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It is exceptionally deceptive, particularly in massive economies like the US which produce dramatic scaling outcomes like a Bezos or Gates, an Apple or Netflix
by adventured 5y ago
It is exceptionally deceptive, particularly in massive economies like the US which produce dramatic scaling outcomes like a Bezos or Gates, an Apple or Netflix or Walmart. China is going to struggle with that same issue persistently.
And it's also true that it's pretty clear the US median wealth figure should be higher than it is, considering the vast average wealth figure in the US. The gap between those two numbers should not be as great as it is. And blatantly the bottom 50% of the population should have a lot more wealth than they do at present.
Maybe if the US had eg a good universal healthcare system (and no more medical bankruptcies), half of the country wouldn't mind so much that that median vs average wealth gap is what it is. Social contracts are important. You get this, they get that. As it is, the US social contract is not so great these days, compared to other affluent peer nations. The US has a large welfare state and gets a lot less for its spending compared to other peers. If our healthcare costs matched Britain per capita, Medicaid could instantly expand to cover 40-45% of the population for example, at no additional cost.