Economy

[DevoHusker]

10 minutes ago, JJ Husker said:

So millennials are doing better financially than the population as a whole? 78.3% must have some savings…. That has to be higher than any other demographic.

 

Some good info here https://www.nerdwallet.com/article/banking/data-2023-savings-report

 

The information from this article, in May of this year, would seem to contradict the earlier link that I posted...so your guess is as good as mine.

 

[BigRedBuster]

3 hours ago, DevoHusker said:

 

 

 

 

If that's the stat, I think that's pretty good.  

[JJ Husker]

1 hour ago, DevoHusker said:

 

Some good info here https://www.nerdwallet.com/article/banking/data-2023-savings-report

 

The information from this article, in May of this year, would seem to contradict the earlier link that I posted...so your guess is as good as mine.

 

I don’t have any links but it seems that most reports state that very few have any savings to speak of. Heck even this article says most couldn’t cover a $1,000 emergency. I’d say that qualifies as not having any savings to speak of. It seems many might put some in a savings account but apparently they are also drawing it out and spending it at the same clip. I wouldn’t consider that “savings” but rather budgeting for later payments.

 

Anyway, that’s why I commented on your millennials post. It seemed like really good news….but likely false.

[Archy1221]

Great job you clowns in elected office.   All the “well debt doesn’t matter” folks are getting what they asked for now.  
 

https://www.axios.com/2023/10/16/interest-rates-federal-debt

 

Why it matters: An upward shift in long-term interest rates is putting the government on track to spend much more on interest payments in the coming years than was anticipated just a few months ago.

• If current rates stay high and fiscal policy matches current forecasts, the cost of servicing those debts will surpass defense spending in 2025 and top Medicare spending in 2026.
• In the current fiscal year, interest spending is on track to surpass $800 billion, more than double 2021's $352 billion figure. In 2026, the government's net interest expense would reach 3.3% of GDP, the highest on record.
• Those numbers are from the Committee for a Responsible Federal Budget, on the assumption that rates remain 1 percentage point higher than in the Congressional Budget Office's forecasts, based on the CBO's rules of thumb.

 

How it works: Higher rates increase the burden of old debt — but not all at once. As the longer-term Treasury securities that were issued during the low-rate era (roughly 2008 to 2021) gradually mature, rolling over that debt will be more expensive.

• Some $207 billion in Treasury notes matured this month alone, originally issued in 2021, 2020, 2018, 2016 and 2013. Their weighted average interest rate was 1.2%, according to Axios calculations.
• They will be replaced by newly issued debt in the ballpark of 5%. The same thing is on track to happen every month for years to come.

Yes, but: Markets can shift abruptly, as the last few months show, so it's possible rates could return to something closer to their pre-pandemic norms in the years ahead, easing the pressure.

What they're saying: "Interest rates are higher than anyone anticipated, and if they remain high, interest costs will explode," Marc Goldwein, senior policy director for CRFB, tells Axios.

• "With interest rates well above expected economic growth rates, we also risk a debt spiral — especially if further borrowing pushes rates up more," he added.

[Crusader Husker]

I don't know what you are talking about.  The news keeps telling me the economy is great!  Ignore the $4+ per gallon gas I paid last weekend.  (OK, I was in the People's Republic of NY, so maybe that was why?)

[teachercd]

9 minutes ago, Crusader Husker said:

I don't know what you are talking about.  The news keeps telling me the economy is great!  Ignore the $4+ per gallon gas I paid last weekend.  (OK, I was in the People's Republic of NY, so maybe that was why?)

You can't blame gas prices on anyone person though.

 

Now, housing prices SUCK and so do prices at the store.  Does anyone even bother buying steak anymore?  Good lord.

[Archy1221]

38 minutes ago, Crusader Husker said:

I don't know what you are talking about.  The news keeps telling me the economy is great!  Ignore the $4+ per gallon gas I paid last weekend.  (OK, I was in the People's Republic of NY, so maybe that was why?)

That’s what everyone here says too,, but I guess my lying eyes, lying wallet, and lying published polls on economic approval aren’t seeing it.
 

Im about  to spend a week up in the People’s Republic of NYC over Thanksgiving and my bank account is already having pre-PTSD.  

[knapplc]

33 minutes ago, teachercd said:

Does anyone even bother buying steak anymore? 

 

This is why I have an upright freezer. When that stuff goes on sale, I stock up. Just had ribeyes over the weekend.

 

[teachercd]

5 minutes ago, Archy1221 said:

That’s what everyone here says too,, but I guess my lying eyes, lying wallet, and lying published polls on economic approval aren’t seeing it.
 

Im about  to spend a week up in the People’s Republic of NYC over Thanksgiving and my bank account is already having pre-PTSD.  

My grocery bill has gone up probably 20% or so and I don't even spend that much.  I can only imagine what that 20% looks like for a family of 4 or 5.  

 

It was 300 a week, now it is 360... 

 

So an additional 240+ each month

[teachercd]

3 minutes ago, knapplc said:

 

This is why I have an upright freezer. When that stuff goes on sale, I stock up. Just had ribeyes over the weekend.

 

Have you ever done a cow and had it cut up into what you wanted and freeze that?

 

Also, what is your policy on buying the super discounted meat (just about to "go bad") and freezing it?  Yay or Nay?

[knapplc]

1 minute ago, teachercd said:

Have you ever done a cow and had it cut up into what you wanted and freeze that?

 

Also, what is your policy on buying the super discounted meat (just about to "go bad") and freezing it?  Yay or Nay?

 

I went in with my dad on half a cow a few years ago. You end up with a lot of cuts you wouldn't normally buy, so it's not a great deal. 

 

Plus their beef short ribs were like 50% fat. 

[teachercd]

Not sure if these seems like a good deal or not

 

https://barrerasfamilyfarm.com/products/beef-shares?variant=43154796445937

Just now, knapplc said:

 

I went in with my dad on half a cow a few years ago. You end up with a lot of cuts you wouldn't normally buy, so it's not a great deal. 

 

Plus their beef short ribs were like 50% fat. 

Okay, I have heard that before.  It totally seems like it would be worth it but not many people that have done it say they would do it again.

[knapplc]

4 minutes ago, teachercd said:

Not sure if these seems like a good deal or not

 

https://barrerasfamilyfarm.com/products/beef-shares?variant=43154796445937

Okay, I have heard that before.  It totally seems like it would be worth it but not many people that have done it say they would do it again.

 

Yeah, this is the problem:

 

 

 

120lbs of hamburger would last me like five years. Not really a fan of rump roast, either. Just so much meat that I wouldn't use.

[Archy1221]

3 minutes ago, teachercd said:

My grocery bill has gone up probably 20% or so and I don't even spend that much.  I can only imagine what that 20% looks like for a family of 4 or 5.  

 

It was 300 a week, now it is 360... 

 

So an additional 240+ each month

Beef and pork prices are up even more than the 20%.  2 years ago you could get a three pack of 1lb  93% beef at Sams club for $3.50 a lb.    Now it’s $4.80.  These homemade pizza kits from Sam’s were $7.99 at that time now it’s $10.50.  Heck buying bacon is like buying a filet now a days. What was $4.99 is like $7.99

[teachercd]

1 minute ago, knapplc said:

 

Yeah, this is the problem:

 

 

 

120lbs of hamburger would last me like five years. Not really a fan of rump roast, either. Just so much meat that I wouldn't use.

I MIGHT go through a pound of ground beef each week, but probably more like 3 pounds in a month.  So yeah, that would last me forever too.