Like it says, we're all a bunch of pussies.I wonder how people will react when they finally realize they're going back to 1989-level incomes.
1989 level? Yikes! I made $18k that year. Don't think I could make it on that with the kiddos to feed.
Do you think people are starting to wake up? Nope, don't think so..
Haven't you heard, we're in the midst of The Recovery. Let’s clarify here that “recovery” is generally taken to mean resuming a prior state. Given that, the US will return to an economy based solely on the fraudulent securitization of reckless debt and pandemic consumer psychosis. And let’s not forget that the production housing industry will resume paving over the nether exurbs with half-million-dollar houses, to be bought with no money down loans by the sheet-rockers working inside them. Burger flippers (which IS honorable work) will once again return to their prior positions as six fig mortgage brokers. Housewives (which also IS honorable work) will once again gas up the caddy and show property to said sheet rockers. And the millions receiving cancellation notices will once again fire up their HELOC’s and flash their plastic at the Galleria. Government hiring will also once again reach frenzied levels. Or perhaps,THERE IS NO F*CKING RECOVERY.
Simply awesome Lou. My generation is a generation of pussies compared to my dad's generation. I'm glad my dad was older and was able to pass at least some of the lessons he learned having grown up in the depression. Teaching so many, I am sure that boomers kids are totally screwed if things ever get ugly.
You know, it tends to make me think Bad Karma is coming my way when I say this, but the only real way employment would see significant gains is if employment COSTS go down, significantly. But at 1989 levels? Highly doubtful, unless you're of the opinion our incomes are going to be inflated away to such a degree that it's going to FEEL like 1989-level income.Back to the employment issue, is there ANYTHING in the healthcare "reform" bills out there that would suggest to you that employment costs are decreasing?
Man, in 1989 I was thinking earning $50.00/day for working in a chemical plant carrying heavy crap in the summer was really good pay. Ugh.
With a double dip recession and spiraling deflation, you'll be able to afford things with a 1989 income level. Not
Lou,I love the site "The Automatic Earth" and in his latest missive he reasons that our children may have a tougher time then we did and how bad that is. This is the 1st time I disagree, most today have had it so easy they have no idea what "without" means maybe that is not such a bad thing.
We're working w/ a local group settling refugees into $500/month 2-bedroom apartments (up to 8 people in a family).I'd do that w/ my family if things get worse.Shoot, I'm probably paying $500/month in property taxes & maintenance now.We forget one doesn't have to live in a 4-bedroom SFR to be happy or a success.
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