4 ms·

I would rather have a smaller GDP backed by real underlying industrial capacity rather than frothy valuations on photo sharing apps and exotic financial instrum

I would rather have a smaller GDP backed by real underlying industrial capacity rather than frothy valuations on photo sharing apps and exotic financial instruments.

FirmwareBurner 3y ago
We're not talking about GDP here. The local purchasing power of the average German worker has plummeted since the 90's, especially when you factor in housing costs.
- hef19898 3y ago
  Geramy becoming the third largest economy by GDP sounds exactly we are talking GDP here. That housing became unaffordable is a different topic, one purely caused by greedy investors.
  - FirmwareBurner 3y ago
    GPD is relatively irelevant to the welfare average person as the GDP is a number that can be artificially inflated by a number of factors respectful of the average worker. Higher GDP doesn't automatically translate to higher wages and better standard of living for everyone. You can be a tax heaven and if FAANG and big-tech corps simply use your country as a base station to funnel the sales and profits of an entire continent/economic area becasue they pay no taxes there, then your GDP will be insane but that might not mean much to your average worker who isn't getting a piece of that pie. Germany is Europe's richest country, but that doesn't make the Germans as individuals automatically the wealthiest citizens in Europe. Think about hat for a second. In fact, when it comes to wealth, the avenge Germans net worth is significantly lower than most wealthy EU states, sometimes even on par with those form former Eastern block EU states.
    - hef19898 3y ago
      Germans lag everyone in terms of home ownership, we are a nation of people renting appartments. Which explains the gap, the same way it did decades ago, the first time I remember people being confused by that statistic...
      - dauertewigkeit 3y ago
        Wealth is wealth, and if you do not own a house and do not have 450k € extra in the bank compared to the home owner than you are poorer, literally.
        hef19898 3y ago
        You don't have 450k of course. You do have, say, 150k without a mortgage.

I would rather have a smaller GDP backed by real underlying industrial capacity rather than frothy valuations on photo sharing apps and exotic financial instruments.

FirmwareBurner 3y ago

We're not talking about GDP here. The local purchasing power of the average German worker has plummeted since the 90's, especially when you factor in housing costs.

hef19898 3y ago
Geramy becoming the third largest economy by GDP sounds exactly we are talking GDP here. That housing became unaffordable is a different topic, one purely caused by greedy investors.
- FirmwareBurner 3y ago
  GPD is relatively irelevant to the welfare average person as the GDP is a number that can be artificially inflated by a number of factors respectful of the average worker. Higher GDP doesn't automatically translate to higher wages and better standard of living for everyone. You can be a tax heaven and if FAANG and big-tech corps simply use your country as a base station to funnel the sales and profits of an entire continent/economic area becasue they pay no taxes there, then your GDP will be insane but that might not mean much to your average worker who isn't getting a piece of that pie. Germany is Europe's richest country, but that doesn't make the Germans as individuals automatically the wealthiest citizens in Europe. Think about hat for a second. In fact, when it comes to wealth, the avenge Germans net worth is significantly lower than most wealthy EU states, sometimes even on par with those form former Eastern block EU states.
  - hef19898 3y ago
    Germans lag everyone in terms of home ownership, we are a nation of people renting appartments. Which explains the gap, the same way it did decades ago, the first time I remember people being confused by that statistic...
    - dauertewigkeit 3y ago
      Wealth is wealth, and if you do not own a house and do not have 450k € extra in the bank compared to the home owner than you are poorer, literally.
      - hef19898 3y ago
        You don't have 450k of course. You do have, say, 150k without a mortgage.