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No, it’s not only you who feels like with rent so high, groceries and restaurants ridiculously expensive, things are going out of control. We bid farewell to the caramel frappuccinos at Starbucks, all knowing that pocket money is now part of the budget for this week’s groceries. So what on earth is happening?

Well, the experts have measured that inflation continues to run at the fastest pace since January 1991. Although prices rose sharply, American incomes increased at only a modest pace, and inflation is eroding the increase.

Moreover, it’s not the US who’s taking the hit, as consumers around the globe are experiencing the same thing since supply chain problems bedevil markets for goods, and energy prices spike to unseen highs.

So, it’s only fair that people took to Twitter to weigh in on whether ‘If someone makes $400,000 per year do you could consider them "rich"?’ Among thousands of comments, all sharing their own point, Twitter user @Molson_Hart stood up to say it’s not much since you have loads of expenses. As you can imagine, it stirred quite a backlash, so let’s see what everyone said.

Image credits: crushthebigots

Image credits: Molson_HartImage credits: Molson_Hart

#3

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Seanette Blaylock
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

My husband and I get by each month on what HRH spends on "food and entertainment".

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While consumers around the world are paying more for items like food, clothing and household supplies, and for major purchases like cars, appliances and homes, the most severe impact goes to lower-income households.

According to the vice president at Moody’s Investors Service, inflation most impacts lower earners, who spend more of their average dollar on gas, food and other items that may be rising in price, Foster commented on CNBC. Wealthier individuals, who tend to hold more financial assets like stocks or homes, may be better able to offset the impact of inflation, he added.

Even though average hourly wages grew 3.6% in June relative to last year, which made it the most in more than a decade, the current inflation gave the average worker about a 2% pay cut, reports the Bureau of Labor Statistics.

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What’s important is that it’s unclear whether higher consumer prices and wages are temporary or longer-lasting, according to economists. Some of the inflation is surely the result of short-term dynamics, like supply constraints and a surge in demand as consumers emerge from a pandemic-induced hibernation.

But some experts expect inflation to become permanent."There are very many reasons to think that this inflation is not transitory — that it's going to be with us for quite a while," Desmond Lachman, a senior fellow at the American Enterprise Institute in Washington, told VOA.

According to VOA, On Tuesday, the price of the global benchmark for oil, Brent crude, rose to $82.56 per barrel, hitting a level not seen in three years. Worldwide, prices for food, fuel and consumer goods are on the rise. Natural gas prices have more than tripled in Europe and Asia this year, causing economic slowdown in Europe and power cuts in China.

#8

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M O'Connell
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I REALLY want to see the underlying calculations behind the minimum-400 falcon city depopulation estimate.

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NsG
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The key word that needs highlighting is "need". They've got it mixed up with "want".

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Grumble O'Pug
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The sad thing is that people who have wealth forget that they mostly didn't earn it.

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Meami
Community Member
2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

"I spend most of that on comforts most people cannot dream of?" Ugh! SMH

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Patrick McKemie
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2 years ago

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You're not poor, you're just not very smart when it comes to finance.

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Sid Watson
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I just find this person Rude, not someone you would want to know Rich or Poor

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#13

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Anne
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Didn't some drug lord do this? Set cash on fire to keep his kid warm? (Good dad - not so good otherwise)

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Monica Martinez Castañeda
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I'm guiessing maybe it's 3 nannies, so each one works 8 hours a day...? Still, it's 5K a month per each one.. I wouldn't say no!

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Christina Uhlir
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Yes, you are very very rich, you idiot. It doesn't matter what you do with your millions.

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Hans
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2 years ago (edited) DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Frankly, many of the provocative comments are not helpful. This comment, though, gives context.

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Marilyn Ransberry
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

This is how people rationalize what they male versus what minimum wage should be, Minimum wage people don’t need nannies 24/7 ( daycare and parenting) expensive trips , eating out ( cooking, staycation in the backyard- no wait , they can’t afford a backyard.)

#21

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Rider
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

For 192k/yr they can have me and my partner as nannies.

#22

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Marilyn Ransberry
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

It doesn’t matter what you choose spend it on - you have choices that others don’t.

#24

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Kristy Nelson
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Because they can! Most people struggle to pay for their rent, utilities, and groceries! Can you imagine not being so stressed about how to pay for basic things? So much so that you are able to travel, buy whatever food you want whenever you want, and have a nanny? Ah to be so ignorant and cocky about the realities of other human beings.

#25

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NsG
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

The only way the question is not egregious is if there is a second part: "if someone [...] consider them rich, or filthy rich?" Personally, I wouldn't put them at filthy rich, because I think you do have to have breached $1m a year for that boundary. Or is that ultra-rich? There are just so many categories once you leave "poor" and "comfortable"

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#26

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Joe Edwards
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I could have takeout 3x/day and it would still only be $1500 a month

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Adam Jeff
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

Hmm, this says top 20% whereas just a few places higher it says top 1-2%. Which is right? If only I could be bothered to look it up.

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Rebecca Surette
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2 years ago DotsCreated by potrace 1.15, written by Peter Selinger 2001-2017

I remember how stunned my elder son was when he asked my monthly income. I told him, and he said, "That's after expenses, right?" "No, that's gross," "My GOD, Mom, how do you survive?" Nicely, thank you. I am just very careful.

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