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.
China is just as inequal according to Gini index
Nope. China is doing better by more than 6 points. Hell, even Russia is doing better. Half of Africa is doing better. US is among the worst counties in the world.
https://worldpopulationreview.com/country-rankings/gini-coefficient-by-country
Sure, but the liberal democracies in Europe, Canada, East Asia, Australia are kicking China’s ass in economic equality, and China is supposed to be a communist state where that’s purportedly the main outcome.
With the Slavic countries like Ukraine, Slovakia and Slovenia being some of the best.
Having been in Ukraine, Singapore, China and the US, by far the worst standard of living country is Ukraine and it’s not even close.
This data is for inequality of wealth, not living standards.
It takes income inequality into consideration. What’s the point of low inequality when it’s because everyone is poor?
Even more importantly, it’s trending down, and the new 5-year plan has a goal of improving incomes in order reduce reliance on foreign consumotion. That is likely to continue shrinking inequality and improve standard of living for the majority.
Do you believe inequality in America is currently being reduced? How come? Based on what evidence? Honestly curious.
It was hugely reduced under Biden, and nobody noticed