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Old Yesterday, 04:42 PM
 
Location: Florida
5,993 posts, read 2,786,621 times
Reputation: 7245

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Quote:
Originally Posted by Pilot1 View Post
After eight years of the utter stagnation of the Obama years, we are finally seeing UPWARD pressure on wages. If people weren't so enamored with a lot of luxury items they don't need, they wouldn't be in debt.
Really? You are going to blame President Obama for "utter stagnation" on wage growth when he walked into the biggest economic mess any President has inherited since FDR?

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Old Yesterday, 04:46 PM
 
52,197 posts, read 41,991,218 times
Reputation: 32573
Quote:
Originally Posted by middle-aged mom View Post
The US people have NEVER been particularly good savers.
Yep. Then they start talking about "means testing" things like social security to screw over those of us that did save.
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Old Yesterday, 04:51 PM
 
52,197 posts, read 41,991,218 times
Reputation: 32573
Quote:
Originally Posted by Bobdreamz View Post
Really? You are going to blame President Obama for "utter stagnation" on wage growth when he walked into the biggest economic mess any President has inherited since FDR?

Obama definitely inherited a mess that had been kicked down the road by both Bush and Clinton and others before that.

But many are just like Pilot and think it was all created during the other parties presidency....it's a consistently annoying claim from the partisans from the left and right.
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Old Yesterday, 05:12 PM
 
Location: Chicago, IL
6,918 posts, read 3,445,146 times
Reputation: 2936
Quote:
Originally Posted by Volobjectitarian View Post
In every single example story in that article, poor decision making abounds.

The first couple has $50k in credit card debt, including $7500 of debt on a store card (TJ Maxx)? That's BAD decision making right there, and the economy has nothing to do with it.

The second couple has $88k in student loan debt, but only grosses $155k, in Seattle. Middle class in Seattle is north of $200k in a cheap neighborhood. I'd love to know how at 34 each, they have spent 12 years out of college and that is their combined income in that city. Guarantee I find bad decision making if I knew more. First one right off the bat is living in any of the west coast's major population centers, where real estate developers with political friends and enviro-nuts have made the cost of housing absurd. If you have Joe Average jobs after 12 years out of school that put you $90k in the hole, Seattle is not the town for you.

Third couple is lulz, pure and simple. They take a 30% paycut in total gross and THEN decide to finance $48k worth of car loans. Then other jobs "din't work out" and well blah blah.

Every one of these stories is no reflection on the economy, but the economic reality of where bad decisions lead people. If there is anything that is a struggle these days, it is the concept of delayed gratification.
It's absolutely a reflection on the economy.

It's all well and good to shame these people for their decision making, but they're the norm and they've always been the norm. Most people are making some kind of "bad" financial decision. The difference between now and the last few generations is that wages could cover people's inefficiencies.

Now you have most people living check to check, to the point that half of Americans couldn't cover a $1000 out of pocket expense. And our entire economy is based on those inefficiency. Where do you think the economy would be if most Americans put 10% of their paycheck in savings, 15% towards retirement? If they didn't have kids until they were able to put 20% down on a house in the suburbs? If Americans spread out into the sticks bc they shouldn't spend more 20% on housing? As a country, we'd be f***ed.

The issue isn't American consumers/consumerism. The issue is wages and cost of living squeezing Americans on both sides.
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Old Yesterday, 05:15 PM
 
Location: Chicago, IL
6,918 posts, read 3,445,146 times
Reputation: 2936
Quote:
Originally Posted by snebarekim View Post
This ^.

The rest is just noise.



https://www.youtube.com/watch?v=r0HX4a5P8eE
So you're in favor of cratering the US economy?
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Old Yesterday, 05:17 PM
 
Location: Central New Jersey
2,519 posts, read 956,054 times
Reputation: 4452
Of people stopped competing with the Jones' down the street and living above their means, they'd be in much better shape financially.
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Old Yesterday, 05:18 PM
 
Location: Chicago, IL
6,918 posts, read 3,445,146 times
Reputation: 2936
I didn't even read through the entire thread. There are a lot of people in here really excited to see the American economy crash.
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Old Yesterday, 05:33 PM
 
39,393 posts, read 20,484,668 times
Reputation: 12841
OP, this has been going on well before Trump but at least with Trump being in office the elite finally acknowledge it.
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Old Yesterday, 05:33 PM
 
Location: Houston
22,645 posts, read 11,673,043 times
Reputation: 9183
Quote:
Originally Posted by BrookCreek23 View Post
I paid my brand new Mazda 6 at the time with cash.

If you can't pay cash, you can't afford it
Actually my investments average 7% over the last 20 years while my car loan is 4%.
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Old Yesterday, 05:59 PM
 
Location: Unperson Everyman Land
30,541 posts, read 20,183,229 times
Reputation: 8428
Quote:
Originally Posted by Finn_Jarber View Post
As the article points out, income has stayed the same, but consumer prices are going up. The obvious end result is less purchasing power.

What effect does the current economic policy (trade wars) have on this? It forces consumer prices to increase. Hence the 'thanks Trump'.

Current inflation rate is 1.6%.

Nominal wage growth is 3.2% with the lowest earners seeing the greatest wage growth.


NEXT!!!

https://www.usinflationcalculator.co...flation-rates/

https://www.epi.org/nominal-wage-tracker/
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