Y’all need to just give up things like eating meat and health care for your pets
Inflation stings most if you earn less than $300K. Here's how to deal:
?? Take the bus
?? Don’t buy in bulk
?? Try lentils instead of meat
?? Nobody said this would be fun https://t.co/HGJEoXL5ZZ— Bloomberg Opinion (@opinion) March 19, 2022
From this insane “let them eat cake” bit (yes, I know what was really meant, but, we know the modern meaning)
(Bloomberg) For those earning much less, it’s a different story. Those at the median, with income of about $50,000, spend more than 3% of it on gas and motor oil. Low-income households making between $7,000 and $19,000 spend about 9%. The latest inflation numbers show gas prices jumped 6.6% in February from a month earlier — even before President Joe Biden banned U.S. imports of Russian oil.
Economists say the overall share of income spent on gas is lower than it used to be, and despite the increases, prices are still relatively low by historical standards. That’s true, but it offers little consolation these days for someone on the lower end of the income distribution who drives to work.
Food prices are also up, posting their biggest monthly increase since April 2020. There, too, those making less than $19,000 spend much more of their income — almost 15% — compared with higher earners, whose total food spending is just 4% of their income. Households with income of about $50,000 spend 8.5% of it on food.
So, really, the $300K number was just a canard. Those making a lot less, which is more the norm, are suffering.
To deal with gas prices, it’s worth reconsidering public transportation if it’s an option where you live. Fares are up about 8% compared with 38% for gasoline. Now may even be the time to sell your car. It certainly isn’t the time to buy a new or used one. Prices have stabilized a bit, but used-car prices are still up more than 40% from a year ago, and new ones are up 12%.
So, just sell your cars, peasants, and take the bus. And definitely give up your weekly helicopter flight to your beach house in Delaware or wooded camp.
When it comes to food, don’t be afraid to explore. Prices for animal-based food products will certainly increase. Ukraine and Russia supply a significant amount of corn and barley to the world market, mainly to feed livestock for human food. Meat prices have increased about 14% from February 2021 and will go up even more. Though your palate may not be used to it, tasty meat substitutes include vegetables (where prices are up a little over 4%, or lentils and beans, which are up about 9%). Plan to cut out the middle creature and consume plants directly. It’s a more efficient, healthier and cheaper way to get calories.
Suffer, peons
If you’re one of the many Americans who became a new pet owner during the pandemic, you might want to rethink those costly pet medical needs. It may sound harsh, but researchers actually don’t recommend pet chemotherapy — which can cost up to $10,000 — for ethical reasons.
You can always eat them, right?
Try to be as flexible and creative as possible. Scientists tell us our brain plasticity will improve by trying novel things. There’s an advantage to mixing up what you consume to cope with unusual price spikes: You become more resilient as you create a locus of control and interrogate your habits.
Or, the government could do the exact opposite of what they’re doing now to allow the economy to surge.
