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I think the parents’ point was that even though GDP per capita has increased, the cost of living has increased disproportionately. Because of the rise in housin
by dantheman0207 8y ago
I think the parents’ point was that even though GDP per capita has increased, the cost of living has increased disproportionately. Because of the rise in housing and healthcare costs, net income in real dollars has gone down even as GDP continues to rise.
- jeffreyrogers 8y agoI've seen that claim made but have not seen evidence for it other than anecdotal or for subsets of the population. It does not seem to be true for the population as a whole.
- dredmorbius 8y agoAnother argument might be made that income variability is now more significant, as any break or disruption is likely to be highly disruptive: loss of housing, family relocation, disruption of children's education and environment, etc. I'm notaware of any specific study of same, offhand,but the notion has a name: The precariate. It's what Yonatan Zunger (not an economist) describes as "your financial shock wealth": https://shift.newco.co/your-financial-shock-wealth-4845e6dc1d2f?gi=86c25dc27bcf https://shift.newco.co/your-financial-shock-wealth-4845e6dc1... "All hollowed out" does reference several related studies: https://www.theatlantic.com/business/archive/2016/01/white-working-class-poverty/424341/?single_page=true https://www.theatlantic.com/business/archive/2016/01/white-w...