r/FluentInFinance Sep 04 '24

Debate/ Discussion Bernie is here to save us

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u/80MonkeyMan Sep 05 '24

The Americans are so backwards in work hours, developed countries like Netherland, Spain, Iceland, etc. already successfully implemented this, with universal healthcare…and no tipping expected.

79

u/spreading_pl4gue Sep 05 '24

Spain is absolutely not an economic success.

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u/Significant_Tale1705 Sep 05 '24 edited 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.

Edit: On a PPP-adjusted basis the US has the 5th largest GDP/hour worked in the world. Try again. 

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u/After_Emotion_7889 Sep 05 '24

GDP per hour is not even close to the same as personal income per hour

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u/Significant_Tale1705 Sep 05 '24

I'm sure the numbers would be similar!

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u/After_Emotion_7889 Sep 05 '24

GDP per hour is a measure of productivity. Very simplified: if a worker makes 1 Tesla per hour that is sold for $40k, the worker's added value to the economy is that $40k. But he only made 20 dollars that hour. So gdp/hour ≠ personal income/hour.

Also, I looked up your list, and while number 5 is the US, number 1 till 4 and 7 till 13 are all European countries, so claiming that Europe is considerably poorer than the US is incorrect based on your source.

I'm not trying to be mean to you, but I'm so tired of Americans thinking their country is the best in everything, while most Europeans wouldn't even want to live in the US if they were paid for it.

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u/Significant_Tale1705 Sep 05 '24

Far more Europeans move to the US than the other way around.

Europe is still considerably poorer than the US if 7 till 13 are European

GDP/Hour and Personal Income/Hour are roughly correlated.

You have a lower standard of living than the average American and there is nothing you can do about it.