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.
* * *
You should see the new LAWS for landlords in NYS. Absolutely ridiculous. Tish James has seen to it that tenants have 100% of the rights and 0% responsibility. They alone determine whether they will stay in the unit or not. We still have rentals and property we are rehabbing for rentals but boy, the tenant pool is 6 miles wide and 1 inch deep.
Reason for moving? Landlord is selling and bailing out of the housing provider business (because of all the new laws).
Insurance and utilities are through the roof as well as maintenance costs/building supplies not to mention taxes. And THAT’S why rents are sky high.
A friend of mine owned a rental building 15 years ago and the crap he had to go through was absolutely the stuff of nightmares, I would NEVER EVER EVER EVER EVER in a billion years EVER own a rental property in NYC, I would rather sit through an eternity of Hillary Clinton speeches.
I remember it took him THREE years to evict a tenant who wasn’t paying rent, and at the end of those three years he didn’t get a DIME, just the agreement by the tenant to move out! How insane is that?? THREE years of rent GONE, meanwhile he had to pay the taxes, the repairs, the tenant was a pig and heavy smoker and the apartment looked like a bomb hit it.
The best was the tenant who lived on the top floor (building was 4 stories high)_She was a massive drunk and had the habit of leaving the stove on while passing out drunk. Well finally she started a fire and of course she escaped completely unscathed, and when the firemen came and put out the fire using water hoses, all the water of course went into the apartments below and behind the walls washing out all the cockroaches onto the main hallways stairs, millions of them, and guess who had to fix everything?
NEVER in a millions years would I go through that hell. You should sell everything and get out before it’s too late as I imagine it’s a million times worse now.
What did you mean the “the tenant pool is 6 miles wide and 1 inch deep”?? Meaning a lot of people are looking for apartments?
I can imagine a lot of them are the usual leftists a-holes from out of state, those are the vermin that destroyed that city. They watch TV shows and think NYC is some fantasy utopia and then they get here and realize it’s hell in disguise so they walk around angry all day and then basically lose their minds.
“What is “comfortably”?”
Exactly. They must define it differently than I do. Differently than I’ve defined it my entire life.
Just got back from the supermarket with 3/4 basketfull for $200 (after coupons). Used to be 1 & 1/2 basketsfull.
Mostly just basics (no meat or fish, my one splurge was I bought paper towels AND toilet paper)
Apparently a lot of terms may or may not apply:
-Contented
-Luxuriously
-extravagantly
- etc.
What is “comfortably”? Does it include only the bare essentials - basically that you do not fear or stress over having a roof over your head and food on the table? I seriously doubt that.
I suspect they mean a home with a mortgage and/or rent payment, two car/automobile loans, subscription TV (TV in every room), Eating out whenever you want, and having no concerns over any financial troubles whatsoever...
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