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.
What work did you do btw?
I feel like this is the important part to remember, the average locals probably don’t get paid as well as you do.
i wont go into my work, but no the locals definitely didnt get paid as much as me. That really doesn’t change the reality how cheap the cost of living is over there though. If I was making the same as the locals over there when I was there, i’d be living just as comfortably there as i currently live in the states. And considering current inflation, I would argue i’d probably be living even more comfortably.