Influencers vs. Mainstream Media: The Future of News and Tackling the US Debt Crisis | Weekly Business Briefs w/ Martin Perdomo

Is mainstream media on the brink of obsolescence as influencers take over the news cycle? Discover how a new wave of digital influencers on platforms like Instagram, TikTok, and X are redefining where people get their news and shaping political opinions. We dissect findings from a compelling Pew study that highlights the staggering influence these creators wield, despite overwhelmingly lacking formal news experience. With traditional media outlets scrambling to adapt, we examine what this shift means for the future of journalism and the implications for your business, political opinions, and personal growth trajectory.

Shifting gears, we tackle the daunting US national debt crisis and explore innovative strategies to sidestep economic disaster while maintaining growth. Uncover how extending the Trump tax cuts could accelerate debt to unsustainable levels, and why traditional borrowing might not be the villain it seems. We introduce a forward-thinking approach—a destination-based cash flow tax—that promises to boost revenue without the sting of tariffs. This episode offers insights into the potential economic shifts on the horizon and discusses how these changes could create new opportunities for investment and wealth-building, aligning with the core values of our podcast.

Transcript

Speaker 1: 0:00

Do you think mainstream media is dead? If you do, you're not alone. It's Wednesday, november 19th, 2024, and it's time to get down to business and dive into the top news in this week's weekly business brief. Did you know that 40% of US adults and a staggering 40% of younger adults are turning to creators on platforms like Instagram, tiktok and X for their news? But let's be real. You're probably not surprised. This trend became crystal clear in the last presidential election, with both candidates appearing on top. Podcasts like Joe Rogan and Call Her Daddy.

Speaker 1: 0:51

Influencers now play a huge role in shaping political opinions. Here's the kicker A Pew studied 500 news influencers, all with 100,000 followers, and found some fascinating trends. 63% of these influencers are men, compared to just 30% women. That's a massive gender gap. X, formerly Twitter, is the platform of choice for a whopping 85% of news influencers, followed by Instagram at 50%. 85% of news influencers, followed by Instagram at 50%. Tiktok is the wild card. Not only is the gender split, almost even 50% male, 45% female, it's also the only platform where more left-leaning influencers 28% outnumber right-leaning ones at 25%.

Speaker 1: 1:45

Really interesting stat, because we come from we're just coming off the country and the loudness of the left in the media and everything that we just came from right the 2020 pandemic and everything that happened, black Lives Matter and all that noise that was happening at that time and please excuse me for referring to it as noise and Black Lives Matter and all that noise that was happening at that time and please excuse me for referring to it as noise I just thought it was noise and it was. For me, it was a lot of noise and it wasn't. It was just we were being infiltrated by a lot of left-leaning ideologies and the right was the right-leaning ideas were kind of choked out in the media, and so I find that to be really interesting that only one platform has more left leaning ideologies than right, which is TikTok. Just just my thought and my observation. But here's why this particular stat matters guys. Legacy news outlets are losing ground, and fast. They're going to start partnering with these influencers to stay relevant. In fact, 77% of creators surveyed have no formal news experience yet. They're filling the gap left by traditional media left by traditional media. Now imagine what this means for your investments, your business and your personal development journey. If you're not paying attention to how information flows through influencers, you might be missing out on the new wave of influence and power. Influence and power.

Speaker 1: 3:29

In other news, what if we could extend the Trump tax cuts without piling on debt? Here's the deal the US is on a collision course, with unsustainable debt levels. By 2034, we're looking at a national debt that could reach 122% of GDP even without extending the Trump tax cuts. But if Congress goes ahead and extends it without finding a way to pay, we're talking about 133% of GDP in debt. Now there's a potential fix that Republicans floated not too long ago, one that could avoid economic disasters without gutting the tax cuts. It's time to think bigger and bolder about how we finance our future. Let's break this down the real cost of inaction. Extending the tax cuts without pay-fors. Extending the tax cuts without Pay-fors could reduce household income by $1,400 by 2034 and by $5,300 by 2049.

Speaker 1: 4:33

Borrowing isn't always bad. Debt isn't. The enemy. Unchecked debt is when debt grows faster than the economy. That's when we hit problems like rising interest rates, which ultimately stifle private investments. I know this firsthand as a active real estate investor.

Speaker 1: 4:57

A smarter solution instead of leaning on tariffs, a destination-based cash flow tax could be a win-win model. This is modeled around a 16% tax. It would bring in enough revenue without the economic pain that tariffs would trigger. Now is there time for Congress to act wisely, without the economic pain that tariffs would trigger. Now is there time for Congress to act wisely. Could they do this, could they not? What does this all mean for you and me, the American consumer? A stronger economy means more opportunity for personal growth, entrepreneurship and building wealth, which are the fundamentals of this particular podcast. Feeling uncertainty about where the economy is headed, you're not alone. As Congress debates extending the Trump tax cuts, your financial future could be at stake. But here's the good news we're diving deep into smart solutions how you can stay ahead of the curve, whether you're starting out or ready to scale. Our personalized coaching is designed to get you there. Learn how to navigate today's financial landscape and secure your financial freedom. Don't just watch the news. Take control of the narrative. Visit WealthyAFai and take the first step toward being Wealthy AF, because being broke was never the plan. Back to our business brief.

Speaker 1: 6:21

Who's Trump picking for his next cabinet? Here's a scoop Sean Duffy, former reality TV star and Fox business host, has been tapped for Secretary of Transportation. He's a loyalist, no doubt, having been a strong Trump ally in Congress. Then there's Brendan Carr, a hardline FCC commissioner known for calling out media bias and pushing to regulate platforms like TikTok. These two picks raise big questions about influence, media control and power. I really like the second pick because we need someone to start holding the media accountable.

Speaker 1: 6:59

By the way, my thoughts on this is on both sides. Both the right goes out of control. I'll go and I'll watch a Fox News article and the context is out there and I'm like that makes that doesn't make a lot of sense. I'll go watch it on CNN and the context is totally out of whack and they're pushing their narrative and their belief on me. I believe that news media is supposed to report on the news without bias and let the consumer, you and I make our own opinions based on the facts. That's what I believe. I believe media needs to be held accountable, especially the mass tradition, big, mass, traditional media. My thoughts on that. But it doesn't stop there. There's heat around Matt Gaetz, trump's former pick for attorney general, who's facing heavy accusations but charges none. Yet why should you and I care?

Speaker 1: 8:03

Power dynamics in the Trump cabinets are shaping national conversations about free speech, tech, censorship and how we consume information. You know it's really interesting that this is creating concerns as when, in 2020, the left guys, the left, and again, I'm an independent. I want to reiterate that I am an independent. I believe in pro-choice right, although I lean more conservative. I believe in pro-choice and I lean more conservative. I believe in pro-choice, but I and I also believe with limitations, with boundaries, and I also believe in um having the right to carry my gun. So I could be both. I have both ideologies at the same time.

Speaker 1: 8:47

But what's interesting about this is that this is creating national conversations about free speech, tech censorship, when the left clearly, clearly, was stifling the conservative, was censoring conservative viewpoints on X, on formerly on Twitter, on YouTube, on Facebook, on all of these platforms, where even Mr Mark Zuckerberg, the CEO of Facebook, of Meta, came out not too long ago, earlier this year, if you guys remember, wrote a letter to Congress apologizing and actually admitting that the administration was literally pushing, trump, was telling him to censor certain voices. Literally the administration but now we have this and it's creating. Well, we have proof. We literally had, we literally have proof from the CEO of Meta literally said this and now this is creating concern. It's just. It's just such hypocrisy in politics. It's absolutely insane. This is absolutely insane. We, the American people, have to be smarter. We have to be paying attention. This is disgusting, right in my opinion.

Speaker 1: 10:06

I'm a thinker, so are you because you're watching and listening to this channel, guys, I appreciate you guys watching. I'd love to hear your thoughts on this. I'd love to hear what you think on the Trump picks. I think he's building a freaking all-star team, but we will see this Vivek choice and this choice on Elon Musk to lead Doge, the Department of whatever to control government and government spending. It's absolutely brilliant. Brilliant in my opinion. I absolutely love that. I love to get your thoughts. Actually, if you disagree with me, I love to hear what you think and I love to hear your perspective, because maybe you see something I don't see and I want to open up my mind. Appreciate you guys watching. Appreciate you guys listening. Peace out.