Despite the US’s economic success, income inequality remains breathtaking. But this is no glitch – it’s the system

Despite the US’s economic success, income inequality remains breathtaking. But this is no glitch – it’s the system

The Chinese did rather well in the age of globalization. In 1990, 943 million people there lived on less than $3 a day measured in 2021 dollars – 83% of the population, according to the World Bank. By 2019, the number was brought down to zero. Unfortunately, the United States was not as successful. More than 4 million Americans – 1.25% of the population – must make ends meet with less than $3 a day, more than three times as many as 35 years ago.

The data is not super consistent with the narrative of the US’s inexorable success. Sure, American productivity has zoomed ahead of that of its European peers. Only a handful of countries manage to produce more stuff per hour of work. And artificial intelligence now promises to put the United States that much further ahead.

This is not to congratulate China for its authoritarian government, for its repression of minorities or for the iron fist it deploys against any form of dissent. But it merits pondering how this undemocratic government could successfully slash its poverty rate when the richest and oldest democracy in the world wouldn’t.

  • Fandangalo@lemmy.world
    311·
    1 day ago

    Excuse me, have you heard of the K shaped economy? It’s the everyday hellscape we now live in, where the rich can’t buy enough, and the poor can’t buy anything. Plane ticket sales down, first & business class have no inventory. Less people than ever can afford a house, and mega mansion sales are booming. We can’t afford groceries, but 5* restaurants have no reservations.

    At some point, this shit comes to ahead. My pessimism suggests the rich want to figure out AI / robot security, so they can stop relying on any people at all.

    Oh yeah, add in some sycophantic computers telling everyone they are perfect and every solution we have is paradigm breaking or revolutionary. Nothing will go wrong at all.

    • UnderpantsWeevil@lemmy.worldEnglish
      91·
      23 hours ago

      My pessimism suggests the rich want to figure out AI / robot security, so they can stop relying on any people at all.

      Look at the plans to tech-ify Gaza. This is exactly what is planned

      • Fandangalo@lemmy.world
        2·
        22 hours ago

        I’m not a big Revelation person, but it does seem like we really like to fight over that area. A bunch of billionaires? In one place? Being secured by robots with guns? Nothing can go wrong there either.