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By the time China became the world's manufacturer, Japan and automation had already functionally killed lower-education jobs. On the other hand, the efficiency
by Aunche 3y ago
By the time China became the world's manufacturer, Japan and automation had already functionally killed lower-education jobs. On the other hand, the efficiency of Chinese manufacturing has enabled more desirable and lucrative jobs in services and entrepreneurship. Americans already the second highest incomes in the world [1], which have continued to trend upward despite the rise of China [2]. The pain that Americans face rose internally (healthcare, housing, and college).
[1] https://en.wikipedia.org/wiki/Median_income https://en.wikipedia.org/wiki/Median_income
[2] https://fred.stlouisfed.org/series/MEHOINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
- pjmorris 3y ago> Americans already the second highest incomes in the world [1], I would like to see this broken down by decile over time; I suspect that doing so would show a shift favoring higher income deciles and disfavoring lower income deciles. If Bill Gates eats at a restaurant, the median net worth of the restaurant's customers makes them billionaires. But that doesn't mean they are all that well off. The same is true for income and for the US population.
- Aunche 3y agoYou're thinking of the mean. The median is the 50th percentile.