$180k -> $100k -> ??. Not FAANG level salary from the outset, not going to be able to reach a comfortable retirement at this rate while retaining my financial independence.
This is not to say one should accept injustice handed down from on high. There are some who will try to exploit contraction for their own short-term benefit at everyone else's expense. Be wary, and be prepared.
that's a bit of a defeatist attitude though.
I expect a better retirement than the current generation of retirees right now, and i expect to achieve that by purchasing as many assets as possible, while earning as much as possible, before i retire. Of course, one does not know what the future holds - so the method i am using may turn out fruitless.
While that sounds obvious, it’s not necessarily true. Empirically the real price of many commodities has come down, even in the face of growing population.
https://www.aier.org/article/review-of-superabundance-by-mar...
That was always going to make the US less competitive once the economic foundations that supported those very high compensation levels broke. Unfortunately for those in the industry in the US that probably means there will be a sharp contraction in both the size of the market and the TC being offered. Those affected have my sympathy but pragmatically they also need to realise that what they're going to have to get used to for the next few years is probably still (slightly) better than what everyone else in the world doing the same jobs with the same skills and in some cases with a similar cost of living has had available all along.
It all depends how effectively you can lobby for your rights & prevent foreign competition (and control the pipeline of new entrants / gatekeep / keep your industry profitable)
No, they won't. They will go to Mexican border cities for a routine dental treatment. Nothing more serious than that.
Certainly no equivalent of what various Canadian politicians have received over the years in trekking to the US, such as Chretien's secret trips to the Mayo Clinic while PM. <https://web.archive.org/web/20160624132234/http://www.ezrale...>
Just for comparison, $180k would be out of range for anyone outside the US, unless in High Frequency Trading, managing a team of > 200 people, or working for a hot AI startup, Crypto or similar. It is quiet exceptional.
I say this as someone who is, compared to East Europe, Indonesia, Cuba, India, etc, earning a high salary. Same thing could happen to me quite easily if I am out of a job and looking again. It is scary.
Examples on the far end of the extremes only serve to skew our perspectives, unless we remind ourselves these are the extremes, not the norm.
I don't think it's too far off the mark for Australia. Mind you, that's gross. US$180 is about AU$280k. Of that, you'd pay around AU$100k in income tax (and then there's a 10% sales tax).