PBD Podcast - Upcoming Labor Crash! | Ep. 256 | Part 1

Episode Date: April 8, 2023

In this episode, Patrick Bet-David and Dave Rubin will discuss: The upcoming crash Why Gen-Z is tired of working Why 4 day work week is not a good solution FaceTime or Ask Patrick any questions on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://minnect.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Want to get clear on your next 5 business moves? ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://valuetainment.com/academy/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the channel to get exclusive access to perks:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3Q9rSQL⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Download the podcasts on all your favorite platforms⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://bit.ly/3sFAW4N⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Text: PODCAST to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠310.340.1132⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ to get added to the distribution list --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

Did you ever think you would make it? I feel I'm so close, I could take sweet this story I know this life meant for me Yeah, why would you plan on galiah when we got bett David? Value payment, giving values, contagious this world I want yourpreneurs, we can't no value that hate it I'd be running home, you look what I've become I'm the under one

Yeah What a night last night was Was that crazy or what? I've become Yeah What a night last night was was that crazy or what started at six o'clock It was supposed to be four hours. It's midnight people are not leaving We're asking people to live if you missed it do not miss the next live podcast. We do at 59 90 federal Matter of fact if you want to be added to the list with the next guest, the moment we announce, the VIP goes first. If you want to be added to the list,

last time we had Giuliani Dave Rubin debate, screaming, hollering, a meme, if you can show this meme, this is actually what the mayor said last night and he said, I don't know what a meme is, if you can show this Rob. But I know what? I know what a meme is if you can show this Rob But I know what I know what a dick is These are line night you have to be there. It was so nice of Rudy to have you on his podcast

Yeah, he allowed you to maybe get a couple words in I was great He was by the way if you guys want to get the notice for the next one when we're doing this remember text award podcast To 310 3340-1132. Rob, let's put that in the chat in the comments section as well. Text award podcast to 310-340-1132 to know the moment we announced the next live, because last night was absolutely epic. Yeah, but by the way, I mean, I'm gonna give three shout out. Shout out to Dave Rubin and Rudy Giuliani.

It was just awesome. It was great hanging with those guys. We had dinner before the podcast, having fun, Rudy's lady, Dave's friends. It was awesome. The value tanners that showed up. I mean, we've got such an awesome audience, awesome base that we got, whether they love me or hate me

or all of us, they just, it's always respectful, smart, intellectual. We've got such a great crew And then our crew shout out to the team. Oh my god. I mean whether it's Eric Jorge Kelly Mario My deli just it was caught is doing and rob over here fake my Everybody it was just I'm very proud of the team. I'm impressed with you guys with Giuliani 80 years old I was waiting like 78 from the 8, bro. Don't go there.

My bad. I'm, I'm, Dave, Dave's like, I don't think we need to have an 80 year old president. And he opened his mouth. I'm like, hey, hey, hey, hey, Dave. Yeah. But he was sitting right next to him.

Compare him to like a Biden, but Pat, he's well-spoken. He's long-handed, but everything was, was on point. One funny thing. I actually saved it for then and then I got him in the cigar lounge and he's sitting there and it's like, Pat, smoke, it's like my feel, so I go, I go, hey, May, I have, I'm from New York, my name is Vincent and he's like, shakes my hand, I go,

thank you for, as a New Yorker, you clean up the streets, you did everything, my family, they're happy, but there is one problem. He's like, what's that? All of his team turns around. I go, you got rid of all the prostitution on 42nd Street and he's like nodding and I go, my sister hasn't worked.

This is insane. Everybody's like, what the hell? And I go, we want answers. And he laughs, he goes, oh, you're the comedian. I go, yeah, yeah. That's the way. Give me your sister's number. I'm gonna call her first.

But one, but get her back to work on the streets. But a night from beginning to end, it was just, it's one of those nights where you sit back and you're like, holy shit, we did. It was a great night. So last night was a lot, a lot of politics, a lot of politics today. We gonna talk business, must-cad a few comments

to Chuck Schumer after Trump's arrest, that's semi-politics, Pelosi event turns chaotic, that is semi-politics anti-war protesters. Uh-oh. But there's a few things going on with business here. Private payrolls rose by 145,000 in March. Well below expectation, ADP says, higher March jobless claims add to sign of cooling labor market. Job cuts are almost up 400%. This year as Jabless claims rise, bank failures, high inflation rising rates is the resilient job market about to crack. That's a WSJ, a lost regional story. Gen Z is sick and tired of their jobs. Bosses want hard workers. This is also lost regional

story. Check this out folks. Boss want hard workers. So they're hiring older people. It's a shot at younger people. Twitter labels, MPR, estate, affiliate, and media, you gotta see this. Walmart's a 65% of their stores will be serviced service by automation in three years. Let me say that one more time. 65% of their stores will be serviced by automation

in three years, not 30 years, not 20 years, not 10 years, not five years, in three years. Boomers, home buying, bananza, luxury home sales, plunge 45% with Miami and Hamptons hitting the hardest. You know we're going to be making some aggressive offers in the next couple of months. As a girl. California residents need to make this much money to be happy. Wait till you see what this number is for Californians to be happy.

But before we go find out how to make Californians happy, let me give a quick shout out to our sponsors. Masterworks at a crazy time like this with everything that's going on with Silicon Valley Bank with I'm watching Jamie Diamond. They're asking him a question. Do you think Jamie, just yesterday, do you think Jamie, a few other banks are going to go out of business? And well, you know, there may be a few other banks. The way he just said it is like, yeah, it's not like really a big deal.

There may be a few other banks going out, but it's going to be okay. It's going to be. Did you see that the way he said it? Translations. Yeah, I'm going to go shopping pretty soon. Exactly. And he has all the money in the world to be able to do that. The one thing that is become and talked about by a lot of people in the investment world is alternative investments, alternative assets. And one of them is art. just to kind of give you an idea what happened last year. Last year was the best auction year ever where the highest total, big three auction houses, did $18 billion.

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Broken into shares if you want to learn more about masterworks And to get an imitation click on a link below masterworks that that art forward slash pbd podcast once again masterworks. Art forward slash P.B.D. podcast once again, masterworks.art forward slash P.B.D. podcast, purchase shares and great masterpieces like Pablo Picasso, Banksy, Andy Warhol, and more. So let's get right into a time. Private payrolls rose by 145,000 jobs and 145,000 in March. Well below expectation ADP says, OK? So this was a topic that everybody was talking about the last

24 hours. This is down from an upwardly revised 21,000 in February, down below Dow Jones, estimate of 210,000, the first quarter hiring average around 175,000 jobs a month, a sharp reduction from the average of 397, just a year ago in first quarter. Okay. According to ADP's chief economist, Nellow Richards and the March payroll data is one of several signals that the US economy is slowing down. Employers are pulling back from a year of strong hiring and pay growth with pay growth now in inching down. Job growth was almost evenly split between services and goods producing

firms, which is unusual. The US economy is heavily service oriented, so the services sector generally produces much stronger hiring gains. Tom, why should we care about this number? So, there's a couple numbers that we care about this morning. And first of all, happy you try to eat everybody. And hopefully, we give you some good ideas and some things to do with these stats as you manage your life and your business. There's a couple of things going on here Pat. Do you ever have like your favorite basketball team plays and you see a couple of things that happen and what happened maybe at the net really started like 45 seconds ago with the

other end of the court and things were forming and they come together or it's your favorite football team. And you see something happen, you say, we're really well set the touch down, you have to go two plays before that. Momentum being built up. Correct, and things happening. Well, here's what interesting happening, and Rob, if you could be ready with the chart, I sent you.

Right now, there are three things that are moving together right now that are very bad. It is the change in job openings is dropping. So, number of the number of job openings is dropping. When we saw the layoffs, we could go with meta. Remember part of the meta was, we're laying off 4,000 more people, but we're canceling 5,000 open jobs. So people that day that went online looking, hey, meta's got like 5,000 open jobs. So people that day that went online looking,

hey, Metta's got like 5,000 engineering jobs. Poof, they were gone. So they call that net 9,000. So they eliminated 9,000 jobs. So those job openings are going away at an increasing rate, number one, and number two, the private payrolls rising less than expected means there was hiring but less

hiring than was expected number two and then number three the percent change in quits is dropping through the floor. Let me explain quits. The government actually tracks a number of people that quit jobs and this is before they get an unemployment check because when your social security number is with the IRS and you're going to get a W2, they know who you work for. And if you change jobs at the end of the year, you get two W2s, one for this job, one for that job. So the government can track when your social security number moves from one company to

another and they call that a quit or a job change. So they get the stats. So what you have, everything coming together here, there's a chart that, can they see that right now? Perfect. So you take a look at this. This is by regions. And there's a government chart that you can look at

any time you want called Jolts, J-O-L-T-S, which is job openings and labor turnover survey. And it'll tell you like the temperature of your region of what's going on for the job economy. And right now, job openings are down, lowest since 2021, layoffs are up and it's not just tech and quits are down. So people with jobs are not quitting at the same rate

they were in any of the previous three years, Pat. Remember, it was fashionable to quit, walk across the street, tell them, and I want to work from home, and I want to bring my dog to work, and I only want to work four days, all those things. And I want 20% more, and employers were kind of desperate for workers. And so during COVID, sometimes they said, yes. So the workers kind of had this leverage point. As you've said on the podcast, a lot of times workers overplayed their hand

because three years later, they're looking for layoffs and the boss is saying, okay, who took me to the bank? What's unique about this, though, Tom? So what's unique about this? What is the same? These, all of these things coming together are saying that we have a very soft job market right now

and you've got the Wall Street Journal, CNBC, and the official Business Magazine of China Forbes. They're all saying the same thing, saying, look out. The word is look out. It's like, this is, think of it this way, Pat. There is a check engine light on the jobs part of the US economy. We haven't installed, we haven't pulled over yet, but when you take a look at everything here, job openings down, fewer people hired and fewer people quitting, that means the entire

job market is nervous. Well, maybe let me read this other stuff. So this kind of gives you a little bit of what you're trying to say. Job cuts are almost up 400% this year, as jobless claims rise. Okay, so this is a specifics that job cuts have nearly up 400% this year as jobless claims rise. Okay, so this is a specifics that job cuts have nearly sharpened, risen sharply with roughly, job cuts have risen sharply, with roughly 270,000 job cuts so far this year, 396% increase from last year.

What was that percent? 396%. Oh, so that's big. That's a very big number. I'm what they're talking about. The tech sector was hit the hardest for job cuts according to accounting for 38% of all the layoffs. This year, financial companies came in second accounting for 11% of layoffs.

Giants such as Amazon, Google and Meta fired over 10,000 and it's not even slowing down. Adam, you're going to say something. If you're anything like me, I'm reading all these reports right here, and if you focus on all this, it is so easy to get anxious and stressed out, like if you just read any of these headlines, JB Diamond, words of the banking crisis has raised the odds of recession. US Health System will go bankrupt the next few years,

more signs pointing towards an eminent slowdown. Private payrolls rose $154,000, below expectations. Higher jobless claims, more jobs cuts, more jobs cuts, bank failures, high inflation. It's like holy shit. What does this mean for me? Right? Because at the end of the day,

Tom's more of a macro guy, and I'm more of a personal finance guy. You could take all this stuff and you have to look in the mirror and be like, okay, what am I going to do? You know how they say that, like degrees pay fees and skills pay the bills? You have to look in the mirror and see,

am I where I need to be skill wise? Am I, you know, more and more, but it says the number one way to be inflation proof or recession proof is to actually just be good at your job, okay? So with all this chaos going on in the economy, it's so easy to feel overwhelmed. Like, I'm sure Vinnie's head's about to explode with all these numbers. I'm going to throw up.

But if you're Vinnie, you're Rob. If you're me, are you showing up to work every day? Are you putting in the work? Are you improving? Are you out working? Are you strategizing? And that's the only way to outlast in a rough economy because every day there's a new report. The economy's a recession. Inflation. Actually, we're getting better.

Hold on, stock market, Bitcoin up, down. I don't know what to make of it. But if I'm you, I have to take a deep breath and be like, okay, what can I do to control what's going on? You know, they say that there's two things in life. Things that matter and things that you can't control. Or where you can focus is where those two things intersect. You can't control everything and not everything matters. But where they diverge is where you should focus. So I would sum it up, step up from the macro

and thank you for the nudge is if you've got a good job keep it Right now is the wrong time to walk across the street for a 5% difference in salary if you've got it show some loyalty If you own a business and so many people so many value tanners out there are business owners when we had our last live event It's like 70% of people in the audience are business owners and thank you for your support right now is a time To look around And if you need to make an upgrade of a key position, you probably have a hungry person that might show up at the door as opposed to a couple of years ago. So maybe now is the time to make an upgrade. And now is the time to show some love to your great people and the people that maybe were pains. You may be opportunities

to upgrade them now. And Pat, you, we've had this conversation many times. I know we brought this up a couple of podcasts to go about whether it's good time to ask for a raise, stay loyal, loyalty, what's being rewarded, over COVID, things were so up, things that went down, but I know you have strong feelings on what employees should be doing in this type of situation and how employers should respond to that, right?

Yeah, look, I mean, I understand the message you're given. Your message is, hey, you know, be careful reading a lot of these stories because you're gonna be scared and you're gonna be this and you know, focus on yourself and oh, yeah, you're right, all of that stuff is fine. But people are here because they actually wanna know like what's gonna happen to the economy, right?

They're here because they wanna get our feedback, our opinion on is this the time, or we're getting close to it, what's going to happen to the economy, right? They're here because they want to get our feedback. Our opinion on is this the time, or we're getting close to it, what should we do? And you know, they get to make a decision for themselves. We don't have the answers, we're just processing, having conversations to get. I can tell you, this is a real issue, okay, with unemployment. This is a real issue with unemployment.

They've been worried about this for a minute. And even Wall Street Journal here says bank failures, high inflation, rising rates is the resilient jobs market about to crack. Because for the longest time, if you remember the last speech that Biden gave, which what do you call him in the president's giving a speech from the house? What do you call him? The State of the Union. Yeah. And all he bragged about was what? when the president's given a speech from the house, what do you call that? The state of the union.

And all he bragged about was what? Unemployment is at 3.5%. I've added more jobs than any emperor in history. You're the president, sir. And president. Yeah, so by the way, so here's the problem. What do you do when that's now gone, right? The US labor market, according to Wall Street Journal has been resilient

Despite the pandemic and economic risks with employers adding 5.6 million jobs since the start of 2022 Which is a good thing to talk about if you can't painting However recent banking industry turmoil has raised concerns about whether the labor market momentum will slip Quitter confidence has declined gradually since April 2022. Okay, the key word, quitter confidence. Indicating that workers are less confident in their ability to job hop, that's the key here. What Tom talked about just a minute ago,

then they were a year ago, shorter hours amongst private sector workers could indicate that businesses are growing cautious and might trim hours before laying off workers. The fusion index, which is a gauge of broad-based job gains and losses across industries fell to its lowest since 2020, in February of 2023. Real-time job postings data, which employment websites could clues. But about employers, future hiring intentions with some economies suggesting that companies may pull down job postings without laying off workers in response to slowing sales and heightened uncertainty.

Okay, so we recently, you know, I'll give you an idea for us, even at home office, we're running the company. So when the company says, we're shifting, the company shifted technology, okay? Company working with shift the technology for about 90 days. During those, it was about 60 days, 70 days. During those 60, 70 days, we couldn't hire anybody. We couldn't hire anybody, okay?

Because the system was updating, perfect. During that 60, 70 days, if you can't hire anybody, normally if you lose somebody, what do you do? You hire someone, you replace them. If you lose two people, you replace them, right? But if you, and that happens for a week, for a month, for two months, let's just say you lose five people.

You can't replace those people if there's a freeze, right? And you can't hire for that 60, 70-day period. Well, imagine if companies are not only letting people go, but they're no longer even hiring new people, what's going to start happening is the job that was being done by 100 people now needs to get done by 90 people, by 80 people, by 70 people, by 60 people, by 50 people. Which means, which means some of these companies, it's either overworked, but there's a second thing to it Vinny, here's a second thing,

which is scary to workers. The scary thing to workers is the following. When companies realize, wait a minute, we're getting everything done with 60 employees, and we were doing it at 100. And we don't even have to do overtime. Yeah, we were, the additional 40 employees we had, we were spending, I don't know, 2 million a year, now we're just paying $100,000 an overtime, we're still saving 1.6 million, and we're doing it with 60 employees. We don't need to go hired those 40 people back. Maybe we had a lot of employees here who were really not doing shit.

You're right. That's the problem because there's no more hiding to go seek and you were able to get away without working. The lazy people are about to be exposed. Okay. The reckless entrepreneurs are about to get exposed. Wow. Okay, the reckless entrepreneurs are about to get exposed. Okay, those people who were working, doing their job being diligent, improving, they're also gonna be exposed in a positive way. The business owners that didn't celebrate and get cocky

while money was so cheap and the economic expansion, they became arrogant, lazy, sloppy. Those guys are gonna get destroyed, but the guys that improved, you know, found ways to get better. They took care of their guys who were in the office on the daily basis. They're gonna be exposed in a positive way.

The market is open. Things are cheap right now. Companies are gonna be bought left and right. Opportunity is gonna come where talent's gonna leave a company because the seal wasn't at work on a daily basis. He's gonna take his talent some world. He's gonna take his talent some world. She's gonna take her talent some world. We're getting so many calls because we have so many job openings right now.

We're doing interviews right now on a daily basis. Okay. You're seeing people coming in here. We're on top of each other in this building. We can't even fit people in this building here right now. We have a building issue. We have a space issue right now, which is a great issue. My office is willing to move here.

Yeah. Then they're not even from here. They're coming from all over the world to come and be part of the vitamin team. My office is the to move here. Yeah, then they're not even from here. They're coming from all over the world to come and be part of the vitamin team. My office is the men's bathroom now, you know that, right? So anyway, keep going. I got what you're doing. No, that's why I was like,

were you like, were you pooping again? No, because I'm working. No, well, you were pooping yesterday. That's a different story. That's the difference. But the point here, but the point here, but the point here is the fact that the good people are finding each other.

It was hard to find each other. Let me replace good. The hardworking drivers who are ambitious couldn't really identify who was who. It was too blurry two years ago. Today they're like, also you were following shit this entire time. They're real. I'm going over there. Wow.

Damn. I am with the real company. Thank God. I'm staying put. I'm not going anywhere. So that's the thing that's going on today. And by the way, I'll go to you right after this. For election, if you think about election wise, this is going to hurt because to get reelected,

you need to have some kind of success or a war. So you need to have a great economy that no one's bothering. Everybody's like, yeah, dude, if the economy's this good, let it roll. Let's go one more time with this guy. Yeah. Or you need to have a war where it's fear, anxiety, and you're like, wow, we can't make a disruption because we're doing this one of those two things. If you no longer have this data to share, look what a great job we do with unemployment. Now what date are you going to be talking about? Yeah.

Well, I was just really fast. And Adam, you brought up the point and Pat, I'm happy you bought it back. All this, I've been here for next month, it's going to be by one year. Make. I moved here. Crazy. And make all this talk, Adam. I pay my version.

Thank you. The recession, the, you know, and play everything that's happening and all that, I, for someone that doesn't really know, like, like as much as you guys know, I feel like this bubble is getting to a point where it's gonna pop, but this administration's like saving it so it doesn't pop under this watch. Is that what, is that what happened? Because remember, the White House changed

the definition of recession live. What we were in here, they're like, no, two quarters of none, that's not, they changed it on Wikipedia. So Adam, do you feel like they're saving it? Because they know it's gonna pop, but they don't want it to happen under their watch. Well, yeah, any politician doesn't want something like that

to happen under their watch. Yeah. I think what Pat brings up is a good point because there's basically two parts to a company. Yeah. There's the employer, the business owner, the entrepreneur, and then there's the employees. Yeah.

Okay, the workers. And I don't know, what percentage of the company are the entrepreneur, C-suite executives, 5%, 10%, 90% of the company are the workers. Well, sometimes it's one lonely guy who founded the company. Up in the attic, where he's hired all these people. Yeah, exactly. So I think, you know, and he hired all these people. Yeah, exactly.

So I think, you know, Pat's more speaking to the business owners, I'm more speaking to the employees. I'm not a CEO, I'm not a business owner, so I never kind of step out of place with that. That's really why I respect what Pat and BizDoc do. You know, my message is usually to the employees, to the vines of the world is like,

buddy, it was start a company, but I'm just hiring me to do your next. Well, what do you say about this, though? What do you say hiring me to do your next. What do you say about this, though? What do you say about what we got that point? What do you say about this? About what's the question? No, about what we just talked about for the last time. What do you have thoughts on this?

What one thing Pat mentioned and the diffusion index. Just think of that as the thermometer on jobs. And the diffusion index is at lowest its bend since April of 2020. Rob, can you go back to that chart you just showed? It's the lowest it's been since April 2020. Would you like to see what the market was doing in April of 2020? That was the COVID free fall. Remember that Pat? Look at that. So they're saying that this temperature gauge on jobs is as low as it's been since then. So it's real folks and it's coming and you need to manage yourself accordingly. Yeah, there's not a this is not a hypothetical. This is coming based on data and by the way, you know, based on that,

you're hearing different generations how they're looking at work, right? You got Gen Z's are getting sick and tired of their jobs, okay, I'll give this story here and then Adam, I'm gonna come to you. It sounds like part timing. Gallup survey shows that from 2019 to 2022, if you can have this chart to show it to Rob, that'd be great.

There's shares of people under 35 who reported being engaged with their jobs dropped from 37% to 33% not a big drop but it's the lowest level since 2011 at the same time. The share who reported being actively disengaged rose from 17 to 12. 5%. That's a real number on 17 to 12. Remote and hybrid work during the pandemic is a significant factor in the growing workplace. Discruundable men of younger generation, young workers aren't getting enough social interactions, mentorship and guidance from their managers and more experienced colleagues in remote and hybrid work environments. The rise of digital messaging tools like Slack has also made it harder for early career employers

to learn by osmosis. In an office, I wonder why. Companies can improve the office experience, reorganize the workplace to create more space for people to collaborate and socialize, organize more happy hours, pay for parking and subway place, fairs. By the way, this sounds,

can you find out who the writer, this article, she sounds pissed off, who is the writer? It's one of the, one side. What Aki is saying, Aki is boss, please. She is asking for a parking pass or a subway fare like a money there to help her out with, allow people to arrive later. She wants to come later to work

and leave earlier to avoid rush out commutes and help facilitate the social interactions and mentorship to young people or otherwise missing. Wait a minute, wait a minute. How do you pat? You are a big mentor, sorry to interrupt, but how the hell do you get mentored by showing up later and leaving earlier?

No, but you know what it is though. This is a crime. I want total interactions with mentorship. Tell a younger person, younger people don't want to work that hard. What? Yeah. How the hell you move up in a company?

How the hell do you move up in your career, Adam? Yeah, I think there's a four letter word that young people need to understand that is not a bad word and that word is work. Yeah. Okay. Not up in here. Not up in here. Not up in here.

Yeah, I mean, guys, the reality is if you're 20 years old, you're gonna be working that four letter word again, work. For the next 50 years. Yeah, okay. For the next 50 years. Kill yourself. So there's, you can't microwave success. Yeah.

Okay, it's a slow burn, mother of self-respect. There's no like, oh, let me just show up to the office at 10 o'clock, leave by Ford, check out, get the parking pass. It's my dog. Yeah, yeah. That's not with my dog. Yeah, yeah. That's not how it works. Yeah, exactly.

Okay, maybe they need like an inspirational speaker or somebody that they can look up to. Since the transgender thing is becoming a big hit, maybe there was a famous poet, okay, for the transgender community. And he said, you better work. You better work. You better work. Work at Gen Z's. Or they shot up a great RuPaul. RuPaul. Even RuPaul knew that you RuPaul knew you better work. You better work. You better work. You better work.

Coming from RuPaul, we're trying to be understanding. Listen, you will win the Sausage of BPD, it's biz doc. Listen to RuPaul that work. You will end up living in a van down by the river. Yeah, well, I think the Gen Z needs to realize that work and work ethic is not a bad thing. Yeah. It's what's going to help you survive. Yeah.

For the next 70 years of your freaking life. Yeah. And if you're not used to getting used to it now, but whether this recession happens or not, it's coming at some point. So here's what's crazy about what you're saying right now, Adam, it's the next story, which is funny about this. So let me, let me, without ruining the story,

let me just read it. So one story inside of this tells you who's writing for insider and who's writing for Wall Street Journal. So the insider story is about, don't work people so hard.'s writing for Wall Street Journal. So the insider story is about, don't work people so hard. Here's a Wall Street Journal story. It's going. Bosses want hard workers so they're hiring older people.

I'm out of wait, older people who have been through the recessions. And they know they're like, you know, this could get really bad. Because I'm old and I've been through it. You know what, you better put your head down and work and you can get your ass shot off. All the workers are increasingly in demand at businesses as they are more likely to have a strong work ethic. Show up on time and value stability companies, such as KinderCare, Learning Centers,

and Manpower Group have signed AARP pledged to give workers over 50 is shot at hiring. People 55 and older are the fastest-grown segment at a workforce, and the trend is driven by demographic shifts, longer lifespans, and a weak stock market, a Wall Street Journal, a survey of America's values found that three-quarters of people, 65 and older, said hard work is very important to them personally,

compared to 61%, 18 to 29. Ageism remains a barrier for some older workers, but age discrimination complains to equal employment opportunity commission dropped. Ready? 45% from 2011 for 2021. Hey, normally the older workers were afraid of being replaced by the 23 year old. Hey, 23 year old, you know what this article says to you? They're no longer scared of you because you're lazy. You don't work hard. How much does that suck?

FYI, just so you know this, as a kid growing up, if I, you know how people say, well, my dad always did this and my mom always call me, my mom called me more on my dad called me this. You know what my dad called me when I was a kid? You're lazy. He said it thousands of times when I was 14, 15, 16, I was so sick of it.

And then I said, maybe this man is right. And I went in the army. I said, you know what, no, I'm gonna work my ass off. Then in a market place, sit there and says, you wanna work, we're gonna reward you. We're gonna reward you. Tom, what do you have to say about storyline? Not that you relate to the older people,

but what do you have to say about a story like this? We're seeing it. And we're seeing it. And Pat and I are involved in a couple of companies. And one's in the music industry, one's in the insurance industry, and one's in media. So this is pretty diverse group. And we are seeing people that were sick and tired of maybe the politics and the wokeism and a lot of things

of large organizations looking forward to coming back to a mid-size company and bringing all their experience and skills. We are seeing interviews. These interviews have been unbelievable, Pat, right? We say, well, why do you want to do this and do this? Because you guys inspire me. I love the youth that's here. I love the diversity that's here. And so for many of them, they don't want to do this and do this because you guys inspire me. I love the youth that's here. I love

the diversity that's here. And so for many of them, they don't want to be. They don't want to be in that old environment. And they're here saying, I'm going to work hard. I'm going to bring my experience. And I'd love to be part of this because it kind of inspires me again. So 23 year olds, you better be careful because that's not that those aren't, you know, practice interview questions. That is the passion of their heart and they're willing to come and they're coming for your job. I'll say one thing.

No, I'm a bum. Don't, I'll say one thing about these other guys. Once they can figure out how to turn their computer on, yeah, they kill the game. But if you're giving a computer and say, hey, get to work. I got no clue about this. So funny. Lab top Twitter.

So I'm going to say to some people open window. The window is open. Yeah, the windows. I don't know. I don't know. What's wrong with the suit? I don't know if I agree with that. By the way, like we learned yesterday, Rudy doesn't know what a meme is.

No, he does not know who to date. So by the way, some people are some people say this argument. today. Rudy doesn't know what a meme is. No, he does not. No, who did that? So, by the way, some people will say this argument when you say some like this. They say, you know, you're not being sympathetic to the younger generation. Okay. Okay. No problem. Or they'll say, Pat, the richer are, the rich are getting richer in the poor, getting poor. Okay. And that's not cool. You know, the wages are low. They're not paying as well as they did before. No problem.

I have a data to help you with your argument, okay? So I'm very comfortable showing data that is against my argument, but I'm gonna make my argument towards this. If you can look at this data right here, check this out. From 1979, 1980 till today, give or take, okay? What this chart shows is the red, you notice at the top is the top 1%ile, okay? What this chart shows is the red, you notice at the top is the top 1%

of earners in America. Income games at the top dwarf, those at the low and middle income households. They're right. The next is the blue, 19%. It's growing, but not crazy. Then it's the next 60%, that's actually beating the 19%.

Then you got the bottom 20%. Now, it's easy for 60% that's actually beating the 19%, then you got the bottom 20%. Okay. Now it's easy for somebody to say what? They're going to say, well, this is exactly the complaint path. It's exactly what happens. This is why the rich keep getting rich on the poor, keep getting poor. Yes. And by the way, that separation is gonna happen and gonna get wider and wider.

I'm gonna give my argument, you, the audience, give yours, Adam, Tom, Vinnie, you give yours. And, you know, let's learn from each other. Here's my ideas, a couple of things. One, I remember, you know, Amundi Army, me and this other guy, he says to me, we're sitting in a room and the sergeant says to us, guys, start setting aside $200 a month of your money into a Roth IRA.

And I'm like, I'm like, I'm so excited. You want me to put $200 a month into a Roth IRA? You're out of your freaking mind. Okay, so I leave my buddy, we go out two weeks later to the club, and I'm buying drinks, I'm having fun. I'm like, dude, how come you're not drinking? He says, dude, I can't afford it. So, dude, we make the same amount of money, we live in the same place, we have the same exact car payment. He says, yeah, the difference is I'm setting aside $200 a month in a Roth IRA. I said, what a freaking boring guy you are. You're freaking idiot. Yeah.

You know, and I'm making fun of him, right? Anyways, two and a half years later, I'm getting out of the army. Okay. I'm ETSing. And you're sitting there talking. This guy shows me an account says, Pat, look at this. $6000 or $7000 in it. He's got six or seven thousand, which some people say, that's not a lot of money, Pa, what are you talking about? Yeah, I was. Dude, trust me, that was a lot of money because I got out of the army with nothing. Yeah.

And I sat there and I'm like, damn, so watch this. Just two and a half years ago, we had the same exact net worth. So every month, his net worth was going higher than mine by 200 bucks. Plus interest on the other six. Plus interest on the other six. So eventually the separation between Hanai got what?

Wider and wider and wider and wider naturally. That moment when I got out of the army broke, I understood the concept of this freaking guy set aside 200 bucks. This lazy guy that wanted a party nonstop with his money, drank he wasn't a long-term thinking, I was drinking party and that's what I was doing. But I learned very quickly. Once I got out and I started working at Balles,

I started setting aside my money. One day, nine months after being at Balles, my boss and I were sitting there with the three of us, we're at Denys. And they had been at rallies for nine years. I'd been at Valley for nine months. They said, Hey, man, you know, I'm trying to figure this out. So how much cash you got is like, dude, I got no cash.

I'm paycheck to paycheck. I said, dude, you make more money than I do. How much cash you got to I got no cash on paycheck to paycheck. I'm like, how much cash you got P.B.D. I'm like, dude, I got $10,500. You got $10,000. You've only been with us for nine months. I know, bro, but I'm saving everything I'm like, how much cash you got, PPD? I'm like, dude, I got $10,500. You got $10,000. You've only been with us for nine months. I know, bro, but I'm saving everything I'm making.

Seriously, yes, bingo. So this chart shows if you keep saving and investing and others don't, you don't separate incrementally in a way that you think. You separate exponentially. And by the way, the separation's gonna get wider and wider and wider and wider, no matter how much you bash rich people, they're gonna go wider because while you were kicking

at wanting to work three, four days a week, they're doing six days a week because the Bible says, take one day off, and a lot of people follow that guideline. I've just taken one day off, but everybody wants a four day work week. Don't be upset at the guy that's whooping your ass because he's working six days a week for 10 years

and you work four days. Let's actually do the math. A guy works six days a week and only takes some days off, which is what I did. And it's two today, that's my philosophy, right? So a guy works six days and he takes one day off over a year span. What is it over a year?

Over a year you get 52 additional days a year, okay? Which is how many hours? Roughly 416 hours, because I'm doing 58 times 8, I think that's 416 hours, right? So that's 52 additional days you get per year. Do you realize within six years, within seven years, you got one additional year. Wow.

Within 10 years, you got years, within 10 years, you got 520 additional days. You got 4,000 additional hours. Yeah, brother, we're not in the same league, homie. We're not gonna be competing in the same league. But let me give you the other part about this. That's a problem The other problem about this. That's a problem. Who else is influencing this? Who else is influencing this?

This can also only happen with the help of the government the more money you print the more money you put into the economy You're thinking you're helping the law and middle income. You don't think the people at the top know who doing like every time When they say Jamie, I'm gonna put two trillion more dollars into the economy Jamie's like hell. Yeah, because 40% of it's coming to chase. Yeah, eight hundred billions gonna end up at whatever The number is gonna be in his mind is like that's great put two trillion dollars. I'm gonna get more on my balance You're just gonna find it well end up you really think these Politicians that are sending money out to do this you think think they're sending their say, let's hop the law in middle income? No, the money's going straight up to the top.

I'm gonna show you a clip here in a minute. I'm gonna get your feedback. We're gonna show you a clip here in a minute on what happened when Nancy Pelosi, you're gonna be seeing what people are saying to him. How the hell did you get so rich? Because you got inside your stuff and other people are going to jail,

having done one tenth of the crime you and your husband have committed, you're seeing the protesting taking place. But the low wage, the separation, the disparity, all of that is you need to start thinking long-term and not joining the camp that's convincing you to work fewer hours as you need to figure out a way to be more competitive in a marketplace.

When I talk to comedian Kevin Hart, he says, you'd be surprised I'll have to work. I work my ass off, okay? You talk to Rogan. Rogan, how hard that freaking guy works. People think Joe became Joe because Joe is just this talented, funny, likable guy. And he is all of that.

But I know a lot of talented, funny, likable guys that don't work hard. This guy was diligent, focused, doing what he's doing. And then all of a sudden gets a few hundred million dollars talking about, I got a few money. That's what he said. That doesn't happen by luck. You think he didn't work his ass off doing the UFC show here, traveling here, over there, over this. You think that schedule is four days a week? The people you admire, younger, Gen Z generation, the people you admire that you read about, that you watch on the sports, that you watch in movies, that you watch in

you know politics or military, you read about the heroes, we're not four-day a week people. They did not follow that. The heroes you admire didn't follow that strategy. That is purely a propaganda being sold by a bunch of people. I want to universities that some professor told them to work four days a week. And they're coming out being, you know, disciples of these prophets saying four days a week, not realizing they just ruined somebody's dreams by saying to work four days a week. That's my argument, you don't have to agree with it.

You can bash it, trash it. I'm a big boy, I'm comfortable with it. Tom. So, everybody understands football. What if I told you, hey, you know what, you can play football against me, and I'll tell you what, I get four downs, you get five downs.

That's 25%. That's an extra. Would you play that game? Yeah. Because even if I'm better than you as a team, what an analogy. You get another chance. What an analogy. And you keep coming. You would say, sure, I'll play that game.

All day long, I'll play that game. And people, I don't think really understand that. The second thing is, you know, set aside politics and write on a piece of paper and don't talk to your friends and don't look at the internet. Write these words on a piece of paper. Why does that candidate want my vote? Why? And then the next one is, how are they scaring me?

I heard a great talk that boiled down to those two things, so the things coming from the top, PBD, why does that candidate want my vote? And how are they trying to scare me? Not with your friends, not to get an argument over the issues that are in there, just ask yourself that question. How are they trying to scare me? Not with your friends, not to get into the argument over the issues that are in there, just ask yourself that question. How are they trying to scare me and why they want my vote?

And you step back and all of a sudden you realize the way they do it is you have to become dependent on them. That is the easiest way to keep your vote forever is to get you addicted to the crack that is whatever program they can offer you. If you give me one more down, I'm going to play that game even if you're a better team than me, I'm going to beat you. And I am resolved to never be dependent on anybody else.

And if you allow yourself to be dependent and you allow yourself to be bought, that's where you're going to end up. But allow yourself to be bought, that's where you're gonna end up. But that's what I have to say about that. I love that analogy and I'm gonna try to give an NBA analogy to you in the pairing. Here we go. The sports audience. Like if I get play in fouls.

No, I think well, to use the top 1%, the next 20 and then basically the bottom, you know, in the NBA, there's 20 guys that make 40 million bucks a year. You got LeBron, you got KD, you know, in the NBA, there's 20 guys that make 40 million bucks a year. You got LeBron, you got KD, you got Steph, you got Janus, these are the All-Stars, okay? And then you've got the average NBA guy that makes, I don't know, 5, 10 million bucks a year, not bad for a day's work. I'd love a exemption.

Exactly. And then you got what is known as the veterans minimum key word minimum And then you got guys like you don't his haslam that literally don't play a minute Okay, and it's the equivalent of you don't as a respect to you D if you ever see this because he's been in the league for 20 years He's freaking my age 42 still playing but he doesn't play and it's the equivalent of him saying hey I'm on the same team of Jimmy Butler. I played with LeBron. I want to make what he makes. Yeah.

Well, listen, motherfucker, you ain't LeBron. You're sitting on the bench, expecting to make what the 1% make. So here's the message to like the Bernie Sanders and the AOCs out there. They're always trying to drive up the minimum wage, the equivalent of the veterans minimum. And I think our message is rather than trying to fight for 12 or fight for 15 or next, then it'll be the fight for 20. It's like, why don't you, the bottom worker, improve your skill set?

So because in the average NBA career career last five years, okay? The average worker's gonna work 50 years. If you're always fighting for a higher minimum wage, what is your ceiling? It's just the minimum. Whatever they're willing to shell out and give you. But if you actually put in the work and improve and become the LeBron or Steph of your field,

this guy's the limit. So, by the way, some people's argument to that would be, well, dude, I can't be six eight, jump 45 inches, and run a, you know, 444, can be LeBron. But you can in the real world. But, no, but wait a minute, but you can be Steph Curry. That's the way, yeah. You can be Steph Curry.

So to me, I fully, and by the way, some people are gonna say, you know, what Pat, dude, I fully do have, by the way, some people are going to say, you know, what Pat, dude, I'm not as smart as Elon Musk. You're right. You'll never be Elon Musk. Totally get it. Okay, we can, we can 99.99% of the world is never going to be Elon Musk. Okay, the percentage of being Elon Musk is a very, very small percentage. But this isn't about you being Elon Musk, but you can be, you know, a Jack Richards and working out a place that started at the bottom and now is an executive C-suite running media,

running finance, running something, chief of staff, making $200, making $220, and then boom, five years later, he got shares in a company, 10 years later, the company is sold, it goes public, you make $3.9 million on those, you're like, how'd I become a millionaire? I never thought I was gonna be, you can be that. I think anybody can be that.

Forget about the billionaire, forget about the Hector guys, forget about the Deca guys. Dude, you can pull that off. I lived in the company. The first time I started making money and all of a sudden I'm living in a community, all I wanna know about is, how'd you make your money?

How'd you do it? How'd you do it? How'd you do it? How'd you do it? Okay, small percentage, you know, my family, and they're like, I work really hard, and you find out from the other guy No, that guy got his money from his family. Okay, cool. That was only 10% of people

You know how many people worked out a company and then all of a sudden the company went public? Hey, I worked at the company. I was at the beginning 18 years later. They went public. We sold dude I got 1.9 million dollars. I couldn't even I'm a regular guy. I'm like really? What did you do there dude? I wasn't even a director or VP I was just a manager and I stayed there one day they gave options. I'm like, why would I go any girls? Boom, any world's, I mean, those are the stories that are there.

Those are, they say that they Microsoft went public. The number is 5,000 millionaires. My, can you look up Microsoft public, 5,000 millionaires stocks? Can you type that out? Some story, it's either Microsoft or Apple. No, it was Microsoft, he's gonna find it. And it was 32 year old receptionist, a seven year old-

Right, you know guys, a seven year engineer that had been working 60 hours a week and busted his button was given some of those stock options. If you got to put Microsoft, not $5,000. Just saying, how many millionaires did Microsoft create? Yeah, so the point here is, both of you guys made great analogies.

The point here is for those that are defending the four day work week and remote and all of that shit, let me tell you what you're defending. Okay, I'm sorry, it was 12,000 employees. Okay, it rolls, it rolls. To dominate the person competing system market with MSDOS and the mid-Aid is followed by Windows, the company's 1986 initial public offering

and subsequent rise in its shares created three billionaires and an estimated 12,000 millionaires from regular employees. These are not crazy employees. People I was describing. Yeah, these are the people that said, dude, I'm gonna stay here, it's hard. I gotta work my ass off. We're part of a startup.

But you know what, these guys seem serious, these guys seem committed. maybe something can happen. So you, if you're watching, like, then the opposite side is gonna say, but I'm not part of something like, but then keep opening your damn eyes and find some, they're out there, you can find them. And then bring value to them and say,

I'm gonna do whatever I can to bring value to this organization. And if they don't reward you, trust me, you're gonna find somebody that's gonna reward you. You know, when a good guy or a good girl goes through a streak of one or two bad relationships, but you know, this person's a good person. I'm like, let me just tell you, you're gonna be fine. Okay, you're gonna be fine.

Just tell the world what you're looking for and the right person in the right climate, you're eventually gonna find them. Okay. Yeah. You have to know more people need to know what you're looking for and the right person in the right climate, you're eventually gonna find them, okay? You have to know more people need to know what you're looking for the eventually. You took the word out of my mouth back because I was saying like you have to find places

that have the culture like a value-taming, you know what I mean? Like you have to come and look for it. Me and Maverick were shooting a sketch in the other building months ago. I told you about this, Chamari, her work shows right now, walked in with a suit looking for, he's like I wanna work at this type of company. And I think it is, two paths,

like people got addicted to being lazy, especially COVID didn't help. People were like, you know what, this is fun, I don't have to do anything, I stay at my house, and a habit, a normal habit creates itself in four days. If you do something for four days, you keep drinking, you keep drinking,

it's gonna keep going. You know what I mean? So you gotta break that habit. We're in lazy and rel days. If you do something for four days, you keep drinking, you keep drinking, it's gonna keep going. You know what I mean? So you gotta break that habit. We're in easy and reliant. And reliant, yeah. And then like Mario hit, like last week, Pat, for my show, for the Vincent O'Shauna show.

Mario's like, yeah, we're gonna, we all agree, we're coming in Saturday. And I'm normally, you know, comedians, and we're one day to Friday. But if I felt like, holy shit, in here on the Saturday, and it pays off when you see the product of what you're doing on that extra day, you know what I mean?

You know what I do on Saturdays? I'll bring the kids to the office. And it becomes an opportunity for me to spend some time with them and then I'll explain to them why I'm in the office. And say, hey daddy, why do we have to go to the office? I'll say because if you want to have an edge over your competitors you've got to do things they don't want to do. And they're like, okay, that makes sense.

So then I'll see Dylan stays practice after practice. Two-hour practice is over with. He's still for another hour. Dylan, can I ask you why you're staying for another hour? Daddy, if you want to have an edge over your competitive one, I'm like, Bingo, I don't know. Bingo! Bingo, I don't bingo