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This is quite objectively true. Take a 50% paycut but along with that also cut down the cost of living. Something like Germany today, wages are smaller than in US but the costs of living make their citizens happy(er).

Then there will be less wage discrepancy compared to China and co and jobs start coming back.

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That's a lot easier said than done. I really have no influence on the cost of housing or food. So if I have a 50% pay cut, I'm probably not going to be able to live where I do.

I know, but it can start with bigger taxes on properties (and better zoning laws). People and investors should be stripped of the idea that buying a house provides a good return. Lowering the leverage when buying a house would also help push prices down. Foreign buyers should be taxed more to avoid speculators.

I don't think food is a problem though, western EU food prices are not smaller.

Add in our need to reduce carbon output, locally produced products will have some advantage.

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