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All of these businesses are predicated upon an ever-increasing erosion of the middle class, increasing the number of customers and depressing wages for the work
by qq66 11y ago
All of these businesses are predicated upon an ever-increasing erosion of the middle class, increasing the number of customers and depressing wages for the workers by increasing the supply of people competing for the jobs.
- nugget 11y agoI suppose that benefits them on both sides of their marketplace: the # of less price sensitive consumers in the upper class increases and the # of (educated, reliable, service oriented) people available for cheap on demand labor in the lower class increases as well. The hourglass distribution is a nice tailwind. I wonder how many young people are temporarily part of the demand equation when they are working 24/7 for a high wage and have no dependents and a low to zero (or negative) savings rate. From watching my friends it seems that once you have a child your attitude towards expenses and savings changes dramatically.