I believe incomes are not keeping up below 100K
Can't prove that here, I'm married to a drywall hanger and you don't get any more blue collar, average Joe, middle America than that. My husband is still ahead of his best friend (when you calculate lifetime earnings and apply the opportunity cost of 8 years of extra education and loans) who is a doctor and they both just turned 50 this year.
Deflationary wind is blowing from Asia's factories.
This is why it is pointless to try to hang onto factory jobs here unless they incorporate very large amounts of capital equipment. Interesting that the foreign automakers can build new factories here and do rather well with them. Of course, who knows what happens when that first boatload of Chinese cars arrives.
Over the coming years we will get used to hearing following words over and over again (repeat after me):
plunge, bankruptcy, collapse, decline, inflation, debt, termination, default, foreclosure, layoff, delinquency, write off, bailout, eviction, repossession, upside-down, recession, train wreck, systemic and derivative collapse, failure, barter, closure, restructuring, crash, debacle, deficit, deflation, migration.
I've heard these words for the last thirty years I've been talking about the US economy, so why should the next 30 be any different!?
I find when time renders doomster predictions wrong, people just shout that the end is just that much nearer! |
