Back in the 1970s, President Ford gave a speech with this great analogy about inflation. He said it is like being at a football game where some people decide to get a better view by standing up. This blocks the view for the people sitting in back so they stand up next. Pretty soon everyone is standing up and the view isn't any better than when they were all sitting down. $600 million fixer upper.
I guess they are just working harder for that same view. Working two jobs and so forth.
I wonder if the rest of the economy will ever begin to catch up with residential real estate? Will minimum wage ever be $100 per hour or the cost of a loaf of bread climb to $50?
It's all just numbers. Population growth and low interest rates take their toll.
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