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(KTLA Los Angeles)   Nearly half of Americans feel they are worse off today than one year ago. In a staggering coincindence, nearly half of Americans are not financially able to handle a $500 emergency and inflation has consumers paying $327/month more due to inflation   (ktla.com) divider line
    More: Obvious, Inflation, Joe Biden, Macroeconomics, Memorial Day, Federal government of the United States, Americans' lives, last month, average price  
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258 clicks; posted to Business » on 23 May 2022 at 8:34 PM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



43 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-05-23 5:31:03 PM  
Americans haven't felt well off since the afterglow of Reagan's election.
 
2022-05-23 6:52:11 PM  
This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.
 
2022-05-23 8:41:08 PM  
Huh. Now imagine how horrible it would be if a few million Americans were making $3-5 an hour less than they are now, like they were a year ago.
 
2022-05-23 8:48:16 PM  
Heh...unfortunately nothing will change.

The people making the minimum will continue to elect and suck up to the people that don't want them to have anything.

Forget Critical Race Theory. We have Critical Stupid Theory in this country, and it's screwing all of us.
 
2022-05-23 8:59:23 PM  
Subby said inflation twice.
 
2022-05-23 9:01:13 PM  

fatalvenom: Heh...unfortunately nothing will change.

The people making the minimum will continue to elect and suck up to the people that don't want them to have anything.

Forget Critical Race Theory. We have Critical Stupid Theory in this country, and it's screwing all of us.


"Yeah, he killed those little girls, embezzled millions and took away my health insurance, but gramma would rise from her grave if I voted for a democrat." Based on a truthy story.
 
2022-05-23 9:04:40 PM  

koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.


That article was referencing these people
climateandcapitalism.comView Full Size


/jokes on the people in the article, I've been spending less because I've been eating my hoarded baby formula
 
2022-05-23 9:08:00 PM  

OhioUGrad: koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.

That article was referencing these people
[climateandcapitalism.com image 478x314]

/jokes on the people in the article, I've been spending less because I've been eating my hoarded baby formula


Or are they these people?
Fark user imageView Full Size
 
2022-05-23 9:11:56 PM  
Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?
 
2022-05-23 9:17:30 PM  
I don't understand between inflation and shrink inflation and just being broken general it's been broken general I'm yet more than able to maintain my body weight that should be impossible according to some ass hat on fart
 
2022-05-23 9:25:32 PM  

fatalvenom: Heh...unfortunately nothing will change.


Peyton Manning is the best quarterback to ever play the game.
 
2022-05-23 9:46:04 PM  

koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.


Some or all of that may be retirement savings, which cannot be touched before retirement age (what's that, you say?) without incurring penalties.

If I were to look at my mutual fund balances (very bad idea right now), I might feel poor because their current market value is less than they were a year ago. Rationally, if I live to retirement age they'll be worth what they're worth at that time. But if I dwell on this too long I may feel as if I'm in a bad situation.
 
2022-05-23 9:49:21 PM  
Fark user imageView Full Size
 
2022-05-23 9:50:56 PM  

Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?


Yeah, rich people can't STFU about the couple hundred dollar windfall we poors got.
 
2022-05-23 9:58:03 PM  
So what you are saying subby, is that sentiment on this topic is about normally distributed, with a slight lean towards feeling better off?
 
2022-05-23 10:00:05 PM  

waxbeans: I don't understand between inflation and shrink inflation and just being broken general it's been broken general I'm yet more than able to maintain my body weight that should be impossible according to some ass hat on fart


You probably shouldn't have taken the brown acid.
 
2022-05-23 10:00:42 PM  

Mugato: Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?

Yeah, rich people can't STFU about the couple hundred dollar windfall we poors got.


It doesn't matter either way whether they STFU or not. All that matters, for better or worse, is whether or not they spend.
 
2022-05-23 10:03:22 PM  
The US learned the wrong lesson from the 1970's economic downturn (and the 1930 and the late 90's tech burst and 2001, 2008, and the COVID and the current one).
If there isn't a social safety net to catch those with a sudden failure or bad outcome, the country as a whole is in a terrible place. Someone loses their job (through no fault or by choice - usually justified) and they immediately lose everything and health care too? What farking world do we live in?
 
2022-05-23 10:04:01 PM  

Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?


One thing not being said out loud is that the Trump treasury department threw so much money into the stock market for "liquidity" that they doubled the Money Supply in about a year.

One definition of Inflation is too much money facing too few goods. There's twice as much money now than there was a few years back. We're in the middle of a housing/land/property bubble helped out by that.
 
2022-05-23 10:06:34 PM  
Fark user imageView Full Size

shadowstats.comView Full Size
 
2022-05-23 10:09:55 PM  

cefm: The US learned the wrong lesson from the 1970's economic downturn (and the 1930 and the late 90's tech burst and 2001, 2008, and the COVID and the current one).
If there isn't a social safety net to catch those with a sudden failure or bad outcome, the country as a whole is in a terrible place. Someone loses their job (through no fault or by choice - usually justified) and they immediately lose everything and health care too? What farking world do we live in?


My state cut its unemployment benefits back to ~3 months, depending on exactly where the unemployment rate was at the beginning of the year, AND getting that involves a delay of about a month while they investigate your case and all others because if you're asking for unemployment, you MUST be suspicious somehow, and yet some motherfarking politician was talking about cutting it farther recently.

/Hmm, gotta wonder if it's because they see those people as being on it.
 
2022-05-23 10:22:52 PM  

Nonrepeating Rotating Binary: Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?

One thing not being said out loud is that the Trump treasury department threw so much money into the stock market for "liquidity" that they doubled the Money Supply in about a year.

One definition of Inflation is too much money facing too few goods. There's twice as much money now than there was a few years back. We're in the middle of a housing/land/property bubble helped out by that.


But it matters whether that money is in a position to be spent, otherwise it's effectively inert in cold storage. If it's mostly held by the rich and corporations and they aren't spending it the way 300 million average consumers would if it were distributed amongst them, then its impact on inflation will be minimized.

I can't find stats, and money isn't the same thing as wealth, but I'm guessing our current system tends to push the money supply into the hands of a relative few who couldn't spend it at scale even if they tried.
 
2022-05-23 10:30:02 PM  

Bith Set Me Up: [Fark user image 599x697]


And you still think you're making some kind of point by reposting a stupid twats twit.
 
2022-05-23 10:37:33 PM  

Nonrepeating Rotating Binary: [Fark user image 850x444]
[shadowstats.com image 525x350]


Fark user imageView Full Size

Not to mention the price of M-1's.
 
hej
2022-05-23 10:39:11 PM  
Send more stimulus checks.  Preferably early November.
 
2022-05-23 10:46:05 PM  

hej: Send more stimulus checks.  Preferably early November.


Actually now. I have a wedding to attend
 
2022-05-23 11:13:58 PM  

Nonrepeating Rotating Binary: [Fark user image 850x444]
[shadowstats.com image 525x350]


Isn't 2020 when the Fed recognized cryptocurrencies equal to US dollars for purposes of these charts?

That's why the line takes off to the moon.

/s
 
2022-05-24 12:23:45 AM  

edmo: Americans haven't felt well off since the afterglow of Reagan's election.


That's my entire life...

Can someone send mea truckload of Prozac?
 
2022-05-24 1:11:38 AM  

Nonrepeating Rotating Binary: Huh. Now imagine how horrible it would be if a few million Americans were making $3-5 an hour less than they are now, like they were a year ago.


Which is what caused the inflation. Up minimum wage, costs and prices go up.  You can't explain that!
 
2022-05-24 2:55:36 AM  

Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?


Inflation only requires prices to go up. And as long as companies can fire workers, they can raise prices, lose customers, and still turn a profit.
 
2022-05-24 2:56:55 AM  

Ravage: Nonrepeating Rotating Binary: Huh. Now imagine how horrible it would be if a few million Americans were making $3-5 an hour less than they are now, like they were a year ago.

Which is what caused the inflation. Up minimum wage, costs and prices go up.  You can't explain that!


True. You can't explain that, because despite the various theories that claim it, empirical studies ahve debunked any relationship between raising minimum wage and then, afterward, inflation. Inflation caues minimum wage to go up, not vice versa.
 
2022-05-24 5:35:41 AM  

Minor Catastrophe: Nonrepeating Rotating Binary: [Fark user image 850x444]
[shadowstats.com image 525x350]

Isn't 2020 when the Fed recognized cryptocurrencies equal to US dollars for purposes of these charts?

That's why the line takes off to the moon.

/s


They changed the definition of M1.
 
2022-05-24 6:39:30 AM  

Jeebus Saves: Bith Set Me Up: [Fark user image 599x697]

And you still think you're making some kind of point by reposting a stupid twats twit.


Mmmmm...that oligarch cock must still be quite tasty the way you're sucking it. Don't forget to fondle the balls too. Maybe something good will trickle onto you.
 
2022-05-24 7:07:49 AM  

Mugato: Yankees Team Gynecologist: Unless supply chain issues continue, or UBI comes along, inflation won't last. Inflation requires an explosion in spending, which kind of happened with the COVID stimulus but only temporarily. The money will just flow back to the rich, who won't spend it, just like they didn't for 10+ years when the money supply was huge but inflation was still low.

Can a FarkonomistTM please explain why the above is false?

Yeah, rich people can't STFU about the couple hundred dollar windfall we poors got.


The problem with the stimulus was that it wasn't targeted - it was a massive giveaway.

I understand that there was a real need to get money to people in need quickly, but holy fark, you could at least catch it on the back end.  Like, if your inflation adjusted 2020 AGI was less than 2019 AGI (and again in 2021), you'd get to keep it.  If the shortfall was less than the amount received in relief deposits, pay back the difference.  If your earnings were unaffected by the pandemic and you received a deposit, you'd pay it back in your taxes.

If you were a middle class couple, filing jointly making $130K/year, you got the stimulus.  Got two kids?  Boom, pile of cash in your account.  Sure, you were working from home, got massive refi savings on your mortgage, saved money on gas, insurance, entertainment, etc, but hey, here's a pile of cash from Uncle Sam.  I swear, walking my dogs was a tour of dumpsters in front of houses - it's like my whole neighborhood got new kitchens at the same time.  We can't do anything for the actual poor without the middle class pushing to the front, mouth agape like a massive cuckoo chick begging for its "fair share" of the worms.  

PS. Just because you blow every cent you earn doesn't make your poor. It just makes you financially stupid.

/I rerouted the first stimmy and second stimmy deposits straight to the local food bank - I didn't feel like there was any reason I should be getting that money.
//By the third and the monthly "here's a stipend for your crotchfruit" deposits, those went straight to savings
///I continue my regular donations to the food bank, but I knew goddamn well that we'd have to pay that back one way or the other (higher taxes, cut services, or inflation).
 
2022-05-24 7:12:49 AM  

j.lunatic: koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Some or all of that may be retirement savings, which cannot be touched before retirement age (what's that, you say?) without incurring penalties.

If I were to look at my mutual fund balances (very bad idea right now), I might feel poor because their current market value is less than they were a year ago. Rationally, if I live to retirement age they'll be worth what they're worth at that time. But if I dwell on this too long I may feel as if I'm in a bad situation.


Yeah, I'm 10's of thousands down in my investments, plus pulled some cash from savings for some home improvement projects.  We could have gotten another few years out of this roof, but wanted to get it done at 2022 prices before seeing what 2023 or 2024 might bring.  You're right though - those amounts just don't matter right now; retirement accounts rise and fall, and timing it is a fools game.  We just keep plugging money in there and hoping that it'll grow for our golden years, and have a nice nest egg to pass to the kids one day.
 
2022-05-24 8:00:20 AM  
If said Americans didn't have so much unnecessary debt because of their ludicrously over-the-top lifestyles relative to their income, the impact of inflation would be inconvenient rather than crippling.
 
2022-05-24 8:47:46 AM  

cefm: The US learned the wrong lesson from the 1970's economic downturn (and the 1930 and the late 90's tech burst and 2001, 2008, and the COVID and the current one).
If there isn't a social safety net to catch those with a sudden failure or bad outcome, the country as a whole is in a terrible place. Someone loses their job (through no fault or by choice - usually justified) and they immediately lose everything and health care too? What farking world do we live in?


The one that says "you WILL work," and doesn't allow us to think in very high numbers, so that we can not comprehend just how little we are allowed.
 
2022-05-24 9:37:56 AM  

koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.


The source for that "can't handle an emergency" is almost always Bankrate:

Fark user imageView Full Size


It doesn't ask how much they have in savings.  It asks how they would handle an unexpected expense.

Looking at that, only 14% would be SOL, scrambling to a payday lender* or friends/family, hat in hand.

Of the others, charging it on a credit card is the only one that seems a bit "hmm," and that's 20%.  So, 34% of people would be in a rough situation.  There's a chance that some of those 20% who would throw it on credit cards have savings but are very wary of accessing it, or have it in another bank where they'd have to deal with a wait for the transfer.  Once you have money building in your savings, there's a psychological barrier against pulling it out, and people will sometimes do silly things (pay more in interest) to avoid it.  It's almost as though it were an internal taboo.

44% would have to draw from savings, which tells me that they have an emergency fund, but not much flex in their monthly budgets. 15% would just flex their monthly budget to pay, i.e. just divert some of the funds that would go to their savings.  In other words, 59% would be like "Eesh, that's annoying, but it's fine."

Note - that only adds up to 93%, so no idea what the other 7% would do.
 
2022-05-24 2:02:32 PM  

Izunbacol: Note - that only adds up to 93%, so no idea what the other 7% would do.


Tuggies behind the Applebee's dumpster.
 
2022-05-24 2:32:34 PM  

Prank Call of Cthulhu: Izunbacol: Note - that only adds up to 93%, so no idea what the other 7% would do.

Tuggies behind the Applebee's dumpster.


Yeah, gotta make sure you tip them.  You know they only get 2.13 for hour base wage.
 
2022-05-24 4:41:49 PM  

Izunbacol: koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.

The source for that "can't handle an emergency" is almost always Bankrate:

[Fark user image 558x310]

It doesn't ask how much they have in savings.  It asks how they would handle an unexpected expense.

Looking at that, only 14% would be SOL, scrambling to a payday lender* or friends/family, hat in hand.

Of the others, charging it on a credit card is the only one that seems a bit "hmm," and that's 20%.  So, 34% of people would be in a rough situation.  There's a chance that some of those 20% who would throw it on credit cards have savings but are very wary of accessing it, or have it in another bank where they'd have to deal with a wait for the transfer.  Once you have money building in your savings, there's a psychological barrier against pulling it out, and people will sometimes do silly things (pay more in interest) to avoid it.  It's almost as though it were an internal taboo.

44% would have to draw from savings, which tells me that they have an emergency fund, but not much flex in their monthly budgets. 15% would just flex their monthly budget to pay, i.e. just divert some of the funds that would go to their savings.  In other words, 59% would be like "Eesh, that's annoying, but it's fine."

Note - that only adds up to 93%, so no idea what the other 7% would do.


Do note that $1000 is a relatively small amount in terms of emergencies. Replacing an uninsured iPhone 13 would do it. Car repairs can easily exceed $1000. Losing a week of income to the flu or a nude skydiving accident can happen to anyone. The dog eats a sock and getting it handled costs $1500 after blood work, x-rays, surgery, etc. A surprise $1000 expense is not a freakish once in a lifetime anomaly. I wonder what percentage of people could pay out of pocket for an emergency that costs $5,000.
 
2022-05-24 4:52:29 PM  

Marksrevenge: Izunbacol: koder: This seems to conflict with the article I just saw that said the average American has a mere $60k in savings.

Hmm. HMM.

Guess this one must be fake.

/Thank God we don't have to change anything or inconvenience rich people.

The source for that "can't handle an emergency" is almost always Bankrate:

[Fark user image 558x310]

It doesn't ask how much they have in savings.  It asks how they would handle an unexpected expense.

Looking at that, only 14% would be SOL, scrambling to a payday lender* or friends/family, hat in hand.

Of the others, charging it on a credit card is the only one that seems a bit "hmm," and that's 20%.  So, 34% of people would be in a rough situation.  There's a chance that some of those 20% who would throw it on credit cards have savings but are very wary of accessing it, or have it in another bank where they'd have to deal with a wait for the transfer.  Once you have money building in your savings, there's a psychological barrier against pulling it out, and people will sometimes do silly things (pay more in interest) to avoid it.  It's almost as though it were an internal taboo.

44% would have to draw from savings, which tells me that they have an emergency fund, but not much flex in their monthly budgets. 15% would just flex their monthly budget to pay, i.e. just divert some of the funds that would go to their savings.  In other words, 59% would be like "Eesh, that's annoying, but it's fine."

Note - that only adds up to 93%, so no idea what the other 7% would do.

Do note that $1000 is a relatively small amount in terms of emergencies. Replacing an uninsured iPhone 13 would do it. Car repairs can easily exceed $1000. Losing a week of income to the flu or a nude skydiving accident can happen to anyone. The dog eats a sock and getting it handled costs $1500 after blood work, x-rays, surgery, etc. A surprise $1000 expense is not a freakish once in a lifetime anomaly. I wonder what percentage of people could pay out of pocket for an emergency that costs $5,000.


Very true.

$1000 seems to be just kind of an earmarked generic problem. It's not a lot of money, but just enough to be annoying. And, it's the kind of thing that comes up with some regularity. $500-1000 is a typical deductible on auto insurance. $1000 is pretty typical for a homeowners policy.

There's a reason that 3-6 months living expenses is the bare minimum recommendation for savings. Frankly, that seems rather low to me. 6 months living expenses, minimum before you splurge on any luxuries.

There are legitimately poor people out there, but most people living on the razors edge of ruin are just undisciplined.  I don't understand how you just watch the same amount of money pour out as comes in and are farking fine with that.
 
2022-05-24 9:24:43 PM  

Ravage: Nonrepeating Rotating Binary: Huh. Now imagine how horrible it would be if a few million Americans were making $3-5 an hour less than they are now, like they were a year ago.

Which is what caused the inflation. Up minimum wage, costs and prices go up.  You can't explain that!


So raising a few wages a few dollars caused world-wide inflation? Because it ain't only the USA experiencing it.

But hey, you keep believing those people at Fox News that want you to believe that poors being paid a living wage will utterly destroy America's economy.
 
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