Get the latest tech news
The Social Recession Is Accelerating
Did wages rise 10-fold to match the 10-fold rise in the cost of a modest house? No. That is social recession in a nutshell. A reader as...
As many readers point out to me, education was the key for the post World War II generation on the GI Bill, and it continued to be a critical ladder to higher, more secure incomes from the 1960s to the 1990s. This stagnation was tolerable as long as the cost of a house, childcare and healthcare insurance remained somewhat affordable to average workers, but once the engines of financialization transformed the US economy into a Bubble Economy of soaring real estate / stock valuations that then inevitably crash, triggering an even larger bailout / stimulus response that inflates an even greater bubble, the costs of home ownership, childcare and healthcare soared out of reach of all but the top 20% unless family wealth and connections gave younger workers a boost. Many readers share their own experiences of pursuing extreme frugality and hard work back in the day, as evidence that similar efforts will result in the same stability and security they now enjoy.
Or read this on Hacker News