Posted on 05/17/2024 9:14:27 PM PDT by SeekAndFind
I never imagined that we would ever see a time when it takes $177,798 for a family of four to live comfortably in the United States. Unfortunately, that day has arrived. Our leaders have been pursuing highly inflationary policies for many years, and now we have reached a point where inflation is wildly out of control. In fact, the latest wholesale inflation figure that was released on Tuesday came in much higher than expected. Sadly, this is just the beginning and we are in far more trouble than most people realize.
According to an incredibly shocking new study, most Americans do not make enough money to “live comfortably” in the highly inflationary environment that we find ourselves in today…
A recent study has revealed the incomes needed for families to live comfortably across the United States – and the stark contrast in the cost of living between states is startling.
The study revealed that in the most expensive states, families need nearly $300,000 to simply live ‘comfortably.’
The least expensive state requires about half that salary – still over $100,000.
Meanwhile, the average annual salary in the US is $59,428, or $28.34 per hour, as of May 2024.
The study determined that Massachusetts is the most expensive state.
It takes a whopping $301,184 a year for a family of four to “live comfortably” there.
The least expensive state is Mississippi.
In the Magnolia State, it only takes $177,798 a year for a family of four “to cover their expenses and maintain a satisfactory quality of life”.
This is our country now.
I feel like I have been banging my head into a wall. For more than a decade I have warned that this would happen, and now it is here.
And even more inflation is on the way…
Americans already contending with persistent and stubbornly high inflation just got more unwelcome news on Tuesday: There are more price hikes likely coming down the pike.
Wholesale inflation picked up in April to its highest rate in a year, according to Bureau of Labor Statistics data released Tuesday.
In April, inflation at the wholesale level jumped 0.5 percent in just one month…
Inflation at the wholesale level rose much more than expected in April, the latest sign that price pressures within the economy remain elevated and difficult to tame.
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, rose 0.5% in April from the previous month.
If you multiply that figure by 12 months, you get 6 percent.
And of course you need to approximately double any number that the Biden administration gives us in order to come up with a figure that is anywhere close to accurate.
By now, just about everyone realizes that the rate of inflation in this country is massively understated.
For example, Joe Biden insists that the rate of inflation has been “low” for quite some time, but home prices have risen by more than 47 percent since the start of this decade…
Home prices have surged 47.1% since the start of 2020, easily outstripping the gains seen in recent decades.
That’s according to a recent analysis by ResiClub of the Case-Shiller National Home Price Index, which showed that house prices in the 1990s and 2010s grew a respective 30.1% and 44.7%.
Let’s all be honest with one another.
The truth is that we are in the midst of a raging cost of living crisis that has no end in sight.
And this should not surprise any of us. Our politicians continue to borrow and spend trillions upon trillions of dollars, and all of this borrowing and spending is extremely inflationary…
An economic specter haunts America. It’s also one that many American politicians – Republican and Democrat – say a great deal about but are reluctant to address.
The name of that shadow is the United States National Debt: what the US Treasury Department defines as “the amount of money the Federal Government has borrowed to cover the outstanding balance of expenses incurred over time.”
If you go to the Treasury’s website, you can see just how big that debt is. In mid-May, it was 34.5 trillion dollars. The pace of the growth in that debt is equally stunning. Approximately 1 trillion dollars is being added to America’s National Debt every 100 days.
Borrowing and spending another trillion dollars every 100 days is a completely and utterly insane thing to do.
We really are in the endgame.
Earlier this week, Fed Chair Jerome Powell warned that interest rates may have to stay high for an extended period of time in order to fight inflation…
Federal Reserve Chair Jerome Powell said Tuesday that “it may take longer than expected” for high interest rates to lower inflation and gave no hint that a recently slowing labor market could mean earlier rate cuts.
“We’ll need to be patient and let restrictive policy do its work,” Powell said during a session at a Foreign Bankers Association meeting in Amsterdam. “It may be that (high interest rates) take longer than expected to do its work and bring inflation down.”
So far, higher rates have not solved our cost of living crisis, and that is because our politicians continue to spend money like drunken sailors.
But higher rates are crushing the overall economy.
Yesterday, I wrote about the “restaurant apocalypse” that is starting to sweep across America.
This week, it got even worse.
We just learned that at least 99 Red Lobster locations have been shut down and will be auctioned off…
At least 99 locations of Red Lobster are being auctioned off amid questions about the stalwart seafood chain’s long-term future.
In a post Monday on LinkedIn, Neal Sherman, founder and CEO of TAGeX Brands, a liquidation firm, announced he was leading the closure of more than 50 Red Lobster locations, with the restaurants’ equipment to be auctioned off.
A web page dedicated to the liquidations showed closure locations across the U.S. including in Denver; Indianapolis; Rochester, New York; Sacramento, California; San Antonio; and San Diego.
On Tuesday, Restaurant Business Magazine reported 99 locations were closing.
For the Red Lobster workers that just lost their jobs, the end came very suddenly…
A third Red Lobster employee took the news in stride, posting: ‘red lobster just laid all of us off without notice and closed for good LMAOO.’
The employee added in replied that Red Lobster didn’t tell managers until 8am yesterday.
Of course it isn’t just restaurant chains that are closing locations.
In fact, even Walmart is closing stores and auctioning off inventory…
After announcing that it would be shutting its doors for good, one Ohio Walmart auctioned off its remaining inventory, including flat-screen televisions, laptops and furniture, for a bargain.
The Walmart at 3579 S. High St. in Columbus opted not to renew its lease in a once-bustling strip plaza. Representatives announced the closure in February, claiming the store had failed to ‘meet financial expectations’.
Last week, the store offloaded its merchandise through a liquidation auction. Bidding closed the morning of May 10, with some items like laptops going for under $20.
If interest rates stay high, we are going to see a lot more of this sort of thing.
But the Federal Reserve is very hesitant to cut rates at this point because of the cost of living crisis.
Officials at the Fed really are caught in a “deer in the headlights” moment right now.
But no matter which way they ultimately choose to go, in the short-term more “stagflation” is ahead.
And in the long-term, the exceedingly foolish policies that our leaders have been pursuing are going to result in a systemic collapse of absolutely epic proportions.
* * *
Probably before taxes which that POS proposes goes up by removing the trump tax cuts. Note the headline says comfortably not for subsidence. Regardless we are so screwed.
Why is the stock market so high some say? Simple now that home prices have gone as high as finance will support, it is a proxy for hoarding the worthless currency. Bidet has that covered too as he wants increase in cap gains tax. IOW you are not going to live on your nest egg. The US will declare chapter 7 soon, pardon the pun: don’t bank on it.
This was foreseen, and intended.
The progressive loss of buying power of the dollar is theft. It renders all savings equal — equal to zero, thus eliminating the middle class, as is their intention.
By forcing the middle class to concentrate on their survival, the left can more easily make this country more communist, and more dictatorial. As is their intention.
Where do you live?
I worked in Clarksdale MS for half a year in 2022. It does NOT take $177,000 to live there. I suppose it could if you include the purchase price of a single-family home.
Good grief! How many families make that kind of money? I would think there are probably not that many. What if it is a family of 5 or 6? What exactly do they mean by living “comfortably”?
“What exactly do they mean by living “comfortably”?”
Each kid gets their own room. Family eats out once a week and takes a Disney trip once a year. In other words, a life style no middle-class family had.
In the 1950’s Levit build enormous sub-divisions with 3 bedroom 1 bathroom homes. Living in these homes was considered a middle-class life style.
Expectations out-weigh reality now-a-days for young people.
.
Depends on where you live and how much debt you carry. The only debt I have is my mortgage and that’s under $800 a month including taxes and insurance. Since I’m over 65 my county exempts me from the school tax. I use a credit card extensively but pay off the balance in full each month. I’m retired and my total income, including my wife’s social security is under $60,000. We live comfortably because I learned from my past mistakes.
Good grief! How many families make that kind of money? I would think there are probably not that many. What if it is a family of 5 or 6? What exactly do they mean by living “comfortably”?
I read that in Earls voice
“it takes $177,798 for a family of four to live comfortably in the United States.”
That number includes weekly support for a Las Vegas bookie, a Thai bar girl and her family in Pattaya and a neighborhood drug dealer in the hood.
New York unfortunately. I grew up in New York city, escaped in 2010, moved to Penn. now I am living on Long Island, Suffolk county to care for my mom who is in the last stages of dementia while I pay her poperty taxes and everything else through the freakin’ nose. Her house has a valuation of a million so I am paying $22,700 per year in property taxes, it ticks me off to no end, just absolute robbery and when she passes and I have to put the house up for sale, I don’t even need to guess the state is also going to take a huge chunk of that in taxes as well as if they own it. I cannot WAIT to get the hell out of this absolute pisshole of a state.
If your Mother leaves the house to you at a value of a million, and you sell it for the stepped up value of a million, you will owe zero income taxes.
No federal estate taxes, and none for under something like 6 million in New York.
One of the greats.
Wow that’s good news. I haven’t looked into it at all. So I guess anything over that million is taxed? Well I’ll have to see what happens after the election, if Biden steals it then I assume property owned under a tyrannny will take on a whole new reality.
The house will be valued at date of passing. If you sell much later, then any amount over that valuation will be a taxable gain on your income taxes.
And deliberate choking of the energy supply.
The decommission of the petroleum infrastructure will mean certain death for America and the citizens.
OK thanks so much for the info!
Not in parts of the Midwest / Great Plains.
Now, you may have to drive 30 or 40 miles to the nearest Wal Mart. But you won’t be dead or robbed.
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