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‘Stop the price-gouging’: Biden hits corporations over high consumer costs (www.cnbc.com)
submitted 2 years ago by to c/news@lemmy.world
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[+] -9 points 2 years ago* (last edited 2 years ago) (4 children)

What are YOU doing about it? Not Biden -- YOU: the person reading this comment.

I can tell you my overall cost of living since 2020 has plummeted, not because I haven't faced inflation like everyone else, but because I stopped spending on most extra things. For example: not eating out anymore, cancelled all streaming subscriptions, flexed what I eat based upon coupons and deals at the grocery store (still healthy), I drive much less, etc..

If you keep buying stuff when prices go up, this keeps demand high and, therefore, prices high.

Edit: So far people are saying they are doing nothing different... just continuing to blame corporations. It's both greedy corporations and people's fault. If the costs for basic goods and shelter go up, why wouldn't you adjust?

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  • [–] 12 points 2 years ago (2 children)

    The prices for fixed costs have gone up, too. People need a place to live, the health to keep living, and ways of ensuring access to both, and the costs of all of those have gone up as well. A not insignificant chuck of people don't have discretionary spending to cut (not to mention how stressful living paycheck-to-paycheck on the bare essentials can be). Yes, it is certainly worth reevaluating budgets and determining where expenses can be lowered, but those margins have been getting thinner for a long while.

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  • [–] -2 points 2 years ago

    I agree many things have gone up, BUT over the last couple years people kept purchasing without adjustment. I've adjusted my grocery purchases (and I'm a nerd who tracks this in spreadsheets) to the point where my monthly costs have gone up 4% over the last 3 years.

    New vehicles have shot up in price and people were still waiting in line to buy more! Trillion+ in car loan debt in the U.S.. Many of these folks could have bought a used car, fixed their old car, or just waited and purchased later. The numbers are there and support what I'm saying. I'm still driving a very old car (> 15 years old) because I think it's idiotic to buy another one right now. It sucks, but better than blowing my hard earned cash. This is coming from someone who can afford to ignore interest rates and pay cash and I still won't do it.

    At the end of the day corporations will always be greedy, but only if they can. If people stop buying they can no longer be greedy (supply vs demand). We may be at the point now where people have over extended themselves so much that they simply can't afford the dumb purchases anymore which means corporations have extracted the maximum from people's wallets. Sad situation, but I blame both corporations and people.

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  • [–] 1 point 2 years ago (1 child)

    I spent thousands on Black Friday sales to have a good Christmas as a family for the first time in what, four years?

    So I guess you can say I’m doing my part to stimulate the economy.

    Also I dunno about you, but I think my wife would get depressed if I told her there was no more eating out.

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  • [–] -1 points 2 years ago

    Black Friday purchases are a good idea. It tells corporations, "I'm willing to spend at this lower price point."

    Maybe try and cook your wife her favorite meal at home or just go out less often? If going out to eat is the only way to keep your wife happy then you could look elsewhere to cut costs if you need to.

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  • [–] 1 point 2 years ago* (1 child)

    I stopped spending on extra things too, and it's really helped. I sold my house so I didn't have to pay a mortgage and moved into my car which I never drive because buying gasoline will keep the price high. I also cancelled all of my streaming services, so I stare at the ceiling to entertain myself. I eat exclusively organic dirt that's on sale because I stopped splurging on food. Why don't people just spend less money?

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