I don’t believe it. Anyone who’s in a career position has probably been getting a raise the last couple years to combat inflation and retain during the great resignation. I’m sure plenty of people are worse off but 80%? No way
I’m better off, but not by much. I’m working from home now so that helps. I spend less on gas and work clothes (since I’m mostly dressy casual now instead of dress clothes/shoes). I’m also spending less on food because COVID forced me to get serious about meal planning. (Every trip to the store was a possible exposure so I had a big incentive to get everything I needed, and only what I needed, get out, and not return until next week.
That being said, I’m also facing prices that have risen about as fast as my salary - if not faster. I’m also getting to that age where retirement isn’t some nebulous future concept. I’m likely going to want to retire in 25 years or so, but I’m not anywhere close to having enough money. Nor can I afford to put away what I should be putting away.
I’m living somewhat comfortably (if frugally) today, but one major medical issue or job loss and I’ll be in serious financial difficult. And if things don’t improve significantly for me soon, I’ll be working until I die.
I got a second degree in computer science to try and get ahead and instead entered the market just in time for hundreds of thousands of layoffs so now I’m stuck making less than I did at my last job meanwhile inflation and rent have increased the cost of living by like 50%.
Edit: oh and suddenly WFH = evil according to every CEO because of their billions of dollars of real-estate investments
Hey now, it’s not just office space investments! It’s also useless middle managers who don’t actually do anything useful but don’t think people working from home do any work because they can’t be stared at to make sure they’re working constantly
Undoubtedly. Many PPP loans were taken fraudulently as well (how many “businesses” do MTG and Matt Gaetz operate exactly?) so that had to have negative repercussions.
I agree, I was pretty pro-guillotine till that was pointed out to me. Redistribute their wealth and tell them where it’s all going too.
“Congratulations Jeff Bezos, you donated $1.3 billion to various labor organizations.” “Congratulations Richard Branson, you donated $1.21 billion to climate change initiatives.” “Congratulations Warren Buffet, you donated $1.14 billion to support low income people.”
Knowing where their money is going to support society in general will fucking kill them. Each of these shit bags all think that they are needed for civilization. Let’s watch them put that delusion to the test on an island penal colony that gets bombarded with artillery shells every once and awhile.
I know it’s hot to blame price hikes rn, and there’s some bullshit going on with housing prices, but I’m going to need to see some household budget details before I break out the violin.
I’ve seen so many otherwise-defined-as-adults make very poor financial decisions for decades. Lifestyle creep is real.
Everyone has a budget they stick to, right? This isn’t a years-long delay on an inevitable recession due to tonedeaf revenge spending to counter existential depression, right?
I think the biggest factor is probably the hyper inflationary period we’re exiting (have exited?) which many companies used as an excuse to jack up prices much further than they needed to. Anyone who did not receive a raise in the last 24-36 months has effectively received a 10-20% paycut.
I can feel it in my own families finances. I went back to college and now make as much as my wife and I did combined in 2020 while my wife is now a stay at home mom and the money isn’t stretching as far as it was in 2020. On the upside my income ceiling is now significantly higher than it was, and my wife wants to start working again once the kids are in school
Evidence shows the government stimulus contributed to only a small portion of the inflation, and the largest portion stemmed from companies using inflation as an excuse to raise prices. I mean, have you looked at individual candy bar prices? They went from under $2 each to over $3 within the last 24 months! Individual soda bottles are getting close to $3 each as well, and don’t get me started on the cost of bags of chips. These are discretionary items and treats that saw a significant jump in price very recently that was far larger than inflation. I’m pretty frugal and my regular bi-weekly(ish) grocery bill has grown from ~$70 to ~$110 in the same period, a growth rate about inline with inflation, but when you look at individual items prices you can see a clear predatory “inflation adjustment”
Most of them got richer. So no they did not put off anything.
About $42 trillion in new wealth was created in the first two years of the pandemic. Two-thirds of that has gone to the richest 1% of the world’s people
The advice in that article is primo out of touch and humorous. They give statistics that people’s savings and assets are down X amount, and the first advice is save for an emergency. Running out of savings?! Just save more, five head.
I love that the guy who penned that gold was one of the world’s richest people, and not that long ago called for increasing unemployment, so that the worker learns his place again.
I am reminded of that quote along the lines of “it is possible to commit no mistakes and still lose. That is not weakness, that is life.” I did everything right, and had a more than adequate emergency fund.
But then my house vaporized that emergency fund… and only then did COVID happen and I lost my job twice. So that’s roughly three “holy shit thank god we saved for a rainy day” events in three years.
I’m sure I will be in “just save money” mode some day in the future. Lots of shit left to clean up right now though.
and only then did COVID happen and I lost my job twice. So that’s roughly three “holy shit thank god we saved for a rainy day” events in three years.
You just explained the last three years of my life. I have no savings left. Period. If anything happens to the car, or either one of us loses our jobs, we're done. That's it.
Well, you aren’t “done”. Life continues.
Even when the state conspires against you having shelter from weather when you’re homeless. Life still goes on.
Until it doesnt.
yeah, I'm seeing discretionary spending right there that could be accruing interest instead. and judging by your profile pic I think you know what I'm suggesting.
They should have been born to billionaire parents. I didn’t think it was necessary at the time and was born to average parents, and while I regret my decision, I don’t think I have the right to complain.
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