• Semi-Hemi-Lemmygod@lemmy.world
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    7 months ago

    I guess the economy really is doing great. Which is somehow worse, because if this is what a good economy looks like I don’t want to imagine what a bad one looks like.

    Two thirds of people can’t handle a $500 expense. Three quarters don’t have a month of expenses saved. And a third of people making over $100,000 a year are living paycheck to paycheck. (Source 2023)

    So maybe the problem isn’t that the economy is broken and needs fixed, but that it’s working correctly and needs replaced.

    • Cryophilia@lemmy.world
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      7 months ago

      I think the problem is lemmy is so privileged that none of you have ever known any actual poor people, which is the group benefiting most from Bidens economy. The middle class (which is what all you people are, no you’re not “working class”, that’s not a thing, you’re middle class) is about the same. The upper class is slightly worse off, but they started so far ahead it’s difficult to tell that without looking at the stats.

      • iheartneopets@lemm.ee
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        7 months ago

        Oh please, do get off your high horse. My entire family is poor as shit and everyone is struggling. Also, “upper”, “middle”, “lower”, all just words meant to divide this working class you disavow against itself against the capitalist class.

        If you work to earn your living instead of letting your investments do it for you, you’re working class.

        • Cryophilia@lemmy.world
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          7 months ago

          Exactly, so the single mom struggling on $12k/yr and the corporate executive making $5 million/yr are both “working class”. It’s such a broad category it’s useless, except to provide cover for people making a lot of money who want to pretend they’re poor.

        • Cryophilia@lemmy.world
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          7 months ago

          Easy:

          Dear Semi-Hemi-Lemmygod’s boss. There is no such thing as “working class”. It’s a useless distinction. Thank you.

    • spujb@lemmy.cafe
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      7 months ago

      maybe i am dumb so please help me out here but

      35% of people making more than $100k per year are living paycheck to paycheck

      how is this an indication of a significant struggle? $100k is a shit ton of money, no? that’s the fabled six figures? and that includes people making more? could not “living paycheck to paycheck” be chalked up to maxing out IRAs and 401ks followed by a decent chunk of using disposable income?

      edit thanks 4 the downvotes to my genuine question you guys are truly amazing 😻😇😎 my time on this website is better because of you ✨💫🤩

      • soEZ@lemmy.world
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        7 months ago

        Because many ppl that earn that kind of cash live in high col area…where ur expenses eat up everything unless u are dual income. In bay area u pay 3k a month for an apartment…and food/gas bills easely add up to 2k…its rough…

        • spujb@lemmy.cafe
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          7 months ago

          thanks for the response this makes a lot of sense

          i guess my mind cannot comprehend the finances of someone making more than i’ll ever hope to see 😭 so i have a hard time feeling bad for that population segment but maybe that’s something i should self reflect on

          • CmndrShrm@lemmy.world
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            7 months ago

            It’s one of those things where the money sounds good until you realize you also have to live somewhere expensive to get it.

            I could conceivably move to somewhere like ND and save a ton of money on housing and the necessities, but the limited job market could also mean that I would be unable to continue in the same career.

            And switching jobs sound great, unless you’re in an industry seeing large changes post-pandemic. It’s certainly kept me from jumping ship. At least until I see my area of work stabilize.

            To add to it, I am doing alright overall. But my student loans kicked back in, food prices have climbed, even my monthly utilities have increased as of a few months ago. So I might not be worried about keeping the lights on, I do feel the pinch and it doesn’t make me feel overjoyed about the economy.

      • Semi-Hemi-Lemmygod@lemmy.world
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        7 months ago

        Once you get that fabled six figures you start doing things like getting married, buying a house, and starting a family. Child care is expensive. Health care for children is expensive. Houses are expensive, especially maintenance.

        If someone has a family of four and is making $100,000 a year I can definitely see them living paycheck to paycheck.

        • spujb@lemmy.cafe
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          7 months ago

          my opinion has already been swayed by other comments but this is not one of them, sorry haha

          i know many people with families, children, and houses who make less than half of six figures, who may never hope to get six figures

      • AA5B@lemmy.world
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        7 months ago

        I also think it’s not as good an income as you expect. While every place has a range of incomes, in general, you’ll get six figure incomes in high cost of living areas. Sure it’s a higher income, sure it’s probably better but after accounting for how much extra everything costs, it’s not that much better

        Where I live, plenty of people are making six figures, but the cheapest single family home will be well over $500k and even older run down houses are approaching $1M. Combine that with higher interest and my point is that $100k income may sound like a lot to many of you, that income level is common here but you can’t buy a house on it. Given how expensive cars are, you probably aren’t driving a new car. You’re probably not buying the latest electronics. You’re probably not going out to eat very often. You’re not hiring a house keeper or yard guy. And if you do any of these, you no longer have disposable income. It may be well over median income but you’re not getting any of the trappings of “well off”

    • somethingchameleon@lemmy.ca
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      7 months ago

      And a third of people making over $100,000 a year are living paycheck to paycheck.

      Okay. That’s their fault, lol.

      You can literally buy a house for <$100k. These people just feel entitled to live in major cities and cook none of their meals.