After reading this news story that half of Americans are skipping meals because of affordability and a bad economy, I have to ask how are you all doing out there?
I heard from a real estate agent friend of mine that REOs, i.e. bank foreclosures on home mortgages, are going up like crazy, which is a sign of bad times, like the recession of 2007-08.
I have heard from others about rents not being paid, lack of jobs, etc.
Every day, there’s more news of corporate layoffs, moreso than usual.
I live in the economic bubble of the SF Bay Area, where tech wealth more-or-less insulates me and mine from the most serious consequences of a bad economy, but how are things elsewhere?
I barely have enough money to make a trip into town, much less buy anything. I squat in the woods eating fish and potatoes and tinkering with the scavenged infrastructure that supports me. It’s actually pretty dope lol
I grew up somewhat privileged. We weren’t rich, but my family never really wanted for anything growing up. And then I was able to live at home until 25 and pay off my student loans and get a good career with no debt. So the economy doesn’t really affect me. I don’t live paycheck to paycheck but I’m extremely frugal and I do notice grocery prices increases. That being said I’m 100% progressive and do have sympathy for others and we need to fix this system.
Feel like donating to the cause? (The cause is that I would like a computer)
It’s ok not great I guess? There is a growing disconnect between prices of goods, and wages. Rents and house prices being the biggest example but also electricity, food, gas (I don’t drive much but the gas price shows up in other things like food)
My company had another layoff about a month ago. But it didn’t get me
No money. Living in a camper on my parents’ property while going back to school to become a massage therapist, because AI can’t squeeze people.
So not so great, I guess. But hopefully the license turns the money spigot back on, cuz Uber driving is becoming slavery and barely profitable.
Sketchy, UK, Southern, think below London and on the Sea.
I’m a carpenter and have someone with a masters in environmental science working for me as a labourer.
Many of my construction friends are being called by there office friends for jobs.
am in south korea… samsung/hynix semiconductors are selling like crazy and that heavily lifts the numbers like GDP, but actual economy feels terrible overall. living prices are rising heavily while wages are stagnant.
Good. I’m in a mining town, so the demand for minerals is moving things along. House prices are comparatively low. Northern Canada
Scotland. Fucked. The terrifying thing I realised recently is how I can see the sharp decline in living standards pre-and-post covid. If we dont get a grip of it we’re backsliding toward Dickensian levels of poverty and deprivation.
Other thing I noticed recently - how most of our short-term problems can be linked to that cunt Trump. Iran war, tariffs, Ukraine etc. I say this to highlight to the Americans in the room that your political choices have implications far beyond your own borders. Theres fuck all I can do about him, but plenty you can do.
Good news! The Wall Street types have started using this brand new, never-been-used-before thing called a credit default swap to hedge their bets against AI companies. Good thing none of those words have ever been used before in the financial industry or associated with any financial collapses.
Booming in Taiwan. GDP growth over 10%, construction cranes everywhere you look, shops and restaurants going gangbusters. And it’s all because of the world’s insatiable appetite for AI chips. So, yah. What could go wrong?
I am skipping meals, and a lot of my clients’ budgets have gone down the drain.
Recently moved 700 miles from everything I ever knew and loved because there was no work to be found… I still can’t find work. Couple interviews but no luck. My only consolation is that I’m saving my buddy a fortune on child care by being a free sitter.
Send good vibes and luck pls.
I live in rural northern Japan so… not great? Everything keeps concentrating to Tokyo. We were promised “work from anywhere in Japan” and “remote-first”, but the company tried to revoke that. A couple of us joined a union and are fighting it, but most people just rolled over and took it. Still don’t know what things will look like come next year.
There are very few remote backend software engineering jobs in Japan now. The situation is pretty dire. No US or Canadian company wants me in this time zone (even if it allowed them to have people available around the clock). No one wants to sponsor a visa in another country.
I have a small farm, but it’s not profitable. Most of the other jobs around here are forestry, fishery, and factory and pay less than half of what I make now which my family cannot survive on. Things are rusty and falling apart all over in the countryside.
I really wish I could go back to my northern (urban) Japan cost of living, though. Not sure how things are now over a decade later, but I was paying 700円 per month for cellular + data, 2000円 per month on gigabit internet, and 33000円 per month for a 1LDK apartment…
Excluding food and utilities, that was just a hair over 200 Euro per month for expenses in today’s currency (but conversion rate may also be more favorable to Euro today than back then).
I have a cell provider with a pretty small data limit, but I almost never use it. They no longer even take new customers. ~2400/mo. My internet is with NTT and fiber to the home at 5500 a month + servicer fee -> about 6500 a month after price increases in 2027 they announced.
When I lived in a sharehouse in 2013, it was over double what you were paying and about 12 minutes from a station in suburban tokyo. My first apartment about 8 minutes away was 115,000 ish plus all utils just inside the 23ku and was 33sqm IIRC.
Cost of living including groceries and such have gone up like crazy since corona. Everything is undergoing shrinkflation and raises aren’t keeping up unless you’re at a really good company.
Even living in the countryside now, costs are still way over what they were for Tohoku. My prices here are more than even Tokyo when I moved here for a lot of groceries and such.
My mortgage on its own is over 85,000 in the deep countryside almost an hour walk to a station. I’m sure apartments are cheaper, but this is on a used house built in '96 IIRC (though with some rennovation and a new roof not long before I bought it).
I can’t day I’m very well-informed on the issue as an outsider, but I’ve heard that the central government (at least in the recent past) have tried to encourage people to move out into inakas in an attempt to slow down or even reverse the migration trend. Some carrots, like housing subsidies if I remember correctly, are even offered, but there hasn’t been many sticks, eg actually encouraging able firms to keep their jobs remote, from what I know.
So I guess my question is, has this sentiment / tone changed from the government (esp since the LDP has had a few leadership changes in the last few years)? I did hear of the intention to have a second capital, likely in Osaka, but that seems only tangentially related.
encourage people to move out into inakas in an attempt to slow down or even reverse the migration trend.
That may sometimes be the case. However, companies like mine (and no I won’t name it since I don’t want to be sued) say “work from anywhere in Japan” and then go "J/K, we now require you in the office with no relocation expenses and a monthly travel budget of 20k JPY (which is less than a single trip for me which also takes 8 hours round trip with buffer). My union is fighting this and we are willing to go to court since I was never required to be in the office except for about 3 days of orientation. The results are spotty in cases like this with some courts favoring the contract which, as a permanent employee, has traditionally means the company more or less owns you. On the other hand, there are protections against undue hardship which is one way in which we would fight it. However, because of things like this, no one is willing to move to the middle of nowhere with zero job opportunities.
like housing subsidies
I got a subsidy to move with my wife and buy a house. 1.3 million JPY to be paid back if we leave in < 5 years. Families could get more. We used it to buy a used car since I was a bit optimistic in thinking my motorbike and taxis would get us by. Almost no taxis after 6pm without prior reservation. No easy rental places right in the area to go that route when we would need a vehicle.
has this sentiment / tone changed from the government
The lip service doesn’t change, but concrete actions, especially for people not doing low-paid manual labor, is missing. Add to that that companies still abuse laws and hope not to get caught, it’s worthless. Much like many places in the US, we have lots of other immigrants, particularly from SE Asia, moving in to do ag work as well as nurses and carers for the elderly that are in high demand.
I did hear of the intention to have a second capital, likely in Osaka, but that seems only tangentially related.
Yeah, that’s a thing. The LDP was trying to pay back the loyalty of those that worked with them. I don’t have any problem in principal with Osaka functioning more like Tokyo in terms of governance (though this is not definitely Osaka last time I heard, but I don’t follow it closely), though I don’t know what this accomplishes other than people saying “yay, Osaka is great!” feel better and maybe solve some redundancy (which is not necessarily bad). Then again, I’m not following closely.
My problem with things like this: Osaka also has big natural disasters; the world is getting hotter all the time, why not do this somewhere more north; it’s still performative more than anything as best I can tell (though I’m just a dude who can’t vote living on the other side of the country). It doesn’t actually decentralize and take pressure off the real estate market and other things that are facing increasing difficulty, and causing foreigner backlash (specifically AirBnB-type places and (often allegedly Chinese) illegal short-term accommodations buying up buildings illegally).
Here in Tokyo, I feel things are pretty rough financially too. I cannot imagine how hard it is in inaka. It’s quite sad that everything seems to be pulled towards a few cities. This feels different than America where the draw is to bigger local cities whereas here it’s mostly to only the biggest cities.
Fucking 2008 bad. Tourism’s been on the decline since 2020, and the only other industry is servicing gentrification.
Where are you posting from?
Thanks
