Dave Ramsey Dismantles 'Lies And Bad Advice' About Mortgage Rates, Inflation, Car Loans And More. 'That's Straight-Up Illegal'

Core Insights - Dave Ramsey criticizes financial fearmongering and misinformation regarding the economy, asserting that the narrative around inflation and mortgage rates is misleading [1] - He presents data showing that current inflation and mortgage rates are significantly lower than historical highs, challenging the perception of economic hardship [1][2] Economic Data - Inflation rates: 3.4% in 2024, 6.2% in 2022, compared to 12.4% in 1980 and 7.4% in 1982 [1] - Mortgage rates: Current rates near 5%, compared to 17.66% in 1982 [1] - Median household income: $83,000, with average household expenses at $78,000, indicating financial stability for many [2] Consumer Behavior - Ramsey argues that the notion of the average American struggling to make ends meet is incorrect, supported by income and expense data [2] - He highlights that 93% of surveyed millionaires maintain a monthly budget, countering the stereotype that budgeting is only for those in financial distress [3] Financial Advice - Criticism of tax strategies that involve illegal practices, such as misclassifying personal expenses as business expenses [4] - Ramsey points out the irrationality of fearing a 5% mortgage while carrying high-interest credit card debt at 22.8% [4]