Inflation
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The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
@George-K you always make me think!!!!
Unfortunately I was unable to find data that includes today.
Here is one graph that shows average income over the past 50 years
Could not get the picture to work, so a link to average hour salary
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The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
Bidenomics.
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The government has, traditionally been "OK" with an inflation rate of 2-3%, iirc. However, that "OK" is predicated upon a concurrent rise in income.
That has not happened. I recall seeing a statistic that, in actual income, the average family is bringing home about $6K a year less.
Now, take that $500 a month decrease in real income, and combine it with a mortgage rate that has climbed from 3% to 7%, and a lot of folks are going to be very unhappy.
Bidenomics.
Bidenomics.
Read the "community notes":
"Community Notes has done more for journalism over the past month than every major outlet has over the past decade."
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@George-K he got nailed yesterday, too.
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New season soon!
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Goldman Sachs report says that the chance of recession is down to 15%.
Should President Biden get credit for this? 555
(I think you all know my answer)
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https://www.theatlantic.com/ideas/archive/2023/12/inflation-prices-buying-habits/676191/
If people are so mad about high prices, why do they keep buying so many expensive things?
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People hate inflation, just not enough to spend less: This is one of the central tensions of today’s economy, in which things are going great yet everyone is miserable. ...
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... And in surveys, people say that they are trading down because of cost pressures. But in fact they are spending more than they ever have, even after accounting for higher prices. ... -
Sorry, paywall, and I can’t afford their higher rates.
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https://www.theatlantic.com/ideas/archive/2023/12/inflation-prices-buying-habits/676191/
If people are so mad about high prices, why do they keep buying so many expensive things?
...
People hate inflation, just not enough to spend less: This is one of the central tensions of today’s economy, in which things are going great yet everyone is miserable. ...
.
... And in surveys, people say that they are trading down because of cost pressures. But in fact they are spending more than they ever have, even after accounting for higher prices. ...https://www.theatlantic.com/ideas/archive/2023/12/inflation-prices-buying-habits/676191/
... And in surveys, people say that they are trading down because of cost pressures. But in fact they are spending more than they ever have, even after accounting for higher prices. ...
Everything is going along swimmingly.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
-
https://www.theatlantic.com/ideas/archive/2023/12/inflation-prices-buying-habits/676191/
... And in surveys, people say that they are trading down because of cost pressures. But in fact they are spending more than they ever have, even after accounting for higher prices. ...
Everything is going along swimmingly.
https://www.theatlantic.com/ideas/archive/2023/12/inflation-prices-buying-habits/676191/
... And in surveys, people say that they are trading down because of cost pressures. But in fact they are spending more than they ever have, even after accounting for higher prices. ...
Everything is going along swimmingly.
And rates have gone from 17% to 23%.
