For tens of millions of Americans the good times are right now.

[Tomconroy]

From today's NY Times:

This is an era of great political division and dramatic cultural upheaval. Much more quietly, it has been a time of great financial reward for a large number of Americans.

For the 158 million who are employed, prospects haven’t been this bright since men landed on the moon. As many as half of those workers have retirement accounts that were fattened by a prolonged bull market in stocks. There are 83 million owner-occupied homes in the United States. At the rate they have been increasing in value, a lot of them are in effect a giant piggy bank that families live inside.

This boom does not get celebrated much. It was a slow-build phenomenon in a country where news is stale within hours. It has happened during a time of fascination with the schemes of the truly wealthy (see: Musk, Elon) and against a backdrop of increased inequality. If you were unable to buy a house because of spiraling prices, the soaring amount of homeowners’ equity is not a comfort.

The queasy stock market might be signaling that the boom is ending. A slowing economy, renewed inflation, high gas prices and rising interest rates could all undermine the gains achieved over the years. But for the moment, this flood of wealth is quietly redefining retirement, helping fuel Silicon Valley and stoking a boom in leisure and entertainment. It is boosting corporate profits by unprecedented amounts while also giving just about everyone the notion that a better job might be within reach.

For Tens of Millions of Americans, the Good Times Are Right Now https://nyti.ms/39IOYg1

[XanaDUer2]

1. Great news

But we must help those without. I think of them daily

[Tomconroy]

2. Never thought I'd be as well off as I am now. It's kind of scary.

[XanaDUer2]

3. You're lucky nt

[Tomconroy]

6. True dat.

[Johnny2X2X]

4. Wage growth!

Inflation Inflation Inflation, but you can't and shouldn't talk about inflation without also talking about wage growth of almost 6% on average, and wage growth in excess of 8% for the lowest wage workers.

It's the best time ever for workers looking for jobs and looking for wages. 2021 was the best year for job growth in US history, 2021 had the highest wage growth in decades, 2021 had the highest GDP growth. The markets were up 10%+. It was an absolute boom. But Dems let Inflation be the only thing anyone talked about. I mean, sure, inflation is important, but it's never the full story or even the most important part of the story.

For many people, the last 2 years have been incredible. For myself, I saw huge raises 2 or 3 times, my 401K went way up, and my home is now worth double of what I owe on it. I also have been lucky enough to work from home since March of 2020 through now, we may go back a couple days a week starting in Mid June. I've saved thousands in gas, car maintenance, and work clothing. My quality of life has been better because of WFH too. Just the best time financially ever for me.

[Tree Lady]

5. My daughter who has been working at home

Last two years for one of the top 5 accounting firms in Texas, had a recruiter offer her some interviews where she can stay at home and make more money.

She did 3 interviews and got a job based in LA smaller firm but they do actors and sports people accounts. Offered her $30,000 more than she is making per year and she will get overtime in tax season unlike Texas law now. Her employers are making everyone come back to office and she got more done at home without people walking by and talking to her.

She gave notice yesterday, and they agreed to let her start in July as she is studying for last CPA exam.

Yes for first time in forever this is an employees time.

[RainCaster]

7. I'm working from home, at 60% of my former pay.

Thanks DFT.

[liberal_mama]

8. I wish things would get better financially for my family

My husband and I are both 53 and things have never been tighter as far as money. Prices keep going up on everything. We already live frugally. We have a small house, an old vehicle (a 2004 Nissan), and don't get restaurant food unless it's a family member's birthday or anniversary.

I'm happy for the people that are doing well now, but I don't know what kind of salary they must be making to be able to afford the price increases on gas, heating, electric, food, prescriptions, health insurance, property taxes, ect.

I live in a suburb of Buffalo, NY.

Every day, all of my neighbors are outside complaining about the outrageous inflation and high prices.

My town has been assessing the houses at ridiculous prices, causing all the property taxes to soar, and they were already high to begin with. My mortgage payment with taxes is $1300. The mortgage portion is only $600.

Now yesterday, I got a letter from the town that they are raising my assessment by another $30,000. I suppose this would be good news for some who want to sell their houses or take out home equity loans, but we've lived in our home for 23 years and we don't plan on selling it. So for us, this will be an additional hardship.

I'm terrified that it's going to get even worse.

[rownesheck]

9. Don't worry.

I'm sure a crash is right around the corner.

[choie]

10. How many 100's of millions are there in this country?

n/a

[BlueCheeseAgain]

11. About 3.3