Even as inflation continues to cool into the second half of 2024, many Americans say they’re still struggling to make ends meet.
Roughly one-third of U.S. workers say they’re living paycheck to paycheck and have nearly no money for savings after paying their monthly bills, according to a survey from personal finance website Bankrate.
Solutions to inflation:
#1) Wage growth. How do you make more money? Get a new job and move! Problem: Everyone has these golden handcuff mortgages. 2% to 7%. Moving would actually cost people more per month that the extra wages
#2) Wage growth through WFH. This path is currently so crowded that few have a chance. Hopefully once a few office mortgages are done and boomers with office fetishes die, more jobs will move this way
#3) Deflation. Makes economist immediately shout “But people will hold off purchasing things until later, making the economy worse!” The average car age is at a record high. Everyone is holding off on housing. There is word of groceries payment plans on installments. People already are holding off for later.
I say we try 3 until 2 becomes viable.