GDP is a concept of the total country. It would be more interesting to show the range of riches within any country. I suspect that the USA has a very extreme range compared to semi-socialist countries.
The median salaries in the UK and US are remarkably similar. Converted to US$, the UK it is $32,739 and the US is $34,248. When you take into account the extra annual leave, sick pay, maternity pay, employment protections etc that UK enjoys, as well as free point of use healthcare I’d say the UK is a much better place for the average worker. America may be richer in terms of GDP per capita, but that wealth is spread very unevenly, disgustingly so in my opinion
Tapani Simojoki
2 years ago
The late Hans Rosling gave a much better comparative framework: 4 levels of wealth. My hunch would be that Bangladesh is pushing into – or possibly already at – Level 3: a lot closer to Level 4 (UK) than Level 1 (South Sudan)
Interesting is how Bangladesh stopped Delta covid by doing as Trump recommended, using nasal/oral wash ( to reduce viral load as recommended by Dr McCullough), as well as Ivermectin and Hydroxychloroquine, but it will be a long time before they recover from their Lockdowns in the economy.
Except it hasn’t. Bangladesh’s low Covid deaths are largely down to two reasons. Firstly a lack of testing capacity means many deaths, especially in poorer rural areas, go unreported which leads to figure being lower than they really are, as opposed to the UK in which deaths have been vastly inflated in my opinion. Secondly Bangladesh is a relatively young country with a median age of 27, as opposed to over 40 in most western nations. As Covid disproportionately kills the elderly this would also explain the lower fatality rate. These two reasons are also why cases and deaths are also lower in India and much of Africa
Agreed. He really shows up the shallow nature of policy makers knowledge in the past and that of the general population as a result of MSM misinformation.
Jon Hawksley
2 years ago
The article does not mention the exchange rates used in calculating future GDPs. Current disparities can be misleading if the local purchasing power is different from market rates.
Galeti Tavas
2 years ago
In the West about 50% of working age are net income tax payers, so each tax payer has to be carrying most of a non-net tax payer on their backs as they go about doing their daily grind.
This is going to reach a critical point soon enough, as automation, AI Programs, and Welfare families increase wile the productive pretty much quit having families. Not only are the demographics of the West – but China as well, becoming skewed to the older end, and it is the married, child having, working, demographic, which both produces and consumes the GDP into producing wealth.
The 28 year old, social science, or Arts, university graduate Drone with massive university debt and feckless lifestyle, childless and working as a Barista, to never have a family, own a house, or build up the nation, become the generation which will have to carry the future, the West is doomed.
GDP is a concept of the total country. It would be more interesting to show the range of riches within any country. I suspect that the USA has a very extreme range compared to semi-socialist countries.
The median salaries in the UK and US are remarkably similar. Converted to US$, the UK it is $32,739 and the US is $34,248. When you take into account the extra annual leave, sick pay, maternity pay, employment protections etc that UK enjoys, as well as free point of use healthcare I’d say the UK is a much better place for the average worker. America may be richer in terms of GDP per capita, but that wealth is spread very unevenly, disgustingly so in my opinion
The late Hans Rosling gave a much better comparative framework: 4 levels of wealth. My hunch would be that Bangladesh is pushing into – or possibly already at – Level 3: a lot closer to Level 4 (UK) than Level 1 (South Sudan)
not if you are Rohingya
Interesting is how Bangladesh stopped Delta covid by doing as Trump recommended, using nasal/oral wash ( to reduce viral load as recommended by Dr McCullough), as well as Ivermectin and Hydroxychloroquine, but it will be a long time before they recover from their Lockdowns in the economy.
Except it hasn’t. Bangladesh’s low Covid deaths are largely down to two reasons. Firstly a lack of testing capacity means many deaths, especially in poorer rural areas, go unreported which leads to figure being lower than they really are, as opposed to the UK in which deaths have been vastly inflated in my opinion. Secondly Bangladesh is a relatively young country with a median age of 27, as opposed to over 40 in most western nations. As Covid disproportionately kills the elderly this would also explain the lower fatality rate. These two reasons are also why cases and deaths are also lower in India and much of Africa
Yes, you only need to have a quick look it the Charts in Factfulness to see the calculations advanced here are not to be taken too seriously.
Agreed. Factfulness is a brilliant book, one that ought to be required reading for every policymaker on the planet, in my opinion.
Agreed. He really shows up the shallow nature of policy makers knowledge in the past and that of the general population as a result of MSM misinformation.
The article does not mention the exchange rates used in calculating future GDPs. Current disparities can be misleading if the local purchasing power is different from market rates.
In the West about 50% of working age are net income tax payers, so each tax payer has to be carrying most of a non-net tax payer on their backs as they go about doing their daily grind.
This is going to reach a critical point soon enough, as automation, AI Programs, and Welfare families increase wile the productive pretty much quit having families. Not only are the demographics of the West – but China as well, becoming skewed to the older end, and it is the married, child having, working, demographic, which both produces and consumes the GDP into producing wealth.
The 28 year old, social science, or Arts, university graduate Drone with massive university debt and feckless lifestyle, childless and working as a Barista, to never have a family, own a house, or build up the nation, become the generation which will have to carry the future, the West is doomed.