Earlier quoted context omitted.
GDP and GDP PPP are almost irrelevant with regards to personal wealth or lack thereof. A factory making billions to its owner doesn't improve the revenues, wealth or standard of living of more than 1 person. A factory producing luxury Louis Vuitton handbags is good for GDP and the wealth of the factory owner, but is irrelevant to the living conditions of the workers. A private equity firm making wild bets is very "pr…
> A factory making billions to its owner doesn't improve the revenues, wealth or standard of living of more than 1 person... A factory producing luxury Louis Vuitton handbags... is irrelevant to the living conditions of the workers > Come on, this is Econ 101 and basic logic. You griping about luxury goods on principle isn't "Econ 101" or "basic logic". You can look at basically any material metric you like (cars own…
Rate of personal bankruptcies? Homeownership rate? Median household net wealth?
The amount of cars Americans have on absurd loans is entirely irrelevant to their personal wealth or lack thereof.