The only thing I've really noticed day-to-day was that eggs have finally gone back down significantly, but that's a bird flu issue more than economy.Leisher wrote: Wed Jul 12, 2023 3:50 pm Ok fair, and I'm not throwing shade at you or anything. I'm just making the argument that inflation dropping is great, but until it translates to real prices people see on a day to day basis, it means nothing to them.
So... 1) A GIANT amount of money was stuffed into the economy, prices aren't going back to where they were. If you picture a simple economy of like 10 people where everyone has $10, and then suddenly everyone has $15, prices will also go up 50%, because the money supply grew. 2) Prices will go wherever the equilibrium in the market takes them. If people will pay X for something, why not get X? Why get 80% of X?
I think median household income where I live is like $107k. (Toledo, OH is like $40k, I know you're not quite in Toledo any more, but close). Most of the grumbling is about cars + houses + vacations.Leisher wrote: Wed Jul 12, 2023 3:50 pm Maybe you travel in better circles than I do (I live in a factory town, so very likely), but I hear a lot of grumbling about prices and the cost of living. I've also seen an increase in the number of posts I see on FB and Twitter about it too.
Fundamentally, I think wages need to go up. Raising minimum wage would make a big difference in a lot of lives, for example.
Rent is getting weird. Corporate ownership of housing (apartments, houses, etc) is growing and has been for many years. This has helped raise housing prices a lot with the extra demand. And now, instead of buying houses, more people are becoming renters.
According to Statista, in 2021, 34% of U.S. households were rented, which represents 35% of the U.S. population. This number has been increasing since 2010