Americans Lose Faith That Hard Work Leads to Economic Gains, WSJ-NORC Poll Finds

Hard work never lead to economic gains, working hard at creating value does, and that is still true today. If the adage was true, dragging rocks up a hill 18 hrs a day would make you billionaire.

The knife in the side of the economy is housing costs. If that were to drop by 50% tomorrow, you would find that suddenly tons of people are happy with the pay the receive for the value they create. People forget (or are simply unaware) that each dollar you take off from rent/mortgage is effectively a dollar raise from your work.

> working hard at creating value does

"Creating value" is such a subjective phrase. Societal value? Fiscal value?

Someone who drives around your city for 12 hours, rescuing and resuscitating people in life-or-death situations probably provides more societal value than a software engineer who builds CRM features for large social companies but we all know which one gets paid more and who is considered "more successful."

Maybe the problem is exactly that people are rewarded based on this other type of value, and that it is increasingly hard to define it, and be the one to provide it.

Yes, this is one of the inherent contradictions of capitalism: the definition of "value" is reversed so that the system rewards the least valuable actors (investment bankers, middlemen, rent-seekers) and punishes the most valuable actors (teachers, firefighters, plumbers, sewage treatment plant workers, garbage collectors).

Those who like this system, is this inevitable? If not, how can it be reversed? Or is it somehow good that the people who basically raise your kids for you get paid 10x less than the guy who takes a commission for plugging your investment account into their automated market tracking money printing machine?

The problem is that huge swaths of people can do those "most valuable" jobs, so they will chronically undercut each other to a stable salary point.

There is no conspiracy or scheme going on. Most people who set out to become a teacher or sewage plant worker are successful in doing so. Very few people who set out to be investment banker VP or real estate moguls succeed, but we hyper focus on those who do, ignoring (more likely unaware of) the graveyard of broke losers who didn't make it.

On the flip-side, if we had a way of finely grading, say, teachers, then the teachers in the top 1% percentile could likely demand extremely high paying salaries...because 99% of teachers would fail to make this grade.

This argument really breaks down when you consider that it requires a lot more training to become a teacher than an investment banker, and there is a massive shortage of teachers, and none of these factors makes teaching a lucrative career.

Becoming a teacher is far easier than successfully becoming an investment banker. Most people who try end up making teacher territory pay to push paper in a cubicle all day. And they don't even get summers off.

That's no necessarily true since teaching requires a degree and certification, at least in the USA. Also it's an extremely hard job compared to investment banking - the hours are long, you must take your work home, you're usually on your feet a significant portion of the day, and you must function as a social worker and a live performer for a significant portion of the day. Every single day for a term.

And the pressure is enormous, you're in charge of making sure the kids get the tools they need for their life, all while making sure they can survive the arbitrary stuff like standardized testing.

If it was so easy why is there a shortage?

I don't think you have any idea about what investment banking is outside of teenage rage posts on twitter or reddit.

https://onlabor.org/wall-streets-dangerous-grind-the-human-t...