Older millennials, adults aged 35 to 44, had debt-to-disposable income ratios around 250 per cent in 2019, while Freestone noted that metric was roughly 150 per cent for the same age group in 1999.
Can confirm we’re sitting around 250% but this is after exercising significant restraint to not take on as much mortgage as the banks would have given us. Everyone I know who bought over the last couple of years went all out and I can’t imagine them being any lower than 300-350%.
It is absurd because those numbers are nonsense. There’s a spreadsheet linked in the video description.
What numbers in that spreadsheet seems like nonsense to you? Other estimates I’ve seen agree with his numbers.
The majority of “costs” are indirect ones like noise and pollution. Tell the average Joe that ackshually his Civic is costing him $1.5M by showing him those figures, and he will say he’s never seen noise or pollution charges coming out of his bank account. It’s sophistry and not helpful to the environmentalist cause because it makes us look like we’re manipulating data to suit a narrative.