I live in a post-Soviet country and here the average wage is €500/mo. However compared to the US you don’t need to pay healthcare or education, a lot of people own their homes (without large debts, as the ownership was transferred to them or their parents after the USSR fell), people are a lot happier taking public transport, and they get 4 weeks paid holiday a year.

So it’s not quite that simple... but yes there is probably a better way to spend the money than it is now.