Portfolio Diversification
I found this in an article on the New York Times website about the shrinking middle class in many American cities. There was a quote that I found interesting (read: deplorable).
"Of course, cities need police officers, firefighters, teachers. But as long as they can get the labor they need from somewhere nearby, some economists say, middle-class shrinkage may not hurt. In Southern California, developers import construction workers from Las Vegas and put them up in hotels; costs go up but rich clients can pay. Firefighters who want to live in high-priced cities can work two jobs, said W. Michael Cox, chief economist for the Federal Reserve Bank of Dallas. “I think it’s great,” he said. “It gives you portfolio diversification in your income.” Pay for essential workers like plumbers and cabdrivers will tend to go up, he said."(1)
"Portfolio diversification"? Yes, for the low low price of working seven days a week and eliminating any chance to focus on other things like, say, reading or your family, you too can have "portfolio diversification".
Some time not too far back in antiquity, a family used to be able to get by on one job. Now at least three between family members is generally the prerequisite. I know that working conditions in the past were nothing like they are now. But at least they got a chance to live. Sometimes you need to be able to stop for a second and reflect. Nowadays kids are often spending more time with nannies than their own parents. And no matter who you are, day after day of work without a break will eventually get to you. Working constantly, I think we can all agree, is at least somewhat detrimental to your health.
And to Mr. Chief Economist W. Michael Cox, I ask you, why don't you try working two labor-intensive jobs, going out there almost every day of the year, and then say the same thing?
1. Scott, Janny. "Cities Shed Middle Class, and are Richer and Poorer for It." New York Times 23 July 2006 Found online at http://www.nytimes.com/2006/07/23/weekinreview/23scott.html?_r=1&oref=slogin
"Of course, cities need police officers, firefighters, teachers. But as long as they can get the labor they need from somewhere nearby, some economists say, middle-class shrinkage may not hurt. In Southern California, developers import construction workers from Las Vegas and put them up in hotels; costs go up but rich clients can pay. Firefighters who want to live in high-priced cities can work two jobs, said W. Michael Cox, chief economist for the Federal Reserve Bank of Dallas. “I think it’s great,” he said. “It gives you portfolio diversification in your income.” Pay for essential workers like plumbers and cabdrivers will tend to go up, he said."(1)
"Portfolio diversification"? Yes, for the low low price of working seven days a week and eliminating any chance to focus on other things like, say, reading or your family, you too can have "portfolio diversification".
Some time not too far back in antiquity, a family used to be able to get by on one job. Now at least three between family members is generally the prerequisite. I know that working conditions in the past were nothing like they are now. But at least they got a chance to live. Sometimes you need to be able to stop for a second and reflect. Nowadays kids are often spending more time with nannies than their own parents. And no matter who you are, day after day of work without a break will eventually get to you. Working constantly, I think we can all agree, is at least somewhat detrimental to your health.
And to Mr. Chief Economist W. Michael Cox, I ask you, why don't you try working two labor-intensive jobs, going out there almost every day of the year, and then say the same thing?
1. Scott, Janny. "Cities Shed Middle Class, and are Richer and Poorer for It." New York Times 23 July 2006 Found online at http://www.nytimes.com/2006/07/23/weekinreview/23scott.html?_r=1&oref=slogin
posted by Derek at 8:44 PM
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