"If we are the richest country in the world . . .

[Brigid]

Last edited Sat Dec 13, 2014, 06:13 AM - Edit history (1)

"How come so many of us can barely afford to live here?" -- From a letter written to Bud Johnson in the movie "Swing Vote"

[newfie11]

1. It's an illusion

The average person is not as well off financially as the 50s. We make more money now but we are insecure just the same.
Jobs leave this country regularly, cost of college leaves one in debt for many years, few people ever pay off their home Etc.

I fear for my grandchildren as more jobs leave the country and fewer people have money to pay for services.

[MrScorpio]

2. There are ten people in a room, one billionaire and nine minimum wage workers...

If you only look at the median income of the room, it's a very rich room full of multi-millionaires. When people say that we're the "richest country in the world" that's how they come across as well.

It's all an illusion.

[Recursion]

3. Close. That's the mean income.

The median income in that case is still minimum wage, as is the modal income.

[MrScorpio]

5. Thanks. I always get that shit wrong.

[pampango]

4. Because we are one of the richest - and one of the most unequal - country in the world.

Ratio of income of the top 10% to the bottom 10% - then their per capita income

US..............15.9.........$52,800
Germany.......6.9.........$39,500
Canada.........9.4.........$43,100
France..........9.1.........$35,700
Japan...........4.5.........$37,100
Sweden........6.2.........$40,900
South Korea..7.8.........$33,200
Vietnam........6.9..........$4,000
Ukraine.........5.9..........$7,400

http://en.wikipedia.org/wiki/List_of_countries_by_income_equality
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28PPP%29_per_capita

On one hand the US is close to the top (about #10) of the 'richest' countries (based on per capita income) but we are #133 out of 175 in terms of income distribution (almost all of the countries below the US are poor countries with a few super rich people) - and probably worse than that if you figure it based on the income of the top 1% rather than top 10% used above.

[Dirty Socialist]

6. I read somewhere

We are number 27 in middle class wealth.

[Donald Ian Rankin]

7. One reason is that your standard of "barely afford to live" is higher than other countries.

A living standard that most Americans view as being barely able to afford to live would be considered luxurious in much of the world.

[Dirty Socialist]

8. Th THIRD World

Not most of the developed world.