http://www.bbc.co.uk/news/magazine-21519050
Just read it and I thought this might be worth sharing.
The author of the article writes about Australia, but I feel it could easily be applied to almost any other country which is in a 'boom' cycle. Or for that matter for individual persons or families as well.
Where the good life comes at a price
- LazyNihilist
- Posts: 1005
- Joined: Sat Feb 19, 2011 8:56 pm
Where the good life comes at a price
The strong do what they can and the weak suffer what they must -Thucydides
-
- Posts: 49030
- Joined: Fri May 11, 2007 11:07 am
Re: Where the good life comes at a price
Thank you.LazyNihilist wrote:http://www.bbc.co.uk/news/magazine-21519050
Just read it and I thought this might be worth sharing.
The author of the article writes about Australia, but I feel it could easily be applied to almost any other country which is in a 'boom' cycle. Or for that matter for individual persons or families as well.
And indeed living in a 'boom' part of a country which is not doing so well.
The South East of England is 'rich' in terms of housing prices. Yet we see great inequality (some of the poorest boroughs in the country are in inner London) and great insecurity-- the middle classes are property rich, but also have mortgages to suit, and great insecurity about jobs, pensions etc. Even in the public sector.
The recession in the UK, where GDP is *still* below its 2007 level, is bitter. But it's hitting harder outside the M25 ring motorway, at least on paper. Doesn't mean London and the SE feel secure.
I've seen the same feelings in Toronto and Vancouver and New York, and, I imagine, in the Bay Area of CA and perhaps Seattle.
-
- Posts: 673
- Joined: Fri Sep 21, 2012 1:55 pm
Re: Where the good life comes at a price
This sounds like California before the great recession. When Australia falls, and it will likely fall, it has the potential to fall hard. Here's hoping that the cities and counties don't manage their funds as poorly as some areas of California did.
Allen
Allen