JSL
Admit it, it's getting where only the wealthy can afford college for their kids. Tuitions at $20,000 a year minimum. For anyone else to attend a decent university without help from their parents now leave $50-150,000 in debt.
Now, take the 80% who don't go or can't afford college.
The manufacturing jobs that paid $17 an hour are almost gone. But take one of those for example for a single person:
Take home pay $500 a week/$2000 a month.
-$850 for a decent apartment or mortgage on a small house.
-$150 for utilities (minimum)
-$100 a month for car insurance unless you're over 50
-$150 a month car payment on a halfway decent car that isn't breaking down with all those expenses
-$60 a month for phone
-$100 a month for gas for the car
-$200 a month for groceries
The list goes on. Now add kids and their needs - clothing, school stuff. Try making those numbers work for a single person making $12 an hour. The math doesn't work. It's not about going to the mall.
Most of those $17 an hour jobs are gone. Someone's lucky if they can get $12. For example, the meat packing industry used to pay $17 an hour, but those jobs are now done by illegals making minimum wage. Have CEO's cut their pay? Did meat companies lower the price of their products with the savings? No.
College kids who graduated last year can't find jobs, but have $100,000 in student loan debt. Gonna be that way for another couple of years. I was in NYC last year. The financial district had thousands of H-1B workers from India and China doing jobs that used to pay Americans a living wage. So, it's not just outsourcing, but insourcing as well.
Greed. It's all about greed.