How is the economy effecting you, personally?

[Don2 (Don1 Revised)]

I am wondering how everyone else is doing financially because the economy seems extreme and getting worse ever since the pandemic began.

Personally, our family income is high, but our expenses are outrageous and investments have been losing money. Food is insane. I mentioned the other day I saw a loaf of bread on sale for $3.99. A few years ago, bread could be on sale for $0.99. Energy is even worse. It doesn't seem sustainable, even for us. If we have a major financial incident, like say, someone gets a big medical problem or one of our dogs die, it could throw us into a financial crisis.

Some US statistics...

2020 vs 2019:
"Food at home prices increased 3.9 percent in 2020, the largest over-the-year increase since 2011."

2021 vs 2020:
"The Consumer Price Index rose 6.8 percent from November 2020 November 2021, the largest 12-month increase since the period ending June 1982. Energy prices rose 33.3 percent over the last year, and food prices increased 6.1 percent."

2022 vs 2021:
"Over the past 12 months, the all items index increased 7.1 percent, ...
Food prices have increased 10.6 percent over the past year...
Energy prices rose 13.1 percent over the past 12 months. Within the energy category, gasoline prices increased 10.1 percent over the year and the fuel oil prices rose 65.7 percent. Prices for electricity rose 13.7 percent over the last 12 months, while prices for natural gas increased 15.5 percent over the year..."

----------------------

How is everyone else doing?

 

[RVonse]

Personally, I think the inflation is much higher than reported. I'm actually hoping for a recession so that prices do have a chance to come down.

What seems almost ridiculous is that many of our local fast food restaurants will not let you go inside to eat. Their excuse is lack of help. And if you do make it inside they expect a tip plus an additional added charge to help out a local charity. I've gotten used to being spoiled only leaving a tip and spending premium money for a sit down restaurant with atmosphere. But now they want a tip when we order fast food and get it handed at the counter.

 

[Gospel]

The price tags at the supermarket make me feel like I'm on another planet. We flat out don't buy eggs anymore!

Edit: I used to occasionally get fast food on UberEats. A freaking Big Mack Meal costs damn there $30,00 with a 7% tip. LIKE WHO THE HELL DO THEY THINK THEY ARE?

 

[Derec]

The economic situation around the time I was conceived most likely did play a role in effecting me.
Oh wait. You probably mean "affecting". In that case, inflation sucks, but otherwise, so far, so good.

 

[Jimmy Higgins]

Personally, I think the inflation is much higher than reported. I'm actually hoping for a recession so that prices do have a chance to come down.

That's be like hoping to be attacked by a bear... so prices can come down.

What seems almost ridiculous is that many of our local fast food restaurants will not let you go inside to eat.

Yeah, that is totally the worst thing regarding the econ... wait... what?

And if you do make it inside they expect a tip plus an additional added charge to help out a local charity.

You know you can say no right? I'm certainly not donating any money to a corporation to give to a charity, under their name.

I've gotten used to being spoiled only leaving a tip and spending premium money for a sit down restaurant with atmosphere. But now they want a tip when we order fast food and get it handed at the counter.

Are people really looking for tips?

 

[Jimmy Higgins]

Personally, while prices have gone up in the grocery store, I already paid way too much for the carpet and roof that needed replacement in my house, so the grocery bill isn't too bad. Thankfully I got wage hikes that managed to help both deal with and drive inflation.

The price tags at the supermarket make me feel like I'm on another planet. We flat out don't buy eggs anymore!

Edit: I used to occasionally get fast food on UberEats. A freaking Big Mack Meal costs damn there $30,00 with a 7% tip. LIKE WHO THE HELL DO THEY THINK THEY ARE?

I think people keep forgetting that time = money. I think the trouble with UberEats, is no one makes money, except Uber. Not the driver, not the Fast Food joint, not the customer.

 

[Don2 (Don1 Revised)]

Personally, I think the inflation is much higher than reported.

I don't think it's a media conspiracy, I do think that during a non-linear rise, there will be lag in reporting actual numbers. I agree it might be worse.

I'm actually hoping for a recession so that prices do have a chance to come down.

Can you explain that more?

What seems almost ridiculous is that many of our local fast food restaurants will not let you go inside to eat. Their excuse is lack of help. And if you do make it inside they expect a tip plus an additional added charge to help out a local charity. I've gotten used to being spoiled only leaving a tip and spending premium money for a sit down restaurant with atmosphere. But now they want a tip when we order fast food and get it handed at the counter.

I have seen a lot of this kind of thing....where they pass the screen to you and it has set options for tipping. I don't mind tipping, but it gets steeper with the rise in cost of products. I have avoided now going to a sit down meal with family because of rising total cost. I am reducing take out frequency, but groceries are rising faster.

 

[Don2 (Don1 Revised)]

The price tags at the supermarket make me feel like I'm on another planet. We flat out don't buy eggs anymore!

Edit: I used to occasionally get fast food on UberEats. A freaking Big Mack Meal costs damn there $30,00 with a 7% tip. LIKE WHO THE HELL DO THEY THINK THEY ARE?

I have definitely had that same thought upon getting total for fast food. I don't use uber eats, though. I used some other service, doing takeout for family on many Fridays. Now, it's like ....maybe I should make frozen pizza instead. Those are getting smaller...but probably a better buy on sale.

 

[Don2 (Don1 Revised)]

Personally, while prices have gone up in the grocery store, I already paid way too much for the carpet and roof that needed replacement in my house, so the grocery bill isn't too bad. Thankfully I got wage hikes that managed to help both deal with and drive inflation.

So it was YOU!

The price tags at the supermarket make me feel like I'm on another planet. We flat out don't buy eggs anymore!

Edit: I used to occasionally get fast food on UberEats. A freaking Big Mack Meal costs damn there $30,00 with a 7% tip. LIKE WHO THE HELL DO THEY THINK THEY ARE?

I think people keep forgetting that time = money. I think the trouble with UberEats, is no one makes money, except Uber. Not the driver, not the Fast Food joint, not the customer.

Some food companies are actually seeing profits soar right now. I read that about pepsi and coca cola which aren't just soda corporations. I am not sure how prevalent it is across the board, though. That said, you are right about uber.

 

[Worldtraveller]

if you follow Robert Reich, one of the better economists out there, IMO, the economy is fine...if you're in the upper segment of income. Companies and executives are raking in record profits (not just revenues) and the MSM is dumb enough to keep blaming inflation, and the fed is dumb to its normal knee jerk reaction to curb inflation.

There's a reason it isn't really working this time, though, and it's just hitting the middle and lower classes harder.

 

[BH]

I'm doing okay. I live alone in an efficiency apartment. my salary takes care of my needs though I'm only able to put money in to savings 6 out of 12 months when it used to be 10. Part of my pay is in bonuses. While the store is profitable I don't get the bonuses I did before COVID hit.

 

[Don2 (Don1 Revised)]

..., inflation sucks, but otherwise, so far, so good.

It sounds like you are saying it sucks that prices are higher, but you are feeling no significant impact or no significant changes you made due to budget. Or do you simply mean you are surviving well?

 

[Elixir]

2023 will my first year in a while with virtually zero income, so the mental impact of inflation is significant. I just DO. NOT. WANT. to be a landlord again, and frankly don't want to work for money and don't really have to... unless it keeps getting worse.
The saving grace is that we don't - and have no desire to - live a really lavish lifestyle. Personally, I can survive happily on very little - probably less than SS provides. But Mrs. Elixir and our charges ... not so much. Still, my answer to the OP is that inflation doesn't effect us at all yet physically; we have not modified any behavior to accommodate it. But the mental effect is real.

 

[Gospel]

Overall my household is doing fine. The prices of everything just feels off because I know that damn loaf of bread was 2 for a dollar now it's $3 for one loaf.

 

[bilby]

My pay is linked to inflation via a very generous formula agreed between the City Council and the RTBU back when everyone thought inflation would stay low for a long while. So overall, I should be slightly better off as a result of a period of high inflation.

It's at times like this that you are glad to be a member of a strong and member-focused union.

 

[TV and credit cards]

My retirement being federal is pegged to inflation so I was covered there. I think it was like an 8% bump. I've been trying to look at the SS website to see what I will eligible for in a few years. That fucking website has hours of operation. It actually closes at night. And during the day I can't get through on Safari for whatever reason. I need to try Firefox.

On the down side, my savings does not look as impressive as it used to. I expect I'm going to need to buy one more vehicle. The truck is going to be 18 years old next month. And the HVAC is 23 years old.

Electricity and nat gas have been steady. Food bill is up about 20%. No crazy egg prices though. I guess that's regional.

 

[Don2 (Don1 Revised)]

Overall my household is doing fine. The prices of everything just feels off because I know that damn loaf of bread was 2 for a dollar now it's $3 for one loaf.

Also....healthier food is even more expensive.

 

[Politesse]

I can't say it really has. Every once in a while I look at a receipt and wince, but I live well below my means, so it's more of a curiosity than a burden. I do think sometimes about how much more difficult it would be if I didn't have all the extra room in my budget, but as I remember the real recession all too clearly, I don't have to wonder very hard. I'm just glad to be employed. For now.

 

[Rhea]

I can't say it really has. Every once in a while I look at a receipt and wince, but I live well below my means, so it's more of a curiosity than a burden. I do think sometimes about how much more difficult it would be if I didn't have all the extra room in my budget, but as I remember the real recession all too clearly, I don't have to wonder very hard. I'm just glad to be employed. For now.

Pretty much this for us. We live a pretty simple life, and we both work so it gives us breathing room, and that means market and economic fluctuations are not felt strongly.

 

[JohnG]

No different here in Canada. The grocery bills are painful, as well as gas. I work for a non-union corporation so are annuals raises are WELL below inflation. They always have been but it's more exaggerated now, so basically I'm going backwards.