24 May 2015, 11:44pm
economy personal finance rant:
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  • Middle-Class inflation – it’s big, it’s bad, and it’s eating your lifestyle

    Brought to you by the Ermine department of first-world problems  this Torygraph article ruminating on how terrible middle class inflation is gives me much to sink some needle-sharp teeth into on so many fronts. It misdiagnoses the problem, the sense of entitlement is risible, and hell, there’s opportunity for much fun. Let’s take the headline and standfirst

    How ‘middle class’ inflation is threatening your standard of living

    An extensive Telegraph Money study into our readers’ spending habits reveals the alarming rate at which “middle class inflation” is taking hold

    Telegraph

    Dudes, your lunch was eaten, digested and shat out t’other side years ago. How come you only just noticed? People have had the time to write books about the problem. Ermines have written posts on how the middle class needs to wake the ***k up and get ready to take the sucker punch, middle class families on the brink, savoured the come-uppance of Shona Sibary stupidly selling her house in bits to fund her excessive lifestyle then discovering she doesn’t own her house anymore. The middle class threw the poor and the working class under the bus by voting for neoliberalism in the 1980s 1 that destroyed blue collar jobs, without asking the questions about where this was all going to lead. The Guardian was drawn out with a riposte along the lines of what part of we’re all in this together did you not understand…

    So what is this lifestyle-eating inflation you speak of, Mr Telegraph? Well, the cost of some desiderata has been going up faster than average wage increases – to wit

    increasing cost of luvverly stuff going up

    increasing cost of luvverly stuff going up

    Let’s take a butcher’s hook at what these essentials are. School Fees – despite every child being entitled to free education in the UK and indeed this is wot drug up your ‘umble scrivener that’s not enough for some people, and all those hard-working furreners are bidding up the price. Health insurance. Eh? We have the NHS, and if you are rich enough to be middle class then if you want to jump the queue for your hip replacements then take the Ermine line. It’s about 15k to pay privately. Things like that are what the middle class used to save for before they discovered home equity lines of credit to buy consumable shit. They knew a thing or two, your grandparents when they saved for rainy days, ‘cos they’d seen hard times… Dental care, well, yes, it probably is increasing, but it’s what, £200 a year. You’re not middle class if a 100% increase in that is going to make you sweat, and stop giving your kids sugary shit advertised on TV, at least after they have changed out their milk teeth. Holidays – the middle class used to have one foreign and maybe a UK holiday a year. Now you’re deprived if you don’t have four. The enemy is consumerism, and the enemy is within – lifestyle inflation.

    What are we comparing this with? Average wages covers a multitude of sins, but most jobs created in Britain since the mid 1990s have been  at the lower end of the scale. These are not middle class jobs where people aim to send Tabitha to public school. Some of these are jobs where people aim to make last week’s rent. These are some of the people that you, Middle Class Boss Person Sitting in your Corner Office, downsized or outsourced or just plain fired. You would have to compare middle class wages for this to have meaning. In fairness, the poll of their subscribers’ income indicates times are getting hard for them. Again, there could be sample bias – Telegraph readers are not spring chickens  – indeed a fair number may have retired between 2007 and now time because they’re not picking up da yoof.

    The Daily Mail and The Telegraph have the largest percentages of over 65s, making up almost half of their audiences – at 45 and 46 percent respectively.

    themediabriefing

    One item shows just how damned ungrateful the middle class is. The price of the average new car driven by Telegraph readers is £13,456. When I first read this I went WTF? you can get a new car for that little? The last car I bought second-hand in the early 2000s was ~£5000. These Torygraph readers presumably buy a new car every three years because that’s what one does if you haven’t been educated otherwise. Given that they therefore spend on average a shade under 10% of their gross wages, roughly £4000 p.a. on new cars and this big-ticket item gets 6% cheaper than the last time they bought it you’d think the blighters would show a bit more gratitude.

    A word in your shell-like, Mr and Mrs Middle Class. The good times ain’t ever gonna roll again, because you are in competition with the whole freakin’ world now, rather than a third of it. And most of the rest of the world is generally poorer than you, they’re ready to work harder, because the extra wedge will make a bigger difference to their lives. They want to eat your lunch and your nice sinecures where Mr Wealthy but Dim used to cling to the pipes of capitalism like slime-moulds slowing down the system a bit. Your kids may actually end up richer in absolute terms but feel far poorer and less secure, because being middle class is all about relative status.

    How did we get to such a sorry pass, eh? Let’s take a look at history, shall we.

    A history aside

    We have to go a long way back, to when the definitions of a middle class lifestyle were defined – roughly meaning owning your own house in the ‘burbs outright by retirement, a decent middle-management job, sending up to two kids to private school 2, owning a car and having a foreign holiday a year, though the latter were children of the 60’s and 70’s. This was the deal struck by Whyte’s Organisation Man 3

    Way back in time, there was a hell of a bust-up called the Second World War. Shitloads of capital got destroyed and a lot of people got killed and hurt. The British Empire that had coloured in most of the map of the world pink imploded, because so much of the energy that was used to rule other places had to be recalled to defend the homeland in an existential struggle that is still now worthy of admiration and I am grateful that a flame was kept alive in Britain while the lamps went out all across Europe, twice in 50 years.

    The British Empire in 1915, when the sun didn't set on it. Sic transit gloria mundi and all that...

    The British Empire in 1915, when the sun didn’t set on it. Sic transit gloria mundi and all that…

    In the aftermath of this the world divided into power blocs with different ideologies, glowering at each other across iron curtains and Berlin walls and suchlike – they drew clear borders and so it came to pass that Russia and China were outside the global trading system as perceived by Western middle class consumers and the firms they worked for. And the green bit didn’t endanger Western jobs either.

    First, second and Third worlds. Decoding the colour scheme should be clear enough :)

    First, second and Third worlds. Decoding the colour scheme should be clear enough. You’re with the blue team 🙂

    Communications were expensive and computers were dear, hard to use and few and far between. 4 There were no useful databases  – there were shocking levels of basic admin work and most middle management couldn’t type – they dictated their memos for others to type out for them. In 1979 at university in one of the premier science institutions of Britain I looked up books in the library using the high-tech solution of…6×4″ index cards in polished wooden cabinets.

    What a database looked like 30 years ago

    What a database looked like 30 years ago

    Cold war capitalism’s world was smaller, productivity stank by modern standards, far more people were employed and there was far more work for people at lower end of the ability spectrum.  People had children earlier, and jobs were more stable – the residual defined benefit pensions were a carry-over from this era, when employers sought to hold on to staff (and in the case of scientific and technical jobs, invested in training people).

    There is an argument to be made that the number of scientific and technical jobs were artificially inflated during the Cold War compared to what the economy needs which is why there was a push to educate some of the lumpenproletariat in grammar schools and free university education provided you could pass the tougher exams of the time. Again, I am personally grateful for this – I gained from the grammar schools and free university places, but when I entered Imperial College 7% of school leavers went to university. We could afford free university education then, and I would be all for making it free again – provided the entrance criteria were made tightened up again so that these free places went to, say 10% of school leavers. 5

    Then in the 1990s along came the Internet improving communications enormously, the Iron Curtain came down because it turned out that the problems of communism showed up in economic breakdown earlier than the problems of capitalism show up in economic breakdown 6. The Chinese decided they would like to join the party on their own terms.

    This means that a UK worker at the start of their working life now is competing with three times as many people as I did in 1982; the odds are in fact worse because the world population is higher 7 and better communications means that the pool of workers that can be drawn upon is far larger by at least an order of magnitude than it used to be. On the plus side you live in a far richer country, healthcare is better, opportunities for the talented are far-far better, which is the flipside of the better communication, so the average post-Gen X reader of this (if there are any 🙂 ) has probably progressed a lot further in their career than I had at the same age. Many such have travelled and worked abroad and had a wider experience that I have. I’ve worked in international teams but never based abroad – it was by no means impossible but it seems much more prevalent now. 8

    Living standards are normalising worldwide. So far this is a win for humanity but a lose for Mr Daily Telegraph and his kids

    So, roughly boiled down, the problem with the middle class is that they are in competition with a lot of their worldwide peers, but they normalised how rich they expected to be relative to other people in Britain in an era when they were only in competition with the rest of the First World. Globalisation is reducing inequality worldwide, but increasing it in the First World 9. When it comes to specifically their children and their dreams for them, then not only are their children going to face far worse competition than their parents in the employment market did as communications get better. The birthrate in the UK isn’t as high as it is in places that can supply the competing workers which amplifies the competition. It is patently clear to me that middle class parents who want their offspring to have a middle class lifestyle need to start getting on the side of capital for their kids unless those kids are both brilliant and driven. Leave them shitloads of money, because Dim Rich isn’t going to find sinecures like they used to in a more competitive world. Even Halfway Average rich ain’t gonna get ahead through hard work faced with those odds.

    Alternatively they could adjust their expectations of how rich relative to other people they want their children to be. Mr Money Mustache’s takes the battle to the enemy as usual – if you don’t want your kids to join the rat race then maybe teach them not to race rats, which is broadly what the current charade that passes for ‘education’ goes for. We need to teach children to learn and adapt in a changing world, we aren’t making factory units any more. Then there’s the whole automation and Humans Need Not Apply thing. Just like Dustin Hoffman was urged to get into plastics, Capital is your best hope now – don’t buy shit you can’t afford and identify yourself with what you spend money on.

    Seeking validation in what you are as opposed to what you have is also a potential win here- Erich Fromm posited the question in the 1970s. If you’re rich enough to be reading the Telegraph article and thinking ‘that’s me’ then you have the choice – clearly if you are a single mother working five zero-hours jobs to pay last week’s rent you don’t really have this choice, but that’s a different problem from grizzling that the price of wine and holidays is so expensive these days, dahlink.

    Living standards will go down for the middle class – they need to keep an eye on quality of life

    One of the problems the middle class seems to have had is they lost their historic values of thrift and deferred gratification. Once upon a time they knew to put money into healthcare and schools before blowing it all on holidays, wine, eating out and going to the movies. The middle class had annuities to look after them when they got old (before those DB pension) because they saved for it, no doubt encouraged to do so by seeing what happened to the poor in the poorhouse.  Then they got soft.

    Living standards are going to go down because of the shift of power from labour to capital. Mine is, yours is probably. The smart response is to roll with it – because although there’s some correlation of quality of life with living standard, if you deliberately change attitudes to the changes ahead of time you can do more with less, your quality of life need not go down with your lowered living standard. This is because many aspects of quality of life (autonomy and being able to express free will) are not a function of stuff or resources. It won’t be easy but fortune favours the adaptable.

    The middle class are locked into the school-university-job loop. It’s broken for the middle classes – an ever increasing money pit that is less and less likely to pay off for the next generation anyway. Mr Money Mustache nails the problem succinctly

    It may be that most parents of the very-upper-middle class are still operating from a scarcity mindset. If they are addicted to a high consumption lifestyle, earning $600,000 per year but still making car and house payments, they will assume that their children will need to earn and consume just as much in order to be happy. This of course dictates a job in the top fraction of the top percent of the economy, and education with enough prestige to secure such a job.

    There’s a lot of conspicuous consumption in the Telegraph’s list. The school fees etc are all passing on the image of replicating what worked in the past. Fingers crossed that past performance is a guide to future returns despite the rapidly changing world, because if not this is a dramatic misallocation of capital. Above a certain level, quality of life and standard of living are different things. That rings hollow if you’re poor, because it isn’t true for you. But if you’re griping about the price of wine and foreign holidays over the canapes like our DT readers, then you still have choices. Use them well, before you don’t have any choices because you can’t tell the difference between what you want and what you like.

    Notes:

    1. That’s a slightly harsh charge as technological progress would have done that job a little bit later, but they didn’t  help people change, since the postwar consensus was nuked around then
    2. this seems to be a peculiarly UK aberration, I haven’t detected in from US writers for instance
    3. that old  ideal cast a long shadow on the ermine, because I did not grow up in a middle class background, I learned some of this from books and inferred from the values of those around me, particularly those at university, who were mainly from a richer background than me. The deal started to fall through in the early 1990s, paradoxically just as Thatcher was defenestrated. This distorted model jammed my vision to seeing what was going wrong. I learned from my mistake – the OODA loop is a description of how to stay on guard against being trapped by a mental model becoming obsolete. There are many assumptions about the modern world that may unravel – and the principle of being able to preserve value in financial instruments and the SWR aren’t immune from that
    4. When I started as a professional electronics engineer in the eighties there was a single VAX computer for circuit simulation accessed by green-screen terminals via 9600 baud serial cables and all the output was in Courier text – shared across the entire facility of a couple hundred people. Most of the time you did your circuit simulation by building it in the lab and measuring and messing with components – I can do all this at the same time on the same machine as writing this now.
    5. I’m not against those that don’t make the bar paying their way as now – if you want a vanity degree or have an insight that you will get a return on investment knock yourself out
    6. harbingers of trouble with capitalism seem to be the destruction of the middle classes that I’m writing about, rapacious consumption of natural resources to produce worthless tat and increasing inequality leading to revolution as the rough trajectory capitalism is on, so it won’t necessarily end better. A capitalist consumer economy needs consumers and rising inequality is running consumers out of town, a process slowed by rising debt.
    7. when I started work in 1982 there were 4.5 billion of us compared to 7 billion now
    8. As a simple example, I admire and am gobsmacked by Early Retirement Guy who had the bad luck to graduate into the credit crunch recession and took the enterprising solution to take off and travel and see if the dust would settle. I left school after the Winter of Discontent, worked as a kitchen porter over the summer and started university in September. Gap years were for rich kids in those days 😉
    9. A view from the City of London’s Gresham College – the words of Christine Keeler ‘well they would say that wouldn’t they’ spring to mind, but the case is made well. Similarly the Social Affairs Unit and this paper seem to support this view

    This whole private school conundrum is by and large moot in Canada. The state supported schools do fine.
    My daughter excelled in a publically supported Catholic school system in the 1990s, and in the 2000s my nieces thrived in a non-denominational public school that catered to the arts and gave them ample opportunity to practice their dance moves in the curriculum. 🙂

    25 May 2015, 2:32pm
    by Neverland

    reply

    Isn’t this just a piece of Daily Telegraph clickbait co-opted for a rant?

    Private schooling was never affordable for the middle class, by pre-internet folklore: ancient volvos had to be driven; ancient clothing patched/darned; and camping holidays in wales taken to pay for the fees

    The only people who could actually afford private schools fees, multiple foreign holidays and new cars were *shudder* self-made noveau riche

    All that has changed is the man in the Saville Row suit with the tag still on the sleeve is Ukranian

    @Ray – the Guardian seemed to figure it’s 7% who send their kids to private school. There seems to be a strong feeling in London that the normal schools aren’t up to much though!

    > Isn’t this just a piece of Daily Telegraph clickbait

    Well, yes, but a good rant is fun. Mind you, with the amazing deflation in new cars I’m surprised it doesn’t wipe out all the other stuff!

    @ermine I was very much impressed with the Guardian’s intelligent take on the situation. If we are essentially looking at the top quintile of income/wealth in any society that can’t be middle class.

    The Telegraph does seem to have a problem with its definition of middle class. These guys are moderately rich, but because they’re not the 1% their living standard will still go down like the rest fo the 99%. I also enjoyed that Guardian article was – set me onto this on Stiglitz and then to his of the 1% buy the 1% and for the 1% article taking the theme all the way.

    >The only people who could actually afford private schools fees, multiple foreign holidays and new cars were *shudder* self-made noveau riche

    Yes, I fell into the no holiday, second-hand clothes and continually worrying over cash flow in order to pay school fees. I seriously question what we mean by middle class if we are discussing those who can afford all the trimmings. It would appear that I could tick the middle class boxes in many respects other than income, which leads me to suggest sub-dividing that particular class in all discussions. I’m not sure how the old lower and upper middle class distinctions cut financially, but I think it is important to not conflate those at the bottom of the range with the aspirations and spending power of the upper range. One simply can’t have all the trimmings on an average professional joint salary.

    They say “The average Telegraph subscriber today earns £48,550 a year before tax ” and I guess with both earners getting that they can manage most to the things the listed including school fees. Middle class is a terribly wide definition in the UK – often it simply means ‘someone who doesn’t work with their hands or heft a spanner’

    26 May 2015, 8:38am
    by Neverland

    reply

    If the average Telegraph subscriber really earns £49,000 a year they don’t sell many papers

    A pre-tax income of £49,000 put you in the 94th percentile of income tax payers in the 2013 tax year

    https://www.gov.uk/government/statistics/percentile-points-from-1-to-99-for-total-income-before-and-after-tax

    They’re on nearly half a million – assuming the ABC circulation is paying readers, ie including digital subscribers who haven’t discovered the value of the private browsing mode 😉 And indeed is the broadsheet with most paying readers.

    I guess this is the problem with averages in such a skewed distribution – one millionaire is worth 20 average grunts. The median income would be interesting.

    “Gap years were for rich kids in those days ;)”

    I think gap years still are mostly for rich kids now, at least the type of ‘Gap-Yah’ I see alot of the Uni graduates doing which typically involve paying a ridiculously large some of money for the honour of volunteering to build some capital project in Africa. Whilst I was out in my travels it was clear a majority of the fellow backpackers were being financed by the bank of mum & dad.

    I travelled alot but also worked for alot of the time I was away as well. Similar to the concepts of % savings rates for retirement: I’d work 1 week, save 75% of it and that would cover me for another 3 weeks. Run out of cash.. work another week.. go again for another 3 weeks. Rinse and repeat.

    That was a creative solution to the recession – go someplace that didn’t take it between the eyes. Surprised there was that much easy casual work in Oz!

    Ermine, I’m a regular reader and by most definitions a Millennial so hopefully I bring the demographic down a bit by being suitably curmudgeonly before my time. I think in general terms as a generation we are not completely sold on the middle class dream, largely because we’ve discovered that the promises made in it are a load of bollocks.

    We were told that if we worked hard and went to university we would be guaranteed a comfortable middle class job in a corner office and a 4-bed house in the ‘burbs. The reality has been substantially less comfortable than we were promised. Most of us have realised that the standard of life enjoyed by our parents is going to be out of our reach unless we are prepared to graft hard for it.

    As a result my generation are starting to show some tendencies towards frugality and moderation which is possibly a good thing. If only more people invested in index funds and pensions we might even turn out OK.

    > hopefully I bring the demographic down a bit by being suitably curmudgeonly before my time

    hehe 🙂 N’owt wrong with the odd bit of curmudgeonliness. And there’s clearly a far greater awareness expressed in the increase in younger writers on the FI theme with a remarkable focus on the goal – a manifestation of Covey’s begin with the end in mind. For those who are aware ,that is a good sign!

    26 May 2015, 8:44am
    by Neverland

    reply

    This is pretty interesting in the context of what is middle class

    Data for individual’s pre-tax earnings up to 2013

    76th precentile (i.e. 75% of income tax payers earn less than you) = £34k pre tax

    91st percentile (i.e. 90% of income tax payers earn less than you) = £52k

    You have to wonder how 7% of people afford to send their kids to private school really

    Thanks to finding that Government data source!
    The 7% figure kind of stacks up to me – if we take the 90% pre-tax decile of £40.7 net because not everyone has children/uses public schools and school fees seem to be about £13k p.a. then paying fees for one child is possible, from that salary.

    If we accept the theory of assortative mating has some effect there’s a better chance of an above average second income. I know a couple where if you average the incomes you’d get to about that 10% mark for each and they send both kids to public school. Although the grousing about how dear everything is has reached Telegraph-esque proportions 😉

    “I know a couple where if you average the incomes you’d get to about that 10% mark for each and they send both kids to public school. Although the grousing about how dear everything is has reached Telegraph-esque proportions”

    The money probably comes from the grandparents. I’d feel bad if I was middle-aged and still relying on my parents for my lifestyle

    >I know a couple where if you average the incomes you’d get to about that 10% mark for each and they send both kids to public school.

    That is possible, but funding the aspirational extras such as shiny new 4×4 and regular foreign holidays becomes tricky (and in my view unsustainable). Many examples discussed here over the years…

    Inheritance might provide a block of funding to start the fees process, but with school fees regularly increasing at 10-15% per year at the school’s whim modeling becomes a bit fraught. Deferred saving for retirement and maintaining a large mortgage is the other method; in essence for two children one has to find £10K in fees every 4 months which can be done if one is disciplined but really at that joint 90% net income percentile finding those slugs of money becomes the only focus for spare income.

    Note however, I got the distinct impression that many of the parents at my children’s schools were significantly more wealthy so did not have to scrape the barrel for fees. The issue of cars is of course muddied if they are employment perks, so judging relative wealth from the car park has some flaws.

    From a brief look at Canadian private school fees, a typical day school (no boarding) would cost approx 8000 GBP for elementary education and 10000 GBP for secondary. A bit cheaper but still a significant outlay.

    My state school education (during the 60s/70s) was very good – and, by and large, the behaviour and attitude of the pupils was good. School was a safe and quite fun place to be. That is really not the case now in most London state schools, though.

    Neverland makes a good point – I am constantly amazed by the amount of money people pump out to support the life-styles of their healthy, well-educated grown children. We recently discovered that a friend (otherwise sane and sensible) still pays his daughter a monthly allowance. She is 40, married, with children. He is not rich, and this monthly outlay chips into his lifestyle.

    Others we know stump up huge chunks of cash to their offspring for extensions, new kitchens, nursery and school fees, etc. Again, not rich people and they are using up their savings. We find this quite difficult to get our heads around – how are these adult children ever going to be able to manage on their own? And why do they think it’s ok to ask Mum and Dad to pay for a new kitchen?

    I am very lucky – my daughter and her husband manage their money carefully and don’t expect hand-outs.

    Jane

    @ Jane

    I’m obviously not as good with money as I think I am as I have been paying my mother an allowance since my father died…always wondered how she managed to go on holiday 3/4 times a year…

    26 May 2015, 12:15pm
    by Underscored

    reply

    average post-Gen X reader <- Hello There!

    Indeed I specifically read your posts for the perspective you provide on life and its stages, rather than the endless min-maxing of budget and investment that the other sites provide.

    @Neverland, Jane some support for the bank of Mum and Dad with school fees from Mumsnet It might explain how the Telegraph readers (and the people I know) can do the other stuff too!

    Like Jane I went to London state schools, although the behaviour varied, it wasn’t terrible – which sort of begs the question of what went wrong if things are worse now?

    @Underscored thanks!

    27 May 2015, 1:34pm
    by Neverland

    reply

    @ Ermine

    “which sort of begs the question of what went wrong if things are worse now?”

    Nothing went wrong, its just social mobility at work

    If other people’s children are coming up in relative earnings in the UK, then yours are probably going down…

    …and they can’t afford to pay for private schools for your grand children

    Thats why when people talk about social mobility being desirable in the UK they don’t really mean it

    I more meant why have London state schools got such a bad rap now? Logic would indicate that it’s easier to provide schooling in a place where people concentrate in a small area.

    The chart on page 9 of this Parliamentary report indicates the percentage of independent school education has been between 7 and 8% for a period of nearly fifty years. Which sort of weakens the argument that it’s driving the middle classes out of town. Yes, there’s a slight downtick post financial crash, but we’re talking tenths of a percent.

    On a a side note, the p11 chart of falling failures and increasing passes of O Levels/GCSEs since I took mine in ’76 is quite remarkable 😉

    It’s not just the UK that has the corner on Muppetry. I honestly don’t know what people are thinking these days…

    http://www.cbc.ca/news/business/real-estate-woes-the-secret-lives-of-house-poor-canadians-1.3086793

    @Ray I like the term ‘house-poor’ 🙂 That is a whole lot of house for three people. Having said that, “According to Statistics Canada, Canadians’ debt-to-income ratio in the fourth quarter of 2014 was at an all-time high of 163 per cent.” that doesn’t sound so terrible to me – when I bought my first house I owed a shade under 4x gross salary, probably much higher as a ratio to disposable income. If most of that is mortgage debt it doesn’t strike me as outrageous

    @ermine Paying close to half your combined income on a mortgage, with uncertain employment, no savings and not putting anything aside for the daughter’s future education doesn’t seem all that brilliant to me. These folks are living in a very cheap area as well, and Canada’s mortgage rates are at generational lows.
    I believe they are placing all their chips on one asset and are highly leveraged to boot. Oh well. For what it’s worth a lot of economists in Canada agree with your assessment. I hope they are right.
    We never had more than 2X salary owing on any home, and in many years far less. Mind you we lived in very modest digs, had two professional salaries coming in. And for a while then mortgage interest rates were 15%!

    27 May 2015, 3:37pm
    by less4success

    reply

    “if you deliberately change attitudes to the changes ahead of time you can do more with less, your quality of life need not go down with your lowered living standard”

    Couldn’t have said it any better! Across the Atlantic, my experience is that people bemoan the same “lowering” of the Middle Class, but when you drill into government data, you find that most of life’s (actual) essentials have gotten significantly cheaper over time and those that haven’t (e.g. healthcare) have significantly improved in quality.

    We really need the shift in mindset you pointed out–from worrying about standard of living (which boils down to: $$$) to focusing on quality of life (something the average Joe probably doesn’t even understand that well 🙂

    28 May 2015, 1:25pm
    by Neverland

    reply

    @Ermine

    The Mumsnet thread you link is a goldmine of vitriol, snobbery, prejudice, jsnark and envy

    Really there should be some sort of mental health check to have children

    I am reminded of the Philip Larkin poem, but I can’t remember its name

    @ Neverland – the poem’s called This Be The Verse and goes like this-
    They fuck you up, your mum and dad.
    They may not mean to, but they do.
    They fill you with the faults they had
    And add some extra, just for you.

    But they were fucked up in their turn
    By fools in old-style hats and coats,
    Who half the time were soppy-stern
    And half at one another’s throats.

    Man hands on misery to man.
    It deepens like a coastal shelf.
    Get out as early as you can,
    And don’t have any kids yourself

    He was a miserable old git though:-)

    […]  Yes, school fees are a factor – and arguably are a luxury option.  Yes, a lot of what Ermine rants about is going on in my friends’ lives.  But without passing judgement myself, let me explain a bit […]

    Great post Ermine – thanks.
    My latest post http://firevlondon.com/2015/05/30/minimum-salary-required-in-london-500k is on a similar theme; I recognise a lot of what you describe when I think about my £500k p.a. friends!

    Should I take seriously someone who imagines that it was Christine Keeler who said ‘well they would say that wouldn’t they’?

    Aw, c’mon – I was in short trousers at the time. But fair enough – I invoke MRDA

    […] isolation. If you are a retiree who wants to featherbed your adult children because you think the robots are coming to take way their middle class jobs then TR is important too, because although you can’t take it with you they will and a little […]

    […] was a fair range of people there, but let’s face it, we are talking middle class in the Daily Telegraph sense of the word rather than the logical US version of the term […]

     

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