My gen Z kid just got her first real job with benefits and an actual salary. She had to move from a red state to a blue state to make that happen. The raise more than covers the cost of living increase.
What have you done today to make the world a better place?
I’m not happy about the stock market. President Joe Biden is quite happy that the last months inflation rate was only a percentage point. Maybe he expected worse and didn’t tell us?
The “inflation reduction act” is such an Orwellian name. If I let myself get creeped out by things like this I would be creeped out. But I just think of it as more government shenanigans so what else is new, yawn.
To assume one of the longest bull market in history would continue forever could be a mistake in financial planning for some, but that and Trump tax cuts certainly put a lot of money into the economy for consumers to increase demand and ramp prices up. If history is any indication there will always be cycles and after things get bad they will get better.
I suspect the specifics of the so called inflation reduction act could be elusive and it is misnamed, but I doubt that much of it has been enacted so far.
Considering that inflation is in significant part driven by expectations, it could be counterproductive. I think calling a bill the “Inflation Reduction Act” is something of a red flag for anyone whose trust in government policy is less than absolute. Sort of like passing the “Don’t Think About Elephants Act”. Or the “Trust Us, We Know What We’re Doing Act”.
That’s OK, I don’t expect the stock market to go up and up and up. I expect it to go down. down this much? I dunno.
Honestly, I was happy enough with our last asset statement which was, gosh, end of July I’m thinking? Maybe mid August? Yes it was down but not by that much, partially because we have so much invested that is always generating income. But I would rather not look at it as a statement right now, plugging my ears and singing trala trala.
I've seen recently that inflation in Germany and Great Britain are running about 10% inflation. I don't think it can be totally divorced from politics, but it does seem like a global issue. My total market index funds were down about 20% YTD a few days ago. Adjusted for inflation, the buying power is even further reduced. Then there's the short term bond funds. I have to say it's little discouraging regardless of who's to blame. It makes the 6 month CD's paying .05% look pretty good.
"If I were president" I'd be raising taxes and paying down debt instead of raising interest rates, which would probably be a sure way not to get reelected and in these times maybe get a few death threats, too. The government is going to be buying some pretty expensive debt these days.
I never understand why everyone insists on not raising taxes ... especially cutting taxes on the rich???? We can thank trump for some this fiasco.
Today the market is up over 800 pts. .... scary roller coaster.
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