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What about rest of the world
I always thought Andrei was a knowledgeable ,look deep analytical YouTuber, but this short just to simplified and one sided . Also judged without going or knowing China .
Just check in ppp 😐
Certain?
India 🇮🇳 it’s $7000 even less than china 🇨🇳
Seriously, such a flawed argument.
China has like 800 dollars tution for a full degree so yea….
You’re missing buying power. Those comparisons are in absolute terms… also, there’s an element of stoicism that you’re forgetting. The adjustment down in lifestyle is harder.
GDP on it’s own does not paint the real picture. What actually matters is GDP PPP and in that metric, the US ranks much lower than Countries like China and India
Dude, a person making 11k$ in china is much wealthier than someone making 60k in the USA. You could probably live off 200 to 300 a month and the same on rent. You're living still having around 50% of your income remaining. I don't think you'd be able to save that much living in the USA having to spend the same stuff
We depend on China for so much. I would be nice to say that we are better off than them, but they don’t move on our financial status when they know only the elite can claim security. As of October 2021, the Asian nation owns $1.065 trillion, or about 3.68%, of the $28.9 trillion U.S. national debt, which is more than any other foreign country except Japan. 18.6 of all imports come from China. If they go down so would we. If they cash in, we collapse.
That’s not true, you aren’t considering cost of living. Many things happen to be a lot cheaper in countries with a lower GDP/capita.
One most important part you missed is, in America people's daily expenses are much more especially on things that need the less. For ex, in India even the greatest apartment don't buy carpets coz its really not needed in any factor ever for the cleanliness, the fleshy surface is easy to clean. So if you look at unnecessary expenses, the recession hits hard on people where society's overall standards and expenses are pushed higher, like "Tissue paper deficit" in the times of COVID in USA. If you look at China, 45% of china doesn't even need the things that US people are using with their 40% of earnings. That's how these eastern societies are surviving (With Low standards of life). Still your views are also right just added another case.
Because this is short video, the content become wrong information. Shortening information.
Living standards should be taken in PPP per capita.
Remember kids, oil spills are good for gdp
GNP much ? Medicare for all ?
ppp
Yeah, but because there is such insane wealth disparity in America ‘average’ does not represent most working class people. If you look at the median GDP per capital it’s around half of the average and is more consistent to what average people in America live with.
Umm news flash we are not communists
Could you please do comparison with India?👍🏽
The average income in the us is 31000 not 69000
Well that's technically not true because everything is in proportion to where you live and how much it cost you to live every month because if you're only making $12,000 a year obviously everything's related to that cars housing everything you buy is related to the average in China the average wage is $15,000 a year which is about $7.50 an hour and they buy cars they have cell phones they have apartments they have everything you can think of the same as here if you're making $50,000 a year but the other thing that you don't understand in China personal debt is a lot lower than it is in the US so to weather an economic downturn it's easier there because the the price doesn't fluctuate that much
GDP per Capita doesn't mean what you thinks it means……but it is fun to lie to make yourself feel better about yourself.
What would the percapida rate be excluding the top 1%?
This doesn’t work when you use only USD. Everything is priced differently in China.
You also need to count in how much money you need to live.
I can pay a 1-3 years rent for the same amount that you pay a month's rent in New York.
It's not how it works, the currency is evaluated between countries but within the country if the income is lower, goods are a lot cheaper.
Free healthcare will matter much more then.