[impossiblefork]

>This is not a solution to the problems but to accept the hard reality that there are going to be few generations of people who will have to make peace with a lower standard of living, work hard without getting much in return, so that their grand children will enjoy a much better life.

The problem is that that often isn't what happens. The one who works hard for little in return, rather than catching up, is behind forever. One works for compensation only.

Accepting low wages isn't a 'sacrifice' that is eventually repaid. A sacrifice rather takes the form of working for high wages while saving.

[devnull3]

> is behind forever.

This completely depends on the policies of the future govt. There are many examples (like South Korea, China, India) where the current generation is much better off than previous.

Another example is cliched "American Dream". There is/was some element of truth that if you are sincere and ready to work hard you can still make it in the life. However, I will agree that this can become much harder now.

[impossiblefork]

Ah. I don't see competition as being between generations to any major degree, but between people with generations, so I find the framing very strange, and I think, if you see competition as between people, you will see that allowing yourself to end up behind others will not end with you getting somehow repaid.

Instead, getting a high salary now is used as negotiation for getting a high salary tomorrow, so it is critical to ensure it. You do not gain by accepting a lower salary.

If consumption must be reduced, that may be so, but if it is done by reducing salaries, and your salary is part of it, then you will lose and you will never be repaid for it.

[devnull3]

> Accepting low wages isn't a 'sacrifice' that is eventually repaid

It is not a question of being eventually repaid. It is to survive to fight another day. There are countless examples of how first generation immigrants (across all ethnicities) have to struggle and sacrifice so that they can provide the foundation for the next generation to thrive.

This is the mode Brits will have to enter into unfortunately.

[impossiblefork]

If they sacrifice, they sacrifice by not consuming, surely, not by accepting lower wages. This is perfectly consistent with the picture of putting all your money into tutoring for your children etc., because that is in fact not consumption in the ordinary sense but something investment-adjacent.