Earlier quoted context omitted.
There are bubbles, for sure; tech is probably bubbly more frequently than other areas. But IMO the salaries and benefits of government and many other non-industry workers form one of the biggest bubbles right now (an average public school teacher with seniority paid 120-200k if our local paper is to be believed and that is not in the most expensive area on the East Coast). This bubble may overstretch public finances…
> an average public school teacher with seniority paid 120-200k While teacher pay definitely varies by district in public schools, that range seems absurdly high. I'm unclear precisely what you mean by "with seniority" but often the max comp for teachers is defined as being at the highest salary level with "Master's Plus 30". The NEA lists average teacher starting pay at $35k, and it doesn't exactly rise dramatically…
My guess there were periods in the past when new teachers started with decent salaries and given guaranteed yearly raises, seniority moved them beyond this.
Im interested now myself (did I make a mistake?) and will look for an online copy or save next version