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A staggering 80% of American households are financially worse off than they were before COVID-19
(finance.yahoo.com)
this post was submitted on 07 Nov 2023
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I know it's hot to blame price hikes rn, and there's some bullshit going on with housing prices, but I'm going to need to see some household budget details before I break out the violin.
I've seen so many otherwise-defined-as-adults make very poor financial decisions for decades. Lifestyle creep is real.
Everyone has a budget they stick to, right? This isn't a years-long delay on an inevitable recession due to tonedeaf revenge spending to counter existential depression, right?
I think the biggest factor is probably the hyper inflationary period we're exiting (have exited?) which many companies used as an excuse to jack up prices much further than they needed to. Anyone who did not receive a raise in the last 24-36 months has effectively received a 10-20% paycut.
I can feel it in my own families finances. I went back to college and now make as much as my wife and I did combined in 2020 while my wife is now a stay at home mom and the money isn't stretching as far as it was in 2020. On the upside my income ceiling is now significantly higher than it was, and my wife wants to start working again once the kids are in school
I'm sure we're all just eating to much avocado toast and eating out too often.