Despite the US’s economic success, income inequality remains breathtaking. But this is no glitch – it’s the system
The Chinese did rather well in the age of globalization. In 1990, 943 million people there lived on less than $3 a day measured in 2021 dollars – 83% of the population, according to the World Bank. By 2019, the number was brought down to zero. Unfortunately, the United States was not as successful. More than 4 million Americans – 1.25% of the population – must make ends meet with less than $3 a day, more than three times as many as 35 years ago.
The data is not super consistent with the narrative of the US’s inexorable success. Sure, American productivity has zoomed ahead of that of its European peers. Only a handful of countries manage to produce more stuff per hour of work. And artificial intelligence now promises to put the United States that much further ahead.
This is not to congratulate China for its authoritarian government, for its repression of minorities or for the iron fist it deploys against any form of dissent. But it merits pondering how this undemocratic government could successfully slash its poverty rate when the richest and oldest democracy in the world wouldn’t.
Sounds to me the left needs a plan
Yeah it would really help to have a plan like “tax rich people” “decommodify housing” “trade deals that punish outsourcing” “ban medical debt.” “College that is so cheap it doesn’t need loans” “Corporations posting profits after job cuts and layoffs will have higher taxes” “discourage corporations from selling products in multiple markets” “reduce corporate price fixing through third parties” “force corporations to compete in markets” “disallow investors to buy companies when they hold substantial investment in a corporation that produces any competing product”
You need a left first.
The sad part is there is a left, but very few leaders of the left.