Did you read about the fully built NEW city in China that is EMPTY? Homes, Buildings, parks, shopping centers -- all EMPTY.
Supposedly the apartments are mostly sold -- but no one lives there. All bought by investors.
In addition, I read an article about a town that wanted to build a new bridge -- so, they had to destroy the existing, almost new, bridge. It had withstood an earthquake, and they couldn't bring it down with explosives -- but, they had to destroy it because they had the money to build a new bridge.
All this reminds me of some of the "boondoggles" in the USA during the middle of the 19th Century, very early 20th.
Here in the USA, we have an aging infrastructure, bridges, sewers, roads, etc., that need replacing -- but our current group of mental midget leaders cannot conjour up the will to do a DAMN thing. Little piecemeal projects, usually followed by naysayers, all complaining about something or other.
I remember the old Penn Station in N.Y.C., back then we all thought it UGLY. It was an eyesore -- now, some folks act as if we lost a great treasure. It just wasn't.
It's time to replace some of the old with BETTER new -- not just adequate -- but better.
New roads, new water systems, new railroads, NEW SCHOOLS, new bridges, a new electrical grid, high speed internet for all, etc., etc., etc.
Of course we have to hire a ton of people to do this. They will need representation by LABOR UNIONS. They will have to make a living wage.
We will also have to build housing, RAISE TAXES, provide healthcare, educate the children of these workers, etc., etc.
The secret is to RAISE TAXES, especially on those who have gained disproportionate rewards. As incomes increase, we will also have to tax our middle class more. Here's a secret -- people really do not mind paying taxes if they have enough money left to live on. The real burden comes when taxes take the food out of your mouth, the roof over your head.
We really have to reframe the argument. We all have a stake in society. Unless you are FILTHY RICH, it's impossible to be the self-reliant "loner", the "island" floating in the middle of the world. Even "off the grid" requires some contact with "the outside world" -- unless you wantto slowly revert to the stone age.
The time for fantasy is over -- it's time to look at reality, see how we are all interconnected, and deal with it.
Tuesday: Case-Shiller House Prices, New Home Sales, FOMC Minutes and More
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[image: Mortgage Rates] From Matthew Graham at Mortgage News Daily: Mortgage
Rates Near Lowest Levels in a Month
Last Monday, mortgage rates were near the ...
12 hours ago
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