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Bank of England Chief Economist said people need to accept they are poorer
- gsatic 3y ago> “If what you’re buying has gone up a lot relative to what you’re selling, you’re going to be worse off.” People are fully capable of understanding that. But advertisers 24x7 are pumping the opposite message into everyones head - that standard of living/status (ie your worth) = how much you consume. How are you supposed to buy a new iphone, if your wages dont go up? Why not ask apple to take a break from releasing new veblen goods every 3 months and accumulating mountain ranges of cash? Thats not possible obviously cause status has value just like cash does. I think we need a large ass tax on advertising to slow down the passing the parcel story. Its not going to happen any other way.