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Any solutions to macro-economic trends?
Posted on 10/3/23 at 9:32 am
Posted on 10/3/23 at 9:32 am
It is no secret that wages have stagnated verses inflation over the previous decades and that standards of living have been dropping steadily over the past 20 years. While many older gen x and boomers haven’t exactly experienced the same things as younger gen x’ers and millennials, people are realizing the truth now with the runaway inflation being experienced with regards to items like food, vehicles, insurance costs, housing, and electricity.
The thread yesterday showed how cc debt is exploding as people are increasingly turning to debt to pay increase costs of everything.
What would you do to bring inflation under control and increase wages/decrease prices to improve standards of living? How would you right the economic ship and try to reverse the trends which are currently demolishing the middle class and eroding away America’s unique social mobility?
The thread yesterday showed how cc debt is exploding as people are increasingly turning to debt to pay increase costs of everything.
What would you do to bring inflation under control and increase wages/decrease prices to improve standards of living? How would you right the economic ship and try to reverse the trends which are currently demolishing the middle class and eroding away America’s unique social mobility?
Posted on 10/3/23 at 10:09 am to kingbob
Remove politicians and organizations attempting to crash the system.
Posted on 10/3/23 at 10:11 am to kingbob
Have the govt stop diluting the dollar.
Posted on 10/3/23 at 10:11 am to kingbob
Fuel costs must be lowered.
Posted on 10/3/23 at 10:12 am to kingbob
quote:
While many older gen x and boomers haven’t exactly experienced the same things as younger gen x’ers and millennials,
That group has experienced much harder economic times than younger gen x'ers and millenials...
Posted on 10/3/23 at 10:18 am to kingbob
Government spending for the last 15-20 years has caused it. Covid spending took it off the rails.
1. Quit fighting and investing in stupid wars.
2. Reel back the military industrial complex.
3. Focus on wellness more than sick care.
4. Change our perspective on end of life care.
Medicare and Military dominate government spending. You have to reduce those to control costs.
1. Quit fighting and investing in stupid wars.
2. Reel back the military industrial complex.
3. Focus on wellness more than sick care.
4. Change our perspective on end of life care.
Medicare and Military dominate government spending. You have to reduce those to control costs.
Posted on 10/3/23 at 10:26 am to Auburn80
Auburn 80 made good points.
I would add bring back manufacturing.How stupid is it that we are dependant on China for so much of our steel and medications.
Break up the Medical Industrial Complex.
I would add bring back manufacturing.How stupid is it that we are dependant on China for so much of our steel and medications.
Break up the Medical Industrial Complex.
Posted on 10/3/23 at 10:28 am to LSUA 75
quote:
Break up the Medical Industrial Complex.
Break up the Military Industrial Complex as well...
However, the entirety of the government will have to be shrugged off and rebuilt from the ground up before either will come close to happening... Too many politicians' hands are out for both...
Posted on 10/3/23 at 10:36 am to kingbob
quote:Might be more a secret than you realize.
It is no secret that wages have stagnated verses inflation over the previous decades
quote:Even assuming wages had stagnated verses inflation, why would that lead to a decline in standard of living?
standards of living have been dropping steadily over the past 20 years
quote:Messaging is huge. E.g., The initial false premises in the OP set the perception that salaries need to escalate, i.e., inflate.
What would you do to bring inflation under control and increase wages/decrease prices to improve standards of living?
Unfortunately, aside from messaging, rate hikes, QT, and likely recession with increased unemployment are the more painful solutions.
Posted on 10/3/23 at 10:54 am to NC_Tigah
Salaries aren’t high enough to afford standards of living that Americans invision for middle class (owning a single family home in a relatively safe neighborhood with a little yard, modernish appliances, surviving on one or two incomes to raise 2 or 3 kids). So either prices need to come down, pay needs to go up, or the value of currency needs to increase.
I remember Homer Simpson being considered a poor loser when I was a kid. I don’t have many peers who live half as well as that fictional family. I know a lot of folks that studied hard in school, got stem degrees work professional jobs, and still are stuck living with parents or in crappy apartments with roommates whilst also working multiple side-hustles just to make ends meet. I know very few people around my age who are married with kids living in single family homes that they own. Those who do have both parents working, inherited money from their parents, and are in debt up to their eyeballs because they can’t afford it.
It feels like so many people have done everything right, and it’s getting them nowhere. Something has got to give.
I remember Homer Simpson being considered a poor loser when I was a kid. I don’t have many peers who live half as well as that fictional family. I know a lot of folks that studied hard in school, got stem degrees work professional jobs, and still are stuck living with parents or in crappy apartments with roommates whilst also working multiple side-hustles just to make ends meet. I know very few people around my age who are married with kids living in single family homes that they own. Those who do have both parents working, inherited money from their parents, and are in debt up to their eyeballs because they can’t afford it.
It feels like so many people have done everything right, and it’s getting them nowhere. Something has got to give.
This post was edited on 10/3/23 at 10:56 am
Posted on 10/3/23 at 11:38 am to The Maj
quote:
While many older gen x and boomers haven’t exactly experienced the same things as younger gen x’ers and millennials,
Could you imagine these millennials and gen Zers with a Vietnam draft? Cold War threats? Carter’s gas crisis? Home loans with 15-20 percent interest?
Guys!! They have it soooo bad! It’s now every TWO years they get a new I phone! Once a day at Starbucks!! They may have to cancel one of their 10 streaming services!! They cannot spend as much at the bar on the weekend!!
The older generation had a tv with an antenna through the 80’s and some early 90’s. They cooked at home and ate as a family. No cell phone bills. They had a coffee pot that made their coffee. One phone at the house. They drove a basic car or truck.
No Starbucks. No monster data plans for their 1,200 dollar cell phone. No self driving Tesla. No gaming subscriptions. No multiple streaming subscriptions. No weekly bar tabs. No designer clothes.
That’s how the older generation stretched the dollar further. They had a much more basic life. And happier I may add.
Posted on 10/3/23 at 11:46 am to CleverUserName
quote:
Could you imagine these millennials and gen Zers with a Vietnam draft? Cold War threats? Carter’s gas crisis? Home loans with 15-20 percent interest?
I cannot. I didn’t say one side had it worse or better, just different. The world 20 and 30 somethings are living in now is substantially different from the one that existed 40-50 years ago. There’s no denying that.
quote:
They have it soooo bad! It’s now every TWO years they get a new I phone! Once a day at Starbucks!! They may have to cancel one of their 10 streaming services!! They cannot spend as much at the bar on the weekend!!
This is a really disingenuous argument that I see made frequently. This is the sort of strawman argument that frequently derails conversations like this, shows a complete ignorance of economic reality, and reveals just how completely removed from economic reality a lot of people are.
Posted on 10/3/23 at 11:48 am to kingbob
quote:In terms of real home prices combined with lending rates, home affordability was at a 50+yr high in the 2010-14 timeframe. That was a great buying window.
Salaries aren’t high enough to afford standards of living that Americans invision for middle class (owning a single family home in a relatively safe neighborhood with a little yard, modernish appliances, surviving on one or two incomes to raise 2 or 3 kids). So either prices need to come down, pay needs to go up, or the value of currency needs to increase.
...
It feels like so many people have done everything right, and it’s getting them nowhere.
Posted on 10/3/23 at 11:50 am to CleverUserName
quote:
Could you imagine these millennials and gen Zers with a Vietnam draft? Cold War threats? Carter’s gas crisis?
I'd take that in a second over a 2008 followed by Covid.
Posted on 10/3/23 at 11:51 am to kingbob
quote:You keep coming up with these black and white assertions, yet the facts are muddy at best.
There’s no denying that.
Posted on 10/3/23 at 11:55 am to NC_Tigah
That life is different now than it was in 1973? How is that a “muddy” assertion?
People drink less, smoke less, are more obese, work longer hours, have less sex, marry later, have fewer kids and start having kids later in life, have a greater share of children outside of marriage, attend more schooling, and have massively powerful super computers with access to the sum of all human knowledge in their pockets at all times.
Are you arguing that life in 2023 and 1973 is exactly the same?
People drink less, smoke less, are more obese, work longer hours, have less sex, marry later, have fewer kids and start having kids later in life, have a greater share of children outside of marriage, attend more schooling, and have massively powerful super computers with access to the sum of all human knowledge in their pockets at all times.
Are you arguing that life in 2023 and 1973 is exactly the same?
Posted on 10/3/23 at 11:56 am to CleverUserName
quote:
That’s how the older generation stretched the dollar further. They had a much more basic life. And happier I may add.
None of y’all seem very happy though.
Most of your points are good though, but I think the big things for younger xers and millennials is they went to college and took on debt while the value of their degrees declined, and the cost of housing has gone up astronomically. Many of them live in cities where the rents is over $2,000 and a studio condo is almost $500,000k, and so they are putting off getting married and having kids, and all the Netflix and video games in the world isn’t going to fix that.
Another thing that I notice when older folks jump on millennials and that they never give those of us credit who served in the two almost twenty year wars we just fought. If you went to Vietnam, that’s another thing entirely; but if you didn’t, or you are an Xer who only had to deal with Kosovo, or the Persian Gulf War or Grenada, and statistically most boomers, xers and millennials didn’t serve at all; maybe watch it with how hard you are for things other people did
Posted on 10/3/23 at 11:59 am to NC_Tigah
quote:
n terms of real home prices combined with lending rates, home affordability was at a 50+yr high in the 2010-14 timeframe. That was a great buying window.
Not if you just lost whatever equity your first housing had accrued from 2008-2010 or you were fresh out of college making $30k a year with student loans and a high monthly rent. It’s all a great time to buy a home now, if you are an all cash buyer. But how many young people can be?
Posted on 10/3/23 at 12:00 pm to kingbob
quote:It isn't. I missed the qualification.
That life is different now than it was in 1973? How is that a “muddy” assertion?
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