Today's Hack

A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.

With the new year comes a lot of predictions, especially when it comes to the economy. On today’s episode, we’re going to discuss what some financial prognosticators are saying will happen in 2022.

Beth Ann Bovino, the S&P Global Chief U.S. economist, predicts the GDP will grow by 3.9%.

Phil thinks this is probably a high estimate of growth for 2022. We’ve seen some economic growth, but a lot of it was reliant on loans and stimulus checks. The economy has to go back to living on its own eventually.

Paul Knag of RateZip.com believes the housing market is going to cool down as a result of many different economic factors. 

We are already starting to see some of this. But this might just be dependent on the time of the year we are in. Housing market trends will depend a lot on interest rates and the budget people can afford moving forward.

We’ll also be discussing these predictions: 

  • Will inflation increase or decrease into 2022?
  • How will “The Great Resignation” impact supply shortages and inflation?
  • Why will economic predictions be difficult in 2022?
  • How will worker shortages, COVID, and price increases impact the economy?

Many of these predictions may leave you with the question: “What do I do now?” You’ll need to have a good understanding of what you have and how your plan looks like moving forward. Ebbs and flows are going to happen, having a stable plan is your best strategy for the future.

Listen to the entire episode or skip ahead using the timestamps below. 

0:38 – Settling into the New Year

2:15 – The GDP growing by 3.9%

4:58 – Will the housing market cool off?

7:30 – Inflation won’t end anytime soon

9:17 – 2022 will see significant inflation

11:11 – “The Great Resignation” in 2022

17:41 – Consumers, COVID, and price increases

A Quotable Moment:

“We’ve seen huge increases in prices. Do you think once the supply chain is fixed you are going to see a decrease in prices? No…”

-Phil Putney

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