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Major US cities are just grossly overpriced, crime ridden and highly overrated. There are many beautiful parts of America where all people with brains are headed.
IMHO this so-called rich vs low wage worker crap (because a low wage worker could be independently rich, people with real money often do what they desire and not for money,) this is just more brainwashing for the aspirational masses who are so grossly in debt they cannot see straight but if they are the owners of a debt on real estate being compared to this illusionary "rich" makes them feel special.
It is ALL so sick, warped and delusional.
Reader, US cities are only overpriced if you can't afford the cost of living there. Some can, many can't. I think a more important question is to ask why the 'many' can't.
If the US continues to outsource for cheap labor and is unwilling to pay its own workers a living wage, then we in fact are in a race to the bottom. There is no way we can sustain the living style we have become accustom to. We will become a third world nation unless we change course on wages and free trade.
We will become a third world nation unless we change course on wages and free trade.
Worse yet,if we are heading towards very low living standard even after collecting so much taxes,we are a runaway train.
Meanwhile, Mr. Brown's toilet got clogged. The world is coming to and end!
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Rising Home Prices Force Low-Wage Workers to Leave Major U.S. Cities: Harvard Study
http://finance.yahoo.com/blogs/daily-ticker/rising-housing-prices-forcing-low-wage-workers-leave-122000221.html
Another sign of widening gap between rich and poor. Rich wants to settle in good parts of USA at the cost of lower, middle class USA.
#housing