Richard Wolff on the Growth of Wages Vs Housing, Education, and Health

"Housing prices (one of the most important things anybody spends money on) over the same 30 years (1987 to 2017) went up, adjusted for inflation, that taking account of rising general prices, it went up not 14% (that's what people's income went up) 290%. That's right. Tripled...  In other words those three things; housing, college education and personal health care, really took more and more out of people leaving less and less for everything else. And that's the reality of people have lived in the United States."

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Prof. Wolff's latest book "UNDERSTANDING SOCIALISM"

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[donacatanguma]

I live in a poor inner city barrio in Manhattan and spend almost every penny on rent ... at this point, just grateful I'm not homeless.

[saruman]

US, the 'best country in the world'? Yeah, sure.

[alterworlds]

Not sure if housing in this case is just the cost of the building itself, or includes utility costs, but the monthly costs on Utilities is also staggeringly high. Can't live decent life in the costs of basic living expectations for your country is equal to your paycheck each week/month.

[summertime]

Were not working less hard than previous generations, were being exploited.

[jackmeoff]

We are all wage slaves but we pretend we live in a free society.

[thebraziliangardener]

those 3 whether someone likes or not, are the pillars of someone's life in society, the struggle is real

[noalkolarik]

Try to explain to Boomers about education. I know a 70 year old that paid for her college with a part-time summer job. They just don't understand. They think we are irresponsible. Yet we go to college and then have a hard time getting a decent job. Then we adjust payments to be based on income...the principal never goes down. My wife now owes more than she did at graduation. Nice system

[emhu]

Finally someone is talking about how ridiculous the increased cost of housing is.

[cyberneticsynthetic]

Quite a gloomy outlook before the big bust coming

[Aceks]

This is why a lot of people have to work harder and longer hours just to make a living.

[jimmysparks]

And isn't it convienient that those 3 expenses are not included in the inflation calculation...

[rayhanes]

All you need to do is look to the founding fathers and their opinions of banks...and a particular other group of people too. You'll find the heart of the problem.

[AcmePotatoPackingPocatello]

If your rich you can get great tax write-offs by buying up houses for rentals every recession.
Thereby creating a housing shortage in city's, where block after block of 1960 & 1970s homes are just that --RENTALS.

[CousinoMacul]

Serious question: If all those metrics including wages went up "adjusted for inflation, " what went down? Was it commodities from China driving the inflation index? Serious question.

[rayhanes]

Lending is to blame for just about everything wrong. If banks weren't willing to lend more then items wouldn't budge. Ppl simply couldn't and wouldn't buy them.

[lesliestenta]

I am from Hawaii, my home is unaffordable. Also we have homeless and tent cities all over the island. I think I will stay in Thailand, our only hope is Bernie. Also every single expat from the US and UK don’t want to move back to their home country

[benjaminbrown]

Therefore, a rollback of welfare, housing, employment, with extensive cuts to "schools, hospitals and roads" (the rhetoric, of course pre-school ain't free, nor is diplomas and degrees, so vocational/tertiary, optical, dental, mental, ambulance and roads that ought be local (munipical) public-sectors are crumbling from wear and tear cause mismanagement via state/territory public-sectors)

[ΕΥΘΥΜΙΟΣΜΑΛΙΑΡΙΤΗΣ]

what about ENERGY bills? why dont you refer to that?

[Francisco-je]

I suspect your videos are being throttled down because they dont pop up in front of me as commonly as they used to.
We need a new youtube.

[jameswarren]

tax take it  all.and it not a law that you have to pay so the rich  don't  wake up