Do you remember buying a 5-unit apartment block in 1977 at age 25 with a steady paycheck from a unionized government job, all with a grade 11 education? My father does.
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Whereas now everything goes down, including life expectancy, while plutocracy rises ever more. Inflation was strong in the 30 glorious years but the economy was stronger, and more equalitarian. Increasing Pluto is a threat to not just democracy, but intelligence itself! Watch Xi!
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Thats one relatively tiny window of time.... Wage inflation has been on the verge of non existent for decades now. There's no sign of an uptick coming for the working class. You're objectively wrong.
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You're the guy who says Louis XIV was poorer than some guy on welfare because Louis didn't have a TV, right? Poverty is relative sir.
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Steven, do you ever read Easterbrook's 'Sunday Morning Quarterback' articles? Insight with a dose of humor
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Is that an incredibly subtle joke ? It's Tuesday Morning Quarterback !
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Shoot! That was what I meant : ) Wish I could claim it was a clever joke..but it was a mistake on my part
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Inflation rates have been artificially lowered by expanding definitions of essential goods and the advent of cheap electronics and software. Real inflation on essential rent/food has risen and wages have not caught up.
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And why do you assume wages should/will catch up?
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I don't claim that wages will catch up. They should though in comparison to food/housing, as the economy should be based on more tangible goods that don't have the prospect of losing demand for entire sub industries/specializations at the rapidly changing whims of consumerism.
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The massive growth in standard of living was not caused by modern bubble laded services or luxury goods, it was the result of industrialization of core industries (food, housing, clothing, education and military supplies)
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Today we see rapid growth in either western consumer driven luxury goods and services markets or deliberate planned industry bubbles such as China's housing development and steel consolidations.
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You also lived through the 1950’s and 1960’s periods of unimaginable growth and unrivalled economic equality all through socially democratic economics but it seems all you care see is the beauty of neoliberal economics.? The 1970’s were bad the 1920’s were worse
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In the UK ~ half of new jobs created don't pay enough to live without top up from the government. Wages have *fallen* for 10 years. House prices are still going up by +10% a year. People work longer hours on average.
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Gotta read progress paradox before I start this one but have it from the library to take care of
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When new technology increases the ease with which natural resources can be extracted, the economy flourishes. Until the resource is tapped out and collapse occurs. We are extracting oil and gas so rapidly with high-pressure steam/detergent injections, global economy is spiking.
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That's not how it works. When a resource begins to run out, long before being "tapped out," people look for alternatives. For the past few centuries, we've always been successful in finding them.
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Look at a chart showing development of social complexity or pace of economic activity over the past several thousand years. You see spikes followed by collapse. As the size of the system has grown, the time between spikes has increased. (Larger systems change more slowly.)pic.twitter.com/NUVL5Q9KWt
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History isn't cyclical. That myth was busted years ago.
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Civilization is plagued by chaotic instability. The arc of the rise-and-collapse of economies and societies reflects the nature of the conditions that allow for growth and that then bring collapse. Systemic defect underlying this instability: our failure to share natural wealth.pic.twitter.com/X8wTQWJM5n
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