The Guardian: 30-year economic betrayal dragging down Generation Y’s income

[hershel_layton]

sc94597 said:

WolfpackN64 said:
The whole "generations" thing is BS anyway. What do you expect in a capitalist society? It's like Windows, everything seems to run just fin untill you get BSOD' or get a fatal series of system crashes. And it will happen again and again and again...

And the alternative? Price controls? Hyperinflation? Restricted markets? Loose property rights? Shortages? Protectionism? Cuba? Zimbabwe? Venezuela? 

I can see why people argue for social democracy, even though I don't think it can last. At least social democracy works in the short-term. But actual socialism? Right... 

There is no utopia. Freedom is the best we can have, even with its faults. The world today is better than the world 100 years ago, and for damn sure a paradise compared to the world 200 + years ago. 

@OP I think we are just seeing short-term effects of developing countries competing with established industrial ones. In the long-term things will stabilize. Honestly, more people around the world having wealth is a good thing, and it is through free and open markets that this happens. So while life might be slightly harder for current generations (for a variety of reasons) living standards in Asia and South America are improving. That is a success in my opinion. I don't discriminate according to silly national borders. Another factor is urbanization in first-world countries. For example, in the United States more people lived in rural areas in the 70's than they do today. This meant housing prices were cheaper and getting a house easier. I would assume the same is true for other first-world countires. 

 

Africa(and Middle East) have extremely corrupt governments. It's going to be hard for them to attempt to develop, have a fair law system, and become a modern country. I'd say it is basically impossible