GDP is not "the amount of money in a country".
GDP is the monetary value of goods and services produced within a country during a given period (a flow, measured in dollars-per-year).
The amount of money in a country is a measure at a point in a time (a stock, measured in dollars).
I realize Fortune magazine isn't The Economist, but I'd still expect PhDs in political science opining on economic topics to at least understand the difference between stocks and flows.
if you paint a masterpiece worth millions and keep it in your closet it has negligible impact on GDP. only once it is sold does it have an effect.
This is, in the immortal words of Norm McDonald, some "commie gobbledygook". I don't think there is any "newspaper", as in traditional print publication, left worth reading.
You can't just raise minimum wage and expect people to make more money since businesses need to fire everyone who aren't worth the new minimum wage and then those newly unemployed people will depress wages for other jobs since there is more labor on the supply side.
This way of thinking is what's wrong with USA (among many other things).
You don't (or at least shouldn't) hire lots of people because it's cheap.
You need to use median wage - which is ~$24 for all occupations.
And reeks of the same sort of reallocation fallacy that makes people think the rich making too much makes them poor.
If we really just say 4xd everyone’s salary in America. Prices are gonna rapidly rise in everything.
Things don’t get materially better unless we build the material things we need. We need to come up with a way to build more houses. Lower the cost of healthcare. Not just increase everyone’s money supply.
The US consistently scores among the best countries in the world for paying people [0]. Is there some way I can lodge an application to be exploited in a similar manner, without having to move there? Being wealthy and having to live among really wealthy people sounds better than being poor and living among equals.
They're inventing a metric there that just doesn't matter.
Then you have tech. In tech, US workers are again paid more than in other OECD countries. But growth in tech is just insane and it makes a huge percentage of the GDP growth. And there aren't a whole lot of tech workers as a percentage of the total workforce. So although tech workers are paid a whole lot more than in other OECD countries, they aren't capturing as much of the growth of the tech industry.
So really this is an argument that tech workers in the US should be paid even more, and I don't think that sells so well as the populist argument that the authors intended to make.
And to me saying, that an autoworker that works for Ford, is not capturing the GDP growth that is generated by Google, is nonsensical.
Yeah, relative income isn't really a good measure. You want to raise the floor for people, not (necessarily) narrow the gap between rich and poor.
There is also the same private healthcare that americans enjoy. You have the option of spending $50 to $100 to go to a private clinic and get same-day admission. In the US services like that cost nearly 10 times the price due to the whole insurance bullshit.
I got free same-day heart check-up and $80 paid same-week heart monitoring check-up.
There are horror stories and footage of the UK NHS, but that's mostly just london and in reality pretty much every city that large suffers from that.
Your healthcare insurance being dependent on your employer seems like hell though. They will always have enormous bargaining power over you and I think it also leads to chilling effect, when your health is literally dependent on your job, you will think twice to go on strike, unionize, or freely express your thought, especially when combined with at-will employment.
Secondly, I would also debate the better health care. I recently had two health scares in my direct family (one time cancer, one time another tumor) and in both cases care was quick and excellent. Of course, there is quite a lot of variance between countries. We lived in Germany for a while and I was less impressed by health care there (though it's probably still much better and definitely cheaper than the average health care in the US).
DarkNova6•37m ago
To me, it would mean a significant reduction in quality of live and I am low-key scared of all the ingredients and additives in food that are pretty much banned everywhere else. Not to mention all risks regarding healthcare.
lostlogin•32m ago
When everything is dangerous, nothing is dangerous.
fuckinpuppers•30m ago
All the US has done is allow for massive amounts of wealth hoarding and gaslighting of a significant portion of the population into voting and supporting things against their own beliefs or common sense.
If you said “China allows red dye 12 in their food and it’s been proven to cause cancer” they’d freak out about it. But they don’t see any problem back home.
isoprophlex•24m ago
Incredible that this is the country that has been the dominant global exporter of technological innovation, pop culture and economic policy for so long.
philipallstar•18m ago
The US welcomes more people legally than any other country in the world, and half of its politicians think welcoming illegal immigrants is a good idea too.
petcat•17m ago
I am able to see my PCP and dentist within a week if I want. I read a statistic that in Europe and Canada you have to make those kinds of routine appointments months in advance.
Also, my father-in-law went from consultation to a full knee replacement surgery within 3 weeks. Again, that kind of thing takes 8 months or a year minimum anywhere in Europe or Canada.
gadders•15m ago
Arnt•13m ago
For a vaccination I'll call several weeks in advance. If I want an appointment before/after work I'll call well in advance, if I want something tomorrow they may say "11:30, take it out leave it", which isn't great for my work.
Don't trust whoever wrote what you read there. FUD scaremongers.
basilikum•11m ago
potatototoo99