How Capitalism Made Americans Poor

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Piobaire
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05 Mar 2019, 9:52 am

How Capitalism Made Americans Poor, and Socialism Made Europeans Rich

Fnord
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05 Mar 2019, 10:00 am

So we should ship all of our poor people to Europe!

Brilliant!

LoveNotHate
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05 Mar 2019, 11:13 am

Americans are the richest people on the planet.

US #1 in average household net adjusted disposable income per capita is USD 30 563 a year
US #1 in the average household net financial wealth per capita is estimated at USD 90 570.
http://www.oecdbetterlifeindex.org/topics/income/

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shlaifu
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05 Mar 2019, 11:56 am

LoveNotHate wrote:

Average.
Me and Jeff Bezos own on average 70 billion dollars each.
Together, we own 140 billion, of which Jeff owns 140 billion.

So, yeah, neoliberal capitalism didn't make Americans poor. only about 99% of them.

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Crimadella
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05 Mar 2019, 11:59 am

shlaifu wrote:

LoveNotHate wrote:

I'm no expert but don't all countries seem to make the majority poor? I hear it's way better to be poor in America than any other country.

RushKing
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05 Mar 2019, 12:05 pm

Average income and wealth in America is heavily distorted by the outliers.

To understand what the typical American household looks like, we need to look at medians.

LoveNotHate doesn't appear to be argueing out of good faith. I already pointed this out to her before, yet she still posts averages.

Last edited by RushKing on 05 Mar 2019, 12:07 pm, edited 1 time in total.

LoveNotHate
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05 Mar 2019, 12:05 pm

shlaifu wrote:

LoveNotHate wrote:

That's average per capita.

So roughly averaged across 126.22 million homes.

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kraftiekortie
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05 Mar 2019, 12:12 pm

It’s probably WORSE to be poor in the USA than in most western European countries.

Fnord
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05 Mar 2019, 12:13 pm

So is this a problem?

If so, then please provide a solution.

If no, then what's the point?

BTDT
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05 Mar 2019, 1:59 pm

i don't think socialism will work in the USA. The poor don't want to give to those less fortunate than they are. And they can outvote the few that think socialism is better because there are a lot of poor people in the USA.

Alternately, you can't argue with stupid.

Antrax
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05 Mar 2019, 5:48 pm

shlaifu wrote:

LoveNotHate wrote:

Agreed that averages can be misleading due to statistical outliers, but the majority of this country's wealth is not in the hands of the Bezos' of the world. Instead it is in the hands of the high wage earner Doctor/Lawyer/Engineers that make up the group of people between 90 and 99.9%tile. Combined this class controls more wealth than the uber rich top 0.1% and the bottom 90% combined. Social mobility into this class is achievable by anyone capable of completing the requisite educational requirements. So no, the top 0.1% do not control everything in this country.

Source: https://www.theatlantic.com/magazine/ar ... cy/559130/

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05 Mar 2019, 5:53 pm

BTDT wrote:

I think the number of people who are at least open to socialism is growing though.

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Tim_Tex
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05 Mar 2019, 5:56 pm

Qatar has the highest PCI in the world, not us.

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LoveNotHate
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05 Mar 2019, 6:16 pm

Tim_Tex wrote:

Qatar has the highest PCI in the world, not us.

Only 2.639 million people in Qatar, and "Foreign workers amount to around 88% of the population".
https://en.wikipedia.org/wiki/Demographics_of_Qatar

So they have very few citizens, like a mere 300,000.
https://www.quora.com/Why-are-Qatari-citizens-so-rich

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NoClearMind53
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05 Mar 2019, 6:47 pm

Fnord wrote:

So is this a problem?

If so, then please provide a solution.

If no, then what's the point?

Raise the minimum wage and tax the wealthy like the US did in the 40s and 50s. That would at least be a start.

shlaifu
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05 Mar 2019, 7:26 pm

kraftiekortie wrote:

It’s probably WORSE to be poor in the USA than in most western European countries.

Make that northern European countries - the southern countries suffered tremendously under austerity after the banking crisis.
Also, exclude the UK, with the exception of the NHS - the tax funded healthcare system.

But the countries that are still good socialists, like germany, sweden, austria or denmark -let alone norway- are probably better places to be poor than the US.
Basically, all a country needs to better for poor people is a socialized health care system, decent infrastructure and free university education.

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