Social This can't be right (Americans saving habits)

RoastBeast said:
This is very true. People absolutely refuse to make sacrifices to get ahead. I ate a shit sandwich for a good 1-2 years back in 2009 when I bought my house. I was legit paycheck to paycheck making $10/hr. Eating rice and chicken or cheap TV dinners nearly every day. Rarely used the heater/AC throughout the year. I didn't go on a single vacation either.

Fast forward 16 years and my mortgage is 2.5x cheaper than rent is for a 2bd apartment and my house has gone up almost 300%.

The key to it all was not having a car payment. My other buddy that had an older car was able to buy in 2010. The rest of my friends all had newer vehicles and they either couldn't buy a house until they were married and had dual income or they're still living in apartments. One of them still lives with his parents and he makes a little more than I do.
Click to expand...

The AC/heat was a huge one for me. I would turn it off and just stay out all day. By the time I got home it was nighttime and the apartment cooled quickly. I never used the heat in the winter. My electric bill would be like $60. Now the electric companies have changed up their contracts where that doesn't work anymore for me. I still pay around $150 summer or winter.
 
I can believe it. People have no idea how to save money. I ask my broke friends all the time "What in the literal fuck are you going to do in a case of an emergency?". I also tell them they'll have a lot less anxiety and stress knowing they have money saved up for security. Do they listen? Fuck no.
 
Contempt said:
Worth it in that context... still doesn't mean our level of taxation isn't completely retarded though.
Click to expand...
There's a good chance we're going to vote out Labor despite them decreasing income taxes because they inherited a horrible inflation situation (even compared to everyone else) and they didn't fix it in a couple of weeks or some shit.

We got the first surplus in god knows how long and an income tax cut at the same time and people are pissed because the CPI was already at 5.1% when they took over and the media pretends Labor created rather than inherited a shitty economy.

It's amazing how our media perceives Liberal economic policy compared to.. you know organizations that compare economic data.

The IMF ranked the Frydenberg treasury below literal banana republics for example.
AAAAAAustin table.png



Overall our revenue should be going up while our income taxation should be decreased.

Which is exactly what has happened. The magic secret? Cutting corporate tax loopholes.

Australia should be looking at Norway for what our economy should be. Massive mining sectors combined with small populations. Difference is Norway has a $1.8T US sovereign wealth fund to protect them from having a mining dependent economy and we have jack shit.

From that perspective taxes overall shouldn't be going down.
 
Noveltymortar said:
By and large, yes, poor people make very consistent and similar money mistakes. Also, while it’s true that the wealth gap is bigger than it was in the past, that’s mostly because the people at the top got richer, not because the poor got poorer. Finally, wealth doesn’t get distributed, it can only be redistributed once successful people have accumulated it.

I’m not claiming the system is perfect but no system is.
Click to expand...
So somehow the rich are taking a greater percentage of GDP every year, but the lower 75% somehow aren’t taking any less? I don’t think so.

Also, I didn’t say the poor were getting poorer anyway. That isn’t what is being argued. What I am saying is that the lower 75% has suffered a massive wealth transfer, and all that money has gone to the upper 25%. Probably the upper 5% or less in reality. And that is why people are not able to save as much as they could in the past. They don’t make enough money to save much. It isn’t that everyone just somehow got dumber. People have always been fucking dumb.
 
pugilistico said:
I made a thread about how the education system should teach kids some basic practical life skills they'd use their whole life instead of the nonsense I was taught and some posters got mad at me lol.
Click to expand...
Like this one, specialize in pole dancing and taking off the clothes. That one specialize in picking up trash. This other one, that's the smart one so specialize in science.
 
TeTe said:
Baby boomers ages 65+ are the most likely to have sufficient savings, with 42% having over $2,000 in a savings account.
Click to expand...

If this data is accurate and includes other assets, YIKES.

~57% of elders don't have 2k in savings?
 
2,000 isn't enough to even cover two months rent. I can't see see how this would be correct for anyone remotely close to middle class.
 
You must log in or register to reply here.

Similar threads

Koya
Economy Trump weighs giving Americans $2,000 from tariff revenues in bid for support
18 19 20
Replies
385
Views
5K
syct23
syct23

Latest posts

Forum statistics

Threads
1,280,465
Messages
58,286,289
Members
175,994
Latest member
Doomer

Share this page

Back
Top