Posted on 08/22/2021 7:33:21 AM PDT by Browns Ultra Fan
The KC Fed Jackson Hole conference is a US policy makers’ Davos, an uber-elite US location. You would think that the KC Fed would hold their conference in Kansas City or Omaha, Nebraska as a show of support for the working men and women. But nooooo. They have to hold it where Liz Cheney (GOPe, WYO) lives. And other elites have expensive vacation homes.
(Bloomberg) — When U.S. Federal Reserve officials head to their annual mountain retreat next week to talk economic inequality, they’ll be sitting in the country’s wealthiest county.
Jackson Hole, a rural community near the majestic Grand Teton national park and renowned ski slopes, has attracted the ultra-rich in recent years, pulling away from the rest of the country.
Income from assets — a measure of wealth that excludes wages and government assistance programs — make for about a fifth of personal income nationwide.
It’s soared in places like New York City and the San Francisco Bay Area. Meanwhile, across Appalachia, the Deep South and much of the Midwest, it stagnated, representing a negligible source of income.
“I was pretty shocked that so much of the country has derived so little benefit from the boom in asset prices and asset values that we’ve seen over the past couple of decades,” Kenan Fikri, research director at EIG, said in an interview.
Asset ownership offers people something to fall back on during periods of economic uncertainty that could result from unemployment, illness, or, as it has been the case for many Americans over the past year, a pandemic. But for those who live paycheck to paycheck, saving and investing is hardly an option.
Bad optics for policymakers, unless that truly don’t care about the middle-class.
(Excerpt) Read more at confoundedinterest.net ...
The conference is 100% remote this year. No officials are going there at all.
No slumming for the elites. Only the best will do.
Blue collar workers that keep things running in Jackson Hole have to live on the other side of the mountain in Idaho—a nasty (if beautiful) commute—especially during the winter.
They can’t afford to live in Jackson Hole.
Homelessness is everywhere. Housing costs. People turn to drugs. Is it that simple? They can MOVE. There are less expensive areas. Something tells me that government policies don’t help-they hurt big-time. So how do you take down policies that do nothing but increase the costs of housing? There are too many of them. Entrenched.
I’d start with the Chevy Volt. Major recall(yesterday)and the left will mandate 100% renewables by 2030. Think the Volt has nothing to do with housing? Think again. New California housing has to have solar installed. There’s no remedy for these policies.
Jackson Hole is in the National Park system. Jackson the town is another entity/community.
When you fly in, Jackson Hole is the airport. The only airport that is inside a National Park. Jackson the town is South of there.
By “slumming” I meant the elites won’t meet anywhere that isn’t a destination for the elites. They only go to posh places; never to places where the masses live.
I probably should have made my comment clearer.
Just a skip across the Snake River from Liz Cheney’s mud hut in Wilson: https://virtualglobetrotting.com/map/liz-cheneys-house/view/google/
“They can’t afford to live in Jackson Hole.”
That’s true for every major resort in America, and some that aren’t considered major. It’s been true for decades.
“By “slumming” I meant the elites won’t meet anywhere that isn’t a destination for the elites. They only go to posh places; never to places where the masses live.”
Middle class people don’t go to slums to vacation either.
Middle class people don’t go to slums to vacation either.
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I was using ‘slumming’ as a figure of speech. Not literally.
“I was using ‘slumming’ as a figure of speech. Not literally.”
Yeah, I was just half-joking around and using “slums” in the same way.
I have a friend I would describe as lower class economically. He hasn’t worked more than a a few months at a time in 30 years. But he lives in California so he’s fine. He thinks Las Vegas is the cool-as-sh$t place to go.
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