Thanks for bringing up this point. Anyone who has grown up in the US knows well how far down wages have gone.
My father was an accountant. He could afford a house and raised a family of 5 on his salary at age 40, earning ~60k/yr. I'm an experienced developer. I make $200k/yr. I'm raising a family of 4 on my salary and i'm 40. I cant afford a house. Heck, I cant even afford more than a 2br apt.
To me, it is completely meaningless that i earn 3x+ than my dad, the wages have not kept up with inflation. My 200k/yr doesnt buy me as much as 60k did a generation ago.
How is this "no loss in jobs or lowering of wages". If anything this demonstrates that Increasing supply lowers wages.
My father was an accountant. He could afford a house and raised a family of 5 on his salary at age 40, earning ~60k/yr. I'm an experienced developer. I make $200k/yr. I'm raising a family of 4 on my salary and i'm 40. I cant afford a house. Heck, I cant even afford more than a 2br apt.
To me, it is completely meaningless that i earn 3x+ than my dad, the wages have not kept up with inflation. My 200k/yr doesnt buy me as much as 60k did a generation ago.
How is this "no loss in jobs or lowering of wages". If anything this demonstrates that Increasing supply lowers wages.
Who knew, economics was right all along!