Massive inflation, but not for wages

usdebtclock.org is one of the websites I check every now and then, because it has very important information about, of course the US debt, but not only the USA, also the other 20 biggest economies of the world. But it also has a lot more info than just debt. You can see for instance the average debt per household, the number of jobs in the USA, the number of unemployed people,... All in real time. But the most important thing about this site's info is the info it has about income, and costs per citizen compared with the year 2000. And the information provided there is baffling.

Compared to the year 2000, the median wage of the average US citizen has risen from 32026 USD (adjusted for inflation) to 36045 USD today. Which is a very little rise in median income in 23 years. But then come the biggest costs...

Incredible inflation for houses and cars

Which are the highest costs for an income these days, and in the past? Housing and the cost from a car are probably it. Well, here it comes! The average new house in the year 2000 cost 167081 USD, today it costs a whopping 429812 USD. That is 2.57 times as expensive in 23 years. That is incredible.
Then we check the cost of the average new car. In the year 2000, the average new car cost 22499 USD, today, the average new car costs 50653 USD. That is 2.25 times as much in 23 years.

That all has to be payed with an income that only has risen about 12 %. That is putting households under such a strain, and is putting people deeper and deeper into debt. Because we all want a house and a car, and we dig deep to try to have that. Even if that means we have to go deep into debt...

So, the biggest problem about this US Debt Clock is not the debt the USA has, but the strain that is put onto the households, and the growing debt on the households.
This will only result into another housing crash, or a huge recession if you ask me. This is unsustainable!

Sincerely,

Pele23

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