Nearly half of Americans have $500 or less in their savings accounts

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

Happy? No. People who look on their homes as investments might be happy. The rest of us would prefer lower property taxes.

So you want less net worth so you can pay less property taxes? Maybe sell your house then.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

Happy? No. People who look on their homes as investments might be happy. The rest of us would prefer lower property taxes.

So you want less net worth so you can pay less property taxes? Maybe sell your house then.

NP. A house is to live in. All of the Trump wannabes real estate faux moguls distorted the housing market, see 2008. Once people started viewing housing as an investment rather than something to live in we have had soaring real estate costs and a collapse. Yes, I want my house to appreciate in value but I also want young families to afford to buy into my neighborhood. I want a diverse neighborhood. There are many ramifications to appreciating real estate values some good, some bad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

Happy? No. People who look on their homes as investments might be happy. The rest of us would prefer lower property taxes.

So you want less net worth so you can pay less property taxes? Maybe sell your house then.

NP. A house is to live in. All of the Trump wannabes real estate faux moguls distorted the housing market, see 2008. Once people started viewing housing as an investment rather than something to live in we have had soaring real estate costs and a collapse. Yes, I want my house to appreciate in value but I also want young families to afford to buy into my neighborhood. I want a diverse neighborhood. There are many ramifications to appreciating real estate values some good, some bad.

The mortgage market is federally insured. The government forcefully encouraged liar loans and slashed interest rates following 911 to juice the post dot com bust economy and pay for war footing. The economy has been taken away from the free market and government controlled ever since the government sets the price of money (interest rates) nothing is more socialist than dictating the price of money.

[Anonymous]

This is great for Trump. Inflation is killing the vast majority.

[Anonymous]

Anonymous wrote:
This is great for Trump. Inflation is killing the vast majority.

What’s Trump’s solution to bring inflation down?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
This is great for Trump. Inflation is killing the vast majority.

What’s Trump’s solution to bring inflation down?

Implement changes to the occupancy of the presidency of the U.S.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People aren’t not saving money just because of the high cost of living. They’re not saving because we’ve all be trained to constantly buy crap we don’t need. Our high levels of consumerism is the source of our strong economy. If you’ve lived in other countries, as I have, you will quickly see that, while people everywhere like to shop or at least window shop, they don’t have as much junk as we do. They don’t have Amazon packages arriving every few days, they aren’t making frequent Costco and Target “runs” and filling their homes with months of supplies, etc etc. Granted, one reason is that they tend to have smaller homes than we do, but they also aren’t as shopping/spending crazy as we are. Spending too much and saving too little is literally built into our consumer society.

Ok, so why were Americans savings at record levels PRE-COVID under the Trump administration?

I don’t know that to be true. Can you provide a link?

Our spending habits have little to do with who is president. They are baked into our culture. During Covid people saved money because they weren’t going out of their homes as much. Then, when things started opening up, they started spending again and many blew through their savings.

Right. I don't know of anyone who is not making money now, and I am working class in the Midwest. My Facebook feed us chock full of people going on trips and out to dinner.

And all the while claiming the economy is so bad!

My sister just bought a new RV
and then complains about the price of gas.

Midwest also. Got a notification from my back about my credit score. For the first time in my life I've hit the max possible. I have $27,000 in checking and savings. I'm also working class (although true enough kids are grown and house is paid for). Property taxes keep going up, which I don't like, but here gas is down to 2.78/gal. I'm careful about grocery shopping--every week I will pick up one or two items I consider grocery luxury (or else stock up on something, there's never a week when I have to buy groceries or starve) and still keep it to $50 or less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The supposed "real net worth" is due to housing prices increasing. I know some families who sold their houses and moved to lower COL cities. Then what? I don't know anyone who is happy that housing prices went up.

Every homeowner is happy that housing prices are up - so two thirds of Americans. “The homeownership rate in the United States rose slightly in 2022, reaching the highest figure since 2011. In 2022, the proportion of households which are occupied by owners stood at 65.9 percent.”
https://www.statista.com/statistics/184902/homeownership-rate-in-the-us-since-2003/

Happy? No. People who look on their homes as investments might be happy. The rest of us would prefer lower property taxes.

So you want less net worth so you can pay less property taxes? Maybe sell your house then.

NP. A house is to live in. All of the Trump wannabes real estate faux moguls distorted the housing market, see 2008. Once people started viewing housing as an investment rather than something to live in we have had soaring real estate costs and a collapse. Yes, I want my house to appreciate in value but I also want young families to afford to buy into my neighborhood. I want a diverse neighborhood. There are many ramifications to appreciating real estate values some good, some bad.

The mortgage market is federally insured. The government forcefully encouraged liar loans and slashed interest rates following 911 to juice the post dot com bust economy and pay for war footing. The economy has been taken away from the free market and government controlled ever since the government sets the price of money (interest rates) nothing is more socialist than dictating the price of money.

+1 the mid-2000s subprime mortgage crisis can be laid at the feet of decision-makers post 9/11. And the resulting 2008-2009 great recession too.

All the Big Short & similar documentataries glossed over how government policies were complicit (along with big greedy banks, corrupt ratings agencies, and idiotic over-leveraged homeowners who used their houses like ATMs) plenty of blame to go around.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People aren’t not saving money just because of the high cost of living. They’re not saving because we’ve all be trained to constantly buy crap we don’t need. Our high levels of consumerism is the source of our strong economy. If you’ve lived in other countries, as I have, you will quickly see that, while people everywhere like to shop or at least window shop, they don’t have as much junk as we do. They don’t have Amazon packages arriving every few days, they aren’t making frequent Costco and Target “runs” and filling their homes with months of supplies, etc etc. Granted, one reason is that they tend to have smaller homes than we do, but they also aren’t as shopping/spending crazy as we are. Spending too much and saving too little is literally built into our consumer society.

Ok, so why were Americans savings at record levels PRE-COVID under the Trump administration?

I don’t know that to be true. Can you provide a link?

Our spending habits have little to do with who is president. They are baked into our culture. During Covid people saved money because they weren’t going out of their homes as much. Then, when things started opening up, they started spending again and many blew through their savings.

Right. I don't know of anyone who is not making money now, and I am working class in the Midwest. My Facebook feed us chock full of people going on trips and out to dinner.

And all the while claiming the economy is so bad!

My sister just bought a new RV
and then complains about the price of gas.

Midwest also. Got a notification from my back about my credit score. For the first time in my life I've hit the max possible. I have $27,000 in checking and savings. I'm also working class (although true enough kids are grown and house is paid for). Property taxes keep going up, which I don't like, but here gas is down to 2.78/gal. I'm careful about grocery shopping--every week I will pick up one or two items I consider grocery luxury (or else stock up on something, there's never a week when I have to buy groceries or starve) and still keep it to $50 or less.

What is your definition of working class?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People aren’t not saving money just because of the high cost of living. They’re not saving because we’ve all be trained to constantly buy crap we don’t need. Our high levels of consumerism is the source of our strong economy. If you’ve lived in other countries, as I have, you will quickly see that, while people everywhere like to shop or at least window shop, they don’t have as much junk as we do. They don’t have Amazon packages arriving every few days, they aren’t making frequent Costco and Target “runs” and filling their homes with months of supplies, etc etc. Granted, one reason is that they tend to have smaller homes than we do, but they also aren’t as shopping/spending crazy as we are. Spending too much and saving too little is literally built into our consumer society.

Ok, so why were Americans savings at record levels PRE-COVID under the Trump administration?

I don’t know that to be true. Can you provide a link?

Our spending habits have little to do with who is president. They are baked into our culture. During Covid people saved money because they weren’t going out of their homes as much. Then, when things started opening up, they started spending again and many blew through their savings.

Right. I don't know of anyone who is not making money now, and I am working class in the Midwest. My Facebook feed us chock full of people going on trips and out to dinner.

And all the while claiming the economy is so bad!

My sister just bought a new RV
and then complains about the price of gas.

Midwest also. Got a notification from my back about my credit score. For the first time in my life I've hit the max possible. I have $27,000 in checking and savings. I'm also working class (although true enough kids are grown and house is paid for). Property taxes keep going up, which I don't like, but here gas is down to 2.78/gal. I'm careful about grocery shopping--every week I will pick up one or two items I consider grocery luxury (or else stock up on something, there's never a week when I have to buy groceries or starve) and still keep it to $50 or less.

How many people do you feed on $50 pet week?

Give us your typical grocery basket that feeds you for $50 weekly, is it bologna and white bread with Sav-Rite 2 liter diet cola?

[Anonymous]

Anonymous wrote:

Anonymous wrote:
This is great for Trump. Inflation is killing the vast majority.

What’s Trump’s solution to bring inflation down?

There is no Trump or Biden solution. The solution is fix a government that costs $16.8 Billion every day to finance. The spending has gone exponential. You cannot tax your way out of that

[Anonymous]

Anonymous wrote:New poster here and in political discussion as a whole. I am ACTUALLY middle (lower middle???) class and I totally agree the middle is stretched. What I am horrified about right now is that I am seeing LOTS of middle-class families with dependents like me who are used to getting that nice $1000-$1500 boost this time of year in the form of a tax refund and are now owing that amount of money— I’ve been seeing all over social media. Bad combo, I have a different bonus of $2500 coming in 2 weeks that I have never ever gotten before. I had big plans for it but now it is going 70% to freaking taxes for the first time ever.

Mark my works (I hate that phrase) this is going to be a crisis

Yeah, the Trump tax cuts for regular people expired but the tax cuts on corporations are permanent.