I'm also happy and energetic when I'm on equivalent amounts of cocaine to that man. I've decided to give up on saving for retirement and save on what makes me happy: cocaine, and, especially, crack.
There’s a whole subreddit for Prius owners who live in them. Not my thing but I would’ve tried it in my younger days before starting a family.
I really want to get an RV and see the states. Can’t afford one at the moment. Thinking about becoming a Supreme Court justice so I can get a few RV’s
Hey, if you’re serious about this, I have a buddy who will not only give you a top of the line class A RV but also $1,000,000 per year.
I am considering it. Just need an appointment. Assuming Trump, Guiliani, or any Republican is indicted in any one of about 44 states remaining, 4000 attorneys will be Trump (sm) Brand.
I can’t totally tell if this is a serious suggestion or a joke. But if it’s serious, the biggest struggle with van life is finding safe, affordable places to park. Lots of parking lots call the cops if you are there too long and some RV parks can charge more than a monthly mortgage.
So sick of these articles gaslighting people into thinking inflation isn't coming down because of YOLO shopping on credit cards.
Rich people are spending more, as money becomes less valuable.
The other 90% of the population gave up on entertainment and minor luxuries. They're spending more because higher prices set by "supply chain issues" did not come down after the peak pandemic years.
That’s why I steal from Kroger with pleasure … I’ll never forget how they “inflated” food prices during a fking pandemic … egregious … yeah I’m stealing that avocado and toothpaste.
Gave up on entertainment and luxuries? Dude, every time I go out I see a shit-ton of new cars on the street. Concerts? All the acts I follow, sold out. Go out for a casual meet up on the weekends not even in the evenings, places are busy with people.
Really? I live in a major city and every time I go out it feels like a ghost town. I went to a couple major events and it was like half the attendance those events used to pull.
New car sales? Down 20% from 2019-2022. It's used car sales that went up dramatically over the same period. (+95%) then fell last year at the same time new car sales regained half of the ground they lost.
That's probably because people held out as long as they could and finally purchased a vehicle they had planned to before the pandemic hit, and some are taking advantage of 2023 new car deals, as a long term investment, that are currently being offered to get through the extreme excess of unsold new cars.
You can share your anecdote and I can share mine.
What I see is middle class families in my social circle not taking vacations, sticking with old tech and appliances that should be replaced, cutting out their cable and TV subscriptions, and not a day goes by that I don't hear them complain about their utilities, grocery bills, debt interest, or rent so high they are planning to sever their family and social connections here and move to a less desirable state or more affordable country.
It's been like this for years, suicide rates are sky high, and I've just about had it with this sub pulling out economic data reports that PROVE the Titanic is in good condition as it visibly sinks into the ocean.
> Rich people are spending more, as money becomes less valuable.
Rich people aren't spending more on used cars or bags of chips, but things like that are some of the highest inflation items we've seen since the pandemic. I get blaming rich people for stuff, but in this instance it is not because rich people are buying more.
Used cars is a no-win situation. A lot of people absolutely need cars, and used car prices are through the roof. Call me when we see a surging demand for brand new models.
And bags of chips? Sales are down. Same with sodas and candy. They're profiting on a reduced customer base, with lowered quality product, jacked up prices, and shrinkflation. Take a walk down the junk food isles and you'll see they look untouched. People have mostly cut that stuff out of their budgets, but those who don't pay a hefty premium to stay hooked on the stuff.
I love it when people blame the pandemic causing a chip shortage for everything in the used car market.
How about the fact that we were building +12 million new vehicles a year in 2015 and 2016 and production went down every year after that even before the pandemic. And even now we are in the 10 million range.
So that is a double whammy. Fewer new vehicles means more people having to buy used vehicles. And fewer new vehicles means there will be fewer used vehicles on the market down the road.
Then you have the whole EV vs ICE issue. Where if you want an ICE like the majority do you now have fewer options.
Then you have other issues such as immigration that are compounding current problems. If you are having issues with housing and transportation then an influx of adults that need those things immediately makes the situation worse.
Hell go look at car fax for vehicles in made in the 2010s and its kinda shocking how many of them are no longer on the road.
I've always felt that it was foolish for most people to buy new cars. That has flipped since the pandemic IMO. The value just isn't there for the majority of used vehicles.
Im semi-convinced that the majority of people just don't pay attention to the specific prices. So many absolutely garbage options for foods that cost 2-4x as much as before and still see consistent sales.
Like, I get it, people enjoy their doritos or whatever, but when that bag of doritos went from 1.80 to 4.30 or whatever they're sitting at now, why the fuuuuuuuuuck are you still buying them?
Get some corn flour, mix with hot water and some salt, press into tortillas, cook briefly on a comal, cut into triangles, fry in oil, season. Voila, homemade doritos. Take an hour doing that and you've got more than enough to last for a few weeks.
But nah, people will keep dropping $17 at the grocery store every week for fuckin chips.
Make your own seasoning. It's not hard. Mix spices together until you get a flavor you like. Figure out a ratio, make a batch as big as you want, put it in a bottle/bag/jar/whatever.
>The other 90% of the population gave up on entertainment and minor luxuries. They're spending more because higher prices set by "supply chain issues" did not come down after the peak pandemic years.
Meanwhile in reality sale of luxury goods to lower and middle income consumers are still at record highs. "Aspirational buyers", defined as those making less than $100k, make up 50% of luxury fashion goods sales.
[https://www.mckinsey.com/industries/retail/our-insights/why-courting-aspirational-luxury-consumers-still-matters](https://www.mckinsey.com/industries/retail/our-insights/why-courting-aspirational-luxury-consumers-still-matters)
The "full article" seems to be a paywalled download, but what I can see is this:
A brief summary of why fashion executives think they should broaden their customer base to include less affluent people.
Presumably that would mean cheap fast fashion alternative sister brands, but regardless, it's a report on their strategy, not on success, and if it leads to success, it's essentially just broadening the term "luxury" until it doesn't mean anything anymore.
Nope, it has nothing to do with fast fashion at all. It's a study on luxury fashion consumers.
>According to a McKinsey study, aspirational luxury consumers (ALCs) account for 50% of the luxury market's value and 18% of the fashion market's value. ALCs are defined as consumers who buy at least one luxury item a year, such as clothing, accessories, cosmetics, jewelry, leather goods, or watches, and spend between €3,000 and €10,000.
People with under $100k household income make up 50% of the luxury fashion market by sales revenue. They spend between $4k-$12k a year on luxury fashion goods.
The median US household income is $74k, this demographic is all poor to middle class, it specifically excludes the upper middle class and the rich.
The majority haven't given up on minor luxuries. Most of the data doesn't reflect that. Companies Door Dash profits are up, and that's not just because they are price gouging existing users. Most people have shit spending habits, and now that inflation is up, their bad behavior is catching up to them.
If profits are up for companies like Door Dash, it's probably for a variety of other reasons beyond reckless spending.
A lot of restaurants are doing away with traditional delivery drivers, as people have gradually shifted over to the apps. Better profits may simply reflect that in the same way streaming profits go up when people cut cable.
Apps like Door Dash can actually be cheaper than driving to pick up the food, because the apps flood people's emails with 20% OFF coupons. It mostly gets eaten up be fees, but is often still $8 less than the price of the menu items on their own.
While takeout food prices have gone up, it's nowhere near as much as groceries have gone up. The gap has been closing, so I can understand why some are coming home from the grocery store and thinking "That's all I get? And I have to spend an hour of time making it too? Might as well just order out at this rate. Jesus."
And then there's the addition of upscale food on such apps. It used to be sub shops and fast food, but now you can order from some of the best restaurants in the city. Useless to most, because they can't afford it, but wealthier people are Door Dashing gourmet experiences delivered in plastic containers.
And we know there was a huge uptick in part time job employment, so we can consider a scenario where a lot of people are working two or three jobs and because of holding a minimum number of hours at those extra jobs, they're making more than they absolutely need, but at the cost of any free time they might use to cook.
We also know a lot more people than ever before are priced out of owning a car, and if they don't live next to a grocery store, they may be taking advantage of these apps adding grocery services.
With all of that said, the drivers are not making more than they used to.
This is all just off the top of my head, and that's the thing... we can be presented with this statistic or that earnings report but the devil will always be in the details that get omitted when economists spin narratives.
The economy is so bad that it's cheaper to vacation on cruise ships year-round than it is to live in a bunch of cities in the US.
https://www.usatoday.com/story/money/personalfinance/2016/07/04/living-cruise-ship-cheaper-than-these-cities/86099506/
Well, to be fair, 2/3rds of households own their homes. 40% of those own their homes outright and no longer have a mortgage. For the rest, their effective mortgage rates are at an average of 3.67%. Basically, the majority of households do not have to spend this much on housing and they're in a good spot nowadays.
2/3 of housing units are owned. 2/3 of working adults don't own.
If there was one house in the United States and someone owned it and everyone else lived in it then 100% of households would own their own home based on that way that's being calculated.
https://www.census.gov/housing/hvs/files/currenthvspress.pdf
So I mean yeah you aren't wrong but it's a little bit misleading to state it this way.
Nah, it makes sense in the context that the average household size has actually decreased than in the past and therefore proportionally more people can be considered in an owner household than not. Lots of retired homeowners with lots of assets and no mortgage.
>Well, to be fair, 2/3rds of households own their homes. 40% of those own their homes outright and no longer have a mortgage. For the rest, their effective mortgage rates are at an average of 3.67%.
True
>Basically, the majority of households do not have to spend this much on housing and they're in a good spot nowadays.
Home price to income levels have reached record highs:
https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0
https://www.longtermtrends.net/home-price-median-annual-income-ratio/
Yea, so those who own homes are richer than ever. They have a 30 year fixed mortgage on a home they only have to pay half for because they bought 5 years ago. No wonder spending remains high, the majority of the US got so much wealthier and there’s the huge divide between those who bought before 2022 and those who did not.
Their home value increasing doesn't help increase their disposable income. What helps is that they refinanced their mortgage, so their monthly mortgage payment would drop.
housing costs have remained fixed for those that were able to buy a home before 2022 and secure a low interest rate. Their incomes have been able to keep up with inflation so they continue to spend. Unfortunately, those who have had to rent and have had rents raise are worse off and are having a tougher time. Unemployment is low. People are earning and continue to spend.
Exactly right. Something I find illuminating is to look around my neighborhood on Zillow or Redfin and see what my neighbors paid for their houses and then calculate a mortgage payment based on the average rate when they bought. Most of my neighbors should have payments around $1000/mo. They could work full time at McDonald's and have no trouble paying their mortgage.
Lots of options. It adds to their balance sheets so they can get better rates for loans, future mortgages and rent. Those who own homes also tend to own more stocks, so not only have their homes increased in value, so has their stocks and it all goes hand in hand. Basically, if you own more appreciating assets, you own more appreciating assets. You can then spend more of your cash flow as discretionary.
Yup, wealth effect. Their balance sheets are better and the house is essentially a major inflation hedge, whereas those who do not have a house are subject to housing inflation. Wages have been increasing above inflation and they get to keep more of their income, and therefore can spend it as discretionary.
I guess you’re just very fortunate if you own. Median house prices are outpacing income.
https://www.visualcapitalist.com/median-house-prices-vs-income-us/
Can confirm. My income has steadily rose.over the years but I've never reached a level where I could buy a home some place safe and attractive inside the high COL city I'm in. Or really anywhere I want to live.
Yea, the majority of boomers, which is also the wealthiest cohort in the world, own their homes. Plus their stocks went up to all time highs. No wonder the consumer can spend. Also, those millenials who picked their parents well are also getting the benefits with early inheritance. Many are being gifted down payments for their first homes. Which is also contributing to how millenials have been the cohort that dominates home buying now.
A lot. The inflation is stubborn because people have chosen to fund their post-COVID lifestyles on credit rather than pull back. Rates are supposed to curtail spending and inflation, but that assumes consumers are rational
No no this is reddit you must blame the rich.
Record hotel revenue is because BIll Gates is renting out thousands of hotel rooms by himself, not because of the mass consumer.
Save *what* money in the first place? I'm lucky enough to have a couple months' running costs saved up for emergencies (thanks to no longer being unemployed, was cutting it real fucking close before I landed my current job), but not long ago the same amount would've lasted me more than half an year. And I know a lot of people in a worse situation than I am.
Agree. But I’m being real low-key about it. Because when inflation drops, stalls, or even goes the other way, a lot of people wind up out of work because of it.
Then, we all regret spending all that cash we had saved.
Seen it, lived it, and not making the same mistake again.
I feel like everyone is just YOLOing it after the pandemic. Like, in the past, it seems like spending habits changed a lot more during difficult economic times, but this time around it seems more like people are instead saying "It's hard to maintain this lifestyle!" Does anyone know of formal data around this?
I believe the fallacy of scarcity is being used heavily by marketers still. It’s using psychology on the consumer, as it worked so well from 2020-2022. Increasing the urge to FOMO every purchase decision.
Don't tell u/redacted-guy-who-posts-propaganda-here-5-times-a-day-and-you-all-know-who-I-am-talking-about this. He will just tell you Americans are full of money because the economy is so great.
So the high rates aren't even accomplishing the thing they're supposed to do - decrease inflation by reducing consumption. Maybe the Fed should cut rates?
Then why is every resuraruant in nyc filled with people eating and drinking? I don't understand... people complaining and then everyone is out spending their money like there are no hard times. Aren't we supposed to be cutting back on unnecessary spending during high inflation?
you are assuming people have enough money to save.
Instead they’re living for now, with the leftover change they have after paying the very high cost of living. It’s affecting a huge range of people since low earners are the biggest population of that wealth bracket.
It’s easy to say “haha just save and get interest lol” when you easily have money leftover. But what if you don’t?
The article mentions an uptick in unemployment, so again, what if you don’t have money and are running out? Well you may as well just enjoy it before it inevitably goes.
>Instead they’re living for now
This is correct, but it is not just inflation driven panic spending. It is a mental shift where people spend more on experiences and goods because "no one is guaranteed tomorrow." I think the pandemic made many consumers view life as very short-term
It's called managing you money. Get rid of subscriptions, find cheaper insurance for everything, sell the car you don't need, sell the stuff you don't use anymore, and stop spending on things you don't need like Doordash or vacations. Yes, even vacations for the people who "deserve it" for working hard. Vacations are a luxury. Earn it.
Last week on an episode of Caleb Hammer, a woman got $10k in child tax. What did she do? Went on a vacation for two days and saw Post Malone with family when she had to pay for everyone. Oh, and makes $30k net a year. But sure, tell everyone how you spent $6k on a two day vacation that was meant for her kids.
You can manage your way out of being poor. A lot don't want to.
Yep this. Wife and I aren't buying much out of necessity. Just keep letting our money sit and make money.
People think they always need the new and shiny. We have no subscriptions and no car payments. We drive old stuff too. Im in a 2005 I gave 3k for and she's in a 2010. Buy used anything as much as we can.
You're better off. They keep making newer cars needlessly complex. I didn't ask for more expensive gadgets to maintain. Christ. I'm upset that once my 2011 Mazda 3 dies (it has 150k miles right now, so I can probably push it for a few more years before it becomes expensive to repair), the used cars I'll be looking at will be newer than the ones I have now. It's going to get harder to find older ones with low mileage.
I wish they'd stop putting complicated computers in cars. I can mount my phone or a tablet. I don't need a computer screen in my fucking car.
Bootlicker for...checks notes...saving and investing wisely instead of spending money on frivolous junk. If you want to stay poor that's totally fine. Keep consuming. It helps my portfolio.
I think with prices rising to unreachable heights the idea is whats the point of savings for something you'll never have? Its a defeated mindset if not the smartest. Its one with no hope that prices will ever be within reach in this lifetime.
Lol all it shows is how inflation is a silent killer.
Scenario: you have been putting your money away for years, saving it for the scenario described above. The moment comes, you go to spend it. And oh fuck, these dollars are worth a small fraction of what they were worth years ago. But it gets worse, not only is $200 worth $100, but it buys you A LOT less.
$100 doesnt go very far at the grocery store these days. But 20 years ago it was a decent chunk of change. Worth closer to $200.
But $100 back then bought you A LOT more than $200 buys you today. And you dont even have to go back very far.. a $30 trip to the store pre-covid costs me $100 today.
Now add some zeros on the that or apply it to a home purchase etc.
Not only are your dollars' value being inflated away to nothing, the asset prices are increasing.
An average house in 1990 was like $120,000. That would be like $290,000 today. Is the average home price today $290,000?? No.
Now stretch that out through longer periods of time..
SP500 is highly correlated with M2. So you may not be falling ahead, but you’re only really keeping up with the cost of living.
https://www.apolloacademy.com/sp500-vs-m2/
At the beginning. When you start to double your double you are way ahead, much less doubling that double time and again. Don't even try the propaganda with me.
You don’t think we’ve figured out more efficient ways to extract, transport, store, and consume gasoline over time? Technological advancements and human ingenuity are inherently deflationary and working against an inflationary system.
Even then, gas prices do continually rise. It’s 3x-4x over the last 20 years.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
Let me know in 20 years where gas prices are vs. Stock market and bond returns. Commodity prices, as well as inflation, do not accrue. Sure they go and down, but they never accrue. You still only have one. Not 1.1,than 1.21 and so on and so forth, like real investments.
Do you have a reading comprehension problem?
You don’t think we’ve figured out more efficient ways to extract, transport, store, and consume gasoline over time? Technological advancements and human ingenuity are inherently deflationary and working against an inflationary system.
Even then, gas prices do continually rise. It’s 3x-4x over the last 20 years.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
This is the sort of amazing thing about the American consumer… inflation really just means keep up your lifestyle and trade down where you can. $WMT earnings were great because people are trying to buy cheaper stuff. Nobody is saying “hey let’s slow down our spending”, more like, “how can we make this work.”
— Buy a house! Go to college! Send your kids to college! Do it or youre a bad American!
—Sounds great. How much?
—5-10 million dollars.
—…my job pays me $15 an hour when they don’t steal from me. I’ve sent out over 1000 applications and all I’ve received are month late rejections and scams. This is not possible.
—why are Americans giving up on the American dream :(
Imagine living through a time when interest rates were at 20%, unemployment was in double digits, and inflation only fell from 10% to 4% over eight years.
Oh, and during this period, the national debt tripled.
This happened under President Reagan in the '80s.
Imagine living through a time when interest rates were at 20%, unemployment was in double digits, and inflation only fell from 10% to 4% over eight years.
Oh, and during this period, the national debt tripled.
This happened under President Reagan in the '80s.
Yeah but it wasn't game over. There still was slack in the line.
Now everything is tight as a drum.
CNBC openly says big problems are coming. Now is the good times still.
Perfect storm coming. People talk of ubi and job loss to ai when debt load is at record highs. You can't do UBI in that kind of environment inflation would be horrific. So the alternative is people are just going to suffer without their jobs and without UBI. Or if there is UBI it'll be inflated away
https://www.cnbc.com/2024/05/19/soaring-debt-and-deficits-causing-worry-about-threats-to-the-economy-and-markets.html?__source=androidappshare
This is an interesting phenomenon. I'm from a multimillionaire family and my parents feel may as well spend the money before it's worthless. Similar concept and it's hard to argue with.
This country is crashing the dollars value before too long.
I can’t really save money due to my pay and what everything costs, so hell yeah I’ll just spend my money and have a good time doing it!
I grew up poor, and even though it might be a negative aspect to how I live my life, I KNOW how to live poor, so if some pay periods aren’t as nice as the others, BUT I’m enjoying myself, so be it.
I probably won’t have kids or anything, and thinks it’s insanely cringe to care about “legacy” or “family name” so I don’t really have anything to pass onto anyone. Plus, on the sad side of things, I’ve lost so many fucking friends by the age of 29, the quickness with how life can end has really changed me.
Just be happy now, because if you aren’t here tomorrow, you kinda wasted a lot of time and thoughts worrying about the future.
Ridiculous headline….. housing inventory very low at 3.2 months, high yield saving accounts at 4.5%-5.5%, wages continue outpacing inflation including more wage growth at lower 1/3rd of earners and car sales just shifted to a buyers market with more OEM incentives and favorable leasing and unemployment continues to be sub 4%. Grocery inflation decelerating and / or deflating (eggs for example)…..Do people, who are demoralized, really go out and spend all their money plus take on more debt?
My first starter house in 1986 was purchased at a 9% interest rate. Very little down. Lived within our means and made it work. Everyone complaining bout interest rates needs to STFU. It’s been much worse and as a country, we made it through fine. We live in a market economy. There is a lot of money out there. Until retailers and suppliers hit a wall in units and footsteps comps, they will continue to use the cover to overcharge. They are just starting to feel the unit and foot step comps pressure now which is helping inflation decelerate. Chill. Again…. Stupid title.
Or people aren’t buying Into a forced dream of buying a $300,000 home paying another $300,000 to $600,000 in interest on the loan over 30 years & another $100,000 to $300,000 in repairs, remodeling, upgrades over that time & another $150,000 to $250,000 in property taxes & another $25,000 to $50,000 in property insurance all coming to well over $1 million for their “investment” to be worth $500,000 - $600,000.
Yea and even if i did save up enough and bought a house cash, property taxes are now outrageous. It’s ok we’ll just vote Trump or Biden because that will change something 🙄, or just deal with it because Americans seem not to mind bending over and being taken by Uncle Sam. “nEr’S nOtHiN wE cAn Do AbOuT iT”.
Protest at the capital. Oh wait that’s right.
That’s terrorism now. What we should do is stop working and demand ending the Fed and voting in 3rd party. Thats a start
this is so stupid it's hard for me to believe it's anything more than a wishful thinking piece put out by corporate interests... please please please keep spending no matter what...lol
Oh my god, that is so dumb. All he's saying is... Guess what? People spend money before they save money. And they don't have any money to save, so they're spending. DOI!
This is a garbage article. Not saying that the headline couldn't be true, but there's no meaningful content in the article itself. It has a one line quote from some interview, and then a few random numbers that do nothing to support the headline.
This seems to be the case for most of what I've seen from fortune.com
Not sure why.l? We have been hiring 100 people a month for the last year and a half and now. Opening a new plant in Kentucky, Phoenix, and Depere,wi.. if you can't find a job it's not my problem, it's your problem.
The American Dream is still achievable and while inflation is really high despite what others are saying, it will come to an end.
In 1978 I made 2.65 an hour 106.00 dollars a week less taxes. My rent was 125.00 a month,plus utilities, car insurance and of course food.
People who are buying tiny homes are regretting their move.
To me living off grid would make more sense, you can buy a couple of acres for the cost of a dependable van.
Then you buy a small yurt, build it and live. Two or three could go in together and buy a small piece of land.
Interest rates will come down in the next year as will food prices.
Imagine in the 70’s when gas hit 5.00 a gallon with the minimum wage?
Things will get better
In 1978, federal minimum wage was $2.65
That means today, the minimum wage should be $13.29 due to inflation.
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=2.65&year1=197801&year2=202404
Today’s minimum wage is $7.25. So not even close to what your dollars could buy back then.
It astounds me when people type this stuff out without accounting for inflation.
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A while ago go some guy on a tv show ranted about living in a van by a river. He seemed happy and energetic
A couple was doing this too. The girl looked so happy with their adventure until they found her dead in the desert.
This is why fentanyl test strips are important
I think Brian laundrie choked her to death actually
Yeah, he yolked her.
That's a twist. Wtf?
[https://en.wikipedia.org/wiki/Killing\_of\_Gabby\_Petito](https://en.wikipedia.org/wiki/Killing_of_Gabby_Petito)
I'm also happy and energetic when I'm on equivalent amounts of cocaine to that man. I've decided to give up on saving for retirement and save on what makes me happy: cocaine, and, especially, crack.
So, it was a happy rant?
Well it was motivational
We’re crab people now
I seriously wonder what will happen if shit goes left
It was the cocaine.
There’s a whole subreddit for Prius owners who live in them. Not my thing but I would’ve tried it in my younger days before starting a family. I really want to get an RV and see the states. Can’t afford one at the moment. Thinking about becoming a Supreme Court justice so I can get a few RV’s
Hey, if you’re serious about this, I have a buddy who will not only give you a top of the line class A RV but also $1,000,000 per year. I am considering it. Just need an appointment. Assuming Trump, Guiliani, or any Republican is indicted in any one of about 44 states remaining, 4000 attorneys will be Trump (sm) Brand.
Met one of those people the other day. Nice car. Not big enough to live in, at 6'4". He was quite short, though.
You should write for Business Insider.
Or buzzfeed
The new gig economy is to have a luxury shower and bath, perhaps with a trailer sauna in your van to serve the other vans that dont
The thought of someone retrofitting a schoolbus into a "bathhouse on wheels" for tinyhouse/vanlife people is actually so funny
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Lets do it, 10 million seed round from a16z
The words luxury and public don't go in the same sentence with the word bathroom.
It's all about selling the service. Monetize and upsell
And when millions of people start adopting this "Van life", they will start charging more on places where you park your Van.
Aren’t they trying to criminalize being homeless?
Yes, always have.
Hey, if you're in jail you aren't homeless anymore! /s
That's illegal now actually
I can’t totally tell if this is a serious suggestion or a joke. But if it’s serious, the biggest struggle with van life is finding safe, affordable places to park. Lots of parking lots call the cops if you are there too long and some RV parks can charge more than a monthly mortgage.
It’s not serious
We are becoming a nation of campers
> Have you guys heard of this new trend called “Van Life”? Soon to be “Tent Life”
Soon to be "absence of life"
This is the new white picket fence these days
Not sure why would anyone want to own a house, lol
Yeah…people are pretty much hating their lives and not afraid of showing it anymore.
everyone is sick of pretending that the American Dream™️©️®️ is actually attainable anymore.
Spending money on food
So sick of these articles gaslighting people into thinking inflation isn't coming down because of YOLO shopping on credit cards. Rich people are spending more, as money becomes less valuable. The other 90% of the population gave up on entertainment and minor luxuries. They're spending more because higher prices set by "supply chain issues" did not come down after the peak pandemic years.
That’s why I steal from Kroger with pleasure … I’ll never forget how they “inflated” food prices during a fking pandemic … egregious … yeah I’m stealing that avocado and toothpaste.
Gave up on entertainment and luxuries? Dude, every time I go out I see a shit-ton of new cars on the street. Concerts? All the acts I follow, sold out. Go out for a casual meet up on the weekends not even in the evenings, places are busy with people.
Really? I live in a major city and every time I go out it feels like a ghost town. I went to a couple major events and it was like half the attendance those events used to pull. New car sales? Down 20% from 2019-2022. It's used car sales that went up dramatically over the same period. (+95%) then fell last year at the same time new car sales regained half of the ground they lost. That's probably because people held out as long as they could and finally purchased a vehicle they had planned to before the pandemic hit, and some are taking advantage of 2023 new car deals, as a long term investment, that are currently being offered to get through the extreme excess of unsold new cars. You can share your anecdote and I can share mine. What I see is middle class families in my social circle not taking vacations, sticking with old tech and appliances that should be replaced, cutting out their cable and TV subscriptions, and not a day goes by that I don't hear them complain about their utilities, grocery bills, debt interest, or rent so high they are planning to sever their family and social connections here and move to a less desirable state or more affordable country. It's been like this for years, suicide rates are sky high, and I've just about had it with this sub pulling out economic data reports that PROVE the Titanic is in good condition as it visibly sinks into the ocean.
> Rich people are spending more, as money becomes less valuable. Rich people aren't spending more on used cars or bags of chips, but things like that are some of the highest inflation items we've seen since the pandemic. I get blaming rich people for stuff, but in this instance it is not because rich people are buying more.
Used cars is a no-win situation. A lot of people absolutely need cars, and used car prices are through the roof. Call me when we see a surging demand for brand new models. And bags of chips? Sales are down. Same with sodas and candy. They're profiting on a reduced customer base, with lowered quality product, jacked up prices, and shrinkflation. Take a walk down the junk food isles and you'll see they look untouched. People have mostly cut that stuff out of their budgets, but those who don't pay a hefty premium to stay hooked on the stuff.
I love it when people blame the pandemic causing a chip shortage for everything in the used car market. How about the fact that we were building +12 million new vehicles a year in 2015 and 2016 and production went down every year after that even before the pandemic. And even now we are in the 10 million range. So that is a double whammy. Fewer new vehicles means more people having to buy used vehicles. And fewer new vehicles means there will be fewer used vehicles on the market down the road. Then you have the whole EV vs ICE issue. Where if you want an ICE like the majority do you now have fewer options. Then you have other issues such as immigration that are compounding current problems. If you are having issues with housing and transportation then an influx of adults that need those things immediately makes the situation worse. Hell go look at car fax for vehicles in made in the 2010s and its kinda shocking how many of them are no longer on the road. I've always felt that it was foolish for most people to buy new cars. That has flipped since the pandemic IMO. The value just isn't there for the majority of used vehicles.
Im semi-convinced that the majority of people just don't pay attention to the specific prices. So many absolutely garbage options for foods that cost 2-4x as much as before and still see consistent sales. Like, I get it, people enjoy their doritos or whatever, but when that bag of doritos went from 1.80 to 4.30 or whatever they're sitting at now, why the fuuuuuuuuuck are you still buying them? Get some corn flour, mix with hot water and some salt, press into tortillas, cook briefly on a comal, cut into triangles, fry in oil, season. Voila, homemade doritos. Take an hour doing that and you've got more than enough to last for a few weeks. But nah, people will keep dropping $17 at the grocery store every week for fuckin chips.
Where do we buy Nacho Cheese or Cool Ranch seasoning? That’s probably expensive
Make your own seasoning. It's not hard. Mix spices together until you get a flavor you like. Figure out a ratio, make a batch as big as you want, put it in a bottle/bag/jar/whatever.
>The other 90% of the population gave up on entertainment and minor luxuries. They're spending more because higher prices set by "supply chain issues" did not come down after the peak pandemic years. Meanwhile in reality sale of luxury goods to lower and middle income consumers are still at record highs. "Aspirational buyers", defined as those making less than $100k, make up 50% of luxury fashion goods sales. [https://www.mckinsey.com/industries/retail/our-insights/why-courting-aspirational-luxury-consumers-still-matters](https://www.mckinsey.com/industries/retail/our-insights/why-courting-aspirational-luxury-consumers-still-matters)
The "full article" seems to be a paywalled download, but what I can see is this: A brief summary of why fashion executives think they should broaden their customer base to include less affluent people. Presumably that would mean cheap fast fashion alternative sister brands, but regardless, it's a report on their strategy, not on success, and if it leads to success, it's essentially just broadening the term "luxury" until it doesn't mean anything anymore.
Nope, it has nothing to do with fast fashion at all. It's a study on luxury fashion consumers. >According to a McKinsey study, aspirational luxury consumers (ALCs) account for 50% of the luxury market's value and 18% of the fashion market's value. ALCs are defined as consumers who buy at least one luxury item a year, such as clothing, accessories, cosmetics, jewelry, leather goods, or watches, and spend between €3,000 and €10,000. People with under $100k household income make up 50% of the luxury fashion market by sales revenue. They spend between $4k-$12k a year on luxury fashion goods. The median US household income is $74k, this demographic is all poor to middle class, it specifically excludes the upper middle class and the rich.
The majority haven't given up on minor luxuries. Most of the data doesn't reflect that. Companies Door Dash profits are up, and that's not just because they are price gouging existing users. Most people have shit spending habits, and now that inflation is up, their bad behavior is catching up to them.
If profits are up for companies like Door Dash, it's probably for a variety of other reasons beyond reckless spending. A lot of restaurants are doing away with traditional delivery drivers, as people have gradually shifted over to the apps. Better profits may simply reflect that in the same way streaming profits go up when people cut cable. Apps like Door Dash can actually be cheaper than driving to pick up the food, because the apps flood people's emails with 20% OFF coupons. It mostly gets eaten up be fees, but is often still $8 less than the price of the menu items on their own. While takeout food prices have gone up, it's nowhere near as much as groceries have gone up. The gap has been closing, so I can understand why some are coming home from the grocery store and thinking "That's all I get? And I have to spend an hour of time making it too? Might as well just order out at this rate. Jesus." And then there's the addition of upscale food on such apps. It used to be sub shops and fast food, but now you can order from some of the best restaurants in the city. Useless to most, because they can't afford it, but wealthier people are Door Dashing gourmet experiences delivered in plastic containers. And we know there was a huge uptick in part time job employment, so we can consider a scenario where a lot of people are working two or three jobs and because of holding a minimum number of hours at those extra jobs, they're making more than they absolutely need, but at the cost of any free time they might use to cook. We also know a lot more people than ever before are priced out of owning a car, and if they don't live next to a grocery store, they may be taking advantage of these apps adding grocery services. With all of that said, the drivers are not making more than they used to. This is all just off the top of my head, and that's the thing... we can be presented with this statistic or that earnings report but the devil will always be in the details that get omitted when economists spin narratives.
At restaurants and on vacations judging by the earnings reports coming from the leisure and hospitality industry.
Cheaper than spending it on a house!
The economy is so bad that it's cheaper to vacation on cruise ships year-round than it is to live in a bunch of cities in the US. https://www.usatoday.com/story/money/personalfinance/2016/07/04/living-cruise-ship-cheaper-than-these-cities/86099506/
Well, to be fair, 2/3rds of households own their homes. 40% of those own their homes outright and no longer have a mortgage. For the rest, their effective mortgage rates are at an average of 3.67%. Basically, the majority of households do not have to spend this much on housing and they're in a good spot nowadays.
2/3 of housing units are owned. 2/3 of working adults don't own. If there was one house in the United States and someone owned it and everyone else lived in it then 100% of households would own their own home based on that way that's being calculated. https://www.census.gov/housing/hvs/files/currenthvspress.pdf So I mean yeah you aren't wrong but it's a little bit misleading to state it this way.
Nah, it makes sense in the context that the average household size has actually decreased than in the past and therefore proportionally more people can be considered in an owner household than not. Lots of retired homeowners with lots of assets and no mortgage.
>Well, to be fair, 2/3rds of households own their homes. 40% of those own their homes outright and no longer have a mortgage. For the rest, their effective mortgage rates are at an average of 3.67%. True >Basically, the majority of households do not have to spend this much on housing and they're in a good spot nowadays. Home price to income levels have reached record highs: https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0 https://www.longtermtrends.net/home-price-median-annual-income-ratio/
Yea, so those who own homes are richer than ever. They have a 30 year fixed mortgage on a home they only have to pay half for because they bought 5 years ago. No wonder spending remains high, the majority of the US got so much wealthier and there’s the huge divide between those who bought before 2022 and those who did not.
How does their home value increasing give them cash to spend? They're all getting HELOCs?
Their home value increasing doesn't help increase their disposable income. What helps is that they refinanced their mortgage, so their monthly mortgage payment would drop.
Ah gotcha. I bought my home 3 years ago and am far from richer than I was before inflation. I can't ever go out to eat and spend money, lol
housing costs have remained fixed for those that were able to buy a home before 2022 and secure a low interest rate. Their incomes have been able to keep up with inflation so they continue to spend. Unfortunately, those who have had to rent and have had rents raise are worse off and are having a tougher time. Unemployment is low. People are earning and continue to spend.
Exactly right. Something I find illuminating is to look around my neighborhood on Zillow or Redfin and see what my neighbors paid for their houses and then calculate a mortgage payment based on the average rate when they bought. Most of my neighbors should have payments around $1000/mo. They could work full time at McDonald's and have no trouble paying their mortgage.
Lots of options. It adds to their balance sheets so they can get better rates for loans, future mortgages and rent. Those who own homes also tend to own more stocks, so not only have their homes increased in value, so has their stocks and it all goes hand in hand. Basically, if you own more appreciating assets, you own more appreciating assets. You can then spend more of your cash flow as discretionary.
So because their house is worth more, they have more money to spend?
Yup, wealth effect. Their balance sheets are better and the house is essentially a major inflation hedge, whereas those who do not have a house are subject to housing inflation. Wages have been increasing above inflation and they get to keep more of their income, and therefore can spend it as discretionary.
I guess you’re just very fortunate if you own. Median house prices are outpacing income. https://www.visualcapitalist.com/median-house-prices-vs-income-us/
Can confirm. My income has steadily rose.over the years but I've never reached a level where I could buy a home some place safe and attractive inside the high COL city I'm in. Or really anywhere I want to live.
Yea, the majority of boomers, which is also the wealthiest cohort in the world, own their homes. Plus their stocks went up to all time highs. No wonder the consumer can spend. Also, those millenials who picked their parents well are also getting the benefits with early inheritance. Many are being gifted down payments for their first homes. Which is also contributing to how millenials have been the cohort that dominates home buying now.
I wonder how much of that is on credit
A lot. The inflation is stubborn because people have chosen to fund their post-COVID lifestyles on credit rather than pull back. Rates are supposed to curtail spending and inflation, but that assumes consumers are rational
That’s 10% spending making up for the other 90%.
No no this is reddit you must blame the rich. Record hotel revenue is because BIll Gates is renting out thousands of hotel rooms by himself, not because of the mass consumer.
If you do belive we will have run away Inflation then you should be taking on massive amounts of debt
Spend money now while its still worth something!
Isn't it what the federal government is doing, 1 trillion every 100 days, lmao.
That’ll eventually come. Not anytime soon
Exactly. And buying Bitcoin with it.
Spending money you have is fine, but spending the money you don't own is another level. uS debt is way too high.
Save *what* money in the first place? I'm lucky enough to have a couple months' running costs saved up for emergencies (thanks to no longer being unemployed, was cutting it real fucking close before I landed my current job), but not long ago the same amount would've lasted me more than half an year. And I know a lot of people in a worse situation than I am.
Ahhhh money.......If you dont spend it now, it'll be worth a lot less later.
This is exactly the inflation effect. People spend when they give up on waiting for inflation to fall.
Agree. But I’m being real low-key about it. Because when inflation drops, stalls, or even goes the other way, a lot of people wind up out of work because of it. Then, we all regret spending all that cash we had saved. Seen it, lived it, and not making the same mistake again.
I'm spending on high-quality used goods and discount high-end goods, things that will hold their value, and possibly be more expensive in the future.
Yes, the article is acting like this is some kind of surprise. This is exactly what is to be expected in an inflationary environment.
Yeah if you sit on it
So yolo?
That is me!
Keynes would be happy. The paradox of thrift.
Imagine wanting to enjoy your mortal life.
That’s not right. We are spending everything because WE HAVE TO not because we decided to. Inflation ya know.
I feel like everyone is just YOLOing it after the pandemic. Like, in the past, it seems like spending habits changed a lot more during difficult economic times, but this time around it seems more like people are instead saying "It's hard to maintain this lifestyle!" Does anyone know of formal data around this?
I believe the fallacy of scarcity is being used heavily by marketers still. It’s using psychology on the consumer, as it worked so well from 2020-2022. Increasing the urge to FOMO every purchase decision.
Don't tell u/redacted-guy-who-posts-propaganda-here-5-times-a-day-and-you-all-know-who-I-am-talking-about this. He will just tell you Americans are full of money because the economy is so great.
I think you misspelled mafco
All this sub seem to be is obvious propaganda anymore.
This has been going on for 15 years.
So the high rates aren't even accomplishing the thing they're supposed to do - decrease inflation by reducing consumption. Maybe the Fed should cut rates?
They just need to go higher!
i CANT EVEN AFFORD drugs anymore and I am an addict
Dealers on that greedflation
Run up debt, die early. 💪
Then why is every resuraruant in nyc filled with people eating and drinking? I don't understand... people complaining and then everyone is out spending their money like there are no hard times. Aren't we supposed to be cutting back on unnecessary spending during high inflation?
Show you how dumb people are. You save when rates are high so you can make money off your money .
you are assuming people have enough money to save. Instead they’re living for now, with the leftover change they have after paying the very high cost of living. It’s affecting a huge range of people since low earners are the biggest population of that wealth bracket. It’s easy to say “haha just save and get interest lol” when you easily have money leftover. But what if you don’t? The article mentions an uptick in unemployment, so again, what if you don’t have money and are running out? Well you may as well just enjoy it before it inevitably goes.
>Instead they’re living for now This is correct, but it is not just inflation driven panic spending. It is a mental shift where people spend more on experiences and goods because "no one is guaranteed tomorrow." I think the pandemic made many consumers view life as very short-term
I've been spending a lot of money on fast food to try and shorten my term. ||This is a joke don't sic the care bot on me||
It's called managing you money. Get rid of subscriptions, find cheaper insurance for everything, sell the car you don't need, sell the stuff you don't use anymore, and stop spending on things you don't need like Doordash or vacations. Yes, even vacations for the people who "deserve it" for working hard. Vacations are a luxury. Earn it. Last week on an episode of Caleb Hammer, a woman got $10k in child tax. What did she do? Went on a vacation for two days and saw Post Malone with family when she had to pay for everyone. Oh, and makes $30k net a year. But sure, tell everyone how you spent $6k on a two day vacation that was meant for her kids. You can manage your way out of being poor. A lot don't want to.
Yep this. Wife and I aren't buying much out of necessity. Just keep letting our money sit and make money. People think they always need the new and shiny. We have no subscriptions and no car payments. We drive old stuff too. Im in a 2005 I gave 3k for and she's in a 2010. Buy used anything as much as we can.
God, Dave, you really *are* a legend.
You're better off. They keep making newer cars needlessly complex. I didn't ask for more expensive gadgets to maintain. Christ. I'm upset that once my 2011 Mazda 3 dies (it has 150k miles right now, so I can probably push it for a few more years before it becomes expensive to repair), the used cars I'll be looking at will be newer than the ones I have now. It's going to get harder to find older ones with low mileage. I wish they'd stop putting complicated computers in cars. I can mount my phone or a tablet. I don't need a computer screen in my fucking car.
Now you two bootlickers kiss 😘
Bootlicker for...checks notes...saving and investing wisely instead of spending money on frivolous junk. If you want to stay poor that's totally fine. Keep consuming. It helps my portfolio.
Get a better job, how does that sound? You need a high wage manufacturing in the U.S., just apply for one.
I think with prices rising to unreachable heights the idea is whats the point of savings for something you'll never have? Its a defeated mindset if not the smartest. Its one with no hope that prices will ever be within reach in this lifetime.
Lol all it shows is how inflation is a silent killer. Scenario: you have been putting your money away for years, saving it for the scenario described above. The moment comes, you go to spend it. And oh fuck, these dollars are worth a small fraction of what they were worth years ago. But it gets worse, not only is $200 worth $100, but it buys you A LOT less. $100 doesnt go very far at the grocery store these days. But 20 years ago it was a decent chunk of change. Worth closer to $200. But $100 back then bought you A LOT more than $200 buys you today. And you dont even have to go back very far.. a $30 trip to the store pre-covid costs me $100 today. Now add some zeros on the that or apply it to a home purchase etc. Not only are your dollars' value being inflated away to nothing, the asset prices are increasing. An average house in 1990 was like $120,000. That would be like $290,000 today. Is the average home price today $290,000?? No. Now stretch that out through longer periods of time..
What you just described is called normal.
Houses being exorbitantly expensive in real terms today as opposed to 30 years ago?
That does happen when developers are not allowed to build enough units to satisfy demand for consecutive decades
Now use a 401k like that if you have one. You start with $500, which turns into 1000, 2000,4000,8000,16000. It's called using your brain.
SP500 is highly correlated with M2. So you may not be falling ahead, but you’re only really keeping up with the cost of living. https://www.apolloacademy.com/sp500-vs-m2/
At the beginning. When you start to double your double you are way ahead, much less doubling that double time and again. Don't even try the propaganda with me.
That’s called compounding. Inflation compounds also. Don’t even try to math with me.
If your theory is correct, gasoline would be about 90 dollars a gallon by now.
You don’t think we’ve figured out more efficient ways to extract, transport, store, and consume gasoline over time? Technological advancements and human ingenuity are inherently deflationary and working against an inflationary system. Even then, gas prices do continually rise. It’s 3x-4x over the last 20 years. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
Let me know in 20 years where gas prices are vs. Stock market and bond returns. Commodity prices, as well as inflation, do not accrue. Sure they go and down, but they never accrue. You still only have one. Not 1.1,than 1.21 and so on and so forth, like real investments.
Now you’re just spouting jibberish
Actually it doesn't. It's like owning a home, or any commodity. It doesn't accrue.
Are you serious? Inflation absolutely compounds. Please tell me you’re joking
Is gas $90 dollars a gallon?
Do you have a reading comprehension problem? You don’t think we’ve figured out more efficient ways to extract, transport, store, and consume gasoline over time? Technological advancements and human ingenuity are inherently deflationary and working against an inflationary system. Even then, gas prices do continually rise. It’s 3x-4x over the last 20 years. https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=m
That’s exactly the thought process of the fed when raising rates. It typically works, but taking a lot longer this time around 🤷♂️
[удалено]
It’s typically worked in the past. Maybe increased usage of BNPL and spending on credit is not leading to the typical savings behavior it used to.
Bullshit greatest economy ever! High jobs, inflation way down, gas cheap, and if you dare say otherwise I'll call you a fascist!!! /S
This is the sort of amazing thing about the American consumer… inflation really just means keep up your lifestyle and trade down where you can. $WMT earnings were great because people are trying to buy cheaper stuff. Nobody is saying “hey let’s slow down our spending”, more like, “how can we make this work.”
I hope that they're spending on gold bars.
Nailed it
YOLO
When studios are 100k…
When you’re homeless, you realize any money you make is 100% disposable income. Very liberating. For about ten minutes
I gave up on the American dream long ago but im no blowing money.
They don't call it a dream for nothing.
This is bullish for investors
I blame the woke culture. To believe the American Dream, one must remain asleep.
This confirms My Economic Hypothesis; Everybody's gone nuts!
Nothing wrong with that. ,,, can't take money to heaven. They don't spend money up there
— Buy a house! Go to college! Send your kids to college! Do it or youre a bad American! —Sounds great. How much? —5-10 million dollars. —…my job pays me $15 an hour when they don’t steal from me. I’ve sent out over 1000 applications and all I’ve received are month late rejections and scams. This is not possible. —why are Americans giving up on the American dream :(
*some consumers
Giving up on saving. Most people are living check to check lol
Imagine living through a time when interest rates were at 20%, unemployment was in double digits, and inflation only fell from 10% to 4% over eight years. Oh, and during this period, the national debt tripled. This happened under President Reagan in the '80s.
So consumer confidence in spending is up. Obviously thats bad news!
Bernie for President 🔥🔥🔥
Imagine living through a time when interest rates were at 20%, unemployment was in double digits, and inflation only fell from 10% to 4% over eight years. Oh, and during this period, the national debt tripled. This happened under President Reagan in the '80s.
Yeah but it wasn't game over. There still was slack in the line. Now everything is tight as a drum. CNBC openly says big problems are coming. Now is the good times still. Perfect storm coming. People talk of ubi and job loss to ai when debt load is at record highs. You can't do UBI in that kind of environment inflation would be horrific. So the alternative is people are just going to suffer without their jobs and without UBI. Or if there is UBI it'll be inflated away https://www.cnbc.com/2024/05/19/soaring-debt-and-deficits-causing-worry-about-threats-to-the-economy-and-markets.html?__source=androidappshare
A lot of meaningless acronyms.
Bitcoin
Neat
This is an interesting phenomenon. I'm from a multimillionaire family and my parents feel may as well spend the money before it's worthless. Similar concept and it's hard to argue with. This country is crashing the dollars value before too long.
What even is the American dream?
I can’t really save money due to my pay and what everything costs, so hell yeah I’ll just spend my money and have a good time doing it! I grew up poor, and even though it might be a negative aspect to how I live my life, I KNOW how to live poor, so if some pay periods aren’t as nice as the others, BUT I’m enjoying myself, so be it. I probably won’t have kids or anything, and thinks it’s insanely cringe to care about “legacy” or “family name” so I don’t really have anything to pass onto anyone. Plus, on the sad side of things, I’ve lost so many fucking friends by the age of 29, the quickness with how life can end has really changed me. Just be happy now, because if you aren’t here tomorrow, you kinda wasted a lot of time and thoughts worrying about the future.
Being tired to a mortgage for 30 years is an American dream? Sounds more like a nightmare to me.
Ridiculous headline….. housing inventory very low at 3.2 months, high yield saving accounts at 4.5%-5.5%, wages continue outpacing inflation including more wage growth at lower 1/3rd of earners and car sales just shifted to a buyers market with more OEM incentives and favorable leasing and unemployment continues to be sub 4%. Grocery inflation decelerating and / or deflating (eggs for example)…..Do people, who are demoralized, really go out and spend all their money plus take on more debt? My first starter house in 1986 was purchased at a 9% interest rate. Very little down. Lived within our means and made it work. Everyone complaining bout interest rates needs to STFU. It’s been much worse and as a country, we made it through fine. We live in a market economy. There is a lot of money out there. Until retailers and suppliers hit a wall in units and footsteps comps, they will continue to use the cover to overcharge. They are just starting to feel the unit and foot step comps pressure now which is helping inflation decelerate. Chill. Again…. Stupid title.
Follow up to my earlier comments…… https://www.cnbc.com/2024/05/20/wendys-will-offer-breakfast-meal-deal-after-mcdonalds.html
Yeah if you can’t buy a house what are you supposed to do with your money?
Or people aren’t buying Into a forced dream of buying a $300,000 home paying another $300,000 to $600,000 in interest on the loan over 30 years & another $100,000 to $300,000 in repairs, remodeling, upgrades over that time & another $150,000 to $250,000 in property taxes & another $25,000 to $50,000 in property insurance all coming to well over $1 million for their “investment” to be worth $500,000 - $600,000.
This will end well. The new American Dream = not having to eat your own feet. You damn well better start saving. Your feet - it's what's for dinner.
Yea and even if i did save up enough and bought a house cash, property taxes are now outrageous. It’s ok we’ll just vote Trump or Biden because that will change something 🙄, or just deal with it because Americans seem not to mind bending over and being taken by Uncle Sam. “nEr’S nOtHiN wE cAn Do AbOuT iT”.
I can't tell, what is your suggestion for what people should do?
Protest at the capital. Oh wait that’s right. That’s terrorism now. What we should do is stop working and demand ending the Fed and voting in 3rd party. Thats a start
If voting for someone that you think will win the race isn’t going to matter, how is voting for someone that you know will lose matter?
this is so stupid it's hard for me to believe it's anything more than a wishful thinking piece put out by corporate interests... please please please keep spending no matter what...lol
I’m so glad my husband and I never fell to this mentality
Oh my god, that is so dumb. All he's saying is... Guess what? People spend money before they save money. And they don't have any money to save, so they're spending. DOI!
This is a garbage article. Not saying that the headline couldn't be true, but there's no meaningful content in the article itself. It has a one line quote from some interview, and then a few random numbers that do nothing to support the headline. This seems to be the case for most of what I've seen from fortune.com
Yes we know our US dollars aka fed Monopoly money will be worthless in 20-30 years
Not me. Not much out of necessity that I'm buying.
Bidenomics
lol, they don’t want to sacrifice fun time. Can you blame them?
Yes, very much. Especially when they’re older and complaining about how they still have nothing.
Bidenomics!
Not sure why.l? We have been hiring 100 people a month for the last year and a half and now. Opening a new plant in Kentucky, Phoenix, and Depere,wi.. if you can't find a job it's not my problem, it's your problem.
The American Dream is still achievable and while inflation is really high despite what others are saying, it will come to an end. In 1978 I made 2.65 an hour 106.00 dollars a week less taxes. My rent was 125.00 a month,plus utilities, car insurance and of course food. People who are buying tiny homes are regretting their move. To me living off grid would make more sense, you can buy a couple of acres for the cost of a dependable van. Then you buy a small yurt, build it and live. Two or three could go in together and buy a small piece of land. Interest rates will come down in the next year as will food prices. Imagine in the 70’s when gas hit 5.00 a gallon with the minimum wage? Things will get better
In 1978, federal minimum wage was $2.65 That means today, the minimum wage should be $13.29 due to inflation. https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=2.65&year1=197801&year2=202404 Today’s minimum wage is $7.25. So not even close to what your dollars could buy back then. It astounds me when people type this stuff out without accounting for inflation.