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Most Americans don't earn enough to afford basic costs of living, analysis finds (www.cbsnews.com)
submitted 1 year ago by to c/news@lemmy.world
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[–] 8 points 1 year ago* (1 child)

From the point of view of most people total country GDP is meaningless (only certain businesses get a "cut" of the total country GDP and hence it matters to them), and per-capita GDP is what matters and even then how much it matters depends on the level of inequality in a country since when a few get most of the wealth that per-capita value (which is the median) is quite different from what actually most people get (the mode).

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  • [–] 14 points 1 year ago

    2 economist walking in the woods.

    Economist 1 says to economists 2: I’ll give you $100 if you let me kick you in the balls.

    Economist 2 says “sure”

    Then economist 1 kicks economists 2 in the balls and gives him $100.

    They continue walking and see a big pile of shit.

    Economist 2 says to economist 1: I’ll give you $100 if you eat that pile of shit.

    Economist 1 says “sure”, eats the pile of shit and economists 2 gives economists 1 his $100 back.

    They continue walking, eventually economist 2 asks “What was the point of what we just did?”

    Economist 1 responds “We just increased GDP by $200.”

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