Capitalism, The Fed and Economic Policy

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Comments

  • Jearlpam0925
    Jearlpam0925 Deep South Philly Posts: 17,530
    edited September 2023
    Yeah exactly, because homeownership in general is absolutely ridiculously expensive right now. Rate are increasing (generally) like the Fed wanted, and rates and price have an inverse relationship. Yet, prices keep going up. And that's not a matter of rates & prices, that's a matter of supply & demand. Demand high + Supply low = Price high (and higher). So there's really only one thing to do: increase the supply.

    Then throw in the fact that those locked into low interest rates (people like me) or those with no note on their homes (generally boomers) aren't going anywhere. At least boomers can result in a windfall of wealth and then downsize. But I'm not giving up my 4 bedroom, 3 bath, house in the city with a 3% rate for a family of four just to gain equity to put it down on a shittier house with at least twice the mortgage payment based on the rate alone.

    I know what will "fix" the situation, and it will generally make my equity on my home take a hit, but I'm totally ok with that. I just don't think most people will be ok with that. It (home ownership) is genuinely a club (and also a scam and racket at the same time) that I wish more people could join more easily.
    Post edited by Jearlpam0925 on
  • Lerxst1992
    Lerxst1992 Posts: 7,879
    static111 said:
    tempo_n_groove said:
    static111 said:
    tempo_n_groove said:
    My place I rent would be DOUBLE what it is if I were to look for a new place.

    Vehicle prices still remain high because the companies know people are still buying.

    Housing sales have been stalling because unless you have cash or a huge down payment you can't afford one.

    My grocery bills are 50% more.

    My raises have not kept up with these trends.

    So yeah, the economy is doing something but not for me.
    It's great for the people at the top though!
    I've mentioned this before about housing/rent and the corporations taking that market over.  There is a company called "Fairfield" that has been buying up houses and complexes and in doing so driving up the prices which leads others too follow suit or they control a good part of the market.

    They want to see a return on their investment so hiking up the pricing is the best thing to do.

    It is no longer cheaper to rent than own.  I am in a somewhat good place for rent so far.
    Yeah we were looking at buying and with todays prices and interest rates it would cost 1000 to 2000 more per month than our current rent.  Crazy times.  Now we are looking at moving elsewhere, Austin is just too expensive but we have found some decent midsize cities that still have houses we consider affordable.  We will just have to see what the future brings.   One thing is for sure the price tag of the American Dream is much higher than it was just a generation or two ago.

    Not sure that’s true. It’s bad now but it was also bad back then.

    in the NY region, housing prices tripled from mid 70s to late 80s
  • Jearlpam0925
    Jearlpam0925 Deep South Philly Posts: 17,530
    Timely article in my inbox:

    https://www.economist.com/international/2023/09/06/can-yimbys-ease-the-global-housing-crunch

    here is the archive.org version:

    https://web.archive.org/web/20230906204439/https://www.economist.com/international/2023/09/06/can-yimbys-ease-the-global-housing-crunch
  • static111
    static111 Posts: 5,079
    Lerxst1992 said:
    static111 said:
    tempo_n_groove said:
    static111 said:
    tempo_n_groove said:
    My place I rent would be DOUBLE what it is if I were to look for a new place.

    Vehicle prices still remain high because the companies know people are still buying.

    Housing sales have been stalling because unless you have cash or a huge down payment you can't afford one.

    My grocery bills are 50% more.

    My raises have not kept up with these trends.

    So yeah, the economy is doing something but not for me.
    It's great for the people at the top though!
    I've mentioned this before about housing/rent and the corporations taking that market over.  There is a company called "Fairfield" that has been buying up houses and complexes and in doing so driving up the prices which leads others too follow suit or they control a good part of the market.

    They want to see a return on their investment so hiking up the pricing is the best thing to do.

    It is no longer cheaper to rent than own.  I am in a somewhat good place for rent so far.
    Yeah we were looking at buying and with todays prices and interest rates it would cost 1000 to 2000 more per month than our current rent.  Crazy times.  Now we are looking at moving elsewhere, Austin is just too expensive but we have found some decent midsize cities that still have houses we consider affordable.  We will just have to see what the future brings.   One thing is for sure the price tag of the American Dream is much higher than it was just a generation or two ago.

    Not sure that’s true. It’s bad now but it was also bad back then.

    in the NY region, housing prices tripled from mid 70s to late 80s
    I have heard that from my boomer mother the thing is a waitress and a construction worker could still get into a house even if the real estate values tripled.  The norm is now 300K plus houses.  20% down is 60K plus and rent is very expensive, although not as expensive as a mortgage.  How are normal people buying a house on average incomes?  Who is able to save 60K for the down payment on a starter home.

    My parents could afford a house in the 80's on the combined income of 60,000 as a waitress and a construction worker, in their 20's, and bought a house for 60,000 that is worth over 350,000 today, in rural MI. My wife and I make considerably more than that, however the down payment on an average house is almost as much or more than my parents paid for their house. Though this is my anecdotal experience, I'm sure people in the late 80's in NY had a much easier time buying and affording a house than NYers today.  


    Scio me nihil scire

    There are no kings inside the gates of eden
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,197
    static111 said:
    Lerxst1992 said:
    static111 said:
    tempo_n_groove said:
    static111 said:
    tempo_n_groove said:
    My place I rent would be DOUBLE what it is if I were to look for a new place.

    Vehicle prices still remain high because the companies know people are still buying.

    Housing sales have been stalling because unless you have cash or a huge down payment you can't afford one.

    My grocery bills are 50% more.

    My raises have not kept up with these trends.

    So yeah, the economy is doing something but not for me.
    It's great for the people at the top though!
    I've mentioned this before about housing/rent and the corporations taking that market over.  There is a company called "Fairfield" that has been buying up houses and complexes and in doing so driving up the prices which leads others too follow suit or they control a good part of the market.

    They want to see a return on their investment so hiking up the pricing is the best thing to do.

    It is no longer cheaper to rent than own.  I am in a somewhat good place for rent so far.
    Yeah we were looking at buying and with todays prices and interest rates it would cost 1000 to 2000 more per month than our current rent.  Crazy times.  Now we are looking at moving elsewhere, Austin is just too expensive but we have found some decent midsize cities that still have houses we consider affordable.  We will just have to see what the future brings.   One thing is for sure the price tag of the American Dream is much higher than it was just a generation or two ago.

    Not sure that’s true. It’s bad now but it was also bad back then.

    in the NY region, housing prices tripled from mid 70s to late 80s
    I have heard that from my boomer mother the thing is a waitress and a construction worker could still get into a house even if the real estate values tripled.  The norm is now 300K plus houses.  20% down is 60K plus and rent is very expensive, although not as expensive as a mortgage.  How are normal people buying a house on average incomes?  Who is able to save 60K for the down payment on a starter home.

    My parents could afford a house in the 80's on the combined income of 60,000 as a waitress and a construction worker, in their 20's, and bought a house for 60,000 that is worth over 350,000 today, in rural MI. My wife and I make considerably more than that, however the down payment on an average house is almost as much or more than my parents paid for their house. Though this is my anecdotal experience, I'm sure people in the late 80's in NY had a much easier time buying and affording a house than NYers today.  


    Many banks have introductory mortgage rates and down payment terms for first time home buyers with steady employment and good credit. 5% down and once you have 20% equity, you can drop the PMI, lowering your monthly payment. Also, after several years of sucking it up, you can sometimes refinance with a lower rate that lowers your payment and term. Timing isn't everything but it kind of is. Start with saving 10% of post-tax, pre-tax preferably, income and forget about it. Don't touch it. Don't even get an ATM card for that account. Any extra money, put some or all in that account. In a few years, you'll have $20K for a down payment, a good credit and money management history and a bank will look at you favorably. Also, consider a two-family fixer upper. You fix up the rental unit first, get it rented, use the money to pay some or all of the mortgage, fix your unit up while you have a tenant and then convert it to a single family or become the next Jared Dear Boy by rinsing/repeating. Sweat equity + equity = wealth to borrow against or cash out, plus tax benefits. Its not impossible but seems so and may even be daunting at times. But it can be done.

    The house I grew up in cost $22,500 (interest rate hikes in late 70's early 80's, 16% nearly killed my old man) and sold for $242,500 23 years later. 
    09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;

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  • mickeyrat
    mickeyrat Posts: 44,408

    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • Jearlpam0925
    Jearlpam0925 Deep South Philly Posts: 17,530
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
  • tempo_n_groove
    tempo_n_groove Posts: 41,372
    Jearlpam0925 said:
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,197
    tempo_n_groove said:
    Jearlpam0925 said:
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Who do you include as a “marginal worker?”
    09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;

    Libtardaplorable©. And proud of it.

    Brilliantati©
  • Jearlpam0925
    Jearlpam0925 Deep South Philly Posts: 17,530
    edited September 2023
    tempo_n_groove said:
    Jearlpam0925 said:
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Sorry this is so incredibly inaccurate on many fronts. But the most important one I'll stick to is: wage growth will always be worth the price increases. Full stop. And I wholeheartedly believe the pro-labor market is not done, based on demographics alone.

    And the bolded above is exactly what I'm talking about in my previous comment - like this idea that the majority of workers are loafers, welfare queens, etc. looking to milk the tit. Which is on its own absolutely ridiculous and no where near the truth, but yet there are people out there (like the above) that perpetuate this in the broader consciousness. It's amazing how many people do not grasp the idea of solidarity just to not lose this irrational grip on individualism.

    Can't promote enough the Naomi Klein interview on WTF:
    https://community.pearljam.com/discussion/248470/wtf-podcast-with-marc-maron/p16

    Post edited by Jearlpam0925 on
  • tempo_n_groove
    tempo_n_groove Posts: 41,372
    Halifax2TheMax said:
    tempo_n_groove said:
    Jearlpam0925 said:
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Who do you include as a “marginal worker?”
    Anyone that doesn't pull their weight.

    That's all you got out of that?
  • tempo_n_groove
    tempo_n_groove Posts: 41,372
    Jearlpam0925 said:
    tempo_n_groove said:
    Jearlpam0925 said:
    mickeyrat said:

    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Sorry this is so incredibly inaccurate on many fronts. But the most important one I'll stick to is: wage growth will always be worth the price increases. Full stop. And I wholeheartedly believe the pro-labor market is not done, based on demographics alone.

    And the bolded above is exactly what I'm talking about in my previous comment - like this idea that the majority of workers are loafers, welfare queens, etc. looking to milk the tit. Which is on its own absolutely ridiculous and no where near the truth, but yet there are people out there (like the above) that perpetuate this in the broader consciousness. It's amazing how many people do not grasp the idea of solidarity just to not lose this irrational grip on individualism.

    Can't promote enough the Naomi Klein interview on WTF:
    https://community.pearljam.com/discussion/248470/wtf-podcast-with-marc-maron/p16

    So I'll explain.  I work for a company that has people in the industry that want to make huge money right out of the gate.  No experience or work history but want to make 6 figures.

    We also have the people that do just enough to keep their jobs and don't want to make strides in their profession but still want to get paid a ton.

    I'm in construction management and not sure what industry you're in but this is what I see and I should have made that clear as it might not happen where you are at.

    I agree on wage increases but it is always lagging behind the prices it seems.
  • mickeyrat
    mickeyrat Posts: 44,408
    gift article....


    By David Yaffe-Bellany

    David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.

    Sept. 14, 2023

    Sign up for The Ethicist newsletter, for Times subscribers only.  Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.

    At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.

    “I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”

    He added: “And the truth is that I did what I thought was right.”

    After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.

    In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.


    continues.....


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • Halifax2TheMax
    Halifax2TheMax Posts: 42,197
    mickeyrat said:
    gift article....


    By David Yaffe-Bellany

    David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.

    Sept. 14, 2023

    Sign up for The Ethicist newsletter, for Times subscribers only.  Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.

    At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.

    “I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”

    He added: “And the truth is that I did what I thought was right.”

    After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.

    In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.


    continues.....


    Dude needed a better soundtrack to his life.
    09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;

    Libtardaplorable©. And proud of it.

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  • mickeyrat
    mickeyrat Posts: 44,408

     

    Census Bureau releases new poverty numbers

    September 18, 2023 4:30 am

    (Photo by Spencer Platt/Getty Images)

    On Tuesday, the U.S. Census Bureau released its annual report on the state of poverty in the United States. Every year, this is the biggest moment in poverty statistics as we get a snapshot of what poverty looked like in the previous year.

    While statewide information is forthcoming, with the national numbers we can come away with some important takeaways.


    continues.....


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • tempo_n_groove
    tempo_n_groove Posts: 41,372
    Tax credit removed and child poverty raises.

    That must be one important tax credit.
  • mickeyrat
    mickeyrat Posts: 44,408
    tempo_n_groove said:
    Tax credit removed and child poverty raises.

    That must be one important tax credit.

    absolute game changer. BUT the multi-millionaire Senator from WVa didnt want his grandkids with the multi-millionaire mother/parents paying for it.
    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • tempo_n_groove
    tempo_n_groove Posts: 41,372
    mickeyrat said:
    tempo_n_groove said:
    Tax credit removed and child poverty raises.

    That must be one important tax credit.

    absolute game changer. BUT the multi-millionaire Senator from WVa didnt want his grandkids with the multi-millionaire mother/parents paying for it.
    The ever shrinking middle class pays for it ,not his 1% ass.

  • Halifax2TheMax
    Halifax2TheMax Posts: 42,197
    Time to pay up. From Letter From an American:

    Workers accepted major concessions in 2007, when it appeared that auto manufacturers would go under. They agreed to accept a two-tier pay system in which workers hired after 2007 would have lower pay and worse benefits than those hired before 2007. But then the industry recovered, and automakers’ profits skyrocketed: Ford, for example, made more than $10 billion in profits in 2022.

    Automakers’ chief executive officers’ pay has soared—GM CEO Mary Barra made almost $29 million in 2022—but workers’ wages and benefits have not. Barra, for example, makes 362 times the median GM employee’s paycheck, while autoworkers’ pay has fallen behind inflation by 19%. 

    The new UAW president, Shawn Fain, ran on a promise to demand a rollback of the 2007 concessions in this summer’s contract negotiations. He wants a cap on temporary workers, pay increases of more than 40% to match the salary increases of the CEOs, a 32-hour workweek, cost of living adjustments, and an elimination of the tier system. 


    09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;

    Libtardaplorable©. And proud of it.

    Brilliantati©
  • mickeyrat
    mickeyrat Posts: 44,408
    https://apnews.com/article/inflation-interest-rates-federal-reserve-workers-jobs-c0d687c0f650dcf14106c01db25f0053   Fed's Powell gets an earful about inflation and interest rates from small businesses

     
    Fed's Powell gets an earful about inflation and interest rates from small businesses
    By CHRISTOPHER RUGABER
    Today

    YORK, Pa. (AP) — Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington.

    On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy.

    Powell, along with Patrick Harker, head of the Federal Reserve Bank of Philadelphia, traveled to York to learn about the efforts of the long-time manufacturing hub, where York Peppermint Patties were once made, to diversify its economy.

    The businesspeople they spoke with were generally optimistic but expressed a range of concerns: They are still having trouble finding all the workers they need. Higher interest rates have discouraged some of them from expanding. And higher costs and a chronic difficulty in acquiring enough supplies have persisted.

    “We were a little blind-sided by inflation,” said Julie Flinchbaugh Keene, co-owner of Flinchbaugh's Orchard & Farm Market, who spoke to Powell and Harker at the Gather 256 coffee shop while the two Fed officials conducted a walking tour. Since the pandemic struck more than three years ago, she said, “predictability is just gone. It's very hard to operate a business without predictability.”

    Keene noted that her parents had experienced high inflation when they ran the business back in the 1980s. But the company was much smaller then and had no employees. As a result, her father said, “I don't have any wisdom to give you.”

    “We'll get inflation down," Powell said after listening to her concerns.

    During his tour of downtown York, Powell also met Jennifer Heasley, owner of Sweet Mama’s Mambo Sauce, who makes a barbecue-style sauce and owns a food stall in the York Central Market.

    When asked before his visit what she would most want to tell Powell, Heasley said, “Lower interest rates."

    Heasley said she is paying a much higher rate now on her credit cards, which she sometimes uses to fund her business.

    Powell's visit occurred as the Fed is monitoring the economy for signs that its streak of rate increases are having their desired effect and that inflation is continuing to cool. At their most recent meeting two weeks ago, Fed officials signaled confidence about a so-called “soft landing," in which inflation would fall back to their 2% target without a deep recession. The policymakers predicted that inflation would fall to about 2.6% by the end of 2024, with only a small rise in the unemployment rate.

    But given its confidence in the economy's resilience, the Fed also signaled that it expects to keep its benchmark rate higher for longer, potentially raising it once more this year and keeping it above 5% well into 2024.

    Inflation has dwindled from a four-decade high of 9.1% in June 2022 to 3.7% in August. In the meantime, the unemployment rate has defied predictions by remaining low while the economy has continued to expand.

    Before the walking tour, Powell and Harker conducted a roundtable discussion with several business owners and executives, nonprofit leaders and educators.

    Kevin Schreiber, CEO of the York County Economic Alliance, a business development group, told reporters that the local economy is growing at a healthy pace. At the same time, Schreiber said, many business people are worried about the next 12 to 18 months and the prospect that interest rates will stay high and inflation won't be fully conquered.

    A lack of child care is another top problem for many businesses in the area, Schreiber said, because it keeps many parents out of the workforce.

    Schreiber said there were 219 child care centers in the area before the pandemic. Now, there are only 170. Many of the remaining centers are operating at less than full capacity because of staffing shortages.

    Tom Palisin, executive director of The Manufacturer’s Association, who took part in the roundtable, said later that higher interest rates have led many local companies to pull back on acquisitions and investments in new technology.

    “Companies want to invest," he said, “but they’ve hit the pause button.”


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