I heard an economist talking about this. If you make $34,000, he said, you are in the top 1%.
He said he wanted the people of the world to have our poverty level. If they were at that for income, they would be much richer.
He talked about percentages that lived on $1.90 a day and less, large percentages of the world.
Having lived overseas, I realize that some of these countries have lower priced options than here. There are lower standards of housing available in some countries than there are just not available here in the US. But, sure, $1.90 a day is not a lot of money. Adjusting for purchasing power might show a better picture.
He also pointed out that for most of history, most people were fairly poor. Then, there was a situation where there was a combination of factors, the legal system, economic factors, etc. that allowed for the growth of free enterprise.
I have been looking through ancestors wills and seeing they include household items in the will. Possessions were rarer just a few hundred years ago before the developments in manufacturing.
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2/7/20 12:47 am
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Are you in the top 1% of income earners?
