I was flown from Las Vegas to Los Angeles and
an air ambulance picked up at the airport driven directly
to the hospital where I had the back surgery. And
the point of this story was between Las Vegas and
(07:47):
LA you don't have much in terms of doctors and clinics.
Speaker 2 (07:54):
They almost don't exist.
Speaker 1 (07:55):
And in rural areas across the country there are no doctors.
Speaker 2 (08:00):
Of fact, I think one clinic that was between.
Speaker 1 (08:03):
LA and Las Vegas, I think there was a small
clinic that didn't have a doctor, that didn't have a nurse.
I think it had a first year veterinary technician as
medical care there.
Speaker 2 (08:19):
And this is it is tough.
Speaker 1 (08:21):
First of all, there's a shortage of general doctors, internal medicine,
huge shortage. And why well because they are in these
little towns. They don't make much money. Now, certain towns
have in fact tried and what seems to have worked
is they'll pay for someone's medical school. The town will
(08:46):
upon a written contract that the doctor stays there for
five years or three years or whatever. But it's going
to take that kind of arrangement before these doctors show up.
Speaker 2 (08:58):
And what do you do about it? Well, there are
certain things the government can do, one of them being.
Speaker 1 (09:04):
If a doctor works at a rural clinic as defined
by the number of people that are there where the
local hospital is. I mean, some of these clinics are
sixty miles away from a hospital. And if someone gets
banged up really good, what happens, Well, I guess you
have to air flight them out to the hospital. In
(09:26):
my case, I had to get an air ambulance, which
I had to pay for. Let me tell you what
a hit that one was. Oh yeah, I woke up thinking, boy,
was that worth it? Basically three times the price of
a first class ticket four times. But I had no choice,
and a lot of people have no choice in these
(09:47):
rural areas. They get into accidents with farm equipment, and
now that is serious stuff. You have one of these
harvesters that are out there and all of a sudden
it's harvesting someone's leg, and that gets pretty serious. So
what happens, Well, there aren't doctors in that area, and
(10:09):
it's getting worse and worse, and so something has to
be done.
Speaker 2 (10:14):
Is it happening?
Speaker 1 (10:16):
I mean, with those programs out there, certain communities paying
for med school. One of the things that can be
done is no income tax for five years or ten years,
a forgiveness program of paying for medical school, or no
tax for a number of years, as I just said
(10:37):
on income. But the problem is if you're looking, if
you're in a rural area, if you're a doctor, how
much money can you make? And they pay with sides
of bacon on top of that, there ain't no money.
Speaker 2 (10:52):
Is there an answer here?
Speaker 1 (10:54):
By the way, we haven't had one, because it's getting
worse and worse.
Speaker 2 (10:58):
Matter of fact, you know, I let's talk about this
with Jim on Wednesday.
Speaker 1 (11:02):
And because if is there a shortage of r docs
in general, I'm assuming there isn't a major cities like
you know, if you're talking Orange County, you're talking to
La Jim used to work in uh well he still
he now works in Long Beach. But he ran the
Er and Mission Hospital in Mission Viejo and there wasn't
(11:24):
any problem. You go to Laguna. I mean, there are
plenty of doctors, But what do you do in a
rural area? First of all, what do you do in
a rural area anyway? I mean, what do people do?
Speaker 2 (11:35):
You know? Weird diseases they.
Speaker 1 (11:38):
Have, they have sex, with sheep, which by the way,
should not be illegal as long as an adult consenting sheep.
That's the other thing that the laws should be changed.
Interesting sideline, wasn't that I go off on these tangents.
Speaker 2 (11:55):
Let me finish this up about why fewer Americans are moving.
Speaker 1 (11:58):
They're moving for jobs, or they're not moving for jobs,
not moving from homes, because.
Speaker 2 (12:04):
Look what's going on.
Speaker 1 (12:07):
For generations, Americans have moved from city to city, state
to state because US companies.
Speaker 2 (12:13):
That's the way companies operate.
Speaker 1 (12:15):
You get promoted, you especially let's say you're someone is
an executive and they need that executive someplace else to
run a division or whatever, and so you move and
they pay for the move, and you sell your house,
and the companies actually help you sell your house and
buy your home. Well, that's not happening anymore. That mobility
has completely stalled, and so people working for major companies
(12:39):
are working in general, are staying in homes that either
are too small, staying in jobs they don't love. As
I said, staying in their parents. If you're in your thirties,
how many people live with their parents their people in
their thirties. I mean, it's crazy or some have these
golden handcuffs. They bought homes.
Speaker 2 (12:58):
When the mortgage rates or.
Speaker 1 (12:59):
Were rediculously low, or have white collar jobs and saying
I'm not moving, I'm staying right where I am and
buying a home today is crazy. Let's tell you sell
a home and oh, I made a lot of money,
but then you have to buy something else and it's
a fortune. Now, economists are looking at this immobility and
(13:22):
here's what's happening. The housing market is frozen, so growing
families can't upgrade, empty nesters can't downsize, first time buyers,
you can kiss that one goodbye. They're basically all locked up,
all locked out. So when people can't move for a
job offer or better opportunity, they're earning less than they
(13:44):
would have. When companies can't hire people who live in
a different state who won't move, can't move, then productivity
and profits drop at that point.
Speaker 2 (13:56):
This is a big deal.
Speaker 1 (13:58):
And economists are saying that economic and geographical mobility often
go hand in hand. And I haven't put that together before,
but geographic locality, the ability to move or not to move,
really puts companies in a position where they're not making
a good They're not making as much money as they should.
(14:21):
And going back in history, in the fifties and sixties,
twenty percent of Americans would typically move every year. That
has slowed way down. And here's a couple of reasons.
First of all, the population is aged, and so they're
not working and they're not moving, just not interested. Older
people tend to move less. Also, Americans live in household
(14:44):
with two earners more and more, which means if one
gets a job, what does the other one do?
Speaker 2 (14:51):
Who has a good job? So you just stay put.
And in twenty.
Speaker 1 (14:57):
Twenty three, which is the last the last figures that
the government has according to the US Census Bureau, which
began recording this stuff in nineteen forty eight, it is
the lowest rate of people moving since they started. It
is a very tough thing. So there's a story about
(15:19):
this is an interview that was done in the Wall
Street Journal. A couple bomb and then Rufato moved into
Chicago home in the suburb thirty five years ago with
two school age kids.
Speaker 2 (15:31):
Kids are grown up.
Speaker 1 (15:33):
They live in a twenty four hundred square foot home
in a great school district.
Speaker 2 (15:38):
They obviously no longer need.
Speaker 1 (15:40):
They've already paid off the mortgage, and they're buying their
next home in cash, so let's not worry about interest rates.
He and his wife can't find a home nearby because
you've got these sellers that are hunkering down and not selling.
And when the US started to reopen from the pandemic,
(16:03):
companies couldn't hire workers fast enough. Job applicants could name
their own price. Today it's a very different world. Employees
are less optimistic than we're even a year ago about
finding a new job if they lose theirs.
Speaker 2 (16:19):
This is the New York Fed survey.
Speaker 1 (16:22):
Half of the respondents said they're sticking to their current
job because they don't want to worry about being laid
off as the newest hire in a new job. And
recent college grads are underemployed more than three times as
lake likely to be underemployed a decade later than students
(16:43):
were five years ago. What does it all boil down to, Well,
if you have a job opening at minimum wage for
my daughter Pamela, as soon as she finishes her master's
degree in computer engineering, were very interested in sending you
an application.
Speaker 2 (17:03):
It's that tough. It really is.
Speaker 1 (17:06):
As I said, I bought my first home when I
was in my twenties, and I did it on my own.
It's not like borrowing money for my parents for a
down payment or anything. Who in their twenties without parental
help can pay or buy a home. I've offered my
daughters a down payment. That's going to be my gift
to them for a home. I'll pick up the down
(17:27):
payment and you pay for the rest. You know why,
I don't worry about losing my down payment. They're never
going to be able to make the mortgage payments because
housing is so expensive. That's like my elevator philosophy of life.
You get the credit and you don't do anything.
Speaker 2 (17:47):
You know.
Speaker 1 (17:47):
See, you're in an elevator and someone is running to
the elevator and now you're starting to push buttons and going,
oh oh, I'll have you come in, and you're pushing
the panel. You're not pushing any buttons, and so the closes.
People think you're great because you've tried, and no one
gets away. You know, you're by yourself. My daughters, I'll
(18:09):
pick up your down payment for your house. Ha, You're
never gonna be able to pay off the mortgage, so
don't even try.
Speaker 2 (18:18):
And I get the credit for it. It works out well.
Speaker 1 (18:21):
Tomorrow we start all over again at five am. Will
and Will wasn't around today.
Speaker 2 (18:27):
He was here, he just wasn't in the studio today. Oh.
I didn't even say hello to Will because you see him,
he had a flat tire. Right, Okay, there he is, Hi, Will,
Welcome to the show. Hello Bill. Wait, thank you Bill.
It's quite a long driveway. And yeah, I died. Sorry,
not a problem.
Speaker 1 (18:46):
Tomorrow morning five to six o'clock eight cap call with
Will and Amy, and then Neil and I jump aboard
at six am to write about now. And of course
Cono and Ann are here forever and they never go home.
This is oh Gary and Shannon up next, don't forget that.
And they're going to talk about big time what's going
(19:08):
on at the White House with the EU leaders and
Zelinski and President Trump.
Speaker 2 (19:13):
KF I am six forty All right. You've been listening
to the Bill Handle Show.
Speaker 1 (19:18):
Catch my show Monday through Friday, six am to nine am,
and anytime on demand on the iHeartRadio app.
The Bill Handel Show News
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