I'm deeply skeptical of any explanation that claims that we have both a "shortage of labor" and "downward pressure on wages": > If men and women from the ages 25 to 54 took part in the labor market... [t]hat would be more fuel for the U.S. economy and a bigger source of workers for businesses crying out about a shortage of labor... > Trade with China flooded the U.S. with cheap imports, forced domestic firms to shift…
There was a much better article posted to HN not long ago that did a deeper dive into what's going on: https://slatestarcodex.com/2018/02/19/technological-unemploy... The overall conclusion was that automation (and, we can assume, globalization) was essentially digging away at "middle-skilled" jobs, like manufacturing. These are jobs where employees must invest a certain amount of time and training to be paid well, a…
When I see teenagers with iPhones and their parents buying Tesla cars I can see why they will never afford a house. Average American is unable to save money, most overspend. Combine this with poor education and unwillingness to learn or relocate.