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Originally Posted by mrf0151
Yep, it all started January 20th, 2021. Prices went sky high on everything. This did not have to happen. Should not have happened.
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It started long before that with QE at The Fed continuing far too long, a mistake The Fed acknowledged. There were also two stimulus checks and unemployment benefit extensions with weekly bonuses. This is a problem not specific to the US. There was global supply chain interruptions and inflation was even higher in many, many countries. The war in Ukraine made matters worse and disrupted oil supplies. There is a shortage of labor in this country that continues to this day, and there is still wage inflation pressures. And last, but not least, I think we can safely say that many, if not most corporations took full advantage of the pandemic to raise prices, and profits and stock prices are currently at all time highs. Housing appreciation was also huge.
There are some silver linings for retirees. This is the first time in more than a decade that bank savings generated any kind of significant interest. 401k’s are doing well. Social Security has gone up about 18% in the last 3 years. The wealth of those over 55 has gone up more than 30% since 2019. Meanwhile, the number of “excess retirements” which are those above the normal trend are still high and have not returned to pre-pandemic levels. These are typically early retirees. There is no question that according to all metrics, many people are doing even better financially than before the pandemic.
I understand what happened on 1-20-21, but the above is all true.
I bought a new 2023 Quietech with a good seat and several good options for $17,000. Yes, that seems like a lot to me for a golf car, but they are not made in mass production like automobiles. I’m sure there is a higher markup as there is not as much competition and these are generally viewed as luxury want-to-haves, not necessities.