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The "Pinch"

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  • The "Pinch"

    Is anybody else feeling the "Pinch" of "Bidenomics"?

    We're doing okay, but adhering to the "budget" has become a bit(?) more important. 😉

  • #2
    The unemployment rate is 3 1/2 %, the lowest in fifty years.

    Comment


    • #3
      Last week my wife stopped for a few basic groceries, it cost almost $100 for what fit into two reusable shopping bags. My employer’s pre buy contract price for our customers is going to be about 20% higher
      than last years, which was also about 20% higher than the previous one.


      We don’t really budget but live well within our means. We have very manageable bills but no debt. Property taxes and insurance are our biggest expenses and I expect both to increase substantially.

      The kicker is we just paid out of pocket for The Kid’s first semester of college. New laptop, tuition, dorm and meal plan, textbooks and other incidentals will probably push us over $30K by the end of his first year. He’s going in with enough credits to finish his Bachelors degree in only three years but our daughter will be starting before he gets done. Figure in price hikes and we could be looking at $250K before they’re both finished. He received some scholarship assistance but our household income puts us over the limit for them to even get low interest student loans. Screwed up thing is if I retired early both kids could attend State University of New York colleges for free. Not happening, the real pinch will be having to work a few extra years.


      Thanks to Brandon.



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      • #4
        Originally posted by fitch270 View Post
        Last week my wife stopped for a few basic groceries, it cost almost $100 for what fit into two reusable shopping bags. My employer’s pre buy contract price for our customers is going to be about 20% higher
        than last years, which was also about 20% higher than the previous one.


        We don’t really budget but live well within our means. We have very manageable bills but no debt. Property taxes and insurance are our biggest expenses and I expect both to increase substantially.

        The kicker is we just paid out of pocket for The Kid’s first semester of college. New laptop, tuition, dorm and meal plan, textbooks and other incidentals will probably push us over $30K by the end of his first year. He’s going in with enough credits to finish his Bachelors degree in only three years but our daughter will be starting before he gets done. Figure in price hikes and we could be looking at $250K before they’re both finished. He received some scholarship assistance but our household income puts us over the limit for them to even get low interest student loans. Screwed up thing is if I retired early both kids could attend State University of New York colleges for free. Not happening, the real pinch will be having to work a few extra years.


        Thanks to Brandon.


        If we lose the midterms, you can throw your projected figures in the waste basket. Many estimates from economists are very dire for our future even with just current D’s expenditures and they indicate not to be lessening any time soon !! It is not even possible to imagine what this administration is thinking !

        FJB

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        • #5
          BHR , you are correct and guys like Fitch and younger are people I worry for. Fixed income people as well , your retirement getting eaten up with inflation . With this kind of leadership in office who knows what college tuition is going to look like in 4 years.
          FB , yes I’m feeling the pinch , material cost are through the roof , if you can get them . Service is as poor as it gets and contracts aren’t paying timely . The thought of filling the oil tank for the winter at $2500 to start isn’t thrilling me at all. I see gas prices going down but by releasing oil reserves to do so scares the hell out of me ! I have become a ATM machine , money gets put in me and I pay it out , hopefully more money gets put in before I run out only to run the whole pathetic scenario over again ! Believe me at least I am still surviving , there are many out there who are not !

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          • #6
            Pmacc fixed income is tied to the Consumer Price Index. (CPI) We'll be doing ok. I'll probably get a nine or ten percent raise on SS next year.

            Our state has high instate tuition, after scholarships I'm still paying 11K per semester, and it 2 more years I'll have 2 kids in college. Look into those 529 plans, you don't get a break on taxes now but you do when you take it out.

            I'm at the end of my working life and have a good reputation. I've been turning down work for months, won't even bid any, and making more in a month than I used to in 6 months, no employees, last one left a year ago. I wish I had this much going for me 20 years ago.

            Avoid anything that costs labor. No restaurants, no car repairs, no construction work. We cook and fix cars and our house ourselves, mostly. Mechanic is $150 an hour for a shop, good shade tree mechanic is a couple hundred for an afternoon.

            Can you burn wood? We mostly burn scrap, so we have a free source, but a good scrounger can come up with quite a bit. Landfills get a heck of a lot of dimensional lumber.

            Gas and oil prices are determined by the global market. Strategic reserves was more of a stunt I'd think.

            If I had a complaint about the economy I'd say it's that we only look to the Fed to fight inflation. (raising interest rates to slow the economy and therefore wages) The other place to fight inflation is spending. We have a congress who can raise taxes on those most able to pay them. Most of our economy is consumer spending, and most of that is discretionary. Discretionary is people out blowing it having fun. Shopping. A small reduction would be a good thing.

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            • #7
              Rock Rat we have a philosophical difference of how government can reduce inflation so I won’t even get in to that however I don’t understand your personal dealings with todays economy . I am a small business owner and have a excellent reputation which I take with a grain of salt because the average person can’t tell the difference between good and top notch . I just turned down a 100,000 plus job that I was begged to do. I can’t hire the quality help to do it and put my name on it. Five years ago , definitely I would have jumped on it but I can’t get anyone to work no matter what the money I pay ! I turn down work every week and am booked into next year . I’m not making the money I should because of insurance going up , fuel prices , material shortage and and prices of that material. Looking at a new truck for $80,000 , stuff wears out so it needs replaced .Regardless of what your choices are you can’t tell me you didn’t make money under the Trump 4 years in office. Most small business agree with what my experience was over those years . Demarcates in office cost small business money .

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              • #8
                Yes Trump was good for my business. He really did make a dent in border crossers, well, that and covid kept them out. I already had steady employees I paid well and the competition couldn't hire those seasonal visas or the illegals. Plus as a sole prop Trump's tax thing gave me 20% of my profits tax free. As for hiring... you gotta pay.

                A friend of mine hires the same framers with regularity. The sub has 2 helpers, all told he pays them $7K a week, that covers comp but no materials. A legal English speaking worker with hand tools, no substance abuse problems, who can show up for work goes for around $35, , , and up. I spend five figures a month on materials. My contacts from years in the business help. I need quality too and you can't judge quality over the phone, you need a seller who will tell you straight up. I've had steady prices since January and some issues with supply.

                I like the no employees thing, first time in a couple decades, no payroll, no 941s. The work is pretty physical, I'm ok with that but the temps in the 90s tucker me out.

                You are right that no one can tell how good a job you are doing anyway. Except after a few years they can, plus a lot of general contractors can, and word gets around. I can't tell how good a lot of work is, but when everyone who I do know, who do good work, says company XYZ is real good, well they're who I always go with. You know yourself who is the best critic of your work, it's that guy looking back at you when you're shaving.

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                • #9
                  I can't believe that Democrats are doubling the size of the IRS. The Democratic President and his family owe the Federal Government multiple millions in unpaid taxes complete with deductions for treasonous behavior, quantities of crack cocaine, and foreign hookers. Back in the day, when the US had a two party system and an adversarial press measures like this weren't tolerated. Open borders, illegal intimidation of judges, rewarding criminals and punishing the law abiding seems to be the everyday occurrence. Making the transition away from our cars and trucks and meat eating seems to be the goal. The country is in the best of hands.

                  Let's GO Brandon!!!!!

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                  • #10
                    Cheer up.
                    I hear that when you are eating large roaches, the head is the best part.

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                    • #11
                      The reason for the IRS expenditure is given by biden to pay-for-itself with income from those who cheat on their taxes. But just what are the odds that it will be used against the biden family and their china income over the years ? The same monies that biden is compromised with and is now giving questionable favored dealings to an enemy country !! JMHO

                      FJB

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