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Posted on 12/4/23 at 11:49 am to Motownsix
quote:Again, real, median household net worth is up at least 37% since 2019. People are just seeing what they want to see.
I have to track consumer financial health and consumer spending for work. Nothing that I’ve seen in the last two years suggests people can’t afford bread and milk.
Posted on 12/4/23 at 12:52 pm to Big Scrub TX
quote:
Again, real, median household net worth is up at least 37% since 2019
This is a mostly meaningless statistic. The wealth is probably accruing to 20% of the population that make over $100k. Everything I've read indicates that consumers making over $100k are extremely happy with the economy and everybody below that income level is experiencing some level of suffering.
Posted on 12/4/23 at 1:11 pm to wutangfinancial
quote:
This is a mostly meaningless statistic. The wealth is probably accruing to 20% of the population that make over $100k. Everything I've read indicates that consumers making over $100k are extremely happy with the economy and everybody below that income level is experiencing some level of suffering.
I wonder how much of that is home equity?
Posted on 12/4/23 at 1:40 pm to wutangfinancial
quote:Nope. It was notable that it was not concentrated at the top.
This is a mostly meaningless statistic. The wealth is probably accruing to 20% of the population that make over $100k.
Posted on 12/4/23 at 5:33 pm to Big Scrub TX
I’m not making up what I said. You can’t just look at income for low skilled workers those people are getting carved out by higher prices
Posted on 12/4/23 at 11:41 pm to wutangfinancial
quote:Which years can you identify when low-skilled workers weren't "suffering" to some degree? Because I can think of many periods for which wealth gains did NOT happen for the lower deciles (like they have this time).
I’m not making up what I said. You can’t just look at income for low skilled workers those people are getting carved out by higher prices
Posted on 12/5/23 at 5:05 am to Big Scrub TX
quote:
Again, real, median household net worth is up at least 37% since 2019. People are just seeing what they want to see.
Of course it was up since 2019. We had massive amounts of stimulus to individuals and businesses, froze student loan payments, greatly increased unemployment benefits and much larger child tax credits. Interest rates were also next to nothing from 2019-2022 A significant portion of that net worth is also attributable to home values soaring during this time and stocks being up. That means that while all classes net worth likely increased, the lower incomes that don’t don’t own homes or stocks did not see the same level of net worth increase. Many cannot tap into this aspect of net worth because home equity rates have soared and much of the country that actually owns stocks have them in retirement accounts that they can’t touch (at least not without severe financial penalties).
I can guarantee whatever data you are relying on to support this statement will show that net worth peaked in 2022. Since then, interest rates are way up, stimulus has slowed or stopped, child tax credits have been reduced and student loan payments have restarted.
Increased net worth is also no guarantee that things on the horizon are going to be better. Net worth saw a similar spike beginning in 2004 or 2005 through 2007, before the Great Recession.
The Dow, and entire market, is going to be choppy in the short term. Health care, banking, energy, and crypto will likely be up while other sectors soften IMO.
This post was edited on 12/5/23 at 10:21 am
Posted on 12/5/23 at 7:52 am to LSURussian
401K Truck Nuts Back On 
Posted on 12/5/23 at 8:39 am to LSURussian
quote:raises hand.
did you choose an unfortunate investment option in your 401k?
Learned my lesson
Posted on 12/5/23 at 10:48 am to go ta hell ole miss
quote:It seems unlikely to me this would have been your prediction had you not been presented the numbers. You would have said INFLATION INFLATION INFLATION and not predicted a REAL increase in wealth of such size.
Of course it was up since 2019. We had massive amounts of stimulus to individuals and businesses, froze student loan payments, greatly increased unemployment benefits and much larger child tax credits. Interest rates were also next to nothing from 2019-2022 A significant portion of that net worth is also attributable to home values soaring during this time and stocks being up. That means that while all classes net worth likely increased, the lower incomes that don’t don’t own homes or stocks did not see the same level of net worth increase. Many cannot tap into this aspect of net worth because home equity rates have soared and much of the country that actually owns stocks have them in retirement accounts that they can’t touch (at least not without severe financial penalties).
Also, and for the millionth time, the gains were NOT concentrated at the top. They were more or less evenly spread across deciles.
quote:Yeah, this is likely true.
I can guarantee whatever data you are relying on to support this statement will show that net worth peaked in 2022. Since then, interest rates are way up, stimulus has slowed or stopped, child tax credits have been reduced and student loan payments have restarted.
quote:Of course not. But it's certainly a pretty big ballast against the constant predictions of calamity on this board.
Increased net worth is also no guarantee that things on the horizon are going to be better.
Posted on 12/5/23 at 1:54 pm to StonewallJack
Epic rising wedge is forming on the daily TF
This post was edited on 12/5/23 at 1:55 pm
Posted on 12/6/23 at 8:48 am to LSURussian
quote:
HUSSSS
Is an old fashioned, humble and simple man now that wishes everyone here a very Happy Holiday season
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