A decent middle-class existence is increasingly out of reach for the younger generations. From Charles Hugh Smith at oftwominds.com:
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 asked about the term social recession which he’d noted in my book Get a Job, Build a Real Career and Defy a Bewildering Economy. Here is the paragraph:
“Stagnation in opportunities to work and earn (i.e. a financial recession) leads to social recession, a loss of opportunities for adulthood: a rewarding career, family, and a home of one’s own. In a social recession, unemployed young people may be mired in adolescent narcissism, eschewing ambitions not just in work but in romance and marriage.”
The reader asked if I could recommend any further reading on social recession and I replied that I could not, as the topic is not well-recognized or studied.
In my analysis, social recession refers to the narrowing of opportunities to marry and raise a family, own a home and have a secure livelihood from the vast majority of the populace to an elite selected by fierce competition–a competition few have the means to win, as the winners tend to win by choosing their parents wisely.
In the purely financial / economic terms of growth of GDP, household income, corporate profits and the value of assets, the US has only been in an economic recession for a few months in 2008-09 and at the start of the pandemic lockdown. But when measured by the ability of just about anyone willing to work hard and practice basic frugality to buy a house and start a family, the US has been in a social recession since 2009.
Property is theft, you’ll own nothing and just love it.
Indulgences for the “elites” bug chitin stew pod for you.
At last everything is done for you and all are equal with equality of results for all.
Deluxe Space Communism.
Si se puede!
(not really)