Also, Europe is a power house right now, but won't be a generation from now if trends continue. All forms of power are built on economic power or are a means to get economic power.
Also, living paycheck to paycheck != being poor. There are many people with high incomes but poor budgeting who live paycheck to paycheck, but will realistically be just fine if they have to tighten their braces.
Americans have the highest level of disposable income in the world, and it's not even close. Even Europe's mega-rich tax havens like Luxembourg have a lower disposable income than Americans.
https://en.wikipedia.org/wiki/Disposable_household_and_per_c...
Yea I know the rebuttal--"but I also heard they all have $100,000 hospital bills every year!!" The disposable per capita income numbers already account for healthcare expenditures.
Sorry to be so blunt, but it's not helpful if you look only at the average.
A better metric would be the median because it is well known that the super rich distort the disposable income in some countries (the US, but also some European countries).
I see in plutocraticish environments the rich and powerful sometimes very deftfully prevent measures inconvenient for Corporate but useful for the weaker part of the population.
I admit this also happens in Europe. But somehow it is just easier to live as a poorish person in many European countries.
Americans rank #1 on both mean and median. So the point about the super rich distorting the mean is irrelevant.
> But somehow it is just easier to live as a poorish person in many European countries.
Perception and narratives are not reality. In fact, typically in economic matters it takes almost a decade for the public narrative to shift to match the reality of the numbers. Even if reality is right there in the data.
This is why bubbles usually go on for much longer than the "smart" people think they will. Look at any of Fama-French research; momentum is the strongest inefficiency in virtually all markets.
It's millionaires - tens of millions of them.
There's something special about a system that can create so many extremely successful people.
Yes, and we all declare bankruptcy every month, and charge $10,000 to our credit card to be allowed into the doctor's waiting room, where we announce our arrival by firing a gun in the air.
Where do you guys hear this stuff?
> A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.
> Similarly, a 2023 Forbes Advisor survey revealed that nearly 70% of respondents either identified as living paycheck to paycheck (40%) or—even more concerning—reported that their income doesn’t even cover their standard expenses (29%).
https://www.forbes.com/advisor/banking/living-paycheck-to-pa...
> A 2023 survey conducted by Payroll.org highlighted that 78% of Americans live paycheck to paycheck, a 6% increase from the previous year. In other words, more than three-quarters of Americans struggle to save or invest after paying for their monthly expenses.
> Similarly, a 2023 Forbes Advisor survey revealed that nearly 70% of respondents either identified as living paycheck to paycheck (40%) or—even more concerning—reported that their income doesn’t even cover their standard expenses (29%).
https://www.forbes.com/advisor/banking/living-paycheck-to-pa...