inflation is a bitch like that.
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is $2,060/mo. which comes out to 24,720/year
let us take the median income of 37585. Standard deduction is $14,600 which means you are paying taxes on 22985$, except for the payroll taxes like social security which are not deducted.
That puts you at 12% federal tax bracket. so 2758.2$ to uncle sam.
plus state taxes.
plus payroll taxes (which are double if you are "contractor"). payroll tax is
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which means 5750.505$. if you are a proper employee you pay half and boss pays half. if you are a "contractor" (employee with shitty boss) you pay the whole thing. For most people the situation is the latter, they are false contractors. so that is 8508.7 taxes + state taxes. which varies from 0% in alaska to 10%+ in new york.
oh and you then get taxed again on your property owned AND on anything you buy via sales tax.
Between income tax, payroll tax, sales tax, property taxes (house, car, etc), and assorted other taxes, uncle sam gets a nice big bite of your paycheck.
Saying you pay 30% in tax is lowballing it. and 30% of 37585$ is which is 11275.5$
37585% -taxes = 26309.5$ - rent = 1589.5$
the average household spends
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(which does not account for any eating out, which is often out of necessity due to work interfering with ability to cook). this comes out to 15,486$ / year on groceries.
1589.5$ - 15,486$ = −13,896.5$
now add in utilities, gasoline, car insurance, health insurance, healthcare (because health insurance does not pay all your healthcare and 2/3rds of americans are obese and thus sick and need care)
and you end up with negative money.
god help you if you have children.
The real indicator of economic health is how many adults move back into their mother's basement because they literally can't afford to live. As realistically the only thing you can cut out of the above equation I listed is rent.
In the great depression 52% of all adults in usa moved back into their parents due to "financial hardship".
In 2024 we already passed this figure. Currently more adults are forced to live in their mom's basement than in the great depression.
Making this the "Even Greater Depression"
Also, most so called job listings are ghost jobs. fake jobs put out by HR departments not actually looking to hire anyone. They just have fake job postings for whatever reason.
Oh also as a contractor you are solely responsible for payroll taxes (social security tax) which you cannot reduce by tax deductions. Even if your taxable income is 0$ after all deduction you still have to pay social security tax on your gross. because "lol fuck poor people".
Naturally almost every business out there is forcing all its employees to be falsely listed as contractors just so they can fuck them over on the payroll taxes.