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I am not talking about somewhat discretionary items, but about bills you must pay.
... but I swear I don't know how many other people can afford inflationary increases -- especially those who are living on Social Security alone!
So, how does your increased COLA payment compare to the increase in your bills?
I have 2 years, nine months to go to start collection SS at 70. That said, if I were 70, the 3.2% COLA is way more than enough to keep up with the increase in my non-discretionary bills. I only possess what I need. I see no reason for a big house, car, meat, expensive clothing, all of which I could have but choose to. One can really prune the non-discretionary expenses by doing without things that are really not necessary to survive and prosper.
There is no such thing as "trickle down economics." It is a straw man invented by progressives so as to have something to argue against.
The first known instance of the use of "trickle down" was by humorist Will Rodgers in the 1930s. It is not a theory of economics. Review the course catalog of every major research university in America and you will not find a single class of the form "Econ 206: Trickle Down Economics." Look at the faculty: you will never find someone labeled "The Goldman Sachs Distinguished Service Professor of Trickle Down Economics."
But thanks for playing.
Another progressive canard. EVERYONE - including you personally - is better off as a result of the efforts of the few who have made extraordinary contributions to mankind. I personally am named inventor on patents and technical innovations that I know with certainty are used in the device you personally use to type your post. You are able to communicate electronically with the broad world through your devices because of people like me.
You're welcome.
Beyond that, you make many mistakes in your analysis.
The standard of living of poor people is in no way impacted by the standard of living of wealthy people.
People with very low incomes have been movin' on up to lower-middle class.
People in the middle class have been movin' on up to the upper-middle class.
People in the upper-middle class have been movin' on up to the upper class. Etc.
The existence of financial affluence is a goal to many poor people. It gives them an economic incentive to make more money, and in doing so, they create and add value to society.
Finally, your assertion that the middle class is disapperaing is sort of correct - but for the very best of all possible reasons: everyone is becoming more affluent.
While I can explain it to you, sadly, I cannot understand it for you.
The standard of living of the USA is higher today than it was a decade ago.
Pay them zero, and your life - you, rodentraiser - your life will be worse off than it is today.
Factually incorrect: no business is hiding money, period.
But regardless, bring all their money back to the USA (in violation of the laws of all those other countries around the world) and your life - you, personally, rodentraiser - your life will be worse off than it is today.
That's a good thing. Gives people an incentive to make more money by, say, becoming tax accountants.
That's because cities want it this way.
There is no hunger in America, period.
In the triumph of hope over experience, I hope your becoming educated on this topic may become useful to you.
It is a matter of choice: people either can learn how to add more value to society and thereby earn more money - or (stay with me here) - they can decide not to add more value and not earn more money.
i will add that while incomes rising have been pushing a number oof people upwards in status , the cost of admission to what constitutes a middle class life style has been going higher and higher .
so middle class incomes and middle class lifestyle has been disjointed for a long time .
There is no single, formal definition of class status in this country.
Statisticians and demographers all use slightly different methods to divvy us up into quintiles and median ranges. Complicating things, most people like to think of themselves as middle class.
but the price of that middle class life style has been going higher and higher out stripping incomes in many desirable areas
so when we talk of MIDDLE CLASS , a middle class income can be very different then a middle class life style
as an article in the ny times said and also these are old numbers today and they are considerable higher
one measure, in cities like Houston or Phoenix — places considered by statisticians to be more typical of average United States incomes than New York — a solidly middle-class life can be had for wages that fall between $33,000 and $100,000 a year.
By the same formula — measuring by who sits in the middle of the income spectrum — Manhattan’s middle class exists somewhere between $45,000 and $134,000.
But if you are defining middle class by lifestyle, to accommodate the cost of living in Manhattan, that salary would have to fall between $80,000 and $235,000. This means someone making $70,000 a year in other parts of the country would need to make $166,000 in Manhattan to enjoy the same purchasing power.
Using the rule of thumb that buyers should expect to spend two and a half times their annual salary on a home purchase, the properties in Manhattan that could be said to be middle class would run between $200,000 and $588,000.
On the low end, the pickings are slim. The least expensive properties are mostly uptown, in neighborhoods like Yorkville, Washington Heights and Inwood. The most pleasing options in this range, however, are one-bedroom apartments not designed for children or families.
Last edited by mathjak107; 12-21-2023 at 03:41 AM..
3.2% doesn't seem to me like it covers the increase in good and services costs. We are seeing gas go down which affects total inflation as well as supply and demand, etc.
Just wanted to insert a somewhat humorous note to this discussion:
I have stayed mostly out of the this discussion because I will be the first to admit that Economics is beyond my understanding -- it was the only course in college than I barely passed with a 'D' -- but I knew I was in trouble when for an entire class when the teacher was talking about trickle down economics, I thought he was saying 'Triple Crown economics". I was confused for almost the entire hour wondering what a horse race had to do with economics!
However, that being said, personal finance I do understand in that if someone's personal net income is less than one's outgo, s/he is almost certainly going to eventually end up in some major trouble unless s/he gets an inheritance, wins a lottery, or something similar happens -- but maybe I am wrong about that, too.
3.2% doesn't seem to me like it covers the increase in good and services costs. We are seeing gas go down which affects total inflation as well as supply and demand, etc.
I hinted at it before, but no one has answered....is the annual increase in part B (and now C) coverage a significant portion of the annual increases, as has been historically reported.
a lot of NON-retirees are answering with 'authority' in this thread. That is curious.
I hinted at it before, but no one has answered....is the annual increase in part B (and now C) coverage a significant portion of the annual increases, as has been historically reported.
a lot of NON-retirees are answering with 'authority' in this thread. That is curious.
I pay $560/mo for Medicare Part B, not sure how much more next year. We'll owe another $560/mo when spouse hits 65.
It just seems to us that everything is far more expensive.
The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium will be $174.70 in 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B enrollees in 2024 will be $240, an increase of $14 from the 2023 deductible of $226. The increases are mainly due to projected increases in healthcare spending.
Certain beneficiaries will continue to pay higher premiums based on their modified adjusted gross income. The monthly Part B premium that includes an income-related adjustment for 2024 will range from $244.60 to $594.00, depending on the extent to which an individual beneficiary’s modified adjusted gross income exceeds $103,000 (or $206,000 for a married couple). The highest rate applies to beneficiaries whose incomes exceed $500,000 (or $750,000 for a married couple). CMS estimates that about 8 percent of Medicare beneficiaries pay the income-adjusted premiums.
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Quote:
Originally Posted by Clemencia53
no foodbanks in the area? Here in my small town, there are so many opportunities for folks that need help with food. One church does a supper twice a month - just show up.
We have a mega food bank once a month with tons of food.
Tomorrow a Medicare center will be giving out produce and food to seniors.
There is a food bank but it's ironic that they have a box in the HUD building for the seniors to donate to the Food Bank. I have to say - many are old school and don't like to accept from others. The food banks aren't as full as they've been in previous years - they are always asking for donations.
Most of them have a lot of pride and don't like to accept assistance but you know they need it as they almost cry when winning a box of kleenex at the Christmas party when their number is drawn. It's really sad and I think about them now that we've moved.
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