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Assets minus liabilities doesn't capture the full picture. If a poor person in the US has a $3000 car they might be poorer on paper than a middle class Singapo
by aianus 10y ago
Assets minus liabilities doesn't capture the full picture.
If a poor person in the US has a $3000 car they might be poorer on paper than a middle class Singaporean who takes the bus but the latter would have to spend $100k to enjoy the same transportation lifestyle as the former.
Similar for things like detached houses and takeout food which are basic in the US but luxury items in most of the rest of the world.
- aninhumer 10y ago> but the latter would have to spend $100k to enjoy the same transportation lifestyle as the former. What exactly does it mean to "enjoy the same transportation lifestyle" and why would it cost them $100k? Singapore is a tiny island with fairly comprehensive public transport, and relatively inexpensive taxis. What exactly is this middle class person missing out on? > takeout food ... luxury items in most of the rest of the world. What makes you think that? Takeaway food is readily available in every developed country I've been in, and usually even cheaper in developing ones.
- aianus 10y agoI have family in Europe and driving 25,000 km a year and eating takeout 2x a day alone would probably bankrupt them.
- aninhumer 10y ago>driving 25,000 km a year What matters is someone's ability to reach places they want to go, not how far they are able to drive. > eating takeout 2x a day This is easily possible for a middle class person in Europe (although I think most would consider it inadvisable).