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Every source that I can find says that US calculates its GDP based on the "expenditure" approach, meaning that it measures spending, not income. Eg: https://www
by jaspax 6y ago
Every source that I can find says that US calculates its GDP based on the "expenditure" approach, meaning that it measures spending, not income. Eg: https://www.investopedia.com/terms/g/gdp.asp https://www.investopedia.com/terms/g/gdp.asp
Secondarily, capital gains is not really the same thing as income (at least, not in the tax code, and also not in GDP calculations), and most of his $60B "income" is increases in Amazon stock price. And even if it were actual cash income, the GDP difference between the US and Europe is still fifty times larger than that.
Look: I was an American by birth, but I moved to Europe as an adult. I get the attraction, and I'm not trying to bag on Europe. But it's simply false to suggest that America is not overall richer than Europe, or to say that America's extra riches are all concentrated at the top.
- antwerpz 6y agoYou're confused about how GDP is calculated. The GDP difference between the US and Europe is fifty times larger than one rich person's own income? This isn't actually a great argument dismissing the suggestion that US wealth is extremely concentrated.