Housing. Note that this is one of very few economic goods for which a lifetime supply doesn’t take up any more space than a week’s supply. Any scarcity is absolutely artificial. About the closest thing to this that is available in present-day America is having a “paid off” house, no rent no mortgage. But still there is property tax, and even assuming a lifetime supply of enough income to cover the tax, the possibility of that becoming unaffordable due to gentrification. It’s said that you’re probably in poverty if housing eats up more than a quarter of your paycheck. At least that’s what they were saying when I was a young thing. I think lately that goalpost has been moved to something like a third. I don’t think there was ever a time when the going rate (that is, the market value) for entry-level labor was anywhere near triple (let alone quadruple) the going rate for entry-level housing. That’s why the process of carving out a market niche for oneself is referred to by a metaphor that suggests defying the laws of physics: pulling oneself up by one’s bootstraps.
This topic courtesy of WordPress. This time, one of the suggested topics is directly relevant to the subject area of the present blog. Imagine that!