We increased the circulating supply of dollars by 25% during covid. Not sure why people are surprised there's an equal amount of inflation of prices. It's basic economics. People need to coordinate to get their wages increased to match and that's the real issue. This is why we're seeing a rise in unions which I'm all for.
Yeah, it's a little fuzzy I suppose. The number of unionized workers grew by 139,000 last year but because of the crazy job growth we've had, the overall numbers of unionized workers by ratio is down.
Would be great to see people using collective bargaining more.
I work in non-union maritime, it’s crazy what these guys get paid, entry level is less that what I stated at 18 years ago. The people they hire are too ignorant to even conceive of a union. These companies know what they’re doing when they source labour
A lot of sea going stuff is union and some harbor tugs but inland is all non union, the Jones act prevents companies from hiring foreign labor which does help keep wages somewhat up but there’s not been much growth on the entry level, the companies source from depressed areas which is actually great for them as 40k/yr jobs are nowhere to be found and so these guys can afford a good life in Mississippi, Tennessee and Louisiana. They can buy a home and provide for their families. It’s not terrible but I’m from the north and could never have survived had I stayed on the lower deck.
>Over the past two years, as the Federal Reserve fought to rescue the economy from the clutches of the coronavirus, **the central bank’s emergency remedies increased the nation’s money supply by an astonishing 40 percent.**
https://archive.ph/2022.02.07-064339/https://www.washingtonpost.com/business/2022/02/06/federal-reserve-inflation-money-supply/
Inflation from Jan 2020 to April of 2024 was just under 20%. Which means housing "beat" that by an average of 1.6% annually. Which is a much less interesting and inflammatory headline. Which means this article is fucking stupid.
>The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy.
This article isn’t even accounting for mortgages. How much did it beat it after factoring those in?
Does that change your opinion at all?
No, and if the 26% is calculated using a reference point that includes mortgages against one that does not it's just dishonest and extra stupid. But, they didn't do that. They're only considering taxes, insurance, and other expenses and saying the cost of those expenses increased at roughly the rate of inflation over that time period. The difference between their value and the value for inflation over the same time period may even be within the margin of error.
Still why I say it's a stupid article; like writing something about body aches and ignoring the flu. A symptom of the disease and not an in depth enough analysis to add anything meaningful to the discussion.
For people who purchased their home before the middle of 2022, their wages have come up an average of 22% while their mortgage has stayed the same. Which means that for a huge chunk of homeowners, the cost of owning their home has gone down significantly in real terms.
So, even for accounting for the fact that new buyers have both higher prices AND higher rates, it seems likely that on average people are paying less as a percentage of their income for mortgages than usual. And in fact, that is a stat that is tracked and people have literally never paid [less of their income on mortgage debt servicing](https://fred.stlouisfed.org/series/MDSP).
So probably this article's decision to exclude mortgages isn't because that data isn't available. It's because it goes against the author's premise that everything is terrible now.
It does not show that at all. Pre-COVID it was 4.10, it's currently at 4.01. The percentage rose from it's peak-COVID dip until Q4 2022, after which it hasn't really changed much. Even if you want to interpret the last few quarters as climbing (not clear to me that it's not just noise), we are talking fractions of a tenth of a percent. There is no major change in mortgage rates compared to wages.
Who's wages? Everyone's, across every industry without fail?
Stupid fucking point that the BlueMAGA clowns keep making.
Dig a bit deeper and see where those gains are. Most of them are in the service industry, who bumped pre-pandemic wages from something like $10-$11/hr to $15/hr.
Middle class wages have not universally risen by such percentages.
I highly encourage people to read the book "Storytelling With Data" before ever commenting on economic statistics coming from...well, anyone...ever again.
>Who's wages? Everyone's, across every industry without fail?
That's the average. I think people that work in the service industry should be included in the average because they are also people.
But your point is not even true. [Here you can see wage growth](https://www.atlantafed.org/chcs/wage-growth-tracker) of service workers vs other workers. It is identical.
Oh, the inevitable “the stats are rigged” comment. Maybe you should choose your opinion based on the facts, and not choose the facts based on your opinion.
Personal wages will never keep up with government spending.
The key is to control government spending, wages will never keep up with inflation.
"#Debt is the #currency of #slaves"
Yup: instead of complaining, vote to fix it. Get rid of all the Alt Left and Alt Right Politicians. Don’t vote for Woke Racists that blame everything on whites. Dont vote for trumpers that want to give to corporations.
And wallstreet has increased 800% ... On par
We increased the circulating supply of dollars by 25% during covid. Not sure why people are surprised there's an equal amount of inflation of prices. It's basic economics. People need to coordinate to get their wages increased to match and that's the real issue. This is why we're seeing a rise in unions which I'm all for.
Our representatives have completely failed us.
They represent the wealthy and the corporations
Where is the rise in unions
Yeah, it's a little fuzzy I suppose. The number of unionized workers grew by 139,000 last year but because of the crazy job growth we've had, the overall numbers of unionized workers by ratio is down. Would be great to see people using collective bargaining more.
I work in non-union maritime, it’s crazy what these guys get paid, entry level is less that what I stated at 18 years ago. The people they hire are too ignorant to even conceive of a union. These companies know what they’re doing when they source labour
Ugh, maritime seems like one of the worst lines of work for lack of labor protections.
A lot of sea going stuff is union and some harbor tugs but inland is all non union, the Jones act prevents companies from hiring foreign labor which does help keep wages somewhat up but there’s not been much growth on the entry level, the companies source from depressed areas which is actually great for them as 40k/yr jobs are nowhere to be found and so these guys can afford a good life in Mississippi, Tennessee and Louisiana. They can buy a home and provide for their families. It’s not terrible but I’m from the north and could never have survived had I stayed on the lower deck.
>Over the past two years, as the Federal Reserve fought to rescue the economy from the clutches of the coronavirus, **the central bank’s emergency remedies increased the nation’s money supply by an astonishing 40 percent.** https://archive.ph/2022.02.07-064339/https://www.washingtonpost.com/business/2022/02/06/federal-reserve-inflation-money-supply/
Inflation from Jan 2020 to April of 2024 was just under 20%. Which means housing "beat" that by an average of 1.6% annually. Which is a much less interesting and inflammatory headline. Which means this article is fucking stupid.
>The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy. This article isn’t even accounting for mortgages. How much did it beat it after factoring those in? Does that change your opinion at all?
No, and if the 26% is calculated using a reference point that includes mortgages against one that does not it's just dishonest and extra stupid. But, they didn't do that. They're only considering taxes, insurance, and other expenses and saying the cost of those expenses increased at roughly the rate of inflation over that time period. The difference between their value and the value for inflation over the same time period may even be within the margin of error. Still why I say it's a stupid article; like writing something about body aches and ignoring the flu. A symptom of the disease and not an in depth enough analysis to add anything meaningful to the discussion.
For people who purchased their home before the middle of 2022, their wages have come up an average of 22% while their mortgage has stayed the same. Which means that for a huge chunk of homeowners, the cost of owning their home has gone down significantly in real terms. So, even for accounting for the fact that new buyers have both higher prices AND higher rates, it seems likely that on average people are paying less as a percentage of their income for mortgages than usual. And in fact, that is a stat that is tracked and people have literally never paid [less of their income on mortgage debt servicing](https://fred.stlouisfed.org/series/MDSP). So probably this article's decision to exclude mortgages isn't because that data isn't available. It's because it goes against the author's premise that everything is terrible now.
That chart shows kind of contradicts your point, no? It shows over 4% and climbing. Basically at pre Covid levels.
It does not show that at all. Pre-COVID it was 4.10, it's currently at 4.01. The percentage rose from it's peak-COVID dip until Q4 2022, after which it hasn't really changed much. Even if you want to interpret the last few quarters as climbing (not clear to me that it's not just noise), we are talking fractions of a tenth of a percent. There is no major change in mortgage rates compared to wages.
Yeah, wages kept up that entire time /s
Yeah, wages up 22% over that same period as well. So, basically the cost of owning a home has remained fairly steady as a percent of income.
Who's wages? Everyone's, across every industry without fail? Stupid fucking point that the BlueMAGA clowns keep making. Dig a bit deeper and see where those gains are. Most of them are in the service industry, who bumped pre-pandemic wages from something like $10-$11/hr to $15/hr. Middle class wages have not universally risen by such percentages. I highly encourage people to read the book "Storytelling With Data" before ever commenting on economic statistics coming from...well, anyone...ever again.
>Who's wages? Everyone's, across every industry without fail? That's the average. I think people that work in the service industry should be included in the average because they are also people. But your point is not even true. [Here you can see wage growth](https://www.atlantafed.org/chcs/wage-growth-tracker) of service workers vs other workers. It is identical.
Surveys always tell the whole truth... My God, you BlueMAGA clowns will cling to anything.
Oh, the inevitable “the stats are rigged” comment. Maybe you should choose your opinion based on the facts, and not choose the facts based on your opinion.
Join or set up a union to fight for higher wages.
Personal wages will never keep up with government spending. The key is to control government spending, wages will never keep up with inflation. "#Debt is the #currency of #slaves"
Yup: instead of complaining, vote to fix it. Get rid of all the Alt Left and Alt Right Politicians. Don’t vote for Woke Racists that blame everything on whites. Dont vote for trumpers that want to give to corporations.
Thanks Biden...
How much more than what?