is it so hard to understand? the material wealth of the developed world has dropped by quite a large amount (at least for shelter, medical insurance, education). Don't trust those GDP per capita figures (even adjusted for PPP), they don't tell you the true story because inflation isn't being counted correctly and the basket of goods used is questionable at best. there's a lot of subsitutions going on in those figures that understate inflation.
On an interview with an older guy from the 50s, he was explaining how a painter could have support a family and 6 kids and a house, all on a single income. Try doing that today. These days, it would be hard for a painter to just support himself, much less a wife, a house and six kids.
In the US, in blue states, millenials are now spending upwards of 40 to 50% of their incomes just on shelter.
In the bay area, it's not uncommon for couples in the highest income brackets to rent out rooms in their townhouse (notice i said townhouse) to make ends meat ( at least for those who bought recently). and that's just the top 2-3%. you can imagine how everyone else lives.
We need to get away from using GDP per capita as a measure of wealth and instead use number of hours worked to earn necessities (shelter, food, water, transportation, education and medical).
On an interview with an older guy from the 50s, he was explaining how a painter could have support a family and 6 kids and a house, all on a single income. Try doing that today. These days, it would be hard for a painter to just support himself, much less a wife, a house and six kids.
In the US, in blue states, millenials are now spending upwards of 40 to 50% of their incomes just on shelter.
In the bay area, it's not uncommon for couples in the highest income brackets to rent out rooms in their townhouse (notice i said townhouse) to make ends meat ( at least for those who bought recently). and that's just the top 2-3%. you can imagine how everyone else lives.
We need to get away from using GDP per capita as a measure of wealth and instead use number of hours worked to earn necessities (shelter, food, water, transportation, education and medical).