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Evil_Shrubbery ,

By brother in Satan, high inflation makes you spend money now. It’s either that or going to hell.

Im saying that this bs is out of some relative comparison of how much generations are saving/investing. Everyone tried saving. But with low relative wages ofc ppl wont save as much as eg boomers - they didn’t give up vacations or buying whatevers, but still saved money. Younger gens are just left with no money after that.

And also falling relative wages (inflation) makes you buy things asap to actually save money.

freebee ,

If you would have bought a basement full of canned food somewhere shortly before corona or shortly before the russians went full loco in ukraine, it would have been a top tier investment. And if it wouldn’t have been, they don’t go bad fast and you can still eat them :') In high inflation environment, buying stuff instead of stacking money can make sense indeed.

Evil_Shrubbery ,

Why grind when production is way higher than needed.

Just eat the rich.

Historically it always led to an era of prosperity.

Monument ,

It’s literally cheaper to buy things I know we’ll need at some point (assuming we have the space to store the thing) using a rewards credit card that’ll give us 1-3% back than it is to save and buy those things later when they’re even more expensive. (Paying off the CC before it accrues interest, of course.)

The only move that is ‘smarter’ is to be risky with our money and invest in some way. Which then either makes me a part of the corporate enrichment cycle or a member of the rentier class.

Evil_Shrubbery ,

Investing isn’t that cheap, especially if you want to be moral about it (no shadow pools, company screening, etc). Coz you know, you are just fueling the same problem you are solving.

aesthelete ,

The only move that is ‘smarter’ is to be risky with our money and invest in some way. Which then either makes me a part of the corporate enrichment cycle or a member of the rentier class.

Online savings accounts also exist.

Monument ,

A solid suggestion.
I often discount those because I think of them in terms of cable TV pricing, that you have to hop around on to get the maximum benefit. It seems that there’s no trustworthy info to find online these days, so I don’t really know how they stack up, or even if my assumption about them is correct.

Something to add to the vast hopper in my brain labeled “things to research if I ever find enough time.”

aesthelete ,

Ymmv but I’ve found Ally Bank to be good and the rates fluctuate with the baseline rates. I think you get over 4% interest right now. I’ve seen them go up and down just as the fed makes movements, unlike my ing direct account (which became capital one or something) where the rates only ever went down.

half_built_pyramids ,

This is literally a tool tip in the fascist parody helldivers 2.

Alenalda ,

I’ve gone the other way with this. I’ve significantly cut my spending down in the last couple years. No more eating out, no vacations, grow my own food, don’t eat meat, no ac and minimal heating to only to keep pipes from freezing. Even with all that and more I’m spending as much as I did a few years ago but a much more restricted lifestyle. Be cool if my pay rate kept up with this inflation but my union agreed to a shit contract just before all this started.

bitwolf ,

As a SWE I hope we have the gusto to unionize soon

protokaiser ,

We have been very lucky and fortunate to acquire the American dream. My wife and I wouldn’t have been able to do it without the help of her family though. Every time I look at the housing market it’s only gotten crazier.

return2ozma OP ,
@return2ozma@lemmy.world avatar

The median home prices in California where I’m at.

https://lemmy.world/pictrs/image/9a1e7475-7eb4-41d6-8ea1-3ed37308ece1.jpeg

NikkiDimes ,

I’ll see ya’ll in the Far North I guess. I’ll bring my own meth.

TammyTobacco ,

No need, there’s plenty up there for you!

Hobo ,

Made fresh daily!

Raiderkev ,

I’m in the SF bay area. FML

StaySquared ,

Living there for two years… I realized I needed to gtfo of California. Thankfully I did two years ago.

TubularTittyFrog , (edited )

having family help isn’t the american dream. that’s the aristocratic dream, where land is only owned by the wealthy who inherit it.

It blows my mind that the world basically runs on Monopoly money and accounting smoke and mirrors.

spoiler___

Nobody ,

Organize a mass, simultaneous bankruptcy filing nationwide. Overwhelm the system with claims, and all debt collection ceases the moment you file for bankruptcy while the claims are being processed.

AlecSadler ,

I was thinking similar. Would be interesting to see what happens. I just wonder if it’d be possible to do on a mass scale before they catch on and start disallowing bankruptcy filings.

Might devolve into everyone just ceasing payments on CCs, loans, mortgages period.

abigscaryhobo ,

Problem is things will have to get worse for a lot more people for that to really happen en masse, I support the idea but I wouldn’t probably stop because none of my debts are debilitating. I have a good savings and my only payment is my mortgage and whatever I put on my credit card that month. I’m not going to just stop paying my mortgage for a political movement, and a lot of other people won’t either, supporting or not, people don’t like risking their homes when they don’t technically have to.

All the banks have to do is make examples of a few good people and all the others will likely fall back in line. Finances and debt is something that is very personal to a lot of peopl so people are hesitant to let that flag fly and unite publicly as well.

Ragnarok314159 ,

Yeah, mass bankruptcy would be a dream for the finance industry. They will immediately own all our homes and rent them back and ridiculous rates, as well as absorbing cars. We would have to buy our cars back at higher interest rates.

There are a lot of effective ways to protest, but everyone surrendering all their assets via bankruptcy isn’t going to be effective.

return2ozma OP ,
@return2ozma@lemmy.world avatar

Paywall removed archive.is/IyuC2

4grams ,
@4grams@awful.systems avatar

truth, I feel pressure to buy the things I want because I have no faith I will be able to afford them later. I figure, get it now while I can so that when I can’t, I’ll have it.

Dkarma ,

I don’t want anything anymore. Everything on the shelves is just crap

4grams ,
@4grams@awful.systems avatar

That’s why one of the things I bought is a 3D printer.

Ragnarok314159 ,

Someone much smarter than me explained how you don’t own stuff, it ends up owning you. This is outside of necessities.

You buy some decorations? Now you have to dust them, keep a place for them in your home. There are all kinds of examples, and collecting trinkets and oddities will never make you happy or fulfilled.

4grams ,
@4grams@awful.systems avatar

Oh, I know, I’m being somewhat facetious. I do have 3D printers but that’s because I’m a nerd; not like, preparing for anything…

Ragnarok314159 ,

Well damn, I wanted to talk about the neat things made during Covid when the hardware stores were closed.

It was fun modeling household items.

4grams ,
@4grams@awful.systems avatar

Agreed! The phone I’m typing this on right now is dressed in my finest yellow TPU.

TubularTittyFrog , (edited )

pretty much.

i purchased a new car in 2018. it was 20K. that same car today is close to 30K. in another 5 years it will be closer to 40 probably.

4grams ,
@4grams@awful.systems avatar

Right, my fully loaded vehicle was like 43k all in when I bought it in 2016. Today, the same car with the same trim level (granted a newer model) costs over 20k more.

cybersandwich ,

It’d really be great if journalists even attempted “educating” readers or providing meaningful context. But then again, would it get this kind of traction?

The interesting story here is that interest rates are raised to SLOW spending and encourage saving. The interest rates spiked to CURB inflation. It has worked, despite most journalists seeming keenness for it not to, for the most part. If consumers and businesses reduce their spending due to higher costs of borrowing, this will bring down prices over time, aligning with the Fed’s inflation targets.

No one explains this to the average person, ever. Ironically, the story here should be consumers are spending money even when saving it should be incentivized because they can’t afford not to… because of profiteering by large companies, grocery chains, etc as well as stagnate wages for the past few decades. This means that inflation will creep up faster than it should because of demand-driven inflation. This makes the problem worse for low-income earners.

It seems to me that THAT type of inflation might require less of an “interest rate adjustment fix”, and more of a wage adjustment fix. Even potentially a regulatory fix to go after price gougers.

Zerlyna ,
@Zerlyna@lemmy.world avatar

Yup.

Xeroxchasechase ,

Yay GDP!

whoisearth ,
@whoisearth@lemmy.ca avatar

Between this and stock indexes you have the most asinine metrics to determine if an economy is healthy.

I’m not saying I know what the solution is, but basing good times on how well Microsoft and/or Warren Buffett are doing is just stupid.

fukurthumz420 ,

I’m not saying I know what the solution is

it’s bombs

whoisearth ,
@whoisearth@lemmy.ca avatar

Oh fuck off. I don’t get why so many people here have a literal hard-on for violence. Get out of your parents basement.

fukurthumz420 ,

i’m 50. i’ve been watching the political cycle for for more years than you’ve probably been on this planet. nothing changes. young ideological kids have their moment of clarity and proclaim “this is all wrong!”, and then do nothing about it.

and if you’re about to say something about protests, just stop. protests are useless. make them scared or hit their finances. those are the only things that matter.

cantw8togo ,

They not only “do nothing about it”, most of them join in the wrong as they get older. I think it basically comes down to greed and jealousy. Not sure anyone can fix that.

fukurthumz420 ,

our best bet (and likely our only hope) is to be well kept pets to a super AI. the path to that utopia is messy. AMA

SatansMaggotyCumFart ,

Isn’t that good for the economy?

Ensign_Crab ,

Where “the economy” = “rich people’s yacht money,” yes.

SatansMaggotyCumFart ,

If I was smarter and worked harder I could be rich too.

PineRune ,

The truly rich are rich of soul. If you need help achieving enlightenment, I would be happy to help you and take some money off your hands.

/s

SatansMaggotyCumFart ,

Give me some money first and I’ll give you half of it back.

Garbanzo ,

Making deals like that it’s no wonder you aren’t rich

SatansMaggotyCumFart ,

Once they give me the money it’s all mine, but I’m not going to lead with that.

WhatIsThePointAnyway ,

You obviously don’t hang with many rich people. They are regular people. They aren’t special, they just hit the right set of circumstances. Most of the smartest and hardest working people I know are actually not the richest. Capitalism doesn’t reward intelligence or hard work per se. It rewards accumulation of capital which has much more to do with circumstance, investment, and manipulation.

SatansMaggotyCumFart ,

deleted_by_moderator

    •
    WhatIsThePointAnyway ,

    You equate rich as better. You sound like quite the sycophant. Enjoy that.

    SatansMaggotyCumFart ,

    deleted_by_moderator

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    WhatIsThePointAnyway ,

    deleted_by_moderator

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    SatansMaggotyCumFart ,

    deleted_by_moderator

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    conditional_soup ,

    I’ve got the version where Jesus tells rich people to give away all their belongings or they can’t get into heaven. Hope this helps.

    SatansMaggotyCumFart ,

    Oh that’s the quote about threading a camel through an eye of a needle, right?

    WhatIsThePointAnyway ,

    deleted_by_moderator

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    return2ozma OP ,
    @return2ozma@lemmy.world avatar

    And exploitation.

    aniki ,

    Keep talking to yourself like that and you’ll find yourself at the barrel end of depression broke and alone.

    billiam0202 ,

    Ah yes, I too believe the lie that the wealthy got their wealth from being smarter and working harder than everyone else, and not because of vast amounts of luck combined with exploiting everyone underneath them.

    Pixlbabble ,

    And that’s while already having a trillion in credit card debt.

    Blackmist ,

    The wonderful thing about debt is, if you have enough of it, it suddenly becomes somebody else’s problem.

    Pixlbabble ,

    I wish I can go back in time to when I was 18 and never accept that damn cc offer. Took 30+ years to pay off since it started a series of debt that didn’t stop until I changed my life.

    StaySquared ,

    So is that what’s keeping the economy afloat?

    just_another_person ,

    Bootstraps are too expensive to buy because your daddy thinks his broken ass house should be worth a cool mil.

    cantw8togo ,

    This is what happens when history is forgotten. Obviously we’ve had inflation B4. Don’t read all the negative sh*t out there. And don’t let other people with their agenda run your life.

    BigPotato ,

    We’ve had inflation before and, on a historic timescale, we’ve had revolutions to correct that inflation. France existed for almost a thousand years before they had the big one.

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