re: Today's lesson: Inflation

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And then, estate taxes for the “nail in the coffin”

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You're leaving your kids more than $13 million?

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Removing us from the gold standard allowed for your example.

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The gold standard was removed 50+ years ago and we've seen no more, nor less, volatility in the dollar. The dollar is what makes the world turn, doesn't matter if it's backed by anything or not. US government debt is globally considered the most reliable investment in the world.

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I think the dollar will cease to be the world's reserve currency in our lifetime due to it being constantly devalued to service our debt.

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What will take its place? The Chinese huan? No one trusts China economically....they're famous for fudging their numbers and artificially inflating the value of their currency.

The Euro? Ha!!!

We're between a bi and uni polar world....the US and China are the only two superpowers and it's not particularly close between the two as the US is king. I just don't see anyone coming up with a stronger currency anytime soon.

I do agree we need to find a way to service our debt. We've been handling it, but with SS/Medicare, deficit spending, low taxes all piling up, you're right, it's going to catch up with us. I still think the dollar will remain king, despite a likely bond downgrade in the future.

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Weren't you the guy that told me in the Corona mega thread that the 2020/2021 stimmys wouldn't result in inflation?

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Nope.

No shite all the stimulus led to inflation.

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I think the dollar will cease to be the world's reserve currency in our lifetime due to it being constantly devalued to service our debt.

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The dollar is one of, if not the, most stable world currency.

Something less stable isn’t going to supplant usd.

Next lesson: inflation has a greater impact on those who earn US dollars than those on government subsidy programs. One day we won’t be compensated in dollars, but instead provided rations and allowances by powerful leader.

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Tell me you have no idea what you are talking about without telling me you have no idea what you are talking about.

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Anytime I see this phrase, it’s a clear indication that the poster is clueless

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This that fancy (D)emocrat calculator that doesn’t factor gasoline and food costs into the inflationary evaluation, baw?

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i had somebody IRL tell me that gas and food don't count in in inflation and it's not really that bad and that shouldn't be held against "the current great red hot economy."

i'm not buying a house, tv, or car every 2 weeks you dumb bitch.

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Gas and food have been keeping inflation DOWN for much of the past year. Gas has spiked due to a ton of refining issues that popped up starting in January, but for pretty much all of 2023 inflation was LOWER when including energy and food.


It’s hilarious how this board read it as the opposite nearly every month.

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I'm not arguing with your facts or sentiments.

the problem with "well the numbers are ACTUALLY this" or "excluding gas and food" etc. is that we're looking at numbers printed on a sheet and depending on those numbers to tell me whether or not our economy is good as opposed to real world experience.

but

i make almost $50k more than i did in 2020 and i'm able to save/invest about 50% less than i was before covid.

i remember getting a large brisket for $40. that same brisket is now $70. the dog food i've bought for years was about $12 is now $21. My cocktail mixers i've bought from HEB forever were $0.48 and they are now $0.92.

so again, not arguing against the factual numbers being presented here on either side, (month over month, year over year, including this, excluding that.)

it's just that i can remember what things cost before our government decided to go full retard in 2020. telling me it's not that I just don't understand inflation when i know normal things i bought for a long time are now almost double and then people telling it's not that bad is a bit of a slap in the face.

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Teach them how to invest next. The importance of your 401K, CD accounts, and all the other investment accounts that make you more money than a regular savings account. Teach them how to maximize their money to keep up with the inflation

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Does it though? There really isn't any tax advantage to retirement savings...the data and most tax professionals agree (money managers, whose livelihood depends on management fees disagree). Progressive taxation means most people pay about 14% on all income and most of that is in the middle...the same place they will pay taxes in retirement. The whole "matching contribution" is also a scam...because it allows employers to pay less salary while convincing employees they are getting something for nothing...again, the data is out there...wages have been stagnant since the idea of retirement savings washed over middle class America like a tsunami of financial disaster. The money you save is not going to be enough to retire on unless you cut back on lifestyle because of inflation. Most people have managed to keep most of what they have saved...and that's it, they haven't actually made much if any after management fees etc....and again, the data backs that up. The money managers have made a pile, but the "investors" basically have what they have saved plus what their employers took out of their salary contract and "contributed". The average return on retirement savings is less than 5%...at best it is 6-8%. Inflation averages about 2.5%, add a meager 1% management fee, low for most people, and you are looking at an actual return of less than 1.5% without weighing risk....weigh the risk and a passbook savings account looks very similar AND you have already paid the taxes and can do with that money anything you damn well please anytime you damn well please without any penalties. When Americans were conned into thinking we were all going to be wealthy because rich folks decided that defined pension benefit plans weren't in their best interest we, like all marks of con men, fell for it through greed...