Economic Statistics Title Start the Raw Realities Many – San Bernardino County Sun

Millennial wealth has tripled over the last few years, but many of them are not in the mood to celebrate.

The non -likiyness of equity and retirement savings has caused many millennia to write off wealth as “Phantom Wealth”, according to CNBC.

Of course, there is really no such thing as Phantom Wealth. Either you own an asset, or you don’t do it, and it either has a value or not.

But these millennia still makes sense – cash flows.

Last week, I saw an egg box at Whole Foods for about $ 10 per dozen. Putting aside the fact that everything is more expensive in Whole Foods, egg prices have doubled this time last year, to a large extent due to an epidemic of bird flu.

The price of eggs stands out not only because it is so shocking, but also because the eggs are used in so many other objects that prices will surely be thrown elsewhere. Enjoy your cookies as long as you can!

Returning to the millennial wealth, many things happen here. First, my colleague at the Pacific Research Institute, the economist Wayne Weyganden, told me that probably some really rich millennia that distorts data.

“If Bill Gates entered a bar, the ordinary man at the bar is a millionaire,” Weigarden said. “It is not exactly useful for most patrons, of course.”

There are also all kinds of lifestyle choices that may have made some millennia “House Poor”. In most cases, reducing costs for insignificant costs is a good place to start.

But the main costs of the household have also achieved. My PG & E bill has broke out in the last few years, although it has not been increasing on my part and there is certainly no improvement in service. The price of food, gasoline and basically everything else has jumped with it.

Unfortunately, unlike eggs, there is no real replacement for many of my costs. I have to warm up the house – my young children insist.

In other words, for many millennia, they also do not feel wealthy because their assets are non -linen or because they are not really rich, it doesn’t matter to the macroeconomic tendency. It is a ground reality that often refutes broader trends that may be right, but don’t tell the whole story.

For example: California has one of the highest average income in the country, which is great. But there is also one of the highest costs for life, which is not great.

Salaries across the country are growing, which is great. But they have hardly overtaken inflation, which is not great.

I remind myself of the centuries -old Talking Point California governors on both sides to use: California’s economy would be the fifth largest in the world if it was its own country that is not.

Currently, times are particularly difficult for Californians. We have the second highest housing prices, one of the highest electricity costs, some of the highest rents and weekly grocery bills and the total tax weight, which makes it especially annoying when the governor Gavin Newpom avoids accountability by being praise for the common state economy.

When you think California also has the highest poverty rate in the country – why is the size of the economy more than a piece of small things? Does Newsom go to Skid Row and informs all good news about the gross state product?

Similarly, the Biden administration advertises the profits in the stock market as inflation deletes wages and purchasing power of the dollar. Although I personally appreciate the value of my retirement investment accounts that increase, those who live a pay salary do not be amazed at the heights of the S&P 500.

Which brings me to public policy. There is no easy repair of the bird flu epidemic that devastates the poultry population and increases the cost of eggs. But the voters of California in 2018 voted to increase the price of eggs with Prop 12, which added well -meaning regulations to farmers.

Housing prices in California are high. This is great if you are the homeowner, but not so great if you want to build wealth through home ownership. California politicians have absolutely refused to renovate housing policy, especially by reforming the Law on Environmental Quality in California, which would make the way to build more homes that ambitious homeowners could afford.