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All-TigerNet [5762]
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I'm starting to think that things are about to implode
Oct 20, 2022, 1:30 PM
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I don't have a good feeling about the state of the economy.
How is the average family making it work? I feel like I see a lot of really expensive new cars rolling around, people have spent a lot of money on houses and salaries just aren't going up. Are they piling up the debt making an inevitable reckoning happening?
Am I missing something? Starting to feel awfully doom and gloom.
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Orange Phenom [15022]
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All I know is grocery bills have skyrocketed in my household
Oct 20, 2022, 1:31 PM
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really figuring out ways to cut and save right now.
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Clemson Sports Icon [53105]
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I'm seeing a lot of people selling all of the new toys
Oct 20, 2022, 1:33 PM
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they bought during the pandemic.
Many are taking a huge loss on them.
We are tightening the belt at my house too mainly just because of groceries.
Tightening the belt except for flowers I guess.
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TigerNet Immortal [172126]
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I'm hoping to pick up a camper van for a great deal
Oct 20, 2022, 1:34 PM
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from somebody that's way underwater.
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Clemson Sports Icon [53105]
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2 guys in my general area spent 100k+ on campers
Oct 20, 2022, 1:35 PM
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they are now selling at 40-60K
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TigerNet Icon [153668]
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Oh, hey, my inlaws did that like twice a year for 2-3 years
Oct 20, 2022, 2:06 PM
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a while back.
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All-Time Great [91065]
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All-TigerNet [5762]
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I'm feeling like this is inevitable. I just got major
Oct 20, 2022, 1:37 PM
[ in reply to I'm seeing a lot of people selling all of the new toys ] |
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sticker shock on the new car I was going to buy.
Think I'm keeping my money and buying my leased car at a price from 3 years ago and hanging on for everyone else to lose everything and profit.
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Clemson Sports Icon [53105]
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Best path forward when we inevitably slip into a recession
Oct 20, 2022, 1:38 PM
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you need to be
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All-TigerNet [5762]
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Except if you have cash you're losing money to inflation***
Oct 20, 2022, 1:42 PM
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Ring of Honor [22140]
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Not really.....if its gonna crash.
Oct 20, 2022, 2:53 PM
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Cash is good.
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Clemson Sports Icon [59592]
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Can't imagine buying a car in this market.
Oct 20, 2022, 1:42 PM
[ in reply to I'm feeling like this is inevitable. I just got major ] |
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Unless you absolutely, positively must. There are signs that things are improving, but used car prices are still ridonkulous and there aren't enough new cars to satisfy demand.
“Auto sentiment is very poor. We get it. Higher rates, still high prices, low consumer confidence, a potential recession and European energy risk does not make autos a friendly place,” RBC Capital Markets analyst Joseph Spak wrote in an investor note last week.
RBC and other financial firms have signaled the auto industry’s supply chain issues could quickly shift to demand problems.
Profits for U.S. and European car companies are set to drop by half next year as weakening demand leads to an oversupply of vehicles, UBS analysts led by Patrick Hummel told investors last week.
He said the overall automotive sector in 2023 “is deteriorating fast so that demand destruction seems inevitable at a time when supply is improving.”
https://www.cnbc.com/2022/10/19/wall-street-eyes-auto-industry-earnings-for-signs-of-demand-destruction-.html
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Ultimate Clemson Legend [104223]
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Well, if you have a car to sell.....it has also gone up in
Oct 20, 2022, 1:45 PM
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value. Kinda like selling a house to buy a house, right?
My wife kept her car for 7.5 yrs, 80K miles and we sold it for $5K less than we bought it new.
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All-TigerNet [5762]
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I make money off turning my lease in early.. but not
Oct 20, 2022, 1:47 PM
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enough to spend 80k on a new car. People done lost their minds.
Mortgages at 7% for people with 800+ credit.
There's about to be a whole lot of misery in this country.
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Ultimate Clemson Legend [109145]
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There are just some problems people will never understand
Oct 20, 2022, 2:56 PM
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until they are forced to deal with them. Drugs and money are some of the first to come to mind.
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Clemson Sports Icon [59592]
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FWIW, causing pain is exactly the goal.
Oct 20, 2022, 2:59 PM
[ in reply to I make money off turning my lease in early.. but not ] |
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The purpose of raising interest rates is to cool demand across the economy in an effort to slow inflation. If you're choosing not to buy a car or a house explicitly because of higher interest rates on top of high prices, then the plan is working as intended.
People can be mad about inflation and people can be mad about rising interest rates, but they can't be mad at both.
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All-Time Great [91065]
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Well, they can be mad...but they need to know they are
Oct 20, 2022, 3:11 PM
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additive to the problem if they are still spending like they always have.
I haven't changed the way I spend..in probably 20 years, but I kinda live like a poor college kid so I'm not sure it matters anyway.
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All-Time Great [91065]
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TigerNet Immortal [172126]
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Clemson Sports Icon [53105]
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Heisman Winner [82217]
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Clemson Sports Icon [59592]
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Have you considered burglary?
Oct 20, 2022, 3:50 PM
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If you don't get caught, it's free to you!
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Clemson Sports Icon [58360]
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This is a post meant for
Oct 20, 2022, 1:33 PM
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Tiggity®
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Ultimate Tiger [38039]
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Ultimate Clemson Legend [104223]
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My 401K is down 23% for the year.
Oct 20, 2022, 1:38 PM
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Essentially, I haven't made anything on my investments in over two years.
So it's gonna get worse? I think all of the answers can be found in the pile.
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All-TigerNet [5762]
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Yeah same, I max out the IRS allowance for retirement
Oct 20, 2022, 1:41 PM
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down the needle still isn't moving.
Are people just saying screw it and buying stuff instead of investing?
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Ultimate Clemson Legend [104223]
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Did you not see FBCoach talking about his sweet 30 year loan
Oct 20, 2022, 1:43 PM
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at 2.65%? That's exactly what he's doing.
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Tiger Titan [49023]
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We'll be fine over at our household
Oct 20, 2022, 1:45 PM
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We stocked up on them there doggie coins and bought some extra Monopoly sets so we can have plenty of the new cash when everything crashes.
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Orange Immortal [65385]
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After these past 3 years, people don't give a sh*t.
Oct 20, 2022, 1:45 PM
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Seriously. I have spent like a drunken sailor. And why daphuque not? If a virus made in Chi-NAH or some stupid war or a nutty-assse political system can mess up every plan I've made, why not get your kicks before the whole sh*thouse goes up in flames? ($1 to Jim Morrison.) If I have learned anything it's that tomorrow comes with no guarantees.
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Ultimate Clemson Legend [104223]
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Ultimate Tiger [38039]
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Airplane prices shur havent come down...***
Oct 20, 2022, 1:50 PM
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All-TigerNet [5762]
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Well the cost of flying private has more than doubled***
Oct 20, 2022, 1:51 PM
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Ultimate Clemson Legend [109145]
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Ultimate Tiger [33843]
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Re: I'm starting to think that things are about to implode
Oct 20, 2022, 1:53 PM
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Fed is going to have to spin the economy into a recession to get inflation under control. The party is over - until the next one.
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All-In [38514]
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I don't really notice inflation.
Oct 20, 2022, 1:59 PM
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I significantly increased my income. Everyone else should just quit complaining and do the same.
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Clemson Sports Icon [53105]
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Hook me up with your supplier***
Oct 20, 2022, 2:07 PM
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All-TigerNet [5762]
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Not complaining about income... record year in our household
Oct 20, 2022, 2:08 PM
[ in reply to I don't really notice inflation. ] |
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but I'm worried about all the other households that are gonna ruin it for everyone.
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All-Time Great [91065]
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As long you can keep your income
Oct 20, 2022, 2:57 PM
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it will only get better..comparatively.
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All-In [38514]
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Exactly
Oct 20, 2022, 3:18 PM
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Once it gets bad for the poors it will get better for the rest of us.
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Ultimate Clemson Legend [109145]
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They are. That's actually the problem.
Oct 20, 2022, 3:02 PM
[ in reply to I don't really notice inflation. ] |
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The last time wage growth was this high, inflation was this high.
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All-Time Great [91065]
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I keep waiting for a new Rockwood Geo-Pro travel trailer
Oct 20, 2022, 3:01 PM
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to come down in price, but its not happening. They raised 2023 prices about 10-15% over the 2022's, and they aren't budging on any prices-nation wide.
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All-Time Great [91065]
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And you say that the same time that you and several others
Oct 20, 2022, 3:08 PM
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are planning expensive family vacations.
Full employment = high inflation = too many dollars chasing too few goods.
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All-TigerNet [5762]
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Yeah, but unlike prolly 90 percent of Americans I pay for
Oct 20, 2022, 3:13 PM
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vacations in cash and live below my means.
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Heisman Winner [82217]
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hey that is me
Oct 20, 2022, 3:16 PM
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I live in a great location shathole but I travel regularly for foosball games and concerts
what a life
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All-Time Great [91065]
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I don't know what 90% of other Americans do, honestly.
Oct 20, 2022, 3:22 PM
[ in reply to Yeah, but unlike prolly 90 percent of Americans I pay for ] |
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And I don't say that flippantly.
I think my wife and I make pretty good money, but when I regularly see 1-2 million+ dollar homes sell in days, for cash, around here, and I have been groomed into accepting a $700K 3/2 1600Sq ft house is cheap...well, all I know is there are a lot more people with a lot more money than I have. So I don't really know what is "good money" any more, nor what is 'normal'. I have no idea how people earn nor how much they make. All I can figure is that there must be a lot of money doing OnlyFans or something.
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All-TigerNet [5762]
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That was kind of what I was thinking with my original post
Oct 20, 2022, 3:24 PM
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that there seems to be a huge disconnect with what people are earning vs spending and that it doesn't give me the warm and fuzzies about the future.
I can control what I do, but in the long run everyone ends up paying for poor decisions of the masses...
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All-Time Great [91065]
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But I have no idea what people earn.
Oct 20, 2022, 3:28 PM
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Nor how much money they really have. How can I?
Take for instance the dock master I was referencing this morning. He has a paid for house on IOP. He probably earns...what $60k? $70k?--max? I have no idea really. Maybe he has family owned rentals out there too. Maybe his wife is a neuro surgeon or something. I have no idea.
Whatever it is, even if it's zero, he's already living better than I am.
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All-TigerNet [5762]
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I guess I have a pretty good grasp on what people make
Oct 20, 2022, 3:32 PM
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because of what I do and I've worked in varying industries.
But people are partying like its 1999 and it's starting to feel like it's 1984
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All-Time Great [91065]
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But are the "poor folks" the ones living big?
Oct 20, 2022, 3:41 PM
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Maybe it's the same folks buying million+ dollar old village houses. Maybe the money actually is there.
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All-TigerNet [5762]
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I dunno that's why I asked how the average family was making
Oct 20, 2022, 3:46 PM
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it work. I live in work in an area kinda like yours, too many rich people who probably have never really had to work for anything.
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All-Time Great [91065]
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From the complaining I read on other forums and in person
Oct 20, 2022, 3:55 PM
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It leads me to believe that if nothing but complaining, its not the "average" folks keeping inflation up.
But every restaurant I go to, every plane I get on, and every road I drive on is packed...all the time.
So who knows.
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TigerNet Eternal Icon [187982]
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Agree. It is October and the beach here in Litchfield is
Oct 20, 2022, 3:58 PM
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very packed. Golfers all day long on the course. We went to Brookgreen Gardens and it was like the summer, with lines to get into the restaurant (which is excellent if you are ever there).
People are doing stuff for sure.
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All-Time Great [91065]
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I wasn't even talking about around here.
Oct 20, 2022, 4:03 PM
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I had to go north of Philadelphia a few weeks ago, and on a Tuesday and Wednesday night we went to what I would consider relatively expensive restaurants (~$100/per plate), and they were packed.
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Clemson Sports Icon [59592]
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It's easy to live below your means when you've got plenty of
Oct 20, 2022, 5:05 PM
[ in reply to Yeah, but unlike prolly 90 percent of Americans I pay for ] |
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means. I don't begrudge those with less than me for financing the finer things from time to time.
The greatest trick the rich pulled was convincing the middle class to blame the poor.
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