We have six days until snap/food stamp cards might run out of money…predictions

[Woodznutz]

Biden's inflation cost US families $11,400 in buying power. Most people can't buy a house or afford healthcare insurance. Family formation and birthrates are falling off a cliff. Yet the top 10 % are gaining wealth. Its a house of cards unless something is fixed.

Americans need an extra $11,400 today just to afford the basics, Republican analysis finds

Compared with 2021, the typical household must spend an additional $11,434 annually just to maintain their standard of living, analysis shows.

www.cbsnews.com

Americans need an extra $11,400 today just to afford the basics​

It's easy to find out who the top 10 percenters are and what they produce. To the extent possible people can stop buying their products and services for a while. They'll get the message. They control the market mainly through advertising*. People want cheaper food, gas, and housing but do little to effect the changes needed to achieve these things.

*Ever watch an "Oral B" battery toothbrush ad? The ad is false as no toothbrush can do what they claim, yet people continue to buy that thing. In order for it to work as claimed the head would have to be redesigned and be twice as large. Also, the person using it would have to have every other tooth removed.

 

[kyzr]

It's easy to find out who the top 10 percenters are and what they produce. To the extent possible people can stop buying their products and services for a while. They'll get the message. They control the market mainly through advertising*. People want cheaper food, gas, and housing but do little to achieve these things.
*Ever watch an "Oral B" battery toothbrush ad? The ad is false as no toothbrush can do what they claim, yet people continue to buy that thing.

Nope. The wealthy have diversified portfolios. People need to buy a house to build wealth, and mortgage rates are so high that can't happen. Biden's 9% inflation put a roadblock to millions of families from owning a home. BLS's bad employment numbers kept the Fed from lowering interest rates until now. So families got creamed, first with Bidenfation losing $11,400 a year in buying power, then by the Fed keeping interest rates too high for too long so housing was unaffordable.

 

[jotathought]

Options:

Dems cave and open the .gov before then?

Dems pass a stand alone bill for SNAP?

States cover the shortfall with their rainy day funds?

Blue cities burn?

IMHO

There has never existed a time in contemporary Western society when the population of "helpless" fat people was larger than it is today....The last I read it's around 47 million in the US on SNAP/EBT.

Because of all the "help" our society has given people, we now have tens of millions of fat people who can't live without that "help".

And we've now reached the point where we don't know what the heck else to do with them.

My god .. I hope they advance funding for SNAP recipients, and clearly demonstrate they don't give a shit about our military soldiers.

 

[WEATHER53]

As long as liquor stores are open then no riots
The percentage disproportionality of snap users is staggering

 

[WEATHER53]

My god .. I hope they advance funding for SNAP recipients, and clearly demonstrate they don't give a shit about our military soldiers.

You got it
Cheer for the dysfunctional
Lambast and punish the brave and productive
Lib 201

 

[WorldWatcher]

...mortgage rates are so high...

Average mortgage rates right now for a 30-year fixed is 6.19% which is LOWER then when we bought our first house in 1994.

WW

 

[Woodznutz]

Nope. The wealthy have diversified portfolios. People need to buy a house to build wealth, and mortgage rates are so high that can't happen. Biden's 9% inflation put a roadblock to millions of families from owning a home. BLS's bad employment numbers kept the Fed from lowering interest rates until now. So families got creamed, first with Bidenfation losing $11,400 a year in buying power, then by the Fed keeping interest rates too high for too long so housing was unaffordable.

Maybe it's time to address the real problem, that people aren't very smart.

 

[Woodznutz]

Average mortgage rates right now for a 30-year fixed is 6.19% which is LOWER then when we bought our first house in 1994.

WW

I would have killed for a 6.19% mortgage rate on the 3 properties that I bought over the years. At one point I was paying 9% on an AIM.

 

[WEATHER53]

I would have killed for a 6.19% mortgage rate on the 3 properties that I bought over the years. At one point I was paying 9% on an AIM.

Would that be an ARM or an AIM ?

 

[WEATHER53]

I would have killed for a 6.19% mortgage rate on the 3 properties that I bought over the years. At one point I was paying 9% on an AIM.

The average from 1980 to 2020 is 8%

 

[WorldWatcher]

The average from 1980 to 2020 is 8%

We've refinanced out house twice since purchase. Lowering the rate both times.

Currently, at 2.7% and I plan on sitting on that rate for a LLLLOOONNNGGG time.



WW

 

[Woodznutz]

Would that be an ARM or an AIM ?

Oops, I meant ARM.

 

[LAUGHatLEFTISTS]

That's what happens when a society is constructed as a feeding frenzy and wealth is wildly unequal in distribution.

Funny that.

I agree. Americans that work hard are forced to unequally give their money to those that are able but refuse to work.

 

[WEATHER53]

We've refinanced out house twice since purchase. Lowering the rate both times.

Currently, at 2.7% and I plan on sitting on that rate for a LLLLOOONNNGGG time.



WW

There can be a huge trap though. Say that say for example you have a 30 year 7% fixed that you have paid on for 15 years. It would be a huge mistake to then refinance a new 30 years at 4% because you start paying full interest all over again.

 

[kyzr]

Average mortgage rates right now for a 30-year fixed is 6.19% which is LOWER then when we bought our first house in 1994. WW

Yep, we're below the historic average. Its still tough for a young couple to afford, especially with the high price of houses.

 

[Lisa558]

There can be a huge trap though. Say that say for example you have a 30 year 7% fixed that you have paid on for 15 years. It would be a huge mistake to then refinance a new 30 years at 4% because you start paying full interest all over again.

So you refinance it for 15 years. With the lower rate, you’d still save money.

 

[WorldWatcher]

There can be a huge trap though. Say that say for example you have a 30 year 7% fixed that you have paid on for 15 years. It would be a huge mistake to then refinance a new 30 years at 4% because you start paying full interest all over again.

Ya I get that and we were in a position where we could have paid the balance offz

I but my wife was really concerned about not having some debt and the negative consequences of not having credit in retirement.

So she presented her concerns.

I presented my purely logical reasons as to why it would be better to ISI of the house gouging into retirement.

As normal, we discussed it. Then did it her way.

Our P & I is under $500 a month so it wasn’t a hill to die on. She feels happy that our credit score will remain - ah - very high. There is value in having a happy wife if you know what I mean.

WW

 

[Woodznutz]

Ya I get that and we were in a position where we could have paid the balance offz

I but my wife was really concerned about not having some debt and the negative consequences of not having credit in retirement.

So she presented her concerns.

I presented my purely logical reasons as to why it would be better to ISI of the house gouging into retirement.

As normal, we discussed it. Then did it her way.

Our P & I is under $500 a month so it wasn’t a hill to die on. She feels happy that our credit score will remain - ah - very high. There is value in having a happy wife if you know what I mean.

WW

I haven't carried any debt for many years. I've never paid a penny in interest on my credit cards. I pay cash for all my vehicles. My credit score is 830.

 

[Woodznutz]

I agree. Americans that work hard are forced to unequally give their money to those that are able but refuse to work.

When our money flows to the rich we receive something in return. When it flows to the poor we get nothing. Conclusion: Better to deal with the rich than with the poor.

 

[Thinker101]

I haven't carried any debt for many years. I've never paid a penny in interest on my credit cards. I pay cash for all my vehicles. My credit score is 830.

I'm in the same boat, although I don't know or care what my credit score is.