"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 story of US inequality is known by now. It is nonetheless breathtaking how its lopsided distribution of income keeps getting worse. In 1980, the income of Americans in the middle of the income distribution added up to a bit more than 52.5% of the income of those perched at the top 90th percentile. At the turn of the century, it was 48%. By 2023, it had slipped further, to 42.5%."
China reduced extreme poverty massively: in 1990, 943 million people lived on less than $3 a day (83% of the population), and by 2019 that number fell to zero. The United States experienced the opposite: more than 4 million Americans (1.25% of the population) now live on less than $3 a day, over three times the number from 35 years earlier. U.S. productivity outstrips most peers and per-capita output is roughly six times China's, with AI promising further gains. Despite high output, U.S. policy choices resulted in limited support for those near the poverty line, and income shares for the middle have steadily declined from 52.5% in 1980 to 42.5% by 2023.
Read at www.theguardian.com
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