Twitter Users Make Fun of People Who Say That Six And Seven-Figure Salaries Don’t Make Them Rich
Yeah, you can barely get by with $400K.
No, you're not the only one who thinks things are out of control since rent is so high, and groceries and restaurants are so expensive. We said our goodbyes to Starbucks' caramel frappuccinos, knowing that pocket money would now be factored into this week's grocery budget.
So, what exactly is going on here? Experts have determined that inflation is still running at its fastest rate since January 1991.
Despite the significant rise in prices, American earnings grew at a slow pace, and inflation is erasing the gains. Even though average hourly salaries increased by 3.6 percent in June compared to the previous year—the greatest increase in more than a decade—current inflation has resulted in a 2 percent pay decrease for the ordinary worker, according to the Bureau of Labor Statistics.
Furthermore, it isn't only Americans who are suffering; consumers all over the world are experiencing difficulties due to supply chain issues plaguing global markets for commodities and energy costs reaching previously unheard-of highs. It's only reasonable, then, that many flocked to Twitter to debate whether, 'If someone makes $400,000 per year, do you consider them "rich?"'
Among the thousands of replies, Twitter user @Molson Hart stood out to suggest that it's not much because you have a lot of costs. As you might expect, there was a lot of backlash, so let's see what everyone had to say.
Do $400K per year make you rich?
crushthebigotsSome people spend all that money
Molson_HartBecause they have high expenses. And they can afford them because they have such high incomes...
Molson_Hart
1. Wonderful math...
LOLGOP
2. Yeah, they are rich...
EricFoltz
3. Just barely...
edburmila
4. Different POI
elsecaller_
5. It would be interesting to see
TaterSquid57
6. That's a lot... Maybe he should cut down on that rocket flying...
thrasherxy
While consumers around the world are paying more for basics such as food, clothing, household supplies, and significant expenditures such as vehicles, appliances, and homes, lower-income households are bearing the brunt of the burden. According to Foster, a vice president at Moody's Investors Service, inflation has the greatest impact on lower-income people, who spend more of their average dollar on petrol, food, and other products likely to rise in price.
However, wealthier individuals, who are more likely to own financial assets such as stocks or homes, may be better equipped to withstand the effects of inflation, he added.
7. Wherever you are...
andreapitzer
8. 400K is just the bare minimum...
FalconryFinance
9. You never think it is enough...
KurtisScaletta
10. Would be great...
nastyw0manca
11. You have no idea...
justsomebrad
12. That's an interesting logic
Doug_Exeter
13. Oh, a philosophy question...
jenny2x4
14. Not hard...
GeeDee215
15. Sad, but true...
awkwardlefty_cj
16. Those nannies are well paid...
EpiEllie
17. How?
slippish
18. Tell me...
Plotjes
19. Yup, you are well off
Maame_Apouke
20. Eight times more...
alanrogers123
21. That's good money...
AsaZernik
22. Extravagant...
AlexandraErin
23. Those people sure love to party...
realbretmathews
24. Extravagant, no doubt about it...
TMcgibblets
25. It makes sense
MattBinder
26. Simply necessary...
FunkyRallan
27. More than 80% of Americans work for much less
RegVickers
28. Middle class is 50K to 200K
JohnBrown1858
29. That's the scale...
DWOBoyle
30. So... Yes...
martycomroe
What's more concerning, according to experts, is that it's uncertain if increasing consumer prices and earnings are temporary or long-term. Will things go back to the way they were?
And do we want that, because things weren't that great before either... Things have to change.
And the change should start now... What do you think?
