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Living in America is expensive, wages are relatively low, and long labor fights result in financial devastation that might take years to recover from despite so
by MisterBastahrd 4y ago
Living in America is expensive, wages are relatively low, and long labor fights result in financial devastation that might take years to recover from despite some of the gains being virtually negligible in terms of real impact on the wallets of employees. There are many people, especially of boomer age, who are still haunted by long-term strikes. Strikes have more of an effect when they're against smaller companies. Huge conglomerates like Shell and Exxon don't care. They can afford to wait them out.
- mattmcknight 4y ago> wages are relatively low source?
- MisterBastahrd 4y agoIf wages matched the increase in housing prices alone, then where I live $260K house in 2019 would cost $295K today, not $387K. Wages also do not reflect the necessary change in borrowing habits for many people. Prices have gotten so high that people are being forced to borrow money that they wouldn't have needed to in the past, usually at insanely usurious rates. People are being bled dry by unsustainably high interest rates and housing costs due to the insatiable appetites of big business.
- mattmcknight 4y ago>> wages are relatively low >source? >> If wages matched the increase in housing prices alone Ah. I thought you meant wages were low relative to other countries, when they are actually among the highest. This is sort of the nature of inflation though, prices increasing faster than wages- but there is a feedback loop, as increasing wages increases prices. > People are being bled dry by unsustainably high interest rates Asset price inflation is probably more driven by low interest rates. Higher rates should bring down asset prices, ceteris paribus.