I’ve worked 2 manufacturing jobs in the past 2 years, and know others that work at other factories. We have not received raises that track with inflation, ever. I know this is anecdotal, but lived experiences often differ to what stats are cited.
The point is that you shouldn’t be arrested for a thought crime just for dressing slutty. She wasn’t cought prostituting, she was cought with condoms and “dressed provocatively.” I feel like you only read the title.
She was arrested for manifestation of prostitution on May 17, 2013 after accepting a ride home from an undercover Phoenix police officer whom she had met at a bar. A few minutes after getting in the car, a police vehicle pulled up, and she realized she had been caught up in an anti-prostitution sting. That night, Jones was wearing a “black, tight-fitting dress,” the Phoenix police officer testified at trial. She was in an area known to have prostitution activity, he claimed, never mind that the arrest occurred near where Jones lived. A municipal court judge sentenced her to a month in jail.
I think getting a lift home resulting in a prostitution charge is pretty ridiculous.
The monthly principal payments on a $1M note at 3% is equal to the monthly payments of a $500,000 note at 8%.
Running the numbers through an online mortgage calculator, I’m not seeing it quite that bad. Though, there are more variables than just the interest rate which need to be considered. I’m using the calculator at: www.bankrate.com/mortgages/mortgage-calculator/
for those who want to follow along.
A $1,000,000 mortgage at 3% over 30 years, with no down payment has a Principal and Interest payment of $4,216
A $500,000 mortgage at 8% over 30 years with no down payment has a Principal and Interest payment of $3,668
So, not equal. If we assume a 20% down payment for each loan, leaving all other variables unchanged, we get $3,372 and $2,935 respectively. If we assume a constant $100,000 down payment (10% of the $1M mortgage and 20% of the $500k mortgage), the numbers are $3,794 and $2,935 respectively (there was no change for the $500k loan).
Overall, the claim seems to be incorrect. That said, if you look at the $500k loan, with a 20% down payment and drop the interest rate from 8% to 3%, the monthly payment drops from $2,935 to $1,686 and the total cost of the loan drops from $1,056,687 to $607,202, a rather significant drop.
I miscalculated at 9% which is $4,023. Which is within $200 of the value. Regardless though my statement still stands. 6 interest points yields almost a 50% cut in buying power. Any of the other levers can tweak it but the core of the premise remains the same.
2008 saw the unprecedented approval of loans, but also there were a LOT of adjustable or variable rate mortgages. So as rates increased sharply, people all of a sudden were deep under water. At least here they still have low rates. even if it is on a higher priced house, their payments won’t be getting worse.
But yes housing prices are out of control. People are starting to feel it, and it could very quickly go wrong for people. People even have crazy high loans on used cars. Going to be very interesting how it plays out.
I have never received an inflation beating raise, not once in my life, and I’m 50 years old. The only way to get good raises is to job hop. And anyway, 3%CPI? Have they done any food shopping in the past year?
Saw a store selling a gallon of milk for $7. Was an “upscale” grocery store, but come on. Half a load of bread from the bakery was $8. Where is the other half of my bread?! I walked out
In my 40’s and pretty similar experience. Raises are always 3-5%, with several years where they didn’t even meet that. Hell, I remember one year having manager take me out to lunch and explain to me that the company wasn’t doing any raises that year. The following year I had a new job at ~20% higher salary. And companies wonder why workers have no loyalty anymore. In the end, the only thing that has kept my salary rising faster than inflation is to job hop every 3-5 years. I’d rather not. Hell, I like the company I’m at now and they talk a fantastic game about building a long term career. We’ll see how that pans out come raise time.
I take any long-term pipe dreams with a grain of salt nowadays. I spent 3 years “just six more months” at a time because I believed the owner of the company. Never again.
There have been very few changes, and none in the last few years. And when they made changes last they were small changes that only make the score more accurate:
Changes to the CPI establishment frame (2019-2020)
•Replaced Telephone Point-of-Purchase Survey (TPOPS) as source of retail establishment frame with data from the Consumer Expenditure Surveys (CE)
•Eliminated redundancies and inefficiencies in survey operations and reduced household burden Use of Quarterly Census of Employment and Wages business registry to refine the location and address data from the CE
• Use of Quarterly Census of Employment and Wages business registry to refine the location and address data from the CE
“It’s wrong and most of use know it.” I don’t think most of anyone knows it. And the ones who do are misinformed, repeating false internet narratives without doing any sort of fact checking.
You obviously didn’t read your own article. It dismantles the argument that the calculation is vastly changed, and acknowledges a change in how housing prices are weighted in 1983 might change the equation by 1 point for some people looking to buy a home. Not in the “last two years,” as stated by the comment above.
Owners’ equivalent rent of residences (OER) has nothing to do with the headline CPI numbers. The article you’re referring to literally cites the BLS website, and talks about a separate number not covered by any headlines or indexes in this post.
You are confusing yourself. That article sites the BLS website to explain the differences between core and super core indexes. Both are publicly available, and neither are new. The formula for either number hasn’t changed significantly in decades (1983 when housing price weight was changed).
On Monday, Phoenix reached a miserable milestone: It was the first time since 1974 that it had 18 days in a row of 110-degree or more temperatures. On Tuesday, it was poised to break that 49-year-old record and hit Day 19. The forecast called for a high of 115 degrees Fahrenheit.
People in the Southwest are used to brutal summers. Phoenix has had plenty of days that soar past 100 degrees. Water misters spritz patios, and neighborhoods and playgrounds clear out in the midday sun. Monsoons usually sweep through with refreshing relief. But this stagnant summer is testing even the hardiest, and putting many more people at risk.
Funny you say that. There’s about 300 million possible numbers so at $2 per ticket you only need to win over $600 million for the lottery to be plus EV. Factor in 37% tax (which is what Google says is the average rate, but may be different depending on state) you “only” need a jackpot of about 950 million to profit.
I play it. I know that the odds make me more likely to die in the time it would take me to claim the prize than to actually win, but someone has to win it and the lotteries in Europe and the UK give a lot of money to good causes.
My wife’s cousin is in town. She watched our kids for two hours. Me and my wife had date night. Checked out this really cute outdoor cafe. Coffee was okay but they did a lot of work on their water feature and it shows.
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