this post was submitted on 28 Jul 2024
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It certainly is, but when we're talking about US leadership, global wealth comparisons are irrelevant when talking about the moneyed elites. It needs to be national comparisons.
If you only looked at global wealth metrics, you'd think the US was full of rich people who could afford everything, and it very clearly is not the case. There's plenty of Americans living in poverty and paycheck to paycheck, even though their wealth would be considered high globally. You have to normalize by cost of living. If someone makes $1m annually but they spend $975k to meet the bare minimum, are they rich?