Not everything is SV property greed. What if this person bought the home so he could just have a place to live? Not everybody buys a home with the intention of making money. Some just want a stable home for their kids.
If you're buying a home on credit, then you're speculating on real estate. Whether or not your intent is to turn a profit is besides the point. If someone wants a home, then can rent or buy a home that they can afford with cash. You don't need to buy a house on credit to find a home.
In general your family is always better than a job. When you are on your death bed I can guarantee you that your boss won't be there holding your hand.
If you don't have a job then it's hard to provide a good life for your family. You won't have anyone holding your hand on your deathbed if you can't provide for you family and your wife and kids have to leave you to find a man that can. The strain of having to move away from cousins, aunts, etc. is drastically less than not having a job - at least in my view of things. The example in the article isn't even moving very far - literally the neighboring state. Rick and his family could easily see their extended family on the holidays if they wanted to.
Then how do you explain our current low unemployment numbers? If anything it appears working is preferred over our welfare system. Many people want purpose and want to work.
Unemployment tracks people who are looking for work but cannot find a job. If people stop looking for work, then they are no longer counted as unemployed. This is consistent with the fact that we're seeing low unemployment but also lower labor participation rates. Granted, lower labor participation is at least in part due to other factors like an ageing population.
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If you're buying a home on credit, then you're speculating on real estate. Whether or not your intent is to turn a profit is besides the point. If someone wants a home, then can rent or buy a home that they can afford with cash. You don't need to buy a house on credit to find a home.
If you don't have a job then it's hard to provide a good life for your family. You won't have anyone holding your hand on your deathbed if you can't provide for you family and your wife and kids have to leave you to find a man that can. The strain of having to move away from cousins, aunts, etc. is drastically less than not having a job - at least in my view of things. The example in the article isn't even moving very far - literally the neighboring state. Rick and his family could easily see their extended family on the holidays if they wanted to.
Unemployment tracks people who are looking for work but cannot find a job. If people stop looking for work, then they are no longer counted as unemployed. This is consistent with the fact that we're seeing low unemployment but also lower labor participation rates. Granted, lower labor participation is at least in part due to other factors like an ageing population.