China is officially richer than the USA

[duckbutta]

Does that mean foxxcon employees will stop getting paid pennies and jumping off of roofs now ?

 

[Burned Verses]

Now look up those GDP per capita stats lol. The US having 'less' money than a country with a billion more people and a lower standard of living isn't that impressive.

 

[Sinnerman]

China's real estate market is on the verge of collapse with Evergrande/competitors, and the real estate sector is the most important sector in their economy

Wouldn't expect this to last

 

[[Something Cool]]

How can we be rich when we've been operating on deficits

This country is broke we just print more money and ignore it

That's actually a harsh truth. It's fukk China all day but facts are facts. Also at the Chinese Communist Govt sympathizers in this thread. I got no problem with Chinese people, but that govt is a piece of work.

 

[David_TheMan]

China is in shambles internally.
Xi Jinping tried to make a cult of personality around himself and the people after 20 years of progressive freedom are rumbling.
You combine his faltering social perception, his poor economic planning, China is going the wroung way quickly

 

[DJ Paul's Arm]

Nothing lasts forever

All China needs to do is let Evergrande default to fukk the US even more.

Covid and Evergrande = Modern Warfare

 

[DonRe]

this is like saying Walmart isn't rich because their employees straddle the poverty line

This a false equivalency.

unlike a corporation, a nation/country is a non-profit entity. Or at least thats what modern gov’t want its ppl to believe they function as. Its a lie of course. Most nations run via a corporatcracy.

but based on these notions, no country should he “rich”. It all should be reinvested into its ppl and infrastructure.

 

[Cynic]

China has one of the largest wealth inequality rates in the world, where the top 1% owns 31% of the country's wealth, and the gap continues to widen.

Is your country really rich when not everyone gets to eat?

The bottom percentile own more than Top 1 %.

The figure is misleading - China isn't wealthier than the U.S. yet but they are building an alternative system of development.
.

 

[Cynic]

I'm surprised it didn't happen sooner

Financial deregulation and nafta
2 pointless wars

Tax cuts for the wealthy instead of investing in labor

All those things were nails in the coffin for the American dollar. Wages aren't keeping up with costs, the average American is living off debt by making less than what they can afford. This economy requires consumption of stupid shyt that people don't need, but the thing is, rich people spend more on luxury services like cooks, drivers, private doctors and nurses, teachers etc. Than they do on clothes or cars. That's new money shyt, and America is creating less millionaires by refusing to invest heavily in lifting people out of the conditions that keep them poor.

All they can do is try to keep interest rates low but with inflation and the cost of goods going up and peoples ability or willingness to stay in debt going down, they have to do something drastic or else we will have another recession or worse, a straight up depression until radical action is taken.

There are a few things off the top of my head that can help change course:
1. Cancel student loans that are over 40k
2. Nationwide legalization of cannabis with a federal tax on the good and states can tax the sale of the goods too.
3. Investment in high speed rail, electric busses, and incentives for cities to design for people and not cars. Put the parking lots underground and build rental only properties so families, retired poor seniors and young people can afford housing and won't have to go homeless.
4. A public option for Healthcare. If I'm not spending an arm and a leg for medicine, I'm going out to eat or buying some new clothes or tech.

They know that they need to do these things but would rather live in denial for as long as possible. I wonder if they'll keep that same energy with mass strikes and people refusing to work until they can actually live an existence that isn't paycheck to paycheck.

It's not denial.

If you can literally defeat the WilI of the majority by paying off politicians and running ad campaigns to get those people to operate against their best interests - then why wouldn't you ?

Until this is stamped out then america will continue to be a places of two america. The rich and everyone else ...

 

[RennisDeynolds]

Fugazi business. Evergreen just flopped 2 weeks ago

 

[Scustin Bieburr]

It's not denial.

If you can literally defeat the WilI of the majority by paying off politicians and running ad campaigns to get those people to operate against their best interests - then why wouldn't you ?

Until this is stamped out then america will continue to be a places of two america. The rich and everyone else ...

But even if you are already rich, already a ceo it is in your best interests for more people to buy your stock and your products. It doesn't make sense to fight legislation that might cost you money in the short term but then explode your gains in the long term. If I'm a tobacco company, legal weed means I can now sell blunts and joints. If I'm an oil company, govt subsidies in renewable is a gold mine for me to corner the market with my existing funds and buy up land for solar panels, windmills and invest in charging equipment at my gas stations. I'm riding the new wave and cashing out on it.

When people aren't saddled down by student loans and having to live paycheck to paycheck because they can't afford medication or rent theyll buy tesla. Theyll invest in stocks. When you pay them more they will spend more. Even racist ass Henry Ford knew that its stupid to have employees building products they cant afford

 

[Doin2Much Williams]

.

 

[Secure Da Bag]

China has one of the largest wealth inequality rates in the world, where the top 1% owns 31% of the country's wealth, and the gap continues to widen.

Is your country really rich when not everyone gets to eat?

You ain't been paying attention to latest out of the Middle Country?

• President Xi kicked bitcoin out of the country.
• Put the richest man in China, Chinese version of Bezos, on timeout. Hard body.
• Not only acknowledging wealth inequality, but passing laws right now to change it.

He learned his lessons from the West. He's not gonna let these companies run his country. He's gonna keep his people fed so he doesn't have to worry about which section of a billion people is gonna riot.

 

[RedCloakBlackWraithe]

I need to log off for a bit

some can't read sarcasm correctly...you have to understand that some posters, not dissing breh who posted, but some posters are literally retarded on the forum.

 

[RedCloakBlackWraithe]

income per capita: china $8k, america $55k
gdp per capita: china $10k, america $63k
household consumption per capita: china $4k, america $43k
china has higher income inequality

no wonder the chinese dictator is redistributing wealth amongst the people.