Thursday 27th of January 2022
Social Media Says
class="u-nolinkc" href="https://worldnewsinpictures.com/I">I earn 3x as much as my father ever did until he retired 5 years ago, yet class="u-nolinkc" href="https://worldnewsinpictures.com/I">I cant even start my life the way he did in 1982. class="u-nolinkc" href="https://worldnewsinpictures.com/I">I am effectively priced out of my home town while making over 200k class="u-nolinkc" href="https://worldnewsinpictures.com/a">a year. Edit: to the class="u-nolinkc" href="https://worldnewsinpictures.com/people">people calling me class="u-nolinkc" href="https://worldnewsinpictures.com/a">a liar, Im not saying class="u-nolinkc" href="https://worldnewsinpictures.com/I">I absolutely cant afford anything. Im saying if someone making class="u-nolinkc" href="https://worldnewsinpictures.com/this">this much class="u-nolinkc" href="https://worldnewsinpictures.com/money">money feels stretched in their home town, the market is properly fucked. class="u-nolinkc" href="https://worldnewsinpictures.com/I">I grew up in central NJ, the prices are wild if youre not below the flood line. Edit 2: ITT class="u-nolinkc" href="https://worldnewsinpictures.com/people">people missing the point because class="u-nolinkc" href="https://worldnewsinpictures.com/I">I do ok. Edit 3: also ITT class="u-nolinkc" href="https://worldnewsinpictures.com/people">people that think taking FHA loans is possible on million dollar houses getting class="u-nolinkc" href="https://worldnewsinpictures.com/cash">cash offers over market.
Im buying the house across the street from the one my dad bought when he first moved to class="u-nolinkc" href="https://worldnewsinpictures.com/this">this town. For 4 bed 2 class="u-nolinkc" href="https://worldnewsinpictures.com/bath">bath ~1800sqft he paid $25,000 in 1980. For class="u-nolinkc" href="https://worldnewsinpictures.com/3">3 bed 1 class="u-nolinkc" href="https://worldnewsinpictures.com/bath">bath ~900 sqft Im paying $235k.
You only benefit if you move away. Which it sounds like you did.
What You Really Think
Oh cool I made a bit more than that with my first entry level construction job, at the time I had 0 experience or schooling. Definitely no problem here /s.
She's making 2400 a month and can't afford 750 on rent? That doesn't really add up. 2400 netto should be around. 2000 bruto. Minus 750 leaves 1250 for groceries a month.
The prices of rent in dublin is stupid Im a student still living at home and working as many hours as I can and still cant afford the rent.
Im American, but I lived and worked in Dublin for a while and it was horrible. I made 120,000 in salary and the places that I could rent were small and dated. Everything is expensive, and to make matters worse, I was being taxed like crazy. The country is beautiful and the people are alright, but when I moved back to the US, I was shocked at what I was able to afford with essentially the same salary.
My parents built two houses and raised 3 children on a single salary. They weren't rich I wasn't allowed to take up a loan to buy a house when I was young even though we were two university educated people in full time jobs, even though it would end up costing drastically less than what was the current rent for my apartment at that time. The system is rigged, and the people who own everything are siphoning off as much as they can get away with from the poor and middle-class, trapping everyone in wage slavery and debt. In Norway, some people have stolen the electricity production and using it to tax everyone (a crazy amount, electricity costs have risen like 8x in the last few months) and funnel all the money to a group of very rich individuals. Thieves, crooks and traitors.
Wait, you're in Dublin tho, not US. This doesn't follow the US capitalist narrative, pls delete.
My rent went up about 37% this year. And from what I can tell, it's pretty much the standard in my area.
My rent was raised twice during the pandemic and my company, despite making record profits, withheld raises because of trying times or whatever nonsense. I had to get a second job, bartending, putting me more at risk of covid (and I did get it).
The solution to this is quite simply to build more housing, particularly more apartments and condos, premium, affordable, middle of the road, literally anything, to drive housing down for all but weve had a pretty slow rate of construction since the Great Recession, especially in high demand areas.
40% of all the money printed in US history has been done so since Coronavirus... that debased the currency... so now it takes about that much more to pay for things.. printing more money is a very short term fix but many seem to continually choose that form of economic development. The Rich get richer, inflation is a tax on the consumer.
Landlord's can be greedy as shit but this world has finite resources, rampant climate change and too much population. We chase sustainability with our technology, but our capitalistic lifestyle as we know it cannot last long term. Costs are going to increase over time unfortunately, regardless of short term changes. The rich get richer and remove more and more wealth from the economy. More money in the hands of fewer ppl. Fucking sucks.
I used to work as a residential property manager. The property I worked at sold to new owners, and I was present for a lot of the discussions and meetings with the realty company and the new owners. Every other conversation was about how to extract the maximum possible amount of money from the residents. I couldnt work in that industry, I felt like I was in a pit of snakes.
Landlords are pieces of shit? Our cultural narrative says "real estate is an investment" instead of "housing is a human right?" We keep electing people who believe wealth makes them innately superior and are quietly eugenicist? "Socialism" is still treated as an epithet even though we rely heavily on socialist mechanisms, just primarily for the wealthy? Like, another way to say this is: landlords raise the rent every year, but employers don't raise wages, because both groups are selfish fucks and we apparently prefer to hero-worship the rich people ruining our lives than call them to account.
I know a lot of people on Reddit are very anti landlord and such. And the situation with rent going up and wages remaining the same is unacceptable. But, my property taxes went up about 15% this past year. Note, Im not a landlord or a property manager. Im just talking about my house. I know it sucks to see rent increase, but keep in mind costs for a landlord arent fixed, they increase too. Now, there are still greedy and shitty landlords but just wanted to put in perspective that not all rent increases are malicious.
I'll never understand what determines the cost of rent/living. Literally in one year the prices could increase by 30% and for what reason? I assume it's because landlords CAN increase it by that much and still get rented out and still get the money, thus they'll do it. Until they actively start losing enough renters because they reach some sort of cap that's not sustainable, there's no real reason to go any lower.
Yup. The wages where Im at are low and the rent is high, you cant even find a new home under 250k.
The best screenshotted tweet of this says something to the effect of: If youre plans to rebuke me assume Im already buying a $6 coffee daily.
I remember growing up in the 80s, we learned about making household budgets in school and there was always an "entertainment" line for things like meals out, presents, going to the movies, etc. I wonder if they still teach that line.
Ya'll should have fought harder to keep your unions powerful. But I suppose the individualistic sentiment that has been so prevalent in the US historically means that they were bound to fail.
Someone should go on cable news and talk about it. I wonder if anyone from antiwork is available.
If its a skilled job then corporations do pay more than the local businesses. my brother works as a software engineer in amazon and his salary package is pretty good, way more than what he would get in other companies. the govt should rise the minimum wage to a living wage , it would help them.
This is 90% due to employment practices. Inflation is high right now but has been extremely low for the past twenty years and was much, much higher for the boomer generation. We keep saying "highest in forty years" because it was actually higher than this for quite a while leading to the early 80s. Reagan got a lot of credit for aggressive Fed action done by Paul Volcker but it let conservative fiscal policy dominate for a long time despite causing stagnant wages and focus on short term investment returns over actual growth.
Or their perception of what their parents can afford is off. Adjusted for cost of living (using CPI which is going to have an index for all of the things like housing, transportation, and education that were supposedly way easier for our parents to afford) income now is higher than it's ever been. People point to houses that grew 600% in value over the last 20 years but ignore that they were shit holes in areas no one wanted to live and had to be bought on mortgages at 10% interest rates. Reality is that Twitter isn't a good source for economic data and if anything is contributing to the real problem; people comparing what they have to other people showing off on social media.
My parents bought a 3 bedroom house in a suburb of NY for 80k in the 80s and later got foreclosed on. I looked it up today it's worth 700k. And it doesn't even have central air. If they'd kept it, my parents would've been making 15k/year on average just from inflation, minus expenses but those expenses are usually less than rent. Wealth is better than income.
Why don't you just show them your balance book and ask them to point out where exactly you're supposed to save money. Either you shut them up, or get actually usable advice. Doubt on the latter, but who knows.
My entire family moved out of state (US). my mom owned a condo in the city I live in. She called me after the fact to tell me she sold the unit without consulting me on if I wanted to pay rent to live there for the foreseeable future. Guess I'll just go fuck myself right??
Just cancelling student loan interest rates would go a long damn way for everyone paying them off The banks had their fun. Made a shit load of money from their scam. Now allow the people to pay off their gad damn debts.
> We just have to get roughly 35% of Americans to stop identifying with their abusers to the degree theyll literally fight and die to preserve their paradigm of being exploited. Quoting for emphasis. There will always be more of "us" regular people than "them" (wealthy elite). If we weren't stuck in a perpetual crabs in a bucket situation due to that ~third of the country you've mentioned, maybe we could make positive change actually happen.
Inflation is created by the federal reserve and the government and it is a regressive tax on the poor because they dont have the assets that go up in price as a result. They just lose the purchasing power of their wages.
Because the other 4x are kept by exploiting companies who employ said millenials. Profits over people... I guess...
Well first off, let's not be so hasty about this "2x" optimism. I don't think that's true at all, and I can't find any reliable source for it. Perhaps it's possible that, as we age all the way up and eventually die, if we include all millennials including the eventual ultra-billionaires or trillionaires we're gonna see in like 20 years, maybe 2x the amount of money will flow through the generation as a whole. That is a far far cry from millennials even making twice as much unadjusted for inflation on average. and what we actually want to look at is if millennials are making as much by the median value of millennial wages. Inflation also isn't actually the primary issue here at all, at least not inflation of the value of the dollar (or other currency for non-US nations with similar economic issues). The statement in the OP implies that wages went up 2x, but costs went up 10x, so adjusted for inflation boomers made 500% more money than millennials. This is actually kind of weirdly off, and probably too optimistic. Now if we take a "early boomer" as some articles like to call them at a salary of 40k and a Millennial at a salary of 80k, and just run it under an inflation calculator we get the millennial actually making about 56k in "boomer dollars" (adjusting 1982 inflation to present day, sans 2022 data). So that doesn't seem so terrible, millennials are making more money right? Well, no. There are a few complex issues with this data, and the *short* version is that boomers effectively made somewhere above 900% more money, ish, depending on a lot of variables. The reason for this is largely that cost of living is not fully factored into inflation and has risen dramatically, as has the cost of home ownership. Additionally household data is the most commonly compared between the generations, which is a pretty fucking stupid idea when you're comparing a generation that still had single-earner households with relative commonality to a generation that has far more dual-earner households due to previously mentioned cost of living. It's also worth noting that wages have only gone up in any context for Millennial college graduates, where-as they have relatively fallen for non-graduates (bachlors degree or above, specifically). So there's a higher barrier of entry to clear to even get wages that look better on paper but actually aren't. Boomers also had access to more or less free college, and the majority of all calculations you'll see comparing generations will leave out the extreme levels of debt modern generations have. So if we just look at wages things look kind of stagnant, but the reality is not so great because the cost of housing has increased massively, rents have gone up somewhere in the range of 40% as a percentage of income, and debt. . . . is hard to quantify with hard numbers because there's a serious lack of academic research comparing the debt of boomers in their 30s to millennials in their 30s today while there are a *lot* of unscientific surveys put out by financial institutions to try and paint an "alternative" narrative. But, we do know that college cost at least double, in some cases more, for millennials. This at the same time that non-degree holding wages fell, and costs rose. So how fucked are we *exactly*? Well shit, I'd need another 2,000 words and possibly a research grant to tell you with any reasonable accuracy, but pretty fucked. Somewhere in the range of 10 or more times less "buying power" and it's just going to get worse over time as interest and rent eats more of our wealth away. I probably could have sourced some of this, but tbh I'm supposed to be logged in at work 15 minutes ago so do some googling *most* of this information isn't too hard to find, just stick to independent academic institutions only, big financial institutions will absolutely flat out lie, and government agencies are a bit prone to political manipulation. Academic institutions can have biases too of course, but it beats people actively trying to lie with stats.
There has to be a regulatory solution. If worker wages increase, corps just raise prices to preserve their millionaire c-suite wages/bonuses and shareholder payout. It's not about cost of business or whatever they want to blame, it's 100% about profit and keeping two distinct classes of employee.
>Why are millenials only making 2x the amount of money as people whose best tools were like chalkboards and abacuses??? How old do you think the parents of millennials are...?
Dude, even silent generation workers (pre-boomer) had actual calculators in the workplace. Some even had access to computers. My dad did some of his dissertation work using old school punch cards and a computer.
If we're talking about the parents of millennials we're not talking about the 60's. We're talking about the 90's, where *more* women were part of the labor force than today.
That's absolutely not true and hasn't been since maybe your grandparents' day, depending on old you are. According to the US Bureau of Labor Statistics, dual income households passed father-only households in the 1970s.
My grandfather worked 5 months a year on a merchant marine ship. My grandmother didn't work as far as I know, outside of thinks like sewing dresses and the occasional "homemaking" type jobs. They were able to buy a 2 bedroom house in a CT suburb, water front property in Maine for a summer cabin, and another 26 acre plot of land in Maine to retire on.
It's also not true. 1/10th is an exaggeration. at twice the salary of both parents? No. I'm not ignoring that there's major major problems but come on. Downvote me more. These numbers aren't correct.
Yeah, and the us hasn't had inflation like that since the 80s, which is exactly when the parents mentioned in the tweet would be gaining wealth to buy houses and have families. This isn't about inflation, other factors are at play.
There's a recent msnbc article that talks about how the food industry big five, I think, are making record profits but their statements blame inflation.
I had a friend pre 2008 who was a team lead in a call center, probably made around $30,000/yr who was able to buy 5 houses in our college town due to how lending requirements worked at the time. There was no way he could afford the mortgage escrow PMI on just just his salary. It was this sort of lending (ie sub-prime) that indirectly caused the 2008 crash, and led to lending reforms used by banks today. Credit scores are dystopian, but they really just go to show you have an established history of paying your bills on time.
And a disproportionate amount of money has been collected at the top. Doesn't matter that there's $141 trillion USD of wealth in the US ]marketwatch.com] that's half a million dollars in wealth per person in the country. The majority of that wealth is locked away with the super rich, mega corporations, and tied up in the unhelpful casino that is the investment markets. There's plenty of money, it's just not moving around. If that wealth was regularly syphoned off the top and put back on the bottom half everybody would have enough money pass through their hands to meet their needs, but economies only work if there's movement of wealth. It's like an organism, if the energy isn't moving through the living creature, then it's dead.
No, people just believe whatever fits their existing beliefs and don't do any fact checking. Hourly compensation is about 40% higher than 30 years ago (where the parents of millennials would be about where millennials are now). Real earnings are up about 15%. The divergence exists because of a rise in other compensation and because of risibg medical cost (employer provided healthcare counts in total compensation but usually not stuff like wages).
While america may be the worst offender at the moment this is not a problem unique to this country.
> greedy capitalism it's not greedy capitalism, it's just capitalism. this is the end result of capitalism. people need to start unionizing, there is no value without labour.
No thanks. We're gonna continue giving money to wealthy corporations and dive head-first into fascism. Because that's freedom, ain't it?
>Not only are people earning less when adjusted for inflation, those dollars are worth less. You just said the same thing twice. Wages have been rising steadily forever. They just can't keep up with inflation.
People don't talk about this enough. A better gage of housing prices rising is looking at the monthly payment on a typical 30 year mortgage with inflation adjusted. Looking at that, housings costs have slightly risen, but not by nearly as much as just looking at house price alone.
Same here 23M fuck that government hand out. I dont need them anyways. I take care of myself and pay taxes like a good civilian.
Trump fed $4 Trillion in tax dollars to rich wealthy elites and what did they do? Scooped up houses and investments causing one of the largest wealth gaps and price hikes for basic living needs ever seen. That was 1.5 years before Biden took office. I hate both of these guys but only one is at fault.
Lol what? It was Trump who released $4 trillion with a majority 80% going to already wealthy people What you see today is most of that money has been cashed out of the market and fed back into the supply to do things like buy houses, thereby increasing everything else along with it.
Do you even have any idea why you're blaming him or is that just who your safe spaces told you to blame?
I dont think he is the issue. The issue is bigger than him. I think it is the whole government. The whole establishment. Yes comrade, it is time for communism.
"Just get a side hustle" Yes...those are the successful people! Lol Funny the "side hustlers" are always the ones pouring what little profit they see back into their "side hustle" that never seems to pan out. They're always "one year away"...Christmas after Christmas when we see them with the family. Also, Have fun when they come to doc your paycheck! Lol.
My friend is not able to renew his lease on his one single room efficiency apartment. Its like 150sqft total, maybe. He pays $500 and they want him out to renovate and charge $850. They came through and said it needs no renovations (it does, bad) and he has to be out anyway. The price per square foot is twice as much as any other apartment in the building and its literally a closet, you walk in and hit the bed. There are no rentals available now. You might be able to rent one room of a persons house for $800. It feels disgusting to be thrown out to nearly double rent, in a city where shootings happen outside his door. His neighbors have bullet holes in multiple windows and there is no public parking, its $4/hr. He has to spent another $150 to park in a garage 8 blocks away. How is that worth $850?!