Conditions of Being Poor


A reader called shenanigans on my last post.  While likely that the average salary in the United States is higher than the average salary for the rest o the world, what can someone in those countries purchase with that salary.  Is there a measure by which we can gauge “quality of life”?

The answer is “Yes”.

Kinda.

Check out the most commonly used measure:

GDP (purchasing power parity) Field info displayed for all countries in alpha order.
This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation’s GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries.

We have the GDP PPP per Capita rankings here:

Still doesn’t look good for China, India, Russia and Hungary:

Country PPP per Capita %Income on Food at home
USA $46,400.00 9.90%
Hungary $18,600.00
Russia $15,100.00 36.70%
China $6,600.00 28.30%
India $3,100.00 39.40%

I even added another column.  % income spent on food.  Again, it’s not even close.  In fact, American’s, ALL AMerican’s, have never had it so good after we pay for food, clothing and shelter than we have it right now.

Further, compared to the rest of the world, and JUST the wealthy world, look how America rates:

America vs. The World: We Win

After all is said and done, America is the richest nation ever.  Our citizens have more wealth than even the world’s richest had 100 years ago.  Never in the history of the world has a people been so economically blessed as when they enjoy maximum economic Liberty.

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