Misdirecting the debate


More Government efforts to misdirect the debate. Instead of addressing the obvious fact that wages have not risen in 35 years, they are tossing insults suggesting people should avoid coffee and food in order to inflate the property bubble still further.

No wonder kids can’t be bothered buying houses – falling (real) wages, worsening employment contracts (Zero hours) and rising unemployment (Up to 25% for the youth).

The media pundits, instead of focusing on the real issue, prefer to make banal comparisons between lattes, avocados and houses, completely sidestepping the real issue. This is why the 1% now own 50% of the World’s assets and rising yearly.

BERNARD SALT wrote an article in The Australian on the weekend that really, really upset some millennials.

The KPMG partner and demographer said that young Australians should spend less on breakfast and instead save for a home deposit.

In the column Salt bemoans the “evils of the hipster cafe”.

“I have seen young people order smashed avocado with crumbled feta on five-grain toasted bread at $22 a pop and more,” he writes.

“I can afford to eat this for lunch because I am middle-aged and have raised my family. But how can young people afford to eat like this? Shouldn’t they be economising by eating at home? How often are they eating out? Twenty-two dollars several times a week could go towards a deposit on a house”.

Wages :
Economic Policy Institute

Pew Research Institute

In case you want to argue “But that is America” – the same wage stagnation exists everywhere else, except American house prices are not at a 12x multiple!