RE: Home Prices are Rising Five Times Faster Than Wages - Australian Property Market Update for Week Ending 23 July 2017
Hello @jasonstaggers, Reading your post I can not imagine how the economic problem of Australia or another country. Of course my point of comparison is the information that you have provided through your POST. I would not know how to explain the problems of Venezuela. I can only give an example. I started building a house in 2014, I invested 4400 $ (US Dollar) equivalent to 44000Bs (Venezuela) and my salary was [12000Bs = (1200 $ US dollar)], I could not continue to build my house because of excessive inflation. In 2017 4400 $ (US Dollar) is equivalent to 39600000Bs (Venezuela) and my monthly salary is [383000Bs = (42.55 $ US dollar)]. That's why I read 10% increase in cost there. And I can not understand the impact on the economy. Unbelievable as in 3 years I lost purchasing power. If this continues, I will never finish my house. This leads me to see the problems of other countries as simple to solve. Thank you for sharing your information.
Google Traslate. ;)
Thank you for sharing your personal experience with the horrible economic problems in your country today. I can't imagine how frustrating it must be to be in that situation, and it does make Australia's economic challenges look like a walk in the park. I appreciate you giving some perspective.
What stands out to me from your situation is that even though your wage has increased in terms of Bs, it has fallen in terms of buying power. Our central bankers here are trying to increase inflation with the hope that it will also increase wages. But the lesson of Venezuela and every other country that has experienced mass or hyper-inflation is that wages do not automatically increase when consumer prices increase.
Unfortunately, I'm concerned that with the excessive suppression of interest rates and money printing by central bankers, eventually, we may also experience something similar to Venezuela. Whether it's deflation or inflation, our own time of reckoning will come.
Thanks again for your excellent comment. I hope Google can properly translate this for you :)
My dear friend, I hope you never get to experience something like what is happening in my country. Where something so necessary, like eating. It becomes almost impossible. I really do see people fighting for 1 kilo of rice. It is something that sad and that before only saw it in apocaliptiac films. Thanks and regards. ;)
Are you on steemit.chat? I was going to send you a direct message. I have a question for you.
Ready. :)