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FOXBusiness.com’s Kate Rogers on what the State of the Union means for your personal finances.
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The state of the union and what it might mean.
What the president's proposals might mean.
For your -- joining us now here in the studio came Rogers -- foxbusiness.com.
I think he's gonna have a piece on the assault on the folks this is the coma website -- in great to see you here thank you for -- now.
One of one of the issues that we should as individuals be concerned about when it comes along -- Yes there was four key areas that President Obama spoke about last -- or really hit home for Americans and and their personal finances.
So we -- a little bit deeper to -- with this means for everyone the first is of course raising the minimum wage -- this has been everywhere it all day today President Obama wants to raise the minimum wage.
TU nine dollars -- 725.
And I spoke to Jordan Goodman he's -- personal finance planner and he said if you're out there -- -- making minimum wage that's wonderful for you.
But guess what that cost comes from somewhere and it will likely be at the expense of consumers.
Low skilled worker is who are making this minimum wage.
They worked in service industries like McDonald's fast food restaurant something like that to the costs at those places will likely go up.
And also another.
Potential.
Downfall for next -- -- the job market for those low skilled workers will get tighter because they'll be flex jobs available so this is a potential negative firms.
I have -- was saying earlier but what about other things we we just put the full screen net the other -- the fix it now program -- -- improving.
Job situation and infrastructure that seems that a huge umbrella term.
Exactly -- Obama mentioned the 70000 failing bridges that you want to get fixed immediately and put people to work.
While again Goodman said this is unlikely to come to -- because it means more stimulus and that.
The house is not going to go for especially with sequestration radar on the corner in three weeks so.
While it would be great if -- jobs are created it likely won't come to pass.
All right rob and refinancing.
Legislation that is if it is a big issue for a lot of people and I know a lot of people who -- Pretty good credit records and bank credit -- -- People making even quite a lot of money who cannot get refinancing cannot get mortgages if they want -- -- says it's still a mess sent.
That -- absolutely is and again Goodman said thanks to Dodd-Frank it's even harder for people to get mortgages at those rates -- they want.
So President Obama is calling for people to be able to refinance.
If they're a homeowner in good standing at today's rates and that would see them an additional 3000 dollars a year -- Goodling said guess why don't wait for congress passes legislation President Obama saying.
It shouldn't be a partisan issue whether or not you should have a good.
A good mortgage rate but Goodman says.
Rates of -- currently since January so if you want the battery they went up from three point 1% January 1 about 4% now to if you want this -- do it now don't wait for that.
Albeit you know what was -- -- on the whole refinancing in the -- you've talked a lot of that don't principal.
I'm right I don't actually -- -- -- Dodd-Frank issue in the frankly I really don't know -- -- character frankly I don't think you can talk for.
I I I think that has much more to do with the all sorts of other issues that we don't friend I have time to get into right now because it is just did too complicated set but it.
I think capital requirements.
They do shut down and securitization market their inability get rid of the loans it in the same way.
There're there are many many factors there might I'd like to come back for just 12 if we if we -- of this infrastructure point.
She goes.
What's funny about this is if we if you if people were capable of being created in connecting the dots are too great dots to connect here would you -- -- -- Unions that have largely by allowing companies to repatriate that trillion dollars sitting overseas.
So long as -- invest some substantial portion -- -- for profit infrastructure project here at home.
And I could use the money -- sitting overseas to fix our bridges and tunnels without the government subsidies.
Very interest are very quickly -- judge must it was a college -- cut costs and -- clarification.
Absolutely so this which is essentially give parents and students looking for schools see what schools given most bang for their box.
Any information that's out there would be wonderful and hopefully this would pressure colleges to bring down the costs of higher education.
But it doesn't do anything for the students who have tons of -- now and you in this tight job market they're not enough money to pay back their -- so while would be great have more information.
It wouldn't necessarily give anyone more money right right OK Kate Rogers foxbusiness.com great to have you -- plan as I said -- So article on all of this morning it's -- -- -- -- -- state of the union proposals might mean for your wallet will be -- but foxbusiness.com.
Very shortly are.
