In the long run, said Keynes… 1/

local booms are normal, but they tend to coincide with local increases in opportunity. people are left behind, but there’s reason for hopefulness to offset the fear. 2/

30-40% national boom over less than 3 years is pretty unprecedented. there was no great national triumph, no glittering new opportunity to offset the shock. 3/

most of those of us who are not homeowners came to understand we never will be (in the US), and will remain at the mercy of a rental market also extraordinarily expensive anywhere you’d want to raise a kid. 4/

perhaps the storm will pass, the sea will calm. i doubt i will live to see it, and i wonder if our republic will. 5/

this was always the glaring hole in the Bidenomics story. they wanted to take credit both for wage compression and for the asset boom, without understanding that for the assetless many, the cost of the boom was far more than the benefit of the compression. /fin