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I keep saying to people in valleybubble.io that the rest of America is in something like a depression. It might not meet the strict economic criteria of a depr
by api 12y ago
I keep saying to people in valleybubble.io that the rest of America is in something like a depression.
It might not meet the strict economic criteria of a depression, but the general sense is that there is no opportunity and that the future is only for the 1%. Wages are going down (or nominally flat and losing ground to inflation) and everything else is going up (or at least keeping up with inflation).
This is particularly true if you're not in the top ten to twelve (mostly coastal) major cities: San Francisco, New York, Seattle, Boston, "San Angeles," etc. The gap between rich and poor cities has noticeably worsened in the past 10-20 years. In the rich ones, the poor are being priced out. In the poor ones, there are no jobs and no routes to advancement. The long term trend is toward something resembling The Hunger Games, with the alpha coastal cities as "the capital" and the rest as "the precincts."
It looks not terribly unlike Japan post-bubble, but perhaps with streaks of Gilded Age and the 1970s cultural malaise. It's not pretty.