Topic: Standard of living - page 10. (Read 1714 times)

Inflation has been a big issue too in my country that makes the poor people even struggle more for daily survival. I remembered our country's economy was quite stable then before pandemic but when pandemic hits the country, its revenues and income drop as well. Thus, making the prices of daily necessities very expensive that even the rich people also reduce their purchasing power. Now, i think inflation will be here to stay for good, and that people should be smart enough to manage their funds so they can still provide their family's basic necessities.

In the 3rd world countries, inflation is caused by the rising rate of dollar. Dollar is the causes of high prices of goods and services in the 3rd world Nations. Like Nigeria as a case analysis. In 2011 to 2014 when Goodluck Jonathan was the president, Dollar Exchange Rate was #150. That is, 1$ equal to #150. And when Mohammed Buhari became the president in the country in 2015 to till date. Dollar Exchange Rate is about #588. That is 1$ is now #588. And to meet up the living standard in the country, sellers of goods have to increase their prices to meet up the dollar rate for exchange. And that makes living costly in the country.
https://www.ngnrates.com/market/exchange-rates/us-dollar-to-naira/black-market
And the Average Nigerian was not living with a dollar a day as of 2011, when a dollar (1$) was #150.  Okay, tell me how the average Nigeria is living now.

The only way to reduce inflation or cost of living in the 3rd world nations, let all the 3rd world countries adopt bitcoin as their fiat currency so that the neo colonialism, neo imperialism, neo oppressive tendencies will be eliminated. The adoption of BITCOIN is the only solution to the world inflation, mostly the third world countries.

The problem is with people if they want to show off even if they don't have enough money to sustain their fake lifestyle and its their fault if there's bad happen to the because they didn't live according to what salary they get. If they spend above on that then expect what will be their fate in future and if they blame to the government what happen to them then we can see that they are not good to follow.

Standard of living change and inflation rate rise up so I guess people need to spend smart on what they receive because if they keep counting on what government can do to them then maybe they will just pissed off if they cannot get what they expect to them.

Standard of living has been increased for so many reason, the usual simple things before are slowly becoming a an expensive thing today maybe because of growing population along with the inflation. For me, my country is already on a better place since we are experiencing a lot of problem over the last 5 years but still the government able to have a good project that can affect a lot of people and that’s really a good thing.

If people still doing with pride and showing off that means they are still looking comfortable may be your government has made good effort in the economic that people still benefit enable them to show pride. If they can't find food to eat they will not show pride. This is what I think on that because a pride person has something to fall to , if they don't they won't show pride.

Prices of the commodities surely affects the standard of living but in my country, Social media becomes the standard of living they are trying to impress more people online even if they are broke in reality, they are living with the lies and now most of them suffering from a big problems. Standard of living my place is really different, though I’ve seen a lot of changes over the 5 years but still, many people are suffering because of their own pride, the standard for them is very high because of their over expenses. Overall, our economy becomes better, I can see good infrastructures and our government really did their best over the five years and guess what its election week in my country and I’m looking forward for the next 6 years for a more better country.

I don't know how to measure the standard of living in my country because what I see is that more and more people are poor here...

during the last 3 years (the beginning of the covid19 pandemic) the level of social inequality has increased dramatically, many have gone bankrupt (civilians) but many have also become rich (average member of government), besides that our government has also started increasing taxes to cover expenses which they say are slovenly. I don't know what else to say, I'm quite grateful to know bitcoin and my economy can be helped because of bitcoin.

Aside from that due to the Russian-Ukraine conflict, the cost of electricity and commodities that is tied with oil increased significantly.  The monopoly in the industry plus war conflict is really killing households with its unreasonable charges and price hike. 

The standard of living was increased by the price increase everywhere.People was suffering a lot for this economic crisis.If this survive for the long period,their will be poverty in the developed countries.It’s very complicated in the crypto currency market.The price of bitcoin had crashed a huge now.In my country also their was huge rise in the price of food items.

I can feel the inflation skyrocket here in the EU. I'll give you a few things as examples and all that compared to the last Bitcoin bull market of 2017/18. Since then my rent has doubled and so did my water and energy bills. Inflation went up by about 100%, it's hard to say where it really is now because different sources produce different numbers. I know a guy whose mortgage went 2x in the last 2 years. At the same time our salaries increased maybe by 20% and minimum wage did the same. It was hard with the pandemic but it's even harder now thanks to Putin and his stupid war.

My standard of living did not change. The only difference is that I had plans to buy a few things, change some stuff around the house, but now it will have to wait. I'm not going to have enough cash for all that with current prices.

What is clear is that all the necessities of life have gone up and unfortunately the income received is not in accordance with the necessities of life, moreover the rich are getting richer and the poor must be smart to find income to survive.
And in the country where I live compared to five years ago, the salary of today's workers still does not match the needs of a month's life and they still have to look for additional income because salaries have only increased slightly.
so for now and in the future being creative and having these skills is a must to have additional income and not depend on salary so that the necessities of life are met even though it continues to increase.

EU & NA countries had inflation issues prior to the war because of irresponsible COVID policy and money printing. Bitcoin's deflationary by nature, and normally the price of goods should be controlled strictly by free market supply and demand. The problem with COVID involved the government stepping in and creating debt for themselves by stimulating the economy through money printing. Increase the money supply, and the demand will increase. If a country, hypothetically, were using a crypto currency based system, they'd think twice about locking down the entire economy because they don't have the ability to lend themselves free cash.

So you would expect prices to soar if Bitcoin was the main central currency in any country, but you'd also expect those prices to reasonably stabilize/decrease following supply normalization. Inflation is the rate of price increases so even if the war is resolved and the supply chain is corrected, the money's already been printed. The prices don't go back down.

Targeted inflation rate is at 2% every year. The least Bitcoin would do is not lower your purchasing power by 2%.

Considerably, there's been a decline in the standard of living in my locale, the price of goods and commodity has increased, very different from what they used to be five years ago.  Five years ago, i'm pretty sure no-one expected the price of things to be as high as they are currently in my country Nigeria.

A lot of factors have contributed to this and not necessarily only the Russian-Ukraine crisis. There is Corruption, bad leadership, insecurity, and also a case that we are over dependent on our petroleum products, so any global event affecting crude oil market affects us considerably.

Five years ago from our current year will be 2017,  consider the cost of these commodities from 2016 till our current year.


source

These are just the cost of some basic food items, you can agree that the increment and rising standard of living will also reflect on other basic necessities like Clothing and Shelter.

There is no indication that these prices will come down anytime soon.

As far as I can see in almost all the countries post covid, just one thing has happened which is the widening of the gap between rich and the poor. In my country too the very same thing has happened, the riches have become even richer, especially the wealth of a few has grown exponentially while a few below the poverty line have just gone even down in their wealth chart, while the governments play the game of saying that all the statistics are lying and we are doing pretty good as a country. In a developing economy you will anyway see a rise in the standard of living in 5 years time frame unless you are in Sri Lanka or Ukraine.

Cost of living to salary is still very poor here in the Philippines. The minimum wage sucks, not a lot can afford to have a complete set of meal for the day, and literally everything is just in shambles for those who aren't employed in the metros. The situation is not so grave but still very alarming. They need to impose a reform on wages, else a lot of people and families can slip very far below the poverty line. They only create band-aid solutions, not solutions that really help reduce the number of people in the said statistic.

Prices of goods are also going haywire. Everything is going up except the wages. And, worse part is, it looks like the one who'll win the upcoming elections is someone who doesn't have any background in any academic field!

In my place, the living standard is going well, better than in 2017 (5 years ago). Even all prices are hiking, but not so much (except fossil fuel of course). The electricity bill not hiking up, but the water company is always making a sudden change in the price without notice. But the big difference is how technologically advancement is struck the daily living like we no longer use SMS and legacy phone call, all communication goes to VOIP or instant messages like telegram and everything going hassle after 2020. Manners are past now and welcome to the era of the rage where manners are long gone now because no (less) physical interaction for one year and the communication standard is lower due to online public communication with wide educational level (the most uneducated person is more likely in the online space). It's not about the commodity but we are just waiting for world war 3, the end of the world.

if there is just no mortgage to pay many of the people in my country may have a considerable living standard. there isn't a job that could sustain someone to provide for his family because mostly today employees are under 6 months contracts and they need to find another job after it. the call center jobs in my country somehow can sustain there are lots of these jobs are outsourced in my country.

if government/politicians just prioritized food security by not turning the farmlands and rice fields into housing development, we may have lower prices for food. my country doesn't experience winter, we could really keep the supply coming without interruption.

Well, short answer, everything, the long one is on the wiki:


This is the problem with it, it comes with funny situations, for example, the US gets penalized for public transportation, but for most of them, it's pretty comfortable and affordable to drive in a car, so a country might score more points despite putting their citizens through 3 commutes for 1 hour rather than 20 minings of driving. Political stability, lol, Turkmenistan has the son of the former president in charge and they have ruled since 2006, while the Netherlands has been going 9 months with no government.
Romania has 96% housing ownership, Switzerland one of the lowest in the world with 35%.
Healthcare is cheaper in Russia than in the US, yet the average male has a life expectancy shorter by 10 years.

And coming back to inflation and prices:
Turkey has a 70% inflation rate, Bangladesh and Honduras 5%, which one do you think is better to live in?
Botswana has double the purchasing power per capita of Vietnam and the same as China, do you think it's really accurate?
If somebody earns 10k and spends basic necessities 4k, he can afford a 100% increase, if somebody spends for his food and rent 1000 but that makes 90% of his income, a 20% increase will make him unable to live on.

Rather than asking about the standard of living, you should simply ask if the price rise has made some people forfeit their plans of buying something, far easier to answer, and far easier to quantify.

Talking on sustainable development, I think the agricultural aspect of life is now suffering which is coming to humanity in the way hard times is taking over the day. Maybe the world is feeling the effect of mechanised system and industrial revolution because back in time inflation was hardly in daily discussion.

Resource crunch is a major problem the world is facing. We have become and more materialistic, both quantitatively and qualitatively. Previous self sufficient rural economies have been replaced by international supply chain dependent consumer good suppliers. But there is cost to everything. The cost is destruction of natural resources leading to their scarcity. Our generation is now seeing the aftereffects of extreme consumerism. We need to accept  it. We need to embrace minimalism to make sustainable development and make world more livable