Credit Suisse Wealth Report: There Are More Poor People In America Than China
www.forbes.com
This is a wonderfully counter intuitive finding from the new Credit Suisse Wealth Report. There're more poor people in America than there are in China. No, really, this is true, when measuring by wealth. We've not got the detailed number of the United States alone as they're offering the information [...]

check out the amazing mental gymnastics the author comes up with to cope

We are not including, for example, any valuation of future Social Security benefits. Nor any value of human capital: that Harvard degree (if it was in, say, puppetry) might not be worth what was paid for it but it’s worth something. Nor what is the greatest source of wealth for everyone in the developed countries: that happenstance that we were born into developed countries. Countries where if we go broke the children will still get educated, we’ll still get medical care, food, shelter and all the rest: the value, in short, of being a citizen of a country with a developed welfare state.

this motherfucker really tried to claim that if you are broke in the USA you still get everything you need you live

    • Beaver [he/him]@hexbear.netEnglish
      2·
      4 days ago

      I think my favorite part is:

      For example, that newly minted Harvard graduate, carrying perhaps $150k of debt and now coining it on Wall Street as a junior analyst would be counted, in this wealth measurement, as being in those poorest 10% of the world.

      The idea of being one hundred and fifty thousand dollars in debt gives me heart palpations. Is this seriously the best defense that the author can offer, the example of going into debt to get the education and accreditation needed to then compete for jobs that may or may not be available? Actually, I’m sure it will be completely fine, because of the implicit family wealth and ivy league networking… things that every American definitely has access to!