My guess is that those in the informal economy do not get to send their children to elite primary and secondary schools, and they have little in the way of health insurance. But otherwise, they enjoy what I call Diamond Age access to the more basic goods and a few luxuries.3. Major League Soccer (and not individual teams) sets player salaries. Compare LA and NY to two small market teams:
When I took the subway home the other night, I noticed how many people wearing clothes that signified low incomes were playing with smart phones. A few years ago, the smart phone went with a business suit. Now it goes with lots of tattoos and grubby t-shirts.
NY Red Bulls: $13,397,087.04Via.
LA Galaxy: $12,205,725.12
Real Salt Lake: $3,517,856.76
Colorado Rapids: $3,173,078.64