Collectibles Markets vs Economy - Why does it have to be this way?

bcbgcbrcb · #1 11-14-2023, 09:32 AM

Why is inflation where it is since 2021 as compared to 2020 and for a decade earlier? I’ll answer, in a nutshell, COVID. Production of automobile computerized chips in short supply over the past 3 years, why? Again, I’ll answer, because of COVID. Now, that COVID is under much better control than it was in 2020, factory workers are not getting sick, dying, quitting, my guess is that production is back to pre-COVID levels “per worker”. So, why haven’t car prices gone back to pre-2020 levels? Again, I’ll answer, because the American public has shown the willingness to pay 30-40% more for new cars. Do you think automobile dealerships are EVER going to be willing to bring prices back to pre-2020 levels? Absolutely not, if they don’t have to. If money is so tight, again, spending should be cut across the board, including new cars.

Exact same thing applies with shortages of poultry, beef, etc. during the peak COVID time. Supply is back to normal for quite a long time now. Has the price of meats come down at all since then? Absolutely not, and won’t until the end consumer cuts spending here too. If Shop Rite has gotten used to charging $12 for 4 burgers worth of ground beef, why go back to charging $7?

All totally unacceptable!!!

oldjudge · #2 11-14-2023, 09:45 AM

In 2018 the average new car price in the US was about $37,500. Today, the average new car price is about $49,500. That is an increase of under 6% per annum.

oldjudge · #3 11-14-2023, 09:53 AM

"Retail ground beef prices were at $5.08/lb. in August, down 2 cents from the month prior and up 14 cents from the same time last year. Retail ground beef prices have averaged $4.92 so far in 2023.

Retail ground beef prices averaged $4.81 in 2022, the highest annual average on record. Retail ground beef prices averaged $4.26 in 2021, up 14 cents from 2020. This is the highest annual average on record. Retail ground beef prices averaged $4.12 in 2020, up 31 cents from 2019.

Retail ground beef prices reached $4 for the first time in history in August 2014."

The above means that over the last 9 years retail ground beef prices are up 25%, or a little over 2% per annum.

packs · #4 11-14-2023, 10:04 AM

While I would find a country-wide strike to protest the insane cost of living extremely satisfying and exciting, I don't think there is anything the country will ever agree to do together. Even on the smallest possible scale.

philo98 · #5 11-14-2023, 10:14 AM

As a global nomad for the last 30+ years, the US has some of the worlds lowest inflation. Even in 2023, in some reports, it falls in the top 10 for countries with the lowest inflation. Always have to laugh when Americans complain about money.

If you think inflation is hurting you, in many of these countries I have been in, a person with a bachelor degree and 10 years experience will get paid around $500-$700 a month. To rent a two bedroom condo, which is considered safe and liveable, can easily be $700+ a month. Middle class is generally both parents working, one car, and eating meat 3 days a week. Dont even get me started on gas prices.

There is a reason Barnum and Bailey's went out of business. US society took its place.

gunboat82 · #6 11-14-2023, 10:31 AM

Quote:

Originally Posted by philo98

As a global nomad for the last 30+ years, the US has some of the worlds lowest inflation. Even in 2023, in some reports, it falls in the top 10 for countries with the lowest inflation. Always have to laugh when Americans complain about money.

If you think inflation is hurting you, in many of these countries I have been in, a person with a bachelor degree and 10 years experience will get paid around $500-$700 a month. To rent a two bedroom condo, which is considered safe and liveable, can easily be $700+ a month. Middle class is generally both parents working, one car, and eating meat 3 days a week. Dont even get me started on gas prices.

There is a reason Barnum and Bailey's went out of business. US society took its place.

Some of us have smooth brains and very short memories. No inflation is ever as bad as the inflation we're experiencing right now. And the person responsible is either the current guy or the last guy, depending on perspectives that have nothing to do with economics.

philo98 · #7 11-14-2023, 10:51 AM

Quote:

Originally Posted by gunboat82

Some of us have smooth brains and very short memories. No inflation is ever as bad as the inflation we're experiencing right now. And the person responsible is either the current guy or the last guy, depending on perspectives that have nothing to do with economics.

In all honesty, I just dont see inflation that bad in the US compared to where I travel on a regular basis. I just see a massively entitled society who cant afford the lifestyle they feel they should have, which doesnt include most members on this board since the amount of discretionary income would be considered high compared to the rest of the crowd. Unfortunately, the US is a massively unhealthy, entitled society who overspends on complete junk. Also, and what I have seen, most people like to blame political appointees for their own problems instead of taking responsibility. The 2nd best decision I ever made was to never register to vote and remain politically neutral. The best decision I ever made was renouncing US citizenship.

bnorth · #8 11-14-2023, 10:17 AM

Quote:

Originally Posted by oldjudge

"Retail ground beef prices were at $5.08/lb. in August, down 2 cents from the month prior and up 14 cents from the same time last year. Retail ground beef prices have averaged $4.92 so far in 2023.

Retail ground beef prices averaged $4.81 in 2022, the highest annual average on record. Retail ground beef prices averaged $4.26 in 2021, up 14 cents from 2020. This is the highest annual average on record. Retail ground beef prices averaged $4.12 in 2020, up 31 cents from 2019.

Retail ground beef prices reached $4 for the first time in history in August 2014."

The above means that over the last 9 years retail ground beef prices are up 25%, or a little over 2% per annum.

I buy a cow and hog this time of year every year and have for a long time.

I pay market price at the time of butcher. This is hanging weight per pound.
Year Hog Beef
2016 $1.10 $2.10
2017 $1.15 $2
2018 $1.10 $2
2019 $1.15 $2.05
2020 $1.15 $2.05
2021 $1.55 $2.40
2022 $1.70 $2.70
2023 $1.60 $3.45

I have noticed this with many items. The price stayed the same for a long time and then huge jumps. If you look back it has happened a few times with our economy.

philo98 · #9 11-14-2023, 10:21 AM

Quote:

Originally Posted by oldjudge

"Retail ground beef prices were at $5.08/lb. in August, down 2 cents from the month prior and up 14 cents from the same time last year. Retail ground beef prices have averaged $4.92 so far in 2023.

Retail ground beef prices averaged $4.81 in 2022, the highest annual average on record. Retail ground beef prices averaged $4.26 in 2021, up 14 cents from 2020. This is the highest annual average on record. Retail ground beef prices averaged $4.12 in 2020, up 31 cents from 2019.

Retail ground beef prices reached $4 for the first time in history in August 2014."

The above means that over the last 9 years retail ground beef prices are up 25%, or a little over 2% per annum.

I just took a look at online beef prices where I am at the moment (Philippines) and its around $5 USD per pound. Daily minimum wage is between $3 to $10 (Manila being the highest). Tomorrow is pay day for a team I used to manage here who had an average monthly salary of $400 USD, all with bachelors degrees and a range of experience. Your telling me Americans cant afford a pound of beef?

philo98 · #10 11-14-2023, 10:26 AM

Quote:

Originally Posted by oldjudge

In 2018 the average new car price in the US was about $37,500. Today, the average new car price is about $49,500. That is an increase of under 6% per annum.

If you look into those numbers, there are many articles stating that people are now buying new vehicles with all of the bells and whistles which has driven up the price of an average new car compared to pre-Covid. Talk about entitlement.

Buying cars they cant afford.

raulus · #11 11-14-2023, 09:52 AM

Quote:

Originally Posted by bcbgcbrcb

Why is inflation where it is since 2021 as compared to 2020 and for a decade earlier? I�ll answer, in a nutshell, COVID. Production of automobile computerized chips in short supply over the past 3 years, why? Again, I�ll answer, because of COVID. Now, that COVID is under much better control than it was in 2020, factory workers are not getting sick, dying, quitting, my guess is that production is back to pre-COVID levels �per worker�. So, why haven�t car prices gone back to pre-2020 levels? Again, I�ll answer, because the American public has shown the willingness to pay 30-40% more for new cars. Do you think automobile dealerships are EVER going to be willing to bring prices back to pre-2020 levels? Absolutely not, if they don�t have to. If money is so tight, again, spending should be cut across the board, including new cars.

Exact same thing applies with shortages of poultry, beef, etc. during the peak COVID time. Supply is back to normal for quite a long time now. Has the price of meats come down at all since then? Absolutely not, and won�t until the end consumer cuts spending here too. If Shop Rite has gotten used to charging $12 for 4 burgers worth of ground beef, why go back to charging $7?

All totally unacceptable!!!

I�m going to disagree with you here. At least in terms of the virus being the primary driver. It happened during COVID, but there was a lot of other action going on at the time that was a bigger factor in driving inflation. Now that the pandemic is over, many of those other same conditions endure, albeit with a lower impact today than a couple of years ago, but which continue to drive up prices.

Hate to burst your bubble, but prices on groceries are not going back to 2019 levels. The best we can hope for is the rate of increases continues to slow.

But if you want to organize a boycott against groceries until they lower the prices, then I wish you the best of luck with that.

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