I didn't ask whether one lost "purchasing power". I want to know where the $2 went.
Where do you think it went?
Listen to Bill Holter's explanation of the system that all runs on credit.
If you think that it's the "greedy grocery stores" who are gouging the public, then you aren't likely to understand the cantillon effect or how banks benefit up front when they create money out of thin air, and then charge interest when they loan it out to every participant in the supply chain.
The $2 was absorbed by the supply chain, starting with the banks first - long before you bought the eggs at a higher price. The banks always come first, the consumer always comes last in this credit-based system.
What's YOUR explanation? Where do YOU think it went?
Q: Are You Printing Money? Bernanke: Not Literally
@blitzdude said:
This guy gets $3 for my eggs. I keep them cheap as my costs are low. Best deal in town.
My neighbor gets $6/lb for his organic hamburger from the butcher, the butcher processes and packages and bumps it up to $7.99.
Here in The Commonwealth it appears to have stayed in the community. RGDS!
I'm curious exactly how this works. Are you saying that your neighbor raises organic beef, has it processed by a local processor/butcher, who only buys ground beef from your neighbor to mark up and sell? Is the processor/butcher state inspected or federally inspected and who does the organic certification? Additionally, why does the butcher only buy ground beef from your neighbor and not any of the more valuable cuts?
@blitzdude said:
This guy gets $3 for my eggs. I keep them cheap as my costs are low. Best deal in town.
My neighbor gets $6/lb for his organic hamburger from the butcher, the butcher processes and packages and bumps it up to $7.99.
Here in The Commonwealth it appears to have stayed in the community. RGDS!
I'm curious exactly how this works. Are you saying that your neighbor raises organic beef, has it processed by a local processor/butcher, who only buys ground beef from your neighbor to mark up and sell? Is the processor/butcher state inspected or federally inspected and who does the organic certification? Additionally, why does the butcher only buy ground beef from your neighbor and not any of the more valuable cuts?
My neighbor raises cattle and has them slaughtered at a local butcher. The butcher processes and sells all the meat. The comment I was responding to was specifically in regard to hamburger and eggs. My neighbor yields approximately $6/lb for the ground burger and the butcher in turn sells for $7.99. If you want steak the per pound price is obviously more. Yes, the butcher is legit / inspected / certified. RGDS!
Fed / state / local governments via sales and business tax revenue.
The owners of the egg and beef stores.
The employees at the egg and beef stores.
The egg and beef store suppliers.
The transportation company and its employees who took the product to the stores.
The banks, from all the intermediate money deposits along the way from payroll checks, payments to the various suppliers.
Etc., etc.
This who got the money or where it went tangent on food/et-all-supplies is absolute garbage. Look to who's recording record profits. The companies that put the crap in the supermarkets, not the supermarkets. Start there and work your way all your way back down to the end consumer...that's who got the money, all of it, across the board divied up in however it worked out.
The real question is: who lost the money. Joe6P, who hasn't gotten a raise or has that can't beat the real inflation, who is spending what little savings that are/were there to make ends meet later, or is going into more debt to live, etc etc. Extra $2 here, extra $1.50 there...times whatever X every day. To think that is not in play in this conver, and to ignore it for the entire premise of being an antagonist, is ignorant.
I try to not pipe up on these threads cause it's futile with all of us that have been here forever listening to the same junk from each other, but this is a trash argument for the past few years trying to spin it as everything is fine and oh...look over here..these guys are cool so all good.
Urban vs rural is an entirely different ballgame in this giantass country...and to think some slice of Montana or Washington or WV or anywhere farm country or whatever is the same as what's going on in the cities and super-extended burbs is NOT what is happening in this country when it comes to finances/expenses/wages/all-out-living....
...somebody sell all of us on this garbage argument instead of empty questions and no discussion otherwise. been waiting decades for this here and never get it
OPEC didn't get much....with the exception of the Russian aggression which took the price per barrel north of 100 for about 6 months, the price has been between 65 and 85 with an average of about 75. During 2018 it was 70-75, so contrary to the alt-media, oil was a lot high from 2006-2008 and from 2010-2014.
Wingsrule, I think has the best grasp....the extra $2 was spread among everyone and everyhing that touched that product. Manufacturing, distribution, marketing...all shared in the higher prices.
I hear ya, Dr.Buster. we ain't all the same. We don't all live in the same areas. Some still live where most others have left....and it sucks for them. Some live where others have gone...and it is great for them. The guy that works in a manufacturing plant in Detroit may have a different view than the building contractor in Jacksonville.
Your point about wages though is way off base. Check out this graph..
That's nearly a 20% increase over 4 years. Now did J6P get ahead...of course not...because this 20% increase in wages is a major contributor to the inflation. J6P never gets ahead, unless he practices personal financial responsibility or betters his skillset or education. Many, many folk are getting starting wages of $35-40,000 per year. Right out of high school making 40g. That's incredible. No wonder everything cost so much.
Folk learn from asking questions. My apologies if that upsets you.
So here's the next question(s)....how do we correct the inflation? Take away or lower the income from the workers? Take income away corporations? What does that economy look like? Lower income, lower spending, lower growth, rising unemployment, lower asset prices? Then I'll ask again, where did all the money go?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Easy way to correct the inflation (assuming that 2% inflation is a legal target)... limit federal deficits to no more than 2% of GDP. Inflation would disappear in months.
@DrBuster said:
The new hidden non-inflation: you're losing ounces of product in the same size box for the same price. But we won't count that since that's not what the sheeple need to hear right now.
Anybody notice the girl scout cookies, thin mints in particular, are about 8-10 cookies less than last year.
@DrBuster said:
The new hidden non-inflation: you're losing ounces of product in the same size box for the same price. But we won't count that since that's not what the sheeple need to hear right now.
Anybody notice the girl scout cookies, thin mints in particular, are about 8-10 cookies less than last year.
I quit buying them 11 years ago for that reson!
Often wondered if cookie box weight was correct. How many consumers would bother to weigh them. Only have to short a few per box and many never noticing it. Multiply those 1 or 2 by 100,000 boxes and there are that many more boxes to make up to sell by skimming those few. This theory is based on a box that has cookies sold by weight not by a total number count like GS boxes are sold. 100% profit.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
Saw an idiot on a local Costco center facebook group complaining about the muffins now. I guess they went from a double pack (12 or 16 or something), together, to smaller muffins in a single grouping of like 8 muffins, but that the price per muffin went up.
This person was REALLY upset and then tried to say that Costco was ripping people off because the increase in price was ~62% per ounce and government reported inflation wasn't near that.
Given that most of Costco's items are priced at 12% markup (that's what it used to be) it's hard to believe and so when told that not everything goes up by government reported inflation rates and some items are more, he couldn't handle it.
Some people are scaring in that they are left out in the wild and can't think logically...only by what the government tells them.
Lol.... and now inflation is hitting Mega Millions Lottery tickets!? Price is going to increase from $2 to $5 starting march 2025. Not sure why? They claim it will be "new and improved game"....
I can understand that jackpots can certainly reach higher levels... but the current game has reached a billion dollars? before. Is a higher jackpot really needed? I guess millions and billions of dollars just don't buy as much as it used to! Really doesn't matter much to me, as I am not normally a player. Oh well... so it goes.
Lol.... well, maybe inflation IS gone! Yearly cost of living adjustment for Social Security recipients will increase..... only 2.5% next year! All is good! (and yes, we all know that Social Security was never intended to provide a full living financial coverage/wage).
Only 2.5% inflation this year? Almost an insult (though I'm sure everyone will take whatever crumbs they can from the broken system ponzi scheme).
I plan as if Social Security won't be there at all by the time I retire. If by chance it is well then there's some extra $$$ to purchase the Au. Anyone who relies on SS for retirement certainly didn't plan properly. RGDS!
@tincup said:
Lol.... well, maybe inflation IS gone! Yearly cost of living adjustment for Social Security recipients will increase..... only 2.5% next year! All is good! (and yes, we all know that Social Security was never intended to provide a full living financial coverage/wage).
Only 2.5% inflation this year? Almost an insult (though I'm sure everyone will take whatever crumbs they can from the broken system ponzi scheme).
Higher COLA's indicate a troubled economy. Image/perception is everything.
Successful transactions:Tookybandit. "Everyone is equal, some are more equal than others".
@blitzdude said:
I plan as if Social Security won't be there at all by the time I retire. If by chance it is well then there's some extra $$$ to purchase the Au. Anyone who relies on SS for retirement certainly didn't plan properly. RGDS!
Absolutely blitz. That's the attitude I took many years ago, and glad I did so.
Many years ago, when a young buck, I tried to figure out a way to opt out of the social security ponzi scheme. Yeah right. We are all forced into it.
@tincup said:
Lol.... well, maybe inflation IS gone! Yearly cost of living adjustment for Social Security recipients will increase..... only 2.5% next year! All is good! (and yes, we all know that Social Security was never intended to provide a full living financial coverage/wage).
Only 2.5% inflation this year? Almost an insult (though I'm sure everyone will take whatever crumbs they can from the broken system ponzi scheme).
Higher COLA's indicate a troubled economy. Image/perception is everything.
Yep... especially in an election year. Now, the COLA can even be used as a talking point, to show everyone everything is great! I also saw a 'news' article a couple of days ago, that claimed grocery prices are now lower than in 2019! Not sure what world they are living in, I certainly am not seeing that. But then maybe it is I who is in Bizarro World....
@blitzdude said:
I plan as if Social Security won't be there at all by the time I retire. If by chance it is well then there's some extra $$$ to purchase the Au. Anyone who relies on SS for retirement certainly didn't plan properly. RGDS!
Absolutely blitz. That's the attitude I took many years ago, and glad I did so.
Many years ago, when a young buck, I tried to figure out a way to opt out of the social security ponzi scheme. Yeah right. We are all forced into it.
Not exactly true. All my Amish neighbors pay 0 social security tax. When I was in Texas every public school teacher I knew did not pay social security tax either. I believe there are many states where teachers are exempt. RGDS!
Members of certain religious groups may be exempt from paying Social Security taxes. They must waive their rights to benefits, including hospital insurance benefits. They must also be a member of a religious sect that's conscientiously opposed to receiving private death and retirement benefits and provides food, shelter, and medical care to its members.
Most foreign students, scholars, teachers, and researchers are exempt if they're nonimmigrant and nonresident aliens.
Foreign citizens who work in the U.S. for a foreign government such as diplomats or consular officials don't have to pay in, either.
State and local government employees who are covered under a public retirement plan don't have to pay twice by paying into Social Security as well.
Self-employed workers who make less than $400 annually don't have to worry about paying Social Security taxes.
Individuals are also exempt from paying the tax on any earnings over the $168,600 threshold as of 2024. This earnings limit is adjusted annually to keep pace with inflation.
The Social Security tax rate is 6.2% each for the employee and employer, for a total of 12.4% as of 2024. You must pay both the employee and employer portions if you're self-employed and have an income of more than $400 per year.
Wifey is a teacher in GA from NY. GA has a 401b I think and they don't pay into SS, which is kinda crappy.
When we got married and she moved down here she even asked SSA about doing a self contribution on top of the retirement fund thing and they said no, can't do it in those states period, and no SS credits for those years where there was no contribution. Both of us have not been a fan of that whole program at the end of the day.
Most people forget that social security is "supplemental" income.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Like most inflationary periods, the ‘70s woes trace back to bad monetary policy and too much government spending. The primary difference I see today is the magnitude of the problem we face. It’s far more severe, and the Fed has fewer options. If anything, gold may be even more important today than it was in the 70s."
Note how gold performed during that same 70's inflation growth:
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@derryb said:
Most people forget that social security is "supplemental" income.
Quite a few do. But doesn't change the fact that the US gov finessed the numbers to get a comparatively low inflation rate just in time for the wonderful 2.5% COLA increase. Not even close to what is being experienced in real life, And as I mentioned, almost an insult..... other than at least it is something and better than nothing.
We may not have (or had) much choice on whether we want to participate in the Social Security Ponzi scheme.... but best to plan wisely and save and invest on your own also, and do not count on Social Security.
And yes derryb, I've been seeing references that inflation is getting set to run up again. The lower? trend we have seen has been result of some good planning and messaging of numbers.... for an election year and the COLA.
@tincup said:
And yes derryb, I've been seeing references that inflation is getting set to run up again. The lower? trend we have seen has been result of some good planning and messaging of numbers.... for an election year and the COLA.
and to reduce the interest on the national debt.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
@tincup said:
And yes derryb, I've been seeing references that inflation is getting set to run up again. The lower? trend we have seen has been result of some good planning and messaging of numbers.... for an election year and the COLA.
and to reduce the interest on the national debt.
ABSOLUTELY a top reason for 'pretending' that inflation is low!
@derryb said:
Most people forget that social security is "supplemental" income.
My 21 and 18 year old kids have resigned to themselves they will never get it.
No one should count on getting SS but longevity is crashing like a stone. Even small decreases in how long we live have a huge impact on the health of this "Security".
@derryb said:
Most people forget that social security is "supplemental" income.
My 21 and 18 year old kids have resigned to themselves they will never get it.
No one should count on getting SS but longevity is crashing like a stone. Even small decreases in how long we live have a huge impact on the health of this "Security".
If the government would just allow assisted suicide for those with fatal conditions or the failures associated with extreme age then people could check out with their finances, families, and dignity intact. The savings to ss would be enormous. It would have limited benefit to the "health care system" because it's based in greed, waste, and inefficiency but it would fix social security for a couple more generations.
Inflation does more than devalue the currency's purchasing power.
As wage demands increase (and are met), the income tax bracket creep will amount to a tax increase as more people will be bumped into higher brackets. Pretty sneaky way to milk the public more.
Q: Are You Printing Money? Bernanke: Not Literally
@jmski52 said:
Inflation does more than devalue the currency's purchasing power.
As wage demands increase (and are met), the income tax bracket creep will amount to a tax increase as more people will be bumped into higher brackets. Pretty sneaky way to milk the public more.
Tax brackets are indexed to inflation so no "sneaky milking". I'm surprised you don't know that.
If they must index to inflation, I propose measuring inflation the way that John Williams measures it - the way it was historically measured in the 1970s.
Q: Are You Printing Money? Bernanke: Not Literally
@jmski52 said:
If they must index to inflation, I propose measuring inflation the way that John Williams measures it - the way it was historically measured in the 1970s.
Yes...the glory days of the 70's. Peace and love.
Why not use the 1870s?
Time and technology have passed you by Jmski.
Williams' calculations have been proven incorrect by multiple independent studies.
Me thinks you are just earning much more on your fixed income investments which has pushed you to a higher bracket.
The cost of the Aldi basket this year is lower than what the store charged for its 2019 basket, a spokesperson told MarketWatch
Lol.
I used to spend 30% of my grocery budget at Aldi's. Their prices are so high on most things that it's down to about 10%. What I do buy is 30% more but prices are up similarly everywhere else.
Part of it is that I make a lot fewer trips because there aren't many savings any longer. I could buy more stuff at Aldi's but then I'd have to be there to do it.
Oh. I didn't notice this concerned Thanksgiving. I've never bought anything at Aldis for this holiday except bread for the stuffing, salt, eggs, and milk. These are all higher and my local store often gouges on both eggs and milk so I never include them on a shopping list.
The cost of the Aldi basket this year is lower than what the store charged for its 2019 basket, a spokesperson told MarketWatch
Yes, being selective as to where one shops certainly makes a difference. No doubt there has been some inflation but it is minimal if you planned accordingly. RGDS!
Comments
Still wanting to know who got the other $2 from the eggs and $3 from hamburger.
The banks got the money up front. You lost purchasing power, and you don't even realize it.
I knew it would happen.
Banks don't sell eggs.
I didn't ask whether one lost "purchasing power". I want to know where the $2 went.
Knowledge is the enemy of fear
>
OPEC
Banks don't sell eggs.
I didn't ask whether one lost "purchasing power". I want to know where the $2 went.
Where do you think it went?
Listen to Bill Holter's explanation of the system that all runs on credit.
If you think that it's the "greedy grocery stores" who are gouging the public, then you aren't likely to understand the cantillon effect or how banks benefit up front when they create money out of thin air, and then charge interest when they loan it out to every participant in the supply chain.
The $2 was absorbed by the supply chain, starting with the banks first - long before you bought the eggs at a higher price. The banks always come first, the consumer always comes last in this credit-based system.
What's YOUR explanation? Where do YOU think it went?
I knew it would happen.
I'm curious exactly how this works. Are you saying that your neighbor raises organic beef, has it processed by a local processor/butcher, who only buys ground beef from your neighbor to mark up and sell? Is the processor/butcher state inspected or federally inspected and who does the organic certification? Additionally, why does the butcher only buy ground beef from your neighbor and not any of the more valuable cuts?
Philippians 4:4-7
My neighbor raises cattle and has them slaughtered at a local butcher. The butcher processes and sells all the meat. The comment I was responding to was specifically in regard to hamburger and eggs. My neighbor yields approximately $6/lb for the ground burger and the butcher in turn sells for $7.99. If you want steak the per pound price is obviously more. Yes, the butcher is legit / inspected / certified. RGDS!
The whole worlds off its rocker, buy Gold™.
Who got the extra money? The list is long.
Fed / state / local governments via sales and business tax revenue.
The owners of the egg and beef stores.
The employees at the egg and beef stores.
The egg and beef store suppliers.
The transportation company and its employees who took the product to the stores.
The banks, from all the intermediate money deposits along the way from payroll checks, payments to the various suppliers.
Etc., etc.
This who got the money or where it went tangent on food/et-all-supplies is absolute garbage. Look to who's recording record profits. The companies that put the crap in the supermarkets, not the supermarkets. Start there and work your way all your way back down to the end consumer...that's who got the money, all of it, across the board divied up in however it worked out.
The real question is: who lost the money. Joe6P, who hasn't gotten a raise or has that can't beat the real inflation, who is spending what little savings that are/were there to make ends meet later, or is going into more debt to live, etc etc. Extra $2 here, extra $1.50 there...times whatever X every day. To think that is not in play in this conver, and to ignore it for the entire premise of being an antagonist, is ignorant.
I try to not pipe up on these threads cause it's futile with all of us that have been here forever listening to the same junk from each other, but this is a trash argument for the past few years trying to spin it as everything is fine and oh...look over here..these guys are cool so all good.
Urban vs rural is an entirely different ballgame in this giantass country...and to think some slice of Montana or Washington or WV or anywhere farm country or whatever is the same as what's going on in the cities and super-extended burbs is NOT what is happening in this country when it comes to finances/expenses/wages/all-out-living....
...somebody sell all of us on this garbage argument instead of empty questions and no discussion otherwise. been waiting decades for this here and never get it
OPEC didn't get much....with the exception of the Russian aggression which took the price per barrel north of 100 for about 6 months, the price has been between 65 and 85 with an average of about 75. During 2018 it was 70-75, so contrary to the alt-media, oil was a lot high from 2006-2008 and from 2010-2014.
Wingsrule, I think has the best grasp....the extra $2 was spread among everyone and everyhing that touched that product. Manufacturing, distribution, marketing...all shared in the higher prices.
I hear ya, Dr.Buster. we ain't all the same. We don't all live in the same areas. Some still live where most others have left....and it sucks for them. Some live where others have gone...and it is great for them. The guy that works in a manufacturing plant in Detroit may have a different view than the building contractor in Jacksonville.
Your point about wages though is way off base. Check out this graph..
https://fred.stlouisfed.org/series/CES0500000003
That's nearly a 20% increase over 4 years. Now did J6P get ahead...of course not...because this 20% increase in wages is a major contributor to the inflation. J6P never gets ahead, unless he practices personal financial responsibility or betters his skillset or education. Many, many folk are getting starting wages of $35-40,000 per year. Right out of high school making 40g. That's incredible. No wonder everything cost so much.
Folk learn from asking questions. My apologies if that upsets you.
So here's the next question(s)....how do we correct the inflation? Take away or lower the income from the workers? Take income away corporations? What does that economy look like? Lower income, lower spending, lower growth, rising unemployment, lower asset prices? Then I'll ask again, where did all the money go?
Knowledge is the enemy of fear
money always floats to the top
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Easy way to correct the inflation (assuming that 2% inflation is a legal target)... limit federal deficits to no more than 2% of GDP. Inflation would disappear in months.
I quit buying them 11 years ago for that reson!
Often wondered if cookie box weight was correct. How many consumers would bother to weigh them. Only have to short a few per box and many never noticing it. Multiply those 1 or 2 by 100,000 boxes and there are that many more boxes to make up to sell by skimming those few. This theory is based on a box that has cookies sold by weight not by a total number count like GS boxes are sold. 100% profit.
Yep.... shrinkflation in action. Girl Scout cookies are just like the rest of the economy.... getting less for more money.
Saw an idiot on a local Costco center facebook group complaining about the muffins now. I guess they went from a double pack (12 or 16 or something), together, to smaller muffins in a single grouping of like 8 muffins, but that the price per muffin went up.
This person was REALLY upset and then tried to say that Costco was ripping people off because the increase in price was ~62% per ounce and government reported inflation wasn't near that.
Given that most of Costco's items are priced at 12% markup (that's what it used to be) it's hard to believe and so when told that not everything goes up by government reported inflation rates and some items are more, he couldn't handle it.
Some people are scaring in that they are left out in the wild and can't think logically...only by what the government tells them.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
Even scarier is the people that can't think logically and only believe what facebook, youtube, tweeter etc. tells them. It's a crazy world. RGDS!
The whole worlds off its rocker, buy Gold™.
RGDS!
The whole worlds off its rocker, buy Gold™.
lol, blitz, you should look at your own chart.
Your antipathy towards silver simply makes no sense.
I knew it would happen.
Lol.... and now inflation is hitting Mega Millions Lottery tickets!? Price is going to increase from $2 to $5 starting march 2025. Not sure why? They claim it will be "new and improved game"....
I can understand that jackpots can certainly reach higher levels... but the current game has reached a billion dollars? before. Is a higher jackpot really needed? I guess millions and billions of dollars just don't buy as much as it used to! Really doesn't matter much to me, as I am not normally a player. Oh well... so it goes.
Lol.... well, maybe inflation IS gone! Yearly cost of living adjustment for Social Security recipients will increase..... only 2.5% next year! All is good! (and yes, we all know that Social Security was never intended to provide a full living financial coverage/wage).
Only 2.5% inflation this year? Almost an insult (though I'm sure everyone will take whatever crumbs they can from the broken system ponzi scheme).
I plan as if Social Security won't be there at all by the time I retire. If by chance it is well then there's some extra $$$ to purchase the Au. Anyone who relies on SS for retirement certainly didn't plan properly. RGDS!
The whole worlds off its rocker, buy Gold™.
Higher COLA's indicate a troubled economy. Image/perception is everything.
Absolutely blitz. That's the attitude I took many years ago, and glad I did so.
Many years ago, when a young buck, I tried to figure out a way to opt out of the social security ponzi scheme. Yeah right. We are all forced into it.
Yep... especially in an election year. Now, the COLA can even be used as a talking point, to show everyone everything is great! I also saw a 'news' article a couple of days ago, that claimed grocery prices are now lower than in 2019! Not sure what world they are living in, I certainly am not seeing that. But then maybe it is I who is in Bizarro World....
It is what it is.
Not exactly true. All my Amish neighbors pay 0 social security tax. When I was in Texas every public school teacher I knew did not pay social security tax either. I believe there are many states where teachers are exempt. RGDS!
The whole worlds off its rocker, buy Gold™.
Who Is Exempt from Paying Social Security?
Members of certain religious groups may be exempt from paying Social Security taxes. They must waive their rights to benefits, including hospital insurance benefits. They must also be a member of a religious sect that's conscientiously opposed to receiving private death and retirement benefits and provides food, shelter, and medical care to its members.
Most foreign students, scholars, teachers, and researchers are exempt if they're nonimmigrant and nonresident aliens.
Foreign citizens who work in the U.S. for a foreign government such as diplomats or consular officials don't have to pay in, either.
State and local government employees who are covered under a public retirement plan don't have to pay twice by paying into Social Security as well.
Self-employed workers who make less than $400 annually don't have to worry about paying Social Security taxes.
Individuals are also exempt from paying the tax on any earnings over the $168,600 threshold as of 2024. This earnings limit is adjusted annually to keep pace with inflation.
The Social Security tax rate is 6.2% each for the employee and employer, for a total of 12.4% as of 2024. You must pay both the employee and employer portions if you're self-employed and have an income of more than $400 per year.
My US Mint Commemorative Medal Set
Wifey is a teacher in GA from NY. GA has a 401b I think and they don't pay into SS, which is kinda crappy.
When we got married and she moved down here she even asked SSA about doing a self contribution on top of the retirement fund thing and they said no, can't do it in those states period, and no SS credits for those years where there was no contribution. Both of us have not been a fan of that whole program at the end of the day.
Most people forget that social security is "supplemental" income.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
The Next Wave(s) of Inflation
"Like most inflationary periods, the ‘70s woes trace back to bad monetary policy and too much government spending. The primary difference I see today is the magnitude of the problem we face. It’s far more severe, and the Fed has fewer options. If anything, gold may be even more important today than it was in the 70s."
Note how gold performed during that same 70's inflation growth:
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Quite a few do. But doesn't change the fact that the US gov finessed the numbers to get a comparatively low inflation rate just in time for the wonderful 2.5% COLA increase. Not even close to what is being experienced in real life, And as I mentioned, almost an insult..... other than at least it is something and better than nothing.
We may not have (or had) much choice on whether we want to participate in the Social Security Ponzi scheme.... but best to plan wisely and save and invest on your own also, and do not count on Social Security.
And yes derryb, I've been seeing references that inflation is getting set to run up again. The lower? trend we have seen has been result of some good planning and messaging of numbers.... for an election year and the COLA.
My 21 and 18 year old kids have resigned to themselves they will never get it.
and to reduce the interest on the national debt.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
ABSOLUTELY a top reason for 'pretending' that inflation is low!
It's sad... but very smart for them to do so. I took that approach years ago, and glad I did so. Ponzi schemes do not perpetrate forever.
No one should count on getting SS but longevity is crashing like a stone. Even small decreases in how long we live have a huge impact on the health of this "Security".
If the government would just allow assisted suicide for those with fatal conditions or the failures associated with extreme age then people could check out with their finances, families, and dignity intact. The savings to ss would be enormous. It would have limited benefit to the "health care system" because it's based in greed, waste, and inefficiency but it would fix social security for a couple more generations.
Inflation does more than devalue the currency's purchasing power.
As wage demands increase (and are met), the income tax bracket creep will amount to a tax increase as more people will be bumped into higher brackets. Pretty sneaky way to milk the public more.
I knew it would happen.
Tax brackets are indexed to inflation so no "sneaky milking". I'm surprised you don't know that.
https://taxfoundation.org/data/all/federal/2025-tax-brackets/
Knowledge is the enemy of fear
https://www.marketwatch.com/story/walmart-and-aldi-are-trying-to-one-up-each-other-with-supercheap-thanksgiving-meals-and-other-retailers-are-waiting-in-the-wings-13d737a6?mod=mw_quote_news
The cost of the Aldi basket this year is lower than what the store charged for its 2019 basket, a spokesperson told MarketWatch
Knowledge is the enemy of fear
Tax brackets are indexed to inflation so no "sneaky milking". I'm surprised you don't know that.
They are never indexed in favor of the taxpayer, are they?
I knew it would happen.
They increase.
What would you propose?
Knowledge is the enemy of fear
If they must index to inflation, I propose measuring inflation the way that John Williams measures it - the way it was historically measured in the 1970s.
I knew it would happen.
Yes...the glory days of the 70's. Peace and love.
Why not use the 1870s?
Time and technology have passed you by Jmski.
Williams' calculations have been proven incorrect by multiple independent studies.
Me thinks you are just earning much more on your fixed income investments which has pushed you to a higher bracket.
Knowledge is the enemy of fear
Williams' calculations have been proven incorrect by multiple independent studies.
Who paid for the studies? The Fed?
MMT is a losing BS proposition.
Me thinks you are just earning much more on your fixed income investments which has pushed you to a higher bracket.
You think wrong.
I knew it would happen.
Lol.
I used to spend 30% of my grocery budget at Aldi's. Their prices are so high on most things that it's down to about 10%. What I do buy is 30% more but prices are up similarly everywhere else.
Part of it is that I make a lot fewer trips because there aren't many savings any longer. I could buy more stuff at Aldi's but then I'd have to be there to do it.
Oh. I didn't notice this concerned Thanksgiving. I've never bought anything at Aldis for this holiday except bread for the stuffing, salt, eggs, and milk. These are all higher and my local store often gouges on both eggs and milk so I never include them on a shopping list.
Yes, being selective as to where one shops certainly makes a difference. No doubt there has been some inflation but it is minimal if you planned accordingly. RGDS!
The whole worlds off its rocker, buy Gold™.
https://www.newsnationnow.com/business/target-holiday-prices/
By the end of the holiday season, Target said they will have lowered prices on over 10,000 items during the year
Knowledge is the enemy of fear
As is the usual practice during the holiday season. Or, are you trying to hint that inflation is over?
https://corporate.target.com/press/release/2024/05/target-will-help-consumers-save-big-by-lowering-prices-on-5,000-frequently-shopped-items
They've been cutting prices since May.
No, inflation is not "over". We are, and have been, in a period of disinflation. Would you like deflation?
Knowledge is the enemy of fear