It's the Economy, Stupid!

[mdgv2]

Though on the Council Tax thing?

If I’m sensible, I may be in a position to nuke it as soon as the bill comes in.

See, the brother I never talk about on account he’s a cunt, a wastrel, a sad act and a fucking scrounger? Yeah he lives Rent Free in a flat my Dad owns lock, stock and barrel. And he’s been there…erm…..17ish years? Which coming up a decade now he’s been unemployed and so not paying rent (told you he’s a cunt).

But, to keep things fair? Dad sticks what Shithead isn’t paying in rent aside for me, month on month. Which is £350 a month. Yes I know that’s a Fucking Ludicrous Rent for a nice two bedroom flat in Edinburgh, but I don’t want to push my luck. And those funds are there for me to drawdown as I see fit.

I’ll freely admit I don’t necessarily use that resource wisely. I mean, if I drawdown but once a year? That’s a fucking awesome holiday right there. But if I can ringfence three or so months worth? There goes my Council Tax, on time, every time, every year.

Though maybe I should have a word with Dad about Shithead’s frankly unrealistic “rent”. I’m not protected from inflation and paying some other fucker’s mortgage*, so why should the lankiest streak of tramp’s piss I’ve ever had the misfortune to meet, be related to, let alone grew up with.

*I do note the flat in question was bought outright when Mum and Dad moved back to Scotland, but that doesn’t help me.

[bobtheinquisitor]

Are you saying he’s a shithead for being unemployed? Or is there a reason, a choice he has made, that resulted in unemployment and also makes him a shithead?

[herzlos]

£350/month rent for Edinburgh is bonkers, even 10 years ago, but then I guess it depends when your parents bought.

On the housing thing, we're looking to move since it transpires I've paid down enough debt to be able to afford a mortgage again, and the housing market in Scotland is still sort of mental - according to the estate agent nothing over £250k is getting much interest at all and sitting on the market for months, but everything under that is being snapped up within days of going live. We've bid on and lost out on a few places even going 5-10% over the official valuation, which means that extra isn't mortgageable and will need to be paid from cash before any deposit is even calculated.

For example, if a £250k house sells for £275k, means to get a 20% deposit (realistic minimum now) you'd need £75k in cash (50k deposit + 25k over value).

Conversely, it sounds like the housing market in England has pretty much stalled completely with stuff sitting for months and accepting offers well under the value. But I wonder if that's because the average house price is much higher. A £250k 4 bed family home in Lanarkshire is probably a £400k home in Lancashire.

Of course the base rate isn't helping at all, we're looking at having to give up a 2% APR mortgage for a 6%, so whilst our debt will roughly double we're facing our mortgage payment trebling. That sort of change is going to be brutal for a lot of people at the end of good deals and probably one of the reasons people are downsizing beyond the usual cost of living crap.

It seems that instead of new buyers being drowned out by landlords, they are now being drowned out by downsizers.  Poor new buyers don't stand a chance.

Aug 25, 2023 16:58:35 GMT -5 mdgv2 said:

At the age of 43, I suspect my Job Hopping days are over.

Same, I've interviewed a few times when recruiters have approached me, but nothing has paid enough and been flexible enough for me to take the leap.

[mdgv2]

Aug 25, 2023 17:56:21 GMT -5 bobtheinquisitor said:

Are you saying he’s a shithead for being unemployed? Or is there a reason, a choice he has made, that resulted in unemployment and also makes him a shithead?

Physically and mentally abusive. Possibly sociopathic, definitely narcissistic with a preference for gas lighting. Completely bond idle and has never lifted a finger to help himself, not when family can provide what he needs.

[bobtheinquisitor]

That does indeed sound like he’s a shithead. Sorry you had to know him.

[easye]

Aug 25, 2023 16:58:35 GMT -5 mdgv2 said:

At the age of 43, I suspect my Job Hopping days are over.

It is once you hit 50+ where it gets rough....

[mdgv2]

That and my current pension is about as close to Final Salary as you can get in the modern day.

[easye]

Millions of additional salaried workers could get overtime pay under Biden proposal

www.npr.org/2023/08/30/1196775478/salaried-workers-overtime-pay-workers-rights

Millions of salaried workers would be newly eligible for overtime pay under a proposal unveiled by the Biden administration Wednesday, but the draft rule is likely to face pushback from business groups that blocked a similar effort under former President Obama.

The proposed rule would raise the threshold under which workers are automatically eligible for overtime pay to about $55,000 a year, from the current level of about $35,000.

Many salaried managers in low-wage industries such as retail and fast food are currently exempt from earning overtime pay, even when they work long hours.

"For over 80 years, a cornerstone of workers' rights in this country is the right to a 40-hour workweek, the promise that you get to go home after 40 hours or you get higher pay for each extra hour that you spend laboring away from your loved ones," said Acting Secretary Julie Su.

The administration estimates the measure would make about 3.6 million salaried workers eligible for time-and-a-half pay.

Interestingly, the article details how Obama raised this to $47K but it was blocked by a Federal judge. Then, the Trump admin moved it to the current $36K. Now, Biden is going for $55K and pegging it to inflation.

Who wants to take bets on a Federal Judge blocking Biden's efforts?

Also, how long until this gets wrapped into the Republian's efforts to blame "Inflation" on Biden, because only worker's need to suffer in the battle against "inflation"?

[easye]

The job market was stunningly strong in September

www.npr.org/2023/10/06/1203974388/jobs-employment-labor

The job market is proving to be far stronger than expected.

Hiring unexpectedly surged last month, as U.S. employers added 336,000 jobs, much stronger than the around 170,000 jobs that forecasters had expected.

That's good news for people looking for work but could complicate the Federal Reserve's efforts to curb inflation.

Job gains for July and August were also revised substantially higher. Meanwhile, the unemployment rate last month held steady at 3.8%.

All in all, the data showcases a labor market that continues to defy expectations, with big job gains in health care, hospitality and education.

Factories and construction companies also continued to add workers, despite the strain of high interest rates.

[easye]

www.npr.org/2023/10/18/1206830922/family-wealth-income-inequality-finances-fed-survey

Why the average American family's net worth increased 37% during the pandemic

Americans' family finances overall improved in recent years, despite the economic upheaval caused by the pandemic, according to a new survey from the Federal Reserve.

The average family's net worth jumped 37% between 2019 and 2022. That's the largest three-year increase since the Fed began conducting the survey more than three decades ago.

The survey also found the wealth gap between rich and poor narrowed somewhat during that period. Temporary government relief measures tied to the pandemic may have contributed to the widespread gains.

Too bad so much of it is tied up in the value of homes.

[herzlos]

I don't see much of a breakdown in where the net worth increase came from, just mention of an average 3% salary increase. So is most of that 37% net worth jump just because of the bonkers property prices?

So people could well be richer on paper, but still struggling for money?

[pacific]

Aug 28, 2023 9:31:49 GMT -5 easye said:

Aug 25, 2023 16:58:35 GMT -5 mdgv2 said:

At the age of 43, I suspect my Job Hopping days are over.

It is once you hit 50+ where it gets rough....

I would say you should never stop wanting to change if the opportunity presents!  

I'm in my early 40s and just about to embark on a career change.. admittedly just toe in the water (I am cutting down hours on my current job and taking the other on part time), so I'm not jumping in with both feet, but honestly it is the most uplifting (also a bit terrifying!) thing I have done in many years. 

[skyth]

I actually changed careers in my mid-40's. Granted, it's something I went back to college for and something I've been trying to get into for awhile since then. Easier since it's a government job so less pushback based on age as well. It's funny being both the newest person and the oldest person in the office (Including the supervisors )

[easye]

Oct 19, 2023 17:25:01 GMT -5 herzlos said:

I don't see much of a breakdown in where the net worth increase came from, just mention of an average 3% salary increase. So is most of that 37% net worth jump just because of the bonkers property prices?

So people could well be richer on paper, but still struggling for money?

That is my read on it.  Net Worth increased, but it is tied to their homes and that value is harder to access now due to higher interest rates. 

You can't really get at the value to convert it into goods or services.    

 

[adurot]

43 and I just switched my full time job! Been part time at the flgs for eons and a full time manager spot finally opened up with my name on it so I quit the full time night security and now do full time at the flgs.