The truth of statistics - Sm Posted: Jun 23rd, 2018 - 7:52 am
We are always told that the U.S. is the richest country in the history of the world, but Paolo Pizzi makes a very good point that:
"Having the wealthiest 1% that skews all economic statistics doesn't mean being the richest country in the world. Look at the middle class and you'll quickly find out the US isn't even among the first 10 wealthiest nations... (ranking at #19 for median net worth. Which is the ONLY reliable indicator of how well the middle class is faring.)"
He's right. You take the 1% out of the equation, and you have a much poorer nation, where the middle class is rapidly disappearing, and everyone else is living in poverty or near-poverty. That is the sign of a country that is not in very good shape at all. And getting worse with each passing day.
We are always told that the U.S. is the richest country in the history of the world, but Paolo Pizzi makes a very good point that: "Having the wealthiest 1% that skews all economic statistics doesn't mean being the richest country in the world. Look at the middle class and you'll quickly find out the US isn't even among the first 10 wealthiest nations... (ranking at #19 for median net worth. Which is the ONLY reliable indicator of how well the middle class is faring.)" He's right. You take the 1% out of the equation, and you have a much poorer nation, where the middle class is rapidly disappearing, and everyone else is living in poverty or near-poverty. That is the sign of a country that is not in very good shape at all. And getting worse with each passing day."
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