[abe_m]

I don't think clothing manufacturing is more efficient overseas, it is just cheaper labour. And it is cutting off income stream to lower-skill/intelligence workers in the "advanced" countries. You can see that in the number of working-age men who are no longer in the working population. Not everyone can get a phd and do "advanced, high-value, cutting edge work", any more than everyone could dunk like Michael Jordan if they just trained hard enough.

Also, the financial environment that created "cheap clothes" is also the environment that suppressed middle class wages, and drove the cost of housing up ridiculously. The two are linked. Pretending they aren't is just fantasizing.

Finally, while people are financing larger new houses, the old small houses and apartments are still ripping upward in price. It isn't like people can just choose to pay 1980's prices for 1980's housing stock. They are stuck paying much inflated 2025 pricing for 1980's housing stock.

[tptacek]

Seems like a just-so story to me.