@NeroMago50135 @erio1__11 @CantEverDie @LinkofSunshine Too early to tell, but prices will lower all-else-equal.
How much and how long are unknowns, but they won't stay where they're if we simply remove ourselves from the situation.
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J
9.8K posts
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@Jnel03
Talentless golfer trying to swing above his weight class. Corgi watchman. I have pieces of paper that say I know a little bit about finance and economics
Cincinnati, OH Katılım Kasım 2011
592 Takip Edilen154 Takipçiler
@Jnel03 @erio1__11 @CantEverDie @LinkofSunshine Inflation run saw its first results after six months of cutting off 4% of the global oil supply. Right now it's 20% and oil wells and refineries went up in smoke.
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@BryanBryan716 @mnolangray All this would do would incentivize folks to further buy outside their means.
"I have a $1M home on $100k annual income, but the only reason I still have it is because my RETs are so low" isn't a recipe for success.
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@mnolangray Limit the property tax bill to a % of income so property rich poor people aren’t priced out. Recoup the money with a property tax surcharge on high income property owners in the same jurisdiction. Call it “PIE” Property/Income Equalization.
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This meme is fascinsting, in that has the structure of a logical point, but it's just completely incoherent after even a moment of thought.
"Why should you have to pay for cell service for a paid off phone?"
"Why should you have to pay for car insurance for a paid off car?"
Etc.
Johnny Cadillac@lippyent
Still boggles my mind!
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No, the wealth of boomers in their retirement accounts empower and backstop our economy.
They get that retirement because they earned and saved it, Social Security and Medicare because they paid into it, and a house because they bought and paid for it.
Property taxes suck for everyone.
Billy Binion@billybinion
Terrible take. We’ve already constructed a system where younger, poorer people subsidize the lifestyles and asset appreciation of wealthier Boomers. We do not need to deepen that imbalance.
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@Radze11 @JonesMarkLB @CarlHPetersonIV So he spells out the error in your logic, in plain words, and your response is to just brush him off?
This is a prime example why folks don't take you serious. Don't waste your life arguing and defending ignorant beliefs. You've wasted so much time, when you could be learning.
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Why has this nonsense become such a big thing in the last year or two?
Is it just a critical mass of boomers entering retirement, or is there something else to it?
Nancy Mace@NancyMace
Our seniors should not pay property taxes.
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@Radze11 @deathmetalv10 @CarlHPetersonIV The. Bank. Doesn't. Own. The. Home. Ever.
Whether there's a precise mortgage (lien) on the parcel is irrelevant to whether you pay/don't pay property taxes. You still own it regardless.
Are you a foreign agent?
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@Radze11 @CarlHPetersonIV This assumes an average SPY return of 8.0% on invested cash savings, a $375k home w/ 9% down, and a rental rate of $1,800.
There's a premium associated with home ownership now and it's no longer the optimal financial decision.
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@Jnel03 @CarlHPetersonIV This makes no sense. Good luck with those rent payments the rest of your life. Guess I see why you're against me NOT paying taxes on something I own outright.
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@Radze11 @CarlHPetersonIV I pay for my rent, which includes RETs, and I don't complain like a whiney toddler? If I'm paying it, you're going to be paying it too.
Otherwise, we take property taxes away, but we also take away you're undeserved social security dollars so you're no better off regardless?
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@Jnel03 @CarlHPetersonIV And I hate whiny kids who live beyond their means and then complain they can't afford their lifestyle and want me to subsidize it. I paid for my house and everything in it, pay for your own. You don't get special treatment because you're illiterate.
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@Radze11 @deathmetalv10 @CarlHPetersonIV Screw it. Take away property taxes all together. You'll find something else to grip like a child about, because you're clearly ignorant to the basket of services/infrastructure RETs provide.
State and munipalities will just tax everything else and get their funding anyways.
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@Radze11 @deathmetalv10 @CarlHPetersonIV The only thing that changes in that scenario is whether or not there's a lien-holder on your land parcel?
Why are the property taxes contingent on there being a private lien to begin with, even though you're on the deed regardless?
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@Radze11 @deathmetalv10 @CarlHPetersonIV You're on the deed, the bank just has a lien on the property. Do you even know how this works?
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@deathmetalv10 @Jnel03 @CarlHPetersonIV But you don't own the home outright. The bank still owns it until you've paid off the balance they loaned you. No special treatment, right?
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@LMJofficially @BuenoForMiami @FoundationDads I rolled a dice 3 times and landed on even numbers every time.
Why doesn't everyone just do that!
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@BuenoForMiami @FoundationDads I raised 3 kids, and they all got spankings.
Somehow, they're all doing well.
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Parents who refuse to spank are trading 5 seconds of controlled discipline for years of chaos down the road.
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@Radze11 @CarlHPetersonIV And I hate old folks continuing to have their lives subsidized by everyone else. You don't get special treatment because you're old.
Either participate in society, or go buy a parcel of land in the middle of nowhere, away from emergency services and modern-day infrastructure.
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@CarlHPetersonIV Anyone who has lived in a house and paid it off after 30 years hates the thought of "renting" our paid for home from the government. You will too, someday.
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@phibetakefka @Stormingurmom @Brien_Jackson All dependent on when you're able to purchase.
Housing prices and rates are too high to justify the opportunity cost of a down payment + mortgage obligation relative to putting those funds in SPY.
Equity growth, rather than taking on a liability.
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@Jnel03 @Stormingurmom @Brien_Jackson But housing is, for Americans, their largest asset. If you can get a house young, you can easily trade up to better and access better lines of credit using the equity you put into it, versus losing 15-20 years of accrued equity to rent, which will be a $500k+ loss in that time.
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Gen Z is buying more homes than millennials were at the same point in their lives in addition to having higher earnings. You need to put the phone down
The Refined Populist@RefinedPopulist
Nobody is arguing we literally live in mud huts. The point is that prior generations could realistically expect stable jobs, affordable homes, and upward economic mobility. Gen Z gets debt and rent extraction with “at least you have Netflix” as their only compensation.
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@ImNotOwned This is why we're doomed.
There definitely is an educational component to this, but regardless, the vast majority of the public will never understand it and will never be happy until their suicidal preferences are achieved.
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@MrsCMFrancis This is why property taxes need to be retained.
The problem is housing serves as private property AND a commodity (housing).
Any other private good is regulated with pricing and supply maintenance, but when one of those is constrained, allocation becomes inefficient.
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I’m getting so tired of this.
It’s such a socialist mindset to just assume that “they don’t need it why should they get it keep it”.
They get to keep it cause it’s theirs, and private property still exists in this country.
satan’s niece@87shenanigans
Genuinely though, why can’t seniors downsize. If they’re living in like a 3-4 bedroom house… why
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@StatisticUrban @BarneyFlames It also appears to be inflation-dependent.
I would bite on this since lower income folks get hit harder by inflation, but the discourse is instead "no, the economy is actually terrible and worse than 2008".
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@BarneyFlames It only explains the last two months though. The sentiment-conditions divergence is way older than that.
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okay maybe this explains things better than "Vibecession"
Stefan Schubert@StefanFSchubert
Real wages are turning negative in the US and are on track to do so in the UK, too
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@grapesmoker @fearthe_void That's where it's cruitial to compare comparable inflationary, unemployment, and fed-rate periods at the very least.
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@Jnel03 @fearthe_void I think even 15 year comparisons are of pretty limited utility, not just because of psychological differences but because of the vastly different policy environments which also affect expectations
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that's not true. the alternative explanation is that indices like consumer sentiment aren't comparable across almost a century of time difference
Hunter📈🌈📊@StatisticUrban
At the meta level, the vibecession question is simple: either you believe the economy is worse than during the Great Recession, as consumer sentiment implies, despite ~0 empirical evidence to this effect, or you agree that there's a gap between sentiment and material conditions.
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@michaelevknight If folks weren't earning enough in their household, other folks in said household would start searching for jobs (as we've seen historically).
This would cause the overall working population figure to increase, increasing unemployment if they weren't able to find a job.
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@michaelevknight If it were irrelevant, we'd be focusing somewhere else on the U-1/6 spectrum.
If your statement were true, we'd see more folks needing to enter the workforce, which would drive unemployment up.
Unemployment is where it is because folks have certain needs/wants currently met.
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The unemployment rate is pretty much meaningless when nearly 44% of full-time workers in the U.S. do not earn enough to cover their family's basic needs.
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@Stormingurmom @Brien_Jackson This is where the "economy" is more than just housing. It's purchasing power, employment, real wages, income distribution, discretionary income, savings rates, etc.
Housing is a large expense, but everyone's housing costs are different (rent vs own, paid-off vs mortgage, etc.)
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@Stormingurmom @Brien_Jackson You're right! Housing is only a portion of the economy. Key is *portion*.
Median Real Wages have grown, but depending on how you interpret different splits, the effective purchasing power has hovered around neutral the previous few years, and positive if you include 2010-2020.
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