This is the best summary I could come up with:
In a CNN poll released Tuesday night, 72% of all Americans say things in the country today are going badly, and 66% said the economy will be “extremely important” when deciding who to vote for next year.
But just 2% of voters say the economy is excellent, according to a separate New York Times-Siena College poll released earlier this week.
Folks don’t tend to shell out thousands on Taylor Swift tickets and steak dinners and vacations when they’re worried about where their next paycheck is coming from.
Of course, to pay for it all, Americans are dipping into some dangerous places — something you don’t typically do unless 1) you’re desperate, or 2) the labor market is booming and you feel like your job is secure.
Your morning cup of coffee still costs 60 cents more than it did before the pandemic, and there’s no incentive for Starbucks (or wherever) to bring prices down now that they know you’re willing to pay for it.
It now takes nearly 41% of the median household’s monthly income to cover the principal and interest payment on a median-priced home.
The original article contains 622 words, the summary contains 184 words. Saved 70%. I’m a bot and I’m open source!
People are spending more because everything is substantially more expensive, you obtuse peanuts. People are dipping into their savings because they’re running out of money.
I’ve still got like 80% of that stimulus check from a few years ago. Interest alone kept me going for quite a while.
Who knew that people still need to buy food to eat /s
I was at a Gamestop recently to turn in some old games, and five people ahead of me (and at least 30 years younger) were all in line to buy new PS5s. I’m not judging them but, they were so young and as someone twice their age, I wonder how they afford it. I couldn’t and I’m pretty well off financialy now. It’s not my job to go on a boomer rant about it - but it’s true that people are in some ways overspending more now (in my view).
Recently at work a woman complained she had spent bus fare only to show up our hospital and be told her appointment was the next day. She was moaning about how she had to spend money for another bus fare back again - while pulling out the latest brand new iphone and headbuds from her Gucci hand bag (i’m not kidding).
People complain about the economy partly because they’re conditioned to think of any non-discretionary spending as a pain in the ass. It’s always been this way. I’m 60 now and I don’t remember a time when the economy was better than today - but I do remember gas lines in the 70s and how bad the economy was back then. A new game system would have been out of the question for families back then, even if such things existed then.
You’re making a lot of assumptions. People can go without many things you may think are basic.
Those 30yo people buying PS5s may be living with their parents because they can’t begin to afford their own place. Maybe they have 5 roommates who all pooled their savings for 6 months to buy it together. Maybe they simply don’t have a car.
There’s also the obvious selection bias of being in a Game Stop. You won’t see all the people who can’t afford a game console shopping there.
To me it’s quite staggering that someone who considers themselves “Well Off” can’t afford an occasional $500 expense. That’s generally considered “Living Paycheck to Paycheck”. I can only assume you’re overspending in some ways.
Right and additionally I wonder how this person knew that the lady he mentioned had the “latest” iPhone and that her “Gucci” bag wasn’t a knock off. And perhaps she was able to afford these things because she doesn’t have a car note - does that revoke her right to complain about wasted money?
A knockoff, or maybe even a present.
It’s posts like that one that reek of ulterior motives and unrecognized privilege.
I know it’s the latest iPhone because I’ve seen the updated newest models online. And it wasn’t a gucci knockoff. I know. And if she was able to afford these things, then great - I have no problem, I’m just making a point. There’s no need to be hostile about responding.
From their appearance, I would not be surprised if they were living with their parents - they seem to all be wearing old shabby clothing. So you’re right, people can and do go without many basic things, so where are they coming up with the $$$ for these PS5s? I consider myself pretty well off - that is, I have a trust fund and was bequeathed two large estates (private land) by my parents - so, I have more money than maybe any single person really needs. When I say I can’t afford a PS5, what I mean is, I can’t justify spending $500 for a game system when I have to buy clothes and groceries (especially groceries) and prioritize other expenses. I COULD afford to buy everyone in my neighborhood a PS5 - but seriously there are other things they really need more. But - to each his own, if some kid can get a PS5 and that’s majorly important then I guess it’s perfectly OK - I’m just amazed people of that age have that kind of discretionary money to spend.
So you’re right, people can and do go without many basic things, so where are they coming up with the $$$ for these PS5s?
When they don’t spend money on nice cloths and their own apartment, it frees up a lot of money that can then be used on things that are more important to them. Things like a PS5.
I can’t justify spending $500 for a game system when I have to buy clothes and groceries (especially groceries) and prioritize other expenses. I COULD afford to buy everyone in my neighborhood a PS5 - but seriously there are other things they really need more.
Being able to afford something, is when you don’t need to prioritize necessities over it. You have enough left over after buying your cloths and food.
Looks like that’s where you’re overspending.
I think it’s because lots of people might be in better place financially but still fucked overall. Especially when your factor in student loans which are basically going to be there wether I save for them or not.
I know that since covid I’ve been willing to spend to do fun things. What’s the point of saving when it removes all joy from my life.
