Average American is losing $34K and everything else on Biden’s watch

[Igor Blevin]

I really wish I had lost a mere $34,000 to date.

I am renting and home shopping Knoxville TN where homes are up 40% since Covid. A $300,000 home is now $420,000. I just lost $120,000 in purchasing power for the kind of home I want.

Oh but wait! Mortgages rates are 7%, not $3. So add another lost $100,000 in higher borrowing cost.

That is $220,000 vaporized over a flu bug.

Then there are the 401k and savings accounts. I was in all cash so I avoided the stock market haircut thus far (I can't wait to re-enter) but the value of my cash is rapidly plunging at 9% headline inflation.

$34,000 is a cake walk.

I would be plum tickled to have only lost $34,000.

[Tall Traveler]

Originally Posted by ndcairngorm

People who don't realize what's going on in the rest of the world think the US is unique in suffering inflation. This is not the case. Read or watch the news about any other first world country and you will see the conversation is all about inflation and the problems it's causing in loss of lifestyle.

The problem is not Biden, it's a world situation that has to be addressed in a global way.

Most of it caused by Biden and the EU sanctions on Russia and printing money for votes.

[concreteblonde]

Originally Posted by Kracer

Salary less and taxpayers on the hook to support all the millions of illegal aliens and downstream costs involved.

No. taxpayers are paying to keep major corporations and the 1% as tax free as possible. Unless and until that changes nothing is going to get better. Trickle down economics never works. Never. Never has, and never will. It just lines the pockets of those who already have more than enough.

[CatTX]

Originally Posted by concreteblonde

No. taxpayers are paying to keep major corporations and the 1% as tax free as possible. Unless and until that changes nothing is going to get better. Trickle down economics never works. Never. Never has, and never will. It just lines the pockets of those who already have more than enough.

Well, part of the tax cuts for their corporate pals do trickle down into the GOP campaign coffers. So it does work for them.

[concreteblonde]

Originally Posted by CatTX

Well, part of the tax cuts for their corporate pals do trickle down into the GOP campaign coffers. So it does work for them.

Sadly that much is true which is why it persists.