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And once higher labor costs drive up the cost of living, you just ship away the next tranche of people who are now below the poverty line?
by seoaeu 4y ago
And once higher labor costs drive up the cost of living, you just ship away the next tranche of people who are now below the poverty line?
- mlyle 4y agoIt doesn't run off to infinity, because the high cost of living city is connected to other markets. E.g. the price of groceries might increase a little. Price of low-end housing could be expected to fall a little from reduced demand. There's a transfer of wealth to people who are at the bottom of the income scale.
- bombcar 4y agoWhenever people assume something runs to infinity, it's fun to imagine what would happen - baristas in San Francisco pulling down 5x top tech salaries, Google employees working at the grocery store after hours to make ends meet, etc.