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Wow that's surprising given that new cars and houses are so much more pricey these days. I guess the average person is earning a lot more than in 2008.
by missedthecue 3y ago
Wow that's surprising given that new cars and houses are so much more pricey these days. I guess the average person is earning a lot more than in 2008.
- lockhouse 3y agoReal wages adjusted for inflation are up since 2008, but sharply down since 2020. https://fred.stlouisfed.org/series/LEU0252881600A https://fred.stlouisfed.org/series/LEU0252881600A
- tylerfontaine 3y agoOr homeownership is being consolidated away from the average person, thus not being included in debt.
- latchkey 3y agoWe are now in a world where UPS drivers have to make $170k a year to live.
- missedthecue 3y agoThat's 3x median income in one of the highest earning countries on earth. UPS drivers are paid well, but I don't think that's the minimum needed "to live".
- wyre 3y agoIsn’t GDP heavily correlated with the average person’s earnings? My guess is that that post-financial crises the banks made it harder to give out loans which would decrease the amount of household debt over time as more households get declined on loans.
- medvezhenok 3y agoLots of people refinanced at a low rate in 2021 (at pre-2021 prices) and are not buying new cars... those people are doing just fine. Given the fact that the housing market is frozen, there's a lot more of them than there are people who bought in the last couple of years. This drags the average down. There's a bifurcation, with some people (mostly homeowners who owned pre-2020) getting a giant handout from the government (record low interest rates, ability to refinance, etc - due to the FED buying mortgage backed securities en masse), and the rest of the people getting shafted.