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I think there's a factor that you're not taking into account; people living at or beyond their means don't necessarily share that fact until they land in my office to consider relief pursuant to Title 11, U.S.C., or in their clergy's study for relief under Deuteronomy 15:39-40 (link) or Exodus 21:2. Of course neither clergy nor legal counsel can disclose these requests publicly.
How does that explain the increase from less than 10% of those earning more than $100,000 to the current 48%? Is your premise that there has been a huge increase in people willing to admit they're living paycheck to paycheck for whatever reason, whereas they wouldn't admit it before?
Have you checked out the prices of good used cars lately?
I was shocked.
I wasn't. Car prices have been steadily increasing for the last 3 years. Ever since auto-finance companies started offering 72-84 month loans, on top of China essentially controlling the global electronics market with their near-monopoly on rare earth metals, this was how it was going to be.
Neither the ridiculous 7 year car loan, nor China's geography is Trump or Biden's fault. And car prices are not secret. Not their past/present/future value, nor the trend. Publicly available information for anyone who wants to do that totally boring adulting thing called "budgeting."
I wasn't. Car prices have been steadily increasing for the last 3 years. Ever since auto-finance companies started offering 72-84 month loans, on top of China essentially controlling the global electronics market with their near-monopoly on rare earth metals, this was how it was going to be.
Neither the ridiculous 7 year car loan, nor China's geography is Trump or Biden's fault. And car prices are not secret. Not their past/present/future value, nor the trend. Publicly available information for anyone who wants to do that totally boring adulting thing called "budgeting."
According to the BLS:
Used car prices are up 41% year over year
Gasoline is up 38% (probably more now)
Energy prices are up 26%
I've already posted rent is up 21%. And home prices are up 18.8%. Year over year.
Those and other rapid price increases are what has fueled the jump from less than 10% in 2017 to 48% now.
Some people aren't recognizing what's happening right before their eyes.
Debauching the money token supply is entirely the fault of government and banking (usury).
$100 today has the buying power of $1 (1910) ... or less.
Inflation's pain is compounded by the aggregate tax load of 39%-43% (local, state, federal) that burdens the productive people.
In essence, the $100,000 (2022) has the equivalent buying power of $570 (1910), thanks to taxation and inflation.
How does that explain the increase from less than 10% of those earning more than $100,000 to the current 48%? Is your premise that there has been a huge increase in people willing to admit they're living paycheck to paycheck for whatever reason, whereas they wouldn't admit it before?
I'm not sure why there is a change, but if I could I would let you I would have you come to my office and meet some upper-crust personal bankruptcy clients and/or CEO's of our corporate debtors. Their lifestyles are ones you could die for. Not so much their constant high-wire acts in robbing Peter to pay Paul. Once my stepfather set me up on a blind date with a girl from Woodmere, Long Island. In her bathroom, the floors and ceilings as well as the walls were mirrored. Her father's company, and then he personally filed for bankruptcy about three to four years after the blind date. Fortunately, the date didn't pan out for other reasons.
Were you living high on the hog, or just getting by?
Working in NYC, living in NJ - so getting slaughtered by taxes.
Take home of 100k after taxes in New York is about $1850 every two weeks (after 401k contribution, etc)
$3,700 / month income
($850 Rent) - cheap rent for NJ
($250 Utilities)
($525 Train pass)
($100 Subway)
($100 Car Insurance)
($100 Phone bill)
($300 lunch at work - NYC you don't brown bag as a commuter/ $15 per day)
($100 Parking) - Train parking per month
($160 Gas) - Gas for work + personal ($40 a week used to be to fill it up)
($300 groceries)
So just your needs are met you have spent $2,810 leaving you with $890 for the month.
In my case I had some expenses that aren't needs:
($450 Car Payment)
After car payment you are left with $440.. That money is used for going entertainment, going out etc.. Its a very easy way to spend all your money.
Working in NYC, living in NJ - so getting slaughtered by taxes.
Take home of 100k after taxes in New York is about $1850 every two weeks (after 401k contribution, etc)
$3,700 / month income
($850 Rent) - cheap rent for NJ
($250 Utilities)
($525 Train pass)
($100 Subway)
($100 Car Insurance)
($100 Phone bill)
($300 lunch at work - NYC you don't brown bag as a commuter/ $15 per day)
($100 Parking) - Train parking per month
($160 Gas) - Gas for work + personal ($40 a week used to be to fill it up)
($300 groceries)
So just your needs are met you have spent $2,810 leaving you with $890 for the month.
In my case I had some expenses that aren't needs:
($450 Car Payment)
After car payment you are left with $440.. That money is used for going entertainment, going out etc.. Its a very easy way to spend all your money.
People just don't realize how much it cost to just go to work in some places. Your expenses are lower than what I have in Florida. Food and car insurance are silly here.
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