It has long been a rule of thumb to have $1 million saved for a comfortable retirement; but, thanks to inflation, the youngest generation of workers likely will need three times as much. According to...
Reminder that inflation isn't a phenomenon that's beyond our understanding or ability to control. Inflation is the result of business owners choosing to raise prices in order to increase their rate of profit. That's all it is.
Businesses were willing to charge more before, and have always been greedy. So what changed?
It's the result of Fed creating trillions of dollars and then immediately using that money to prop up the stock market by adding to their balance sheet.
This is essentially giving cash to stockholders. Since 10% of the population owns 90% of stocks, that's a big cash handout to the richest segment of society.
Stock owners can sell their stocks, and get the inflated price thanks to Fed cash. Or they can use the inflated price for collateral on loans.
Meanwhile this money does not go to workers, they instead deal with the consequences: their real wages drop, and the minimum wage now buys much less than it used to, erasing labor protections.
The recent inflation is caused by government controlled by capital giving welfare to the richest. It's not so simple as "they suddenly realized they should raise prices".
If the main cause is increased monetary supply, it's going to get far worse as the world de-dollarizes.
The USD enjoys an exorbitant privilege because its the world's premier reserve and trading currency. Under the old rules, if the Fed printed more money, other countries would buy it to settle their international trade and as a safe harbor for their wealth.
The extraordinary sanctions against Russia have caused countries to shift to other currencies to settle trade since they still want/need to buy oil, gas, and food from Russia. That means that there's going to be a lot more USD with no foreign escape valve.
Nothing really changed, business have been jacking up prices while suppressing wages this whole time. It's not really a new phenomenon. The fed printing money created more liquidity, but that doesn't directly create inflation which is the rise in prices of goods and service. That's done by people who control pricing which are the business owners.
Not that I disagree with you at all, but we all want raises every year too. For you to get paid more you either need to take a higher level job or get a raise.
If course, inflation has exceed wage growth for a long time, but it's not quite as simple as business owners just raising prices.
You're thinking about this from an individualistic perspective, but the problem is systemic. As long as somebody has to do thejobb that means somebody is getting fucked. If majority of jobs aren't paying enough then most people are being screwed.
And yes it is literally as simple as business owners choosing to raise prices while keeping wages down.
If we continued to do the same job, and the cost of living remained the same, most people wouldn't think much of it. The problem still comes back to the business owners -- they expect you to do more for the same pay, including firing someone and expecting you to also do that second job on top of your regular work for the same paycheck. Then when people demand a raise the business owner justifies raising their costs under the umbrella of "people just don't want to work any more" when the reality is that what changed is the huge increase in how much that business owner is taking home themselves while delegating their own job to underlings.
Bold of this article to think the fundamentals of the economy will survive the coming climate apocalypse. Where the hell can I invest my money in growth when everything is either burning or flooding. Coffins?!?
God dang Porkys butthole. Every time Looney Toons come on, y'all put Porky's Butthole on. I figure last night and the second cartoon come on, it was Porky's friggin' ol' Butthole. I said surely y'all ain't gonna put last till Porky's freakin' Butthole. I don't see why in the heck you think these dang ol' youngins are - cause they gonna Porky's dang ol' Butthole time after time, after time, after that time, and don't ever get tired of it.
that's the neat part; humanity has done this so many times that we keep getting better at letting it get really, really, REALLY bad before people take action and we're very far away from enough of us taking action to accomplish anything.