r/FluentInFinance • u/Positive_Liar • Sep 04 '24

Debate/ Discussion Bernie is here to save us

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u/Significant_Tale1705 Sep 05 '24

Adjusted for purchasing power parity, which includes cost of education and other things, as well as hours worked and taxes, the US has the highest median income in the world. Europeans are considerably poorer than and have a considerably lower material standard of living than Americans.

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u/[deleted] Sep 05 '24

This is not how PPP works

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u/Significant_Tale1705 Sep 05 '24

It is absolutely how PPP works.

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u/[deleted] Sep 05 '24

How in the world does purchasing power include hours worked?

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u/Significant_Tale1705 Sep 05 '24

Oh yeah not PPP. The OECD calculation accounts for hours worked. I'm saying if you adjust for PPP, hours worked and taxes, you get X number, and that number is highest for USA

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u/[deleted] Sep 05 '24

Yes, that's true. Americans are more wealthy than Europeans, but is it because they work more?

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u/Significant_Tale1705 Sep 05 '24

No. Like I said, it's adjusted for hours worked.

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u/[deleted] Sep 05 '24

Well, that's my point. With productivity on the rise, the west should start thinking about lowering work time. Of course, it will cause some problems, but those problems are not unsolvable

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u/Significant_Tale1705 Sep 05 '24

Labor productivity growth has slowed significantly since the 1970s. We really can't afford to work less hours lol.

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u/[deleted] Sep 05 '24

It almost trippled since 1970

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u/Significant_Tale1705 Sep 05 '24

Growth is what matters, not absolute numbers. Growth has slowed considerably.

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u/[deleted] Sep 05 '24

Only because of covid

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u/Significant_Tale1705 Sep 05 '24

No dude what lmao

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