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Forum » Who thinks the economy is going to implode?
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Thread: Who thinks the economy is going to implode?

post 1699283333 03-16-2024, 10:04 AM
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#31
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Originally Posted By JeepBruh⏩
Starting to feel like $200k is the new $100k. Just feels like $100K doesn't have the same prestige it used to.
With interest rates currently, you can afford a house 2-3x your income. 100k income means you can afford a 200-300k house. AKA you can't afford a house. There's no prestige in that


Even 200k income would just mean a 400k-600k house, which doesn't go far in most metros now
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post 1699283393 03-16-2024, 10:08 AM
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#32
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Originally Posted By JeepBruh⏩
Starting to feel like $200k is the new $100k. Just feels like $100K doesn't have the same prestige it used to.
300k is the new 100k.

Everyone still talks about 100k being this big income but maybe in the 1990s
post 1699283423 03-16-2024, 10:09 AM
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I'm skeptical the economy will implode soon. Inflation is sticking around though causing pain for many.
post 1699283433 03-16-2024, 10:09 AM
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Originally Posted By SaviorSelfJT⏩
With interest rates currently, you can afford a house 2-3x your income. 100k income means you can afford a 200-300k house. AKA you can't afford a house. There's no prestige in that


Even 200k income would just mean a 400k-600k house, which is below average in most metros now.
Agreed. It is just crazy that hitting a six figure income was a such huge deal not even a few years ago. I remember growing up if you had a six figure income you were legit ballin. Now it is just scrapping by.
post 1699283483 03-16-2024, 10:11 AM
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#35
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Originally Posted By SaviorSelfJT⏩
With interest rates currently, you can afford a house 2-3x your income. 100k income means you can afford a 200-300k house. AKA you can't afford a house. There's no prestige in that


Even 200k income would just mean a 400k-600k house, which doesn't go far in most metros now
That is what doesn't make sense to me. I have a city where there are newly developed houses priced at 800k-1 mill area. They are selling but the confusing part is, who is buying?

The median household income in that area is 80k. Who in the flying fuk is getting these houses when the monthly mortgage payment is average $5K if a downpayment of 10% is placed. Doesn't include the HOA, insurance, closing, etc...
post 1699283493 03-16-2024, 10:11 AM
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#36
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Originally Posted By JeepBruh⏩
Agreed. It is just crazy that hitting a six figure income was a such huge deal not even a few years ago. I remember growing up if you had a six figure income you were legit ballin. Now it is just scrapping by.
No, it's scrapping by because people want the latest iphone, to eat out all the time, flashy clothes, expensive cars, huge homes, and fancy vacations.
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post 1699283613 03-16-2024, 10:14 AM
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#37
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Originally Posted By LuigiMiami631⏩
That is what doesn't make sense to me. I have a city where there are newly developed houses priced at 800k-1 mill area. They are selling but the confusing part is, who is buying?

The median household income in that area is 80k. Who in the flying fuk is getting these houses when the monthly mortgage payment is average $5K if a downpayment of 10% is placed. Doesn't include the HOA, insurance, closing, etc...
It's hard to reconcile that houses are a luxury product now, like a Ferrari car is

Trying to wonder how an average person is supposed to afford the average house, is like wondering how the average person is supposed to afford the average Ferrari

The average person doesn't buy a Ferrari, only the very top percentile does


Also - a 1 mil house with 10% downpayment will have way higher than a 5k mortgage. I put in a calculator with current interest rates and prop taxes, your closer to an 8k mortgage with escrow
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post 1699283743 03-16-2024, 10:20 AM
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#38
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Originally Posted By TugOfPeace⏩
latest iphone, to eat out all the time, flashy clothes, expensive cars, huge homes, and fancy vacations.
Hey if only 100k can afford all that, sign me up, I'd be happy to be "scraping by"
Best lifts:
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post 1699283923 03-16-2024, 10:24 AM
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#39
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I heard that every day for about 40 plus years that I’ve been alive and remember myself.

Stop listening to bear porn on TV. These cretins HAVE TO say this stuff to you: crash coming! War! Murder! Debt! Etc. because this is how they get views. Boring stuff doesn’t get eyes.

While you’re here buying gold bars and building bunkers people have bought Solana with that money and 20x their returns in basically a few weeks. Stop listening to bear porn! And guess what, if there is war or a 2008-like crash, you buy! That’s when you can get really rich really quickly.
post 1699284013 03-16-2024, 10:27 AM
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#40
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Originally Posted By SaviorSelfJT⏩
It's hard to reconcile that houses are a luxury product now, like a Ferrari car is

Trying to wonder how an average person is supposed to afford the average house, is like wondering how the average person is supposed to afford the average Ferrari

The average person doesn't buy a Ferrari, only the very top percentile does


Also - a 1 mil house with 10% downpayment will have way higher than a 5k mortgage. I put in a calculator with current interest rates and prop taxes, your closer to an 8k mortgage with escrow
Shiit. Made typo on the 10%, from what I was calculating on the mortgage amount. It was 20% down which came out to 5k-6k. Excludes everything else from the property taxes, to insurance, etc. Wonder if you are looking closer to 10k a month.

With California taking out nearly half your paycheck in taxes just boggles my mind.
post 1699284173 03-16-2024, 10:31 AM
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#41
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Originally Posted By LuigiMiami631⏩
Shiit. Made typo on the 10%, from what I was calculating on the mortgage amount. It was 20% down which came out to 5k-6k. Excludes everything else from the property taxes, to insurance, etc. Wonder if you are looking closer to 10k a month.

With California taking out nearly half your paycheck in taxes just boggles my mind.
have you ever considered, I don't know, maybe not living in the most expensive real estate market in the country?

just LOL

muh "brb can't afford housing in california, the whole world is crashing!!!"
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post 1699284553 03-16-2024, 10:47 AM
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#42
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Originally Posted By OffwhiteBrah⏩
Ain't shiit happening in an election year, keep dreaming doomers
Election or not, inflation is increasing again. As much as the government wants to control things, they can't kick the can down the road anymore.
post 1699284633 03-16-2024, 10:48 AM
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#43
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Originally Posted By FA*******⏩
This is a unique point in history... we can't say how it's going to go.

-Humanity's population has NEVER declined for like a century straight. Not once in like 10,000 years. But that's the road we are on now.
-Humanity has NEVER had every nation on Earth use fiat currency simultaneously before.
-Humanity has NEVER had every nation on Earth be debt-trapped simultaneously before.

So who's debt trapped when everyone's debt trapped? How's the economy supposed to grow when humanity itself is shrinking?

I don't have the phucking answers. No one does.

On paper, the US is locked into an inflationary death spiral. It's just mathematical. They make $4.5T a year, they spend $7T, and they already owe $34T. Their economy has sub-3% real growth for the last 20 years, there are no prospects for materially higher future growth, no leaders have advanced plans to cut spending, and the treasury is very comfortable monetizing debt. Inflation is how they will have to keep making payments.

But when EVERY country is looking at inflating away their unpayable debt... then what happens.

I think it's either going to be a world debt jubilee in 20-50 years, which would be one of the most momentous events in history. Or all the weaker countries just collapse faster than America and we steal all their marbles. As the saying goes, you don't outrun the bear by being faster than the bear, you just need to be faster than your buddy.
FAfgt always logically destroys all the misc copers arguments. I love how their tactic is to just ignore his posts and pretends that he doesn't exist.

Copers who say that incels just don't try hard enough and just need to take a shower? Well, there's this guy FAfgt who pulled himself up by his bootstraps and worked harder than all of them yet still a virgin.

Copers who say that the S&P 500 will grow 10% every year until the end of time? Well, that one is just too retarded to even humor but many here still treat it like gospel.
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post 1699284663 03-16-2024, 10:49 AM
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#44
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Originally Posted By LuigiMiami631⏩
With California taking out nearly half your paycheck in taxes just boggles my mind.
35% withholdings crew.
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post 1699284683 03-16-2024, 10:50 AM
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#45
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Originally Posted By SaviorSelfJT⏩
I'm starting to agree with you

When I leave for work in the morning, there's almost no traffic at all
In the afternoon coming home, its bumper to bumper the whole way home

Takes 10 minutes in the morning, about 45 minutes in the afternoon
The only reason its not very busy mid morning is because nothing is open until like 9 or 10 am. Otherwise it is bumper to bumper and slammed all day but yeah like 2:30 - 6pm is just ridiculous traffic. Nobody is working anymore man.
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post 1699285463 03-16-2024, 11:13 AM
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#46
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Originally Posted By eod8989⏩
I don't think like 80% of the population works anymore. I go out during the day every day and all the places are full and lines everywhere.
Yeah everywhere is packed these days. I remember in 2012 the sports stores were a ghost town. Now they are packed.
post 1699286133 03-16-2024, 11:32 AM
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#47
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Originally Posted By Onlinedatingcel⏩
Yeah everywhere is packed these days. I remember in 2012 the sports stores were a ghost town. Now they are packed.
Joggers and AAs love to not work but hang out at Sport stores.
post 1699289063 03-16-2024, 12:51 PM
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#48
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Originally Posted By OliverHeldens⏩
The housing market is cooling down in a big way. They kept the economy running on fumes for a while, but the wheels finally seem to be falling off.
lower interest rates will help with that

i have no idea how the stock market is still increasing
post 1699290113 03-16-2024, 01:20 PM
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#49
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Originally Posted By SaviorSelfJT⏩
With interest rates currently, you can afford a house 2-3x your income. 100k income means you can afford a 200-300k house. AKA you can't afford a house. There's no prestige in that


Even 200k income would just mean a 400k-600k house, which doesn't go far in most metros now
Average house price in Canada is over 700k. Average salary in Canada is 60k. It's over 10x here.

The only way people are getting houses now is two hefty salaries. Or like in Toronto, people are buying them and trying to pack 10 Indians into a 3 bedroom house to make the mortgage payment.

I just don't know how long some of it can be sustained because people are getting to the point where even groceries are hard, and that's pretty sad in a first world country.
post 1699290273 03-16-2024, 01:24 PM
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#50
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Originally Posted By TugOfPeace⏩
have you ever considered, I don't know, maybe not living in the most expensive real estate market in the country?

just LOL

muh "brb can't afford housing in california, the whole world is crashing!!!"
Bro do you read or what? WHere did I say I was struggling. MOre and more makes me wonder how you even got hired for a high end position with a reading level of a 4th grader.

Recenssion proof? Lmfao, typical saying of workers who have no clue. Do you have access to financials of your company? Bet you don't.

But keep living a fantasy that you do curry smelling indian.
post 1699290513 03-16-2024, 01:32 PM
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Originally Posted By eod8989⏩
I don't think like 80% of the population works anymore. I go out during the day every day and all the places are full and lines everywhere.
Those 350k ppp loans (grants) can stretch out for quite a while
post 1699290523 03-16-2024, 01:32 PM
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#52
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Originally Posted By Onlinedatingcel⏩
Yeah everywhere is packed these days. I remember in 2012 the sports stores were a ghost town. Now they are packed.
Yes sports stores used to be desolate

Every single place is like a tourist destination now. Gyms also used to never be busy. Now there are 100-200 people at them
PC specs

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If you aren't getting stronger you aren't getting bigger crew
post 1699290533 03-16-2024, 01:33 PM
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#53
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Originally Posted By WoofieNugget⏩
Average house price in Canada is over 700k. Average salary in Canada is 60k. It's over 10x here.
Isn't it cheaper to just build a house or buy a manufactured one at that point? Empty land is still cheap
post 1699290633 03-16-2024, 01:36 PM
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#54
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Oh it's coming.
post 1699290693 03-16-2024, 01:38 PM
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Originally Posted By FrostF⏩
Isn't it cheaper to just build a house or buy a manufactured one at that point? Empty land is still cheap
Not really, and then you have to factor in getting water and power to the house. Yes, it's cheaper but it's a major project. Although if I was going to invest in anything at this point it would be rural land that's a couple of phases away from a small town that is slated to expand.
post 1699290933 03-16-2024, 01:45 PM
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Originally Posted By TugOfPeace⏩
You don't have to own an $80k truck.
Drive a chevy silverado 3500 and then try repeating what you just said.
post 1699291253 03-16-2024, 01:53 PM
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#57
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Originally Posted By LuigiMiami631⏩
Bro do you read or what? WHere did I say I was struggling. MOre and more makes me wonder how you even got hired for a high end position with a reading level of a 4th grader.

Recenssion proof? Lmfao, typical saying of workers who have no clue. Do you have access to financials of your company? Bet you don't.

But keep living a fantasy that you do curry smelling indian.
you made a comment about houses being priced $800-$1M below:
That is what doesn't make sense to me.I have a city where there are newly developed houses priced at 800k-1 mill area. They are selling but the confusing part is, who is buying?

The median household income in that area is 80k. Who in the flying fuk is getting these houses when the monthly mortgage payment is average $5K if a downpayment of 10% is placed. Doesn't include the HOA, insurance, closing, etc...
then you talked about california taxes below:
Shiit. Made typo on the 10%, from what I was calculating on the mortgage amount. It was 20% down which came out to 5k-6k. Excludes everything else from the property taxes, to insurance, etc. Wonder if you are looking closer to 10k a month.

With California taking out nearly half your paycheck in taxes just boggles my mind.
ergo reading comprehension would indicate you live in california and are complaining that housing is expensive. if you don't, it would be really odd of you to reference that city, as it would be like me complaining about housing in Kansas when I live in NY.

and that to you, isn't a logical conclusion to deduce from your posts?

not only that, but you're too stupid to realize that dual income couples can spend 2-3 years saving and easily come up with $100-200k downpayment for such homes and easily afford the mortgage

not to mention tech bros that get compensation in RSUs and other benefits that isn't reflected in salaries.
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post 1699291383 03-16-2024, 01:56 PM
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#58
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The question is when, not if. All economies collapse.

You get zero points for stating the obvious.

You also get zero points for predicting the timeline, as you've been wrong for years now.

Brb 20 years from now "I told you so".
post 1699292323 03-16-2024, 02:23 PM
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#59
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The future looks brighter when you keep progressing in life, homie.

Maybe you need to get a new job, or a new line of work entirely, or move. Maybe all 3. I managed to keep my salary but I moved to a much better COL area. Explore your options, and don't be afraid to take chances.
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