The Stock Market Is Not The Economy Thread II

[synistar]

Thanks to inflation, California's minimum wage increase by 50 cents to $15.50/hr starting in January because of trigger mechanisms from the state's 2016 minimum wage law.

[Boyiee]

do it, and invite me over to pee in it

You won't be the first and you won't be the last.

[zoobernut]

Thanks to inflation, California's minimum wage increase by 50 cents to $15.50/hr starting in January because of trigger mechanisms from the state's 2016 minimum wage law.

Report was just released recently. For the portion of the central coast where I live (monterey county) based on average rent they stated a livable wage here is $37.50 an hour. Most people get by either by living in family owned properties that they have had for years before the real estate market in the area got fucked or by living in a single family house with tons of room mates.

[Mythe_Seraph]

https://finance.yahoo.com/news/why-t...100055174.html

I’ve read a lot of dumb shit in my life. This might be amongst the absolute dumbest of all shit.

[synistar]

For Californians, expect a possible tax rebate or some sort of inflation relief cash infusion in the coming months. The state projects a $97 billion surplus thanks in large part to capital gains receipts (Thanks Elon for finally exercising those required stock options.) State law requires some sort of tax rebate if a surplus hits a calculated threshold - like the Golden State Stimulus last year.

[archibaldcrane]

California should rainy-day half that (I know they can't) - capital gains are going to be way down this tax year.

[archibaldcrane]

https://finance.yahoo.com/news/why-t...100055174.html

I’ve read a lot of dumb shit in my life. This might be amongst the absolute dumbest of all shit.

It's basically how inflation is always responded to - jack up rates, destroy demand, try not to do it too much and cause a recession in the process. Something like 8 of the past 9 times they didn't stick the soft landing and caused a recession though.

[archibaldcrane]

Report was just released recently. For the portion of the central coast where I live (monterey county) based on average rent they stated a livable wage here is $37.50 an hour. Most people get by either by living in family owned properties that they have had for years before the real estate market in the area got fucked or by living in a single family house with tons of room mates.

Just remember that the real estate market is fucked first and foremost by, you guessed it, restrictive residential zoning. The whole coast from SD to SF should be way more developed than it is, there's tons of demand to live there, and it's illegal to build to meet that demand.

[Tyche]

https://finance.yahoo.com/news/why-t...100055174.html

I’ve read a lot of dumb shit in my life. This might be amongst the absolute dumbest of all shit.

I remember several months ago all the boomers bitching about how no one wants to work. Now they need everyone to leave the workforce. It's a clown show.

[zoobernut]

Just remember that the real estate market is fucked first and foremost by, you guessed it, restrictive residential zoning. The whole coast from SD to SF should be way more developed than it is, there's tons of demand to live there, and it's illegal to build to meet that demand.

Yep that is definitely true. I also believe that vacation home owners are another cause. When neighborhoods are 50% or more empty the majority of the time that is an issue. Development and subdividing properties in this area should be way easier. Supposedly they are working on it but the big issue with that here is that they aren't working on it everywhere. The majority of the "affordable housing" initiatives are 1 or 2 hour commutes from where a lot of the jobs are. This area is really spread out and they need to spread out the affordable housing initiatives a lot more to make it more useful.

[Day]

It's basically how inflation is always responded to - jack up rates, destroy demand, try not to do it too much and cause a recession in the process. Something like 8 of the past 9 times they didn't stick the soft landing and caused a recession though.

reassuring

[thetruepandagod]

There well may be a recession, but I don't expect a housing "crash" at all, people getting mortgages are more credit-worthy than at any other time in US history.

are people actually out there saying and believing that a recession is not all but guaranteed to happen? jesus.

[archibaldcrane]

https://www.metaculus.com/questions/...ssion-by-2024/

More likely than not, feels about right.

[6souls]

https://deadline.com/2022/05/netflix...es-1235026085/

Netflix lays off 150.

They are largely based in the U.S., with a significant portion in creative, across both film and TV, sources said. A number of those laid off are in the executive ranks, including in original content, I hear, with a couple of director-level original series execs rumored to be leaving. There is also rampant rumor that the indie film division will suffer heavy casualties but sources internally say that is not the case.

“As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based,” a Netflix spokesperson said in a statement to Deadline. “These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.

[kuronosan]

Maybe they wouldn't have to let so many people go if they stopped making such dumb fucking decisions.

[archibaldcrane]

https://twitter.com/lisaabramowicz1/...JJ6ypl52g&s=19

Joe Biden has slain the red panda menace

[Forte]

https://twitter.com/lisaabramowicz1/...JJ6ypl52g&s=19

Joe Biden has slain the red panda menace

China did that all by itself with it's one child plan. An over abundance of males and just a lack of kids in general(You need 2.1 kids per woman to keep population EVEN, much less grow it) means that when the current work force retires the entire country is fucked.

[archibaldcrane]

are you saying that Joe Biden wasn't a prominent US senator in 1980 when the one-child policy went into effect?

Joe Biden plays the long game

[archibaldcrane]

https://twitter.com/TheStalwart/stat...hjI8nkliw&s=19

How much will national housing sale prices reduce from their peak? <10%, 10-20%, >20%?

[Day]

we been starting to look, hope that shit drops as much as possible