Welcome To The Circus: Bread, Circuses, And Debt Traps (Part 2)
Trying to get by from the scraps society gives you.
Welcome To The Circus: Bread
5 Ways How Society Gives You Bread Scraps
People are trying to find ways to get by as the bread traps they are given continue to get smaller. Here are five ways people have trouble getting by on society's scraps.
Can’t Afford Things Past Generations Took For Granted
Many younger people cannot make enough to get by, let alone buy a house. This is a rising problem that can lead to civil unrest. As more people have trouble being able to buy basic things that they need, they can afford to buy something that past generations took for granted, like home ownership.
Most younger people are expecting to rent forever.
Younger generations are having trouble getting started in life. According to Business Insider, “45% of millennials say their financial situation prevents them from getting what they want in life” and feel “behind on their finances.” They have poor financial well-being. Many millennials are very concerned about their future.
Rising Cost Of Living
There is also the problem of the rising cost of living. This is especially a problem in the United States and Western countries. It is now nearly impossible for a working-class or middle-class earner to afford to buy their own house. According to CNBC, one reason millennials have difficulty purchasing a home is student debt. Another reason is that millennials have to spend thirty percent of their income paying rent. According to Investopedia, millennials have difficulty buying a home because it is expensive and no longer affordable. The Saint Louis Fed notes that the median home selling price in 2022 was $440,300. The Zillow Home Value Index puts the average cost of a typical home in the United States at $357,589. According to the U.S. Census Bureau, millennials are also getting married later, usually a life event encouraging people to buy a home.
Rent
Rent has become insane. The cost of housing has become ridiculous in the United States. IProperty Management says that“average rent prices have increased 8.85% per year since 1980.” IProperty Management continues, “the national average rent increased over 18% year-over-year (YoY) from the first quarter of 2021 to the first quarter of 2022.” The data from IProperty Management changes each month. The figures may be different depending on when you read this article. According to Business Insider, “more than 9 million home buyers have been priced out of the market since January [2022].”
There is a housing crisis in the United States. Younger generations are getting priced out of this vital way to begin to build wealth. Homeownership is a primary way how people build generational wealth. It has been strongly linked to being able to achieve financial stability. The documentary below explains the housing crisis. The American Dream is dead.
Social Security
The Social Security and Medicare Board of Trustees estimates that the “cost of both programs [Social Security and Medicare] will grow faster than gross domestic product (GDP) through the mid-2030s primarily due to the aging of the U.S. population.” Social Security was initially estimated to run out by 2034. The Bipartisan Policy Center projects that Social Security will be depleted by 2028. This means that the cash reserves will be consumed. The government may decide to increase payroll taxes.
This will take even more money directly from your wage or salary to pay for Social Security. The government cannot afford to pay for Social Security. Even the Social Security and Medicare Board of Trustees admit that, as shown above. Social Security is, and always was, a scam.
Social Security will be insolvent by the 2030s.
This is primarily a problem for Baby Boomers. Many plan to live off Social Security in some way for retirement. It may be best to plan your retirement around not having these types of programs for millennials and younger. Social Security was always a scam. Younger people can work to become as self-reliant as possible by creating multiple income streams online today.
Never count on a government program for assistance. This is even more critical with the coming Central Bank Digital Currency (CBDC) rollout.
Rising Inflation
Rising inflation only adds to the problem of the cost of living. While the balance says inflation is around 9%, Shadow Stats indicated inflation is closer to 18%. Inflation is affecting the lives of people. It hurts the middle class to the lower class the most because they are the population that often doesn’t own the assets that do well in inflationary periods. The lower and middle classes bear the burden of paying for the monthly necessities of fuel, groceries, rent, and bills. It does not look like inflation will be going away anytime soon.