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75% of parents of adult children are helping them pay bills.
03-28-2018, 11:40 AM
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#61
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Originally Posted By Jacobcapra⏩
Now remember that those 16 year olds are competing with those 20+ and in some cases even 30+. Location also matters as well.It's not hard to get a fooking job at 16, not sure if srs. Go apply at every fast food restaurant in your town. Go mow lawns in your neighborhood... I mean cmon.
03-28-2018, 11:41 AM
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#62
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Originally Posted By DSTEE⏩
not sure if srs. You can just say no, and most people in Atlanta pay to have their lawn mowed.Thank you for guilt tripping your neighbours into giving allowance to your kids and rob them for an otherwise enjoyable activity they could do themselves
Originally Posted By Whichiscool⏩
That's true. But 75% of people aged 16-19 are employed, it's not that hard. Would be hardest in urban areas, but if you live in the burbs, kids can get jobs no problem. All my friends and I were employed by 16.Now remember that those 16 year olds are competing with those 20+ and in some cases even 30+. Location also matters as well.
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03-28-2018, 11:42 AM
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#63
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it's funny seeing people live with 2-5 roommates here... it's either that or they go back to their parents. 1 bedrooms in bad neighborhoods are no less than 1200 a month lol. welcome to 2018 boyos.
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03-28-2018, 11:43 AM
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#64
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It's pretty expensive to move out in Vancouver. I'd rather let them help me out and be able to save to buy property instead of spending all my money on expenses. That's me though.
03-28-2018, 11:43 AM
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#65
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Originally Posted By JoshSP1985⏩
lol. Why save money for a down payment when you can live with your parents and then make them put a downpayment on a house for you? Because most people aren't desperate enough to take advantage of their parents for years. It's fine getting some help through school but once you have a job you should be capable of taking care of yourself. Who goes to school for a career/job that doesn't give them the capability to take care of them self?So you should rent while saving for a down payment?
My argument about the down payment assistance was this. It lets your kids jump ahead a couple years where they would normally be doing exactly what you said tossing money at a rental and trying to save.
My argument about the down payment assistance was this. It lets your kids jump ahead a couple years where they would normally be doing exactly what you said tossing money at a rental and trying to save.
lol @ people saying getting a job at 16 is hard. Fella I had a job since age 14 getting paid under the table because according to state laws I was only allowed to work <20 hours a week even in the summer.
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03-28-2018, 11:46 AM
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#66
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under the age of 26 I can understand for stuff like tuition and a car or something,
it would be concerning if you were 30 and your parents are still covering a lot of your bills
but the general cost of living has gone up tremendously so it is somewhat forgivable, jobs are hard to find, that degree doesn't guarantee you chit, etc. I lived with my parents till 25 and saved a fuk ton of money, wish I took more advantage of this by working more part-time during my late teens/early 20s.
honestly if i were a parent I would help my kids as much as I could as long as they showed and put the effort in themselves.
it would be concerning if you were 30 and your parents are still covering a lot of your bills
but the general cost of living has gone up tremendously so it is somewhat forgivable, jobs are hard to find, that degree doesn't guarantee you chit, etc. I lived with my parents till 25 and saved a fuk ton of money, wish I took more advantage of this by working more part-time during my late teens/early 20s.
honestly if i were a parent I would help my kids as much as I could as long as they showed and put the effort in themselves.
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03-28-2018, 11:50 AM
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#67
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Originally Posted By DSTEE⏩
Strong delusion. You think 16 is too young to get toes wet into the work force?Bet I have more cash than you ugly manlet
16 and easy to get a part time job? Yeah ok
I haven't had financial help since 18 besides occasional gifts but have seen so many people left behind during social occasions, vacations etc solely due to lack of money. Usually the parents are either cunnts or poor for not being able to shell out a few hundred every once in a while. IDGAF, but from my experience kids who get a financial helping hand are usually better off in school and social life
If you're tight on cash yourself thats ok, but don't pretend like you got your chit together and pretend you know everything about finances. If you had money and a kid you loved, why would you NOT help out
16 and easy to get a part time job? Yeah ok
I haven't had financial help since 18 besides occasional gifts but have seen so many people left behind during social occasions, vacations etc solely due to lack of money. Usually the parents are either cunnts or poor for not being able to shell out a few hundred every once in a while. IDGAF, but from my experience kids who get a financial helping hand are usually better off in school and social life
If you're tight on cash yourself thats ok, but don't pretend like you got your chit together and pretend you know everything about finances. If you had money and a kid you loved, why would you NOT help out
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03-28-2018, 11:50 AM
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#68
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Originally Posted By keepitnatty⏩
Wages have not kept up with costs. The CPI is total bull****. There aren't many good jobs left, and the good jobs are in the expensive cities. The insidious thing is that as more jobs get automated, its very likely that the only place to find new ones will be the big expensive cities. We are used to losing our jobs or switching, and to do that... city.People used to be able to support a full family with just one parent working a minimum wage job vs now the standard to get an entry level job is a college degree might have something to do with it.
Major costs:
1) In my city media house price if closing in on $1m. Even your $$$ late 20s software engineer will get outbid in cash offers. This is the same in every desirable city on the west coast or mountains. In LA and SF we are already over $1.5m for any decent area. I make good money so I bought a house with my own money and can afford to spend stupid amount of money on renovations. Friends and family however needed serious help just to get $400-600k fixers in the ghetto. And this is so they can have a prayer of staying in the city where they were born.
2) Going out is insanely expensive. For two people, two drinks each and some food items, happy hour will be $50. Happy hour!
3) Medical costs will ruin your life.
4) If you want to have kids, forget that ****. Private school (a must in any city) is $30-50k per year, healthcare is ****ing expensive, etc. And if both parents work and no grandparents (cause stupid roundeyes) nearby, daycare is also ****ing expensive.
The way out of this is allowing remote work, and possibly basic income (but that only works with strong borders).
EDIT: This is in the US, where is it possible to make $$$. Canada and Australia are totally ****ed. Cities are as expensive as SF, but wages are 20-30% of the equivalent position in the US for "good" jobs.
03-28-2018, 11:50 AM
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#69
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Huh how is this happening...
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03-28-2018, 11:53 AM
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#70
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Originally Posted By Voidgaze⏩
This. My pupper can't do any tricks and doesn't listen the best and is on the heavy side. I'm under no illusion this is the doggo's fault. How parents can be is beyond me.Because some of those parents failed to instill the basics of being responsible into their children. Then there are parents that do everything they can for their child and the child still screws up in adulthood.
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03-28-2018, 11:54 AM
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#71
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Originally Posted By gatovolador⏩
To all your chit, yes and no. private schooling is absolutely not a must in any city... I went to a ****ty public school and ended up just fine. So did my wife.Wages have not kept up with costs. The CPI is total bull****. There aren't many good jobs left, and the good jobs are in the expensive cities. The insidious thing is that as more jobs get automated, its very likely that the only place to find new ones will be the big expensive cities. We are used to losing our jobs or switching, and to do that... city.
Major costs:
1) In my city media house price if closing in on $1m. Even your $$$ late 20s software engineer will get outbid in cash offers. This is the same in every desirable city on the west coast or mountains. In LA and SF we are already over $1.5m for any decent area. I make good money so I bought a house with my own money and can afford to spend stupid amount of money on renovations. Friends and family however needed serious help just to get $400-600k fixers in the ghetto. And this is so they can have a prayer of staying in the city where they were born.
2) Going out is insanely expensive. For two people, two drinks each and some food items, happy hour will be $50. Happy hour!
3) Medical costs will ruin your life.
4) If you want to have kids, forget that ****. Private school (a must in any city) is $30-50k per year, healthcare is ****ing expensive, etc. And if both parents work and no grandparents (cause stupid roundeyes) nearby, daycare is also ****ing expensive.
The way out of this is allowing remote work, and possibly basic income (but that only works with strong borders).
EDIT: This is in the US, where is it possible to make $$$. Canada and Australia are totally ****ed. Cities are as expensive as SF, but wages are 20-30% of the equivalent position in the US for "good" jobs.
Major costs:
1) In my city media house price if closing in on $1m. Even your $$$ late 20s software engineer will get outbid in cash offers. This is the same in every desirable city on the west coast or mountains. In LA and SF we are already over $1.5m for any decent area. I make good money so I bought a house with my own money and can afford to spend stupid amount of money on renovations. Friends and family however needed serious help just to get $400-600k fixers in the ghetto. And this is so they can have a prayer of staying in the city where they were born.
2) Going out is insanely expensive. For two people, two drinks each and some food items, happy hour will be $50. Happy hour!
3) Medical costs will ruin your life.
4) If you want to have kids, forget that ****. Private school (a must in any city) is $30-50k per year, healthcare is ****ing expensive, etc. And if both parents work and no grandparents (cause stupid roundeyes) nearby, daycare is also ****ing expensive.
The way out of this is allowing remote work, and possibly basic income (but that only works with strong borders).
EDIT: This is in the US, where is it possible to make $$$. Canada and Australia are totally ****ed. Cities are as expensive as SF, but wages are 20-30% of the equivalent position in the US for "good" jobs.
For all the places you're talking about housing being expensive, the average wage is also through the roof so what you're saying doesn't make sense. If you can't afford a 400-600K home living on the west coast, you have a crap job and probably don't work in the city you're trying to buy a house in. Why not just live where you can afford?
Yes healthcare costs suck and have been getting worse.
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03-28-2018, 11:56 AM
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#72
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Cut them off.
I bought my dad a new TV last year and I'm thinking about doing some work on his house next year because "thanks, Dad".
I bought my dad a new TV last year and I'm thinking about doing some work on his house next year because "thanks, Dad".
Nah, fukk that. I’m not doing that.
03-28-2018, 11:57 AM
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#73
Originally Posted By PeptideY⏩
You had me until minimum wage. Who was price/wage spiral? Who was artificial price floor set below equilibrium causing dead weight loss and surplus of labor supply/unemployment? Do you even economics 101? Price floors can not solve anything. Just like there are laws in physics there are economic laws. Just as no one can successfully disobey the law of gravity, no one can break economic laws. Not even the US government or the central bank. No one has enough information to be able to determine what labor price should be. Only the market has enough to determine that.Jobs that pay significantly higher then minimum wage are hard to find nowadays without the right type of degree gender studies do not count especially for the inexperienced workers.
If you're making 1100 a month with the rising cost of rent health & car insurances collage dept hydro phone bill food minimum wage losing 2x its purchasing power it's no surprise you would need assistance.
If people stopped opposing minimum wage increases stopped telling inexperienced teens to pick whatever degree they desire without warning of long-term consequences then you would find less youngsters living with parents or needing assistance.
If you're making 1100 a month with the rising cost of rent health & car insurances collage dept hydro phone bill food minimum wage losing 2x its purchasing power it's no surprise you would need assistance.
If people stopped opposing minimum wage increases stopped telling inexperienced teens to pick whatever degree they desire without warning of long-term consequences then you would find less youngsters living with parents or needing assistance.
03-28-2018, 11:58 AM
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#74
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Because baby boomers are pushovers. Letting their kids live with their SO rent free when both of them are of working age and out of school. Seen this a lot where mid-late 20s kids move back home and the parent lets their deadbeat bf or gf move in with them. That’s the definition of getting taken advantage of
03-28-2018, 11:59 AM
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#75
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Originally Posted By JoshSP1985⏩
Human Life 1 LifeI'm keen to hear people's insightful opinions on why this trend is pervasive and what can be done about it.
https://www.dailywire.com/news/28722...-emily-zanotti
https://www.usatoday.com/story/money...lly/108507432/
Another article talking specifically about children no longer in school at 59%
https://www.forbes.com/forbes/welcom...ww.google.com/
https://www.dailywire.com/news/28722...-emily-zanotti
https://www.usatoday.com/story/money...lly/108507432/
Another article talking specifically about children no longer in school at 59%
https://www.forbes.com/forbes/welcom...ww.google.com/
My parents help me with bills my home life
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03-28-2018, 11:59 AM
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#76
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Originally Posted By JoshSP1985⏩
- Kid goes to collegeI'm keen to hear people's insightful opinions on why this trend is pervasive and what can be done about it.
- Parents help pay for tuition
- Kid wants to live away but doesn't want to work
- Parents help pay for apartment+food
- Kid doesn't graduate/graduated with useless sh*t degree
- Loans
- Parents help with loan payments
- Kid gets comfortable
- kid never gets a full-time job, or works but spends money on stupid things
- Etc goes on until kid is now 30+ grown man with no career plan in sight and no stable form of income being put to sensible use
These can all be easily solved
- If your kid is dumb or has no motivation, don't ship them to college and hope for the best. Trade schools, short certification and associates programs, etc, or just get a blue collar job.
- Recruiters always looking for able bodied bums to join the military.
- If kid wants to live alone but can't afford it tough cookies, that's what you get for being broke. They can live in their old room and contribute around the house or they can be homeless.
- Don't have kids out of wedlock.Don't have kids out of wedlock.Don't have kids out of wedlock.DON'T HAVE KIDS OUT OF WEDLOCK.
- Stop taking frivolous loans.
- If you go to college, aim at a degree program you can realistically achieve based on your track record when it comes to academics.
- Don't choose your major based on non-lucrative interests. That degree in feminist trans-race gender-dysphoric dance theory studies is not worth 4 years and 160k tuition. You want to study hobbies, go to the f*cking library or use wikipedia. College is strictly for accessing financial opportunities in restrictive careers of lucrative value.
- STEM. STEM. STEM. STEM. STEM. STEM. STEM.
- Stop letting your kid bum off you if he's not in school. Make him get a job or he can live out his car.
- Paying your kid's bills is an INVESTMENT, not a gift. You are investing in his future. If it's going nowhere, STOP and make an adjustment.
- Be an example to your kids. If you're a bum, the kid will be a bum too. Don't spend all day lounging around and get surprised when your kids pick up the habit.
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03-28-2018, 12:00 PM
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#77
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My sister is a 45 year old teacher, she is currently moving back in with my 76 year old dad because she is struggling on her own making $55k a year(does not compute).
My 46 year old brother who has 3 kids and a stay at home wife, has not gone a 6 months without asking dad for help paying for something. Usually a major repair on his car or 2 months of mortgage payments so he wont lose his house(almost happened 3 times so far)
They are utterly hopeless children in adult bodies. I am the only child my dad has who is not still sucking on his wallet teat.
They are the only adults I know who live like that. Its like the world is about to end if they need $1000. Its seriously pathetic.
My 46 year old brother who has 3 kids and a stay at home wife, has not gone a 6 months without asking dad for help paying for something. Usually a major repair on his car or 2 months of mortgage payments so he wont lose his house(almost happened 3 times so far)
They are utterly hopeless children in adult bodies. I am the only child my dad has who is not still sucking on his wallet teat.
They are the only adults I know who live like that. Its like the world is about to end if they need $1000. Its seriously pathetic.
03-28-2018, 12:02 PM
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#78
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Originally Posted By ryanpdma⏩
So are you on your parents phone plan then? And don't lieI'm 24 and my parents paid for my tuition. They are also willing to pay for grad school. I see nothing wrong with that, it's not like I waste money on drugs and escorts.
But yeah if you're a young adult and ask mommy & daddy to pay for a new iPhone, that's kinda gay.
But yeah if you're a young adult and ask mommy & daddy to pay for a new iPhone, that's kinda gay.
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03-28-2018, 12:04 PM
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#79
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Originally Posted By EnderG60⏩
Damn, dude. that's depressing. I thought it was bad that my 27 year old brother hasn't been able to support himself in any way yet. Owes my mom like 30K.... but that **** is next level.My sister is a 45 year old teacher, she is currently moving back in with my 76 year old dad because she is struggling on her own making $55k a year(does not compute).
My 46 year old brother who has 3 kids and a stay at home wife, has not gone a 6 months without asking dad for help paying for something. Usually a major repair on his car or 2 months of mortgage payments so he wont lose his house(almost happened 3 times so far)
They are utterly hopeless children in adult bodies. I am the only child my dad has who is not still sucking on his wallet teat.
They are the only adults I know who live like that. Its like the world is about to end if they need $1000. Its seriously pathetic.
My 46 year old brother who has 3 kids and a stay at home wife, has not gone a 6 months without asking dad for help paying for something. Usually a major repair on his car or 2 months of mortgage payments so he wont lose his house(almost happened 3 times so far)
They are utterly hopeless children in adult bodies. I am the only child my dad has who is not still sucking on his wallet teat.
They are the only adults I know who live like that. Its like the world is about to end if they need $1000. Its seriously pathetic.
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03-28-2018, 12:08 PM
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#80
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New sets of problems.
When I went to college, I could work Summers and a part time job to pay for my college.
I didn't leave college with massive debt. I didn't have expensive health insurance. Finding a corporate job was simple, one face to face interview.
Now it seems wages have stagnated and expenses have skyrocketed, especially education and medical expenses. Tie that into the older generation that is refusing to retire and you have a very new set of problems for todays recent college graduates.
I'm glad I didn't have to face these issues.
When I went to college, I could work Summers and a part time job to pay for my college.
I didn't leave college with massive debt. I didn't have expensive health insurance. Finding a corporate job was simple, one face to face interview.
Now it seems wages have stagnated and expenses have skyrocketed, especially education and medical expenses. Tie that into the older generation that is refusing to retire and you have a very new set of problems for todays recent college graduates.
I'm glad I didn't have to face these issues.
03-28-2018, 12:15 PM
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#81
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If you're not in college, you shouldn't need to borrow a dime from your parents. Most of these kids are probably living way above their means.
Honestly though, I don't feel bad for their parents. They're the ones who raised these pathetic little turds.
Honestly though, I don't feel bad for their parents. They're the ones who raised these pathetic little turds.
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03-28-2018, 12:21 PM
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#82
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Had a job at 14 and worked all the way through college and till today. Paid for all of my college too. That should be standard for most people today. Younger people today don't understand the value of a dollar. I've met many people my age who's first job was their job out of college. That is just unacceptable.
Also if a school is 50-60 grand a year maybe look at a state or community college? How did we get to the point of kids paying out the butt, colleges getting insanely wealthy and parents financing it? Pick a dam cheaper school. I'm amazed parents go along with this giant college extortion scheme. My kids will be financing their own chit.
Also part of this could be mitigated by what I mentioned above with college. Why the hell are they so dam expensive? Do private schools really need endowments in the 10's or 100's of millions? Don't understand why colleges seem to get such a hard pass on extorting kids.
Had a job at 14 and worked all the way through college and till today. Paid for all of my college too. That should be standard for most people today. Younger people today don't understand the value of a dollar. I've met many people my age who's first job was their job out of college. That is just unacceptable.
Also if a school is 50-60 grand a year maybe look at a state or community college? How did we get to the point of kids paying out the butt, colleges getting insanely wealthy and parents financing it? Pick a dam cheaper school. I'm amazed parents go along with this giant college extortion scheme. My kids will be financing their own chit.
Also part of this could be mitigated by what I mentioned above with college. Why the hell are they so dam expensive? Do private schools really need endowments in the 10's or 100's of millions? Don't understand why colleges seem to get such a hard pass on extorting kids.
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balding journey: https://forum.obnoxiousbrutes.com/showthread.php?t=174082771&p=1505298321#post1505298321
03-28-2018, 12:21 PM
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#83
- devin45k
- Segabrah
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- devin45k
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Doesn't surprise me. Almost all of my siblings are getting help. I am the only one that 100% cut myself off from them. They havent and they dont really appreciate it at the same time. I really feel guilty about accepting any money from anyone else.
I had to borrow like 400 for new tires like 7 years ago when I was 23. I felt so guilty over it.
I had to borrow like 400 for new tires like 7 years ago when I was 23. I felt so guilty over it.
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HTC 4 life brother!!!
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03-28-2018, 12:23 PM
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#84
- soaponarope1
- 6'2" 227
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- soaponarope1
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Originally Posted By keepitnatty⏩
People also used to not have $200/month cell bill, $100/month cable bill, 2 new cars at $400/month, and in 1950 the average home was a 2/1 at 1000 sqft.People used to be able to support a full family with just one parent working a minimum wage job vs now the standard to get an entry level job is a college degree might have something to do with it.
Go live in a 2/1 1000 sqft home with no cable, a flip phone and 1 older, reliable car and you can support a family on one income easily, outside of HCOL areas. Tired of seeing this bs.
fwiw, all you tuition complainers, both myself and my gf put ourselves through school debt free using employer tuition assistance at jobs paying less than 10/hr starting. It's not fukin hard, McDonald's offers tuition assistance. I'll be making ~120k this year and I graduated in 2013. Go get a ****in job.
03-28-2018, 12:23 PM
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#85
- Cesarbruh
- Banned
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- Cesarbruh
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Originally Posted By Jacobcapra⏩
1. When speaking about losses in dollar value, it's relative to the price of gold since the dollar was initially backed by gold. Relative to gold, the dollar has lost 98.5% of its value gold today: $1350Everything about this is wrong....
The dollar hasn't lost 98% of it's buying power since 1913.... for example in 1913 an average loaf of bread was $.07. In today's dollars, that $0.07 equates to $1.79 for which you can still buy a loaf of bread. The buying power is comparable.
Housing is not through the roof, the housing market is comparable to 20 years ago right now.
Americans pay more like 25-30% in taxes
The dollar hasn't lost 98% of it's buying power since 1913.... for example in 1913 an average loaf of bread was $.07. In today's dollars, that $0.07 equates to $1.79 for which you can still buy a loaf of bread. The buying power is comparable.
Housing is not through the roof, the housing market is comparable to 20 years ago right now.
Americans pay more like 25-30% in taxes
Gold in 1913: $20
Bread is not the standard lmao
2. Again, this is relative to the time-period. In the 50s/60s, a year's income at a regular job can afford you a home. How can you claim housing is not through the roof when we just experienced a housing bubble and the majority of Americans cannot afford housing today? Artificially low interest rates (cheap credit) are to blame for the burst in housing prices along with property taxes.
3. 25%-30% in taxes? Lol....Fed tax: 28%, State tax:1%-5% Medicare, medicaid, social security, property tax (7% of income for me), gasoline tax (50 cents on average per gallon of gas), licensing, capital gains tax (15%), sales tax (9% for me), inflation 2% etc etc
With federal+state+sales tax+property tax alone, the average person is already at 40%+
This doesn't even include the taxes that are passed down to the consumer which are hidden in consumer prices and inflation which costs us 2% buying power a year on average.
03-28-2018, 12:26 PM
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#86
- FearThisjake
- Registered User
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- FearThisjake
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The biggest problem I see that I think should be considered treason, was letting foreign investors buy american property and housing. That is what ****ed us millennials and the future generations the most.
Sure, us tech babies and white collar brahs have it a bit better than our traddie bros, but it still ****s us over. We are NOT going to see the ROI that our parents got when investing in houses, we may get hit by the bubble at some point in the future when our 700k 3 bedroom 1 bath house is corrected back down to 225k that it was really worth when we bought it for 700k
Sure, us tech babies and white collar brahs have it a bit better than our traddie bros, but it still ****s us over. We are NOT going to see the ROI that our parents got when investing in houses, we may get hit by the bubble at some point in the future when our 700k 3 bedroom 1 bath house is corrected back down to 225k that it was really worth when we bought it for 700k
onion crew
03-28-2018, 12:31 PM
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#87
- Joseph1990
- Keto shill
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- Joseph1990
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Originally Posted By FearThisjake⏩
The biggest problem I see that I think should be considered treason, was letting foreign investors buy american property and housing. That is what ****ed us millennials and the future generations the most.
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03-28-2018, 12:32 PM
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#88
- gatovolador
- Registered User
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- gatovolador
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Originally Posted By Jacobcapra⏩
Average wage is higher, but housing costs are much higher. For example, if I lived in Tucscon, I could buy a house for $120k. That's doable on a down payment after a few years of savings from a $30k job. Let's call that a 4x multiple of salary to house price. If you are a guy I know, consultant, making $150k in Los Angeles, he's looking at a 6x multiplier to buy a little house, minimum, unless he wants a 2 hour commute.For all the places you're talking about housing being expensive, the average wage is also through the roof so what you're saying doesn't make sense. If you can't afford a 400-600K home living on the west coast, you have a crap job and probably don't work in the city you're trying to buy a house in. Why not just live where you can afford?
To afford a $500k house, you need to be able to pay a $2k/month mortgage on $100k down, it can be done on $60k, but you are going to be super stingy. That's a poverty house though. In any of the big cities, you are looking at $1m, which is $200k down with $4.5k/month, which means you need to be making $150k or so, and that's just to make payments and still have money for repairs and save $10k a year for retirement (not enough, buddy).
Living where you can afford has a huge problem- there aren't any good jobs there, which relatively few exceptions. Now if your job is crap and you have no ambitions, sure. But if you wanna have a shot at the American dream, the city is where you have to go.
03-28-2018, 12:34 PM
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#89
- Cesarbruh
- Banned
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- Cesarbruh
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Wages do not matter, it is buying power that matters
The reason why housing has exploded since the 70s is because of the federal reserve's reckless lending habits, they've artificially suppressed interest rates to keep them low (past decade was near 0%) and this leads to increase demand in housing which props up the prices- this is exactly what caused the housing bubble in 08 (subprime mortgages, loans that should not have been made)
Now that interest rates are rising again, people will default on loans they can't afford popping the bubble once again. All of this was NOT possible under a gold-backed dollar as the fed could NOT create money out of thin air, now they can and now they use that money to make and pull loans out their asses skewing the entire economy
Originally Posted By FearThisjake⏩
no it didn't, if people are investing here that's a good thingThe biggest problem I see that I think should be considered treason, was letting foreign investors buy american property and housing. That is what ****ed us millennials and the future generations the most.
Sure, us tech babies and white collar brahs have it a bit better than our traddie bros, but it still ****s us over. We are NOT going to see the ROI that our parents got when investing in houses, we may get hit by the bubble at some point in the future when our 700k 3 bedroom 1 bath house is corrected back down to 225k that it was really worth when we bought it for 700k
Sure, us tech babies and white collar brahs have it a bit better than our traddie bros, but it still ****s us over. We are NOT going to see the ROI that our parents got when investing in houses, we may get hit by the bubble at some point in the future when our 700k 3 bedroom 1 bath house is corrected back down to 225k that it was really worth when we bought it for 700k
The reason why housing has exploded since the 70s is because of the federal reserve's reckless lending habits, they've artificially suppressed interest rates to keep them low (past decade was near 0%) and this leads to increase demand in housing which props up the prices- this is exactly what caused the housing bubble in 08 (subprime mortgages, loans that should not have been made)
Now that interest rates are rising again, people will default on loans they can't afford popping the bubble once again. All of this was NOT possible under a gold-backed dollar as the fed could NOT create money out of thin air, now they can and now they use that money to make and pull loans out their asses skewing the entire economy
03-28-2018, 12:35 PM
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#90
- Jacobcapra
- AAS Free since '93
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- Jacobcapra
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Originally Posted By Cesarbruh⏩
Maybe don't live in cuckfornia and you won't pay 50% in taxes? Also, you don't pay 28% in federal income tax. A person making 200K a year pays an effective federal income tax of 22.7%. You have to make like 450K/year to get taxed 28% from the federal government. LOL at your property and sales tax, too btw.1. When speaking about losses in dollar value, it's relative to the price of gold since the dollar was initially backed by gold. Relative to gold, the dollar has lost 98% of its value gold today: $1350
Gold in 1913: $20
Bread is not the standard lmao
2. Again, this is relative to the time-period. In the 50s/60s, a year's income at a regular job can afford you a home. How can you claim housing is not through the roof when we just experienced a housing bubble and the majority of Americans cannot afford housing today? Artificially low interest rates (cheap credit) are to blame for the burst in housing prices along with property taxes.
3. 25%-30% in taxes? Lol....Fed tax: 28%, State tax:1%-5% Medicare, medicaid, social security, property tax (7% of income for me), gasoline tax (50 cents on average per gallon of gas), licensing, capital gains tax (15%), sales tax (9% for me), inflation 2% etc etc
With federal+state+sales tax+property tax alone, the average person is already at 40%+
This doesn't even include the taxes that are passed down to the consumer which are hidden in consumer prices and inflation which costs us 2% buying power a year on average.
Gold in 1913: $20
Bread is not the standard lmao
2. Again, this is relative to the time-period. In the 50s/60s, a year's income at a regular job can afford you a home. How can you claim housing is not through the roof when we just experienced a housing bubble and the majority of Americans cannot afford housing today? Artificially low interest rates (cheap credit) are to blame for the burst in housing prices along with property taxes.
3. 25%-30% in taxes? Lol....Fed tax: 28%, State tax:1%-5% Medicare, medicaid, social security, property tax (7% of income for me), gasoline tax (50 cents on average per gallon of gas), licensing, capital gains tax (15%), sales tax (9% for me), inflation 2% etc etc
With federal+state+sales tax+property tax alone, the average person is already at 40%+
This doesn't even include the taxes that are passed down to the consumer which are hidden in consumer prices and inflation which costs us 2% buying power a year on average.
Strong tax knowledge.
Also, even if the gold standard should be used to value the dollar (which it shouldn't because it's not backed by the federal reserve any longer) than 98% is still way off. $20 of US dollars from 1913 is worth about $510 of todays dollars. $20 of gold is worth $1,350 so that is a 63% loss, not 98%.
But, that's irrelevant because gold is not how you determine purchasing power.
Purchasing power is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.
https://www.investopedia.com/terms/p...asingpower.aspYou can define the dollar's purchasing power and how it has changed for ANY commodity. Normally bought ones are most accurate, like bread and milk, eggs, etc.
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