Why America is the World’s First Poor Rich Country

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LoveNotHate
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09 Dec 2018, 5:23 pm

Apple_in_my_Eye wrote:

Productivity in the USA has tripled over the last 30 years, but wages have been totally flat. With inflation, wages have actually dropped. And, tricking people out of their money is possibly the world's first-oldest profession -- i.e. loansharking. If a Wall Street bank does it, it's genius, but if a guy in a seedy pool hall does the same it's a crime. And there are good reasons for usury to be illegal.

The important statistic to look at is "foreign productivity".

Foreign productivity increased MUCH, MUCH faster than American productivity, so we actually had a HUGE relative decrease in productivity. Therefore, rightfully, our wages should have gone down.

Labor productivity per hour worked in China from 2000 to 2018 (in 2017 U.S. dollars*) .. between 2000-2018 Chinese productivity increased 5 times
https://www.statista.com/statistics/878 ... -per-hour/

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Kraichgauer
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09 Dec 2018, 9:36 pm

LoveNotHate wrote:

Kraichgauer wrote:

I have a friend who lived entirely by working fast food jobs years ago. He ended up with medical bills that left him no choice but to go bankrupt. He was not irresponsible with his money, but was a victim of circumstance. There are more Americans in such situations than I think you appreciate.

Tell him to sign up for subsidized ACA.

That had happened to him long before there was an ACA.

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RushKing
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09 Dec 2018, 10:05 pm

LoveNotHate wrote:

TW1ZTY wrote:

Do you realize that not all Americans are rich? American families living in trailer parks and government assistant housing who live off of little income from working their asses off doing blue collar jobs do not live that kind of lifestyle you just described.

We may be more wealthy compared to third world countries but you still have Americans who can't afford food or health care.

Calling all Americans rich is BS.

Americans have the world's highest ...

-average household net-adjusted disposable income per capita
-average household net financial wealth per capita
http://www.oecdbetterlifeindex.org/topics/income/

Average income can be misleading.

If I had 10 people in a room. 1 person has $50, and the rest have $1 each. The average would be $5.10.

Median income and median wealth are much more useful for this subject.

LoveNotHate
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10 Dec 2018, 12:12 am

RushKing wrote:

LoveNotHate wrote:

TW1ZTY wrote:

The avg would be $5.90 ($50 + $9) = $59/10 = 5.90

However, whether mean or median is better depends on the data and what you're trying to present.

Both have advantages and disadvantages.

The reason I think they used "mean" (average) here, is because a "household" can have one member or several family members producing income, so they decided to average that out.

A median is likely skewed by the number of family members in the home (i.e., more family members, more income).

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RushKing
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10 Dec 2018, 6:01 am

LoveNotHate wrote:

RushKing wrote:

LoveNotHate wrote:

We should only be averaging the income or wealth of the individual family unit. With that we would at least be able to extrapolate something, by considering the median number of people in a household. This is useless data in the context of this discussion.

Piobaire
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12 Dec 2018, 4:35 pm

The Egregious Lie Americans Tell Themselves

auntblabby
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13 Dec 2018, 12:51 am

if i'd wanted to live in a decent functioning representative democracy and not a quasi-fascist oligarchy, i'd have incarnated in northern Europe or one of the commonwealth nations.

sly279
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13 Dec 2018, 2:53 am

Well luckily Obama isn’t in power anymore so we are free from his quasi-fascist oligarchy

Kraichgauer
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13 Dec 2018, 12:15 pm

sly279 wrote:

Well luckily Obama isn’t in power anymore so we are free from his quasi-fascist oligarchy

No, we only have Trump's fascistic cult of personality. Well, till Mueller sends him up the river.

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Piobaire
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18 Dec 2018, 6:49 am

Ruling class has caused a 'pay collapse' for bottom 90%

The winners have taken all: Middle class incomes are plummeting -- with no relief in sight

auntblabby
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18 Dec 2018, 10:31 pm

^^"the race to the bottom."

Kraichgauer
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18 Dec 2018, 11:19 pm

auntblabby wrote:

^^"the race to the bottom."

Sadly so.

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Piobaire
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19 Dec 2018, 6:18 am

Then there's collective impoverishment on a macro scale;
The Golden Age of Rich People Not Paying Their Taxes
The GOP tax bill only gave workers 2 cents more per hour in bonuses. Corporations got about $54 billion.

auntblabby
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20 Dec 2018, 1:04 am

the only reason Leona Helmsley was imprisoned is because she opened her gob about how "only the little people pay taxes."

Piobaire
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20 Dec 2018, 7:03 am

Total public debt outstanding has jumped by $1.9 trillion since President Trump took office. By the end of Trump’s first term, the debt is expected to rise by $4.4 trillion despite historically low unemployment, relatively low interest rates and robust growth.

Tax cuts for the rich on your children's credit card

LoveNotHate
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20 Dec 2018, 8:13 am

Piobaire wrote:

Hopefully, Congress can push through budget cuts to bring it down.

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