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The Wealth of Nature: Economics as if Survival Mattered with John Michael Greer

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CHAPTER

The Most Explosive Political Fact of Our Time

Working class wages have been systematically driven down, relished th cost of living for the last 50 years. And has been driven downs by partisaninorits not that one party has driven it down and the other party has held it up. Both parties in both countries have smiled and nodded, while the working classes will ground face first into the mud. If real estate pricesif the various legal props that keep real estate prices inflated were to be pulled out,. then all of a sudden, people would have much more money to spend. You'd have an economic boom. But the people who've been benefiting from the current situation would have to take some hits, and they're not willing to do so

00:00
Speaker 1
Well,
Speaker 2
you know, to, well, i will feters with this, but to the boomer generation in generally, are still mostly stuck in that, you know, ta they don't realize they were in the anomaly in history. I remember workinga, just a b retail job when i was younger, and the job itself could only just about, working full time, could only just about afford me the basic of of living. That was a sort of renting a room a shed in a shed house where the a woman i was working with had worked the same job as me since high school and had e along with her husband, but had a three bedroom house, semi detached house with two cars. Ad she couldn't, she couldn't see that. It was no to do with work ethic or pulling up my boot straps. Something g good wrong. Whichwhich is, you know, the big talking point at the moment, which is, why can't a single person, household, on a basic, full time job afford the necessities needed to live? And no one wants to deal this, both in the on a and the us. No one want ous
Speaker 1
look that in the face. And i it is the most explosive question of our time. Because the reason for it, of course, is that working class wages have been systematically driven down, relished th cost of living for the last 50 years. And has been driven downs by partisaninorits not that one party has driven it down and the other party has held it up. Both parties in both countries have smiled and nodded, while the working classes will ground face first into the mud. And it it, it is the most important political fact of our time. It is the one that nobody wants to touch. And that's one of the reasons that i keep on talking about it. Because there's, there's, there's a crucial point here having to do with actually the tertiary economy. M you can't have a functioning sumer economy when too many of the consumers are too poor to buy anything. And so if you allow real estate prices to be driven up to insane levels, so that nobody, nobody can afford to rent, or those who can, are putting every spare, every spare penny they've got into t and therefore they can't afford to buy anything else except a little rice and beans, tocold body and soul together, that looks really great if you own real estate, but it's a disaster for society as a whole. Ah, if real estate pricesif the various legal props that keep real estate prices inflated were to be pulled out, and real estate prices were to come down to a level compared to incomes, as they were, say, in the 19 fifties, or in the 19 twenties, then all of a sudden, a lot of people would have much more money to spend. N the consumer economy would thrive. But that would not be to the benefit of the interests of the classes that on real estate. And so their not, their not having any of it. And in the same way, you can apply the same thing across the board, to every situation where wages have been driven down and prices have been driven out. For the working classes, if the wages were allowed to rise, if the prices were allowed to follow, those working class people would happily go out and spend lots of money. They would happily go out and buy and buy this product, by that service, spend money on this, that and the other thing. Businesss would thrive. You'd have an economic boom. But the people who've been benefiting from the current situation would have to take some hits, and they're not willing to do so.
Speaker 2
You men.

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