A big difference, however, is that houses in the 80s were 3-4 times the average income. Now that ratio is about 10x.
Younger generations always need to work harder than older people, yes, but the major difference is that working hard these days doesn't provide the same rewards that it once did.
You can use this tool to compare: https://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=Australia&country2=United+States
My cinema down the street costs $18.50 for an adult.
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I've been thinking about this perspective for a while now, so it's good to see the topic raised in the mainstream media. If you compare a business investment or buying shares in Australian companies with investing in property, there is much greater value to society and positive flow-on effects from business investing.
A business can use the investment to hire staff, produce more goods / services for export, and growing revenues mean more tax revenue for the government.
With investment properties, the owner buys a property by outbidding someone who may have just wanted a home and they then proceed to charge that same group with a rent burden. No additional jobs are created from the investment property and a cost burden is placed on the renter, reducing their disposable income.
As a society, we need to start thinking about investment properties in the way that we would think about fossil fuels. We know it is easy and it makes money, but it's bad for future generations and we need to transition to alternatives.
You know you can follow the tweet to learn more about the author, right?
That "random person" is Trisha Greenhalgh - Professor of Primary Care Health Sciences at the University of Oxford.
Here's an excerpt from her Oxford Uni profile:
Trish is the author of over 400 peer-reviewed publications and 16 textbooks. She was awarded the OBE for Services to Medicine by Her Majesty the Queen in 2001, made a Fellow of the UK Academy of Medical Sciences in 2014, and elected an International Fellow of the US Academy of Medicine in 2021. She is also a Fellow of the UK Royal College of Physicians, Royal College of General Practitioners, Faculty of Clinical Informatics and Faculty of Public Health.
https://www.phc.ox.ac.uk/team/trish-greenhalgh
Her Google Scholar profile shows that her work has been cited almost 95,000 times in other research papers.
https://scholar.google.co.uk/citations?sortby=pubdate&hl=en&user=8KQwEGcAAAAJ&view_op=list_works
I'm not sure that they ever had any data because the data would probably suggest that management had the lowest productivity out of any employee. Middle management is filled with too many meetings, they're all promoted to a level of incompetency, and have delusions that they contribute more towards the success of the business than the skilled people below them.
I wear masks on public transport and when flying. Even without reading the latest research on long-term COVID impacts, the amount of people openly sneezing and coughing is enough to convince me to keep doing it.
The situation isn't really a lack of jobs, it's that younger generations don't want to work the factory jobs (because they all studied for better jobs) and there is pressure to look after parents. Not only is there an imbalance in young vs old people due to the one child policy but China also passed a law that required children to provide mental and financial support to their parents. Some parents are effectively paying their children to look after them, thereby removing them from the workforce count.
https://www.voanews.com/a/china-elder-care-law-a-struggle-for-one-child-families/1704200.html
Perhaps, but calling them names and hurling insults is never going to change their mind. It may even embolden their position because name-calling usually means that you don't have a good response to their argument.
The article is definitely worth reading for more context. Basically, Woolies can find it challenging to secure land for new supermarkets, so proposing to build apartments above the supermarket makes it easier for them to gain city/state approvals.
If town planners at the city and state level are competent, they could use this opportunity to mandate that Woolies build affordable or public housing as their proposal.
There are plenty of alternatives (e.g. Vietnam or Mexico), but China still offers enough advantages to make it the preferred option. This article explains it well: https://www.china-briefing.com/news/reshoring-from-china-to-mexico-how-prevalent-is-it-really/
If you look at various economic indicators, it seems likely that we have reached the peak of China's production.
Exports peaked in Dec '21: https://www.ceicdata.com/en/indicator/china/total-exports
Population - declining: https://www.ceicdata.com/en/indicator/china/population
Labour force participation rate - declining: https://www.ceicdata.com/en/indicator/china/labour-force-participation-rate
Employed persons - declining: https://www.ceicdata.com/en/indicator/china/employed-persons
Manufacturing wages - doubled in the past 10 years: https://tradingeconomics.com/china/wages-in-manufacturing
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morry040
joined 1 year ago
If you have management that tries to push for a return, give them this article from Microsoft and request a discussion of its many points.
https://www.microsoft.com/en-us/worklab/work-trend-index/hybrid-work-is-just-work
WFH, particularly in 2020-2021, was the opportunity for managers to learn how to effectively manage remotely, using metrics and good planning practices. Those who failed to do so should be the ones questioned as to why they should remain as managers.