Wednesday, May 24, 2017

Only the rich can afford housekeepers

Today, people have lots of consumer debt, auto loans and student loans. Not only do people not have savings, they’re loaded up with debt. They have no real chance of retirement. People have more TV sets and cell phones. They don’t travel as much as they did. They don’t have as much leisure time. A husband would usually come home to a cooked meal. Now he has to help make the meal.

Families are smaller. They can’t afford to raise their kids or send them to college without taking out a lot of student debt. It’s too expensive. People are getting married later in life and many don’t get married at all. We’ve lost the free-market principles that gave us the free market in the first place. We have lots of regulation, higher taxes, much bigger government and a much smaller middle class.

Remember “The Brady Bunch” TV show? That 1970s family had a full-time live-in housekeeper called Alice. Mrs Brady worked at the PTA and did community work. She didn’t clean her own house. That was middle class. Now you have to be very rich to employ a housekeeper. Everything it meant to be middle class has changed dramatically.”

Peter Schiff is a smart investor and author of several best selling books. He correctly predicted the economic meltdown of 2008 - 2009