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Tech workers who adopt this perspective shouldn't be surprised to find themselves in the same position as manufacturing workers when the United States was deind
by VagueMag 4y ago
Tech workers who adopt this perspective shouldn't be surprised to find themselves in the same position as manufacturing workers when the United States was deindustrialized over the last 4 decades. Labor in the U.S. is not on an even footing with labor overseas because the USD cost of living and real estate prices are so much higher here.
Flattening out global entry wages like this will be great for the holders of corporate equity capital but would probably even rugpull U.S. real estate prices.
- cableshaft 4y ago> but would probably even rugpull U.S. real estate prices Good, it's been increasing at an out of control pace for a long time, but especially since the pandemic. I'm saying this as a homeowner myself, whose home went up in 'value' almost 50% since I bought it five years ago (it really hasn't, if anything it should have gone down a bit from wear and tear, it desperately needs a new roof, deck, fence, and some gnawed up corners of walls and trim patched up from puppies when they went through teething).
- VagueMag 4y agoI'm not talking about going down 50% for a year or two and then rebounding when the Fed re-juices the markets with liquidity, I'm talking about grinding down over a couple of decades to something like -75% and staying there, and this would have huge implications beyond just where buyers & sellers can transact.