Re:US inflation means families are spending $709 more per mo...
by riku_iki on Sunday August 13, 2023 @04:04PM
(#37113829)
> The US has gotten dramatically wealthier in the past seven years. That's how people are affording everything.
top X% got dramatically wealthier.
Re:US inflation means families are spending $709 more per mo...
by wonderwonder on Sunday August 13, 2023 @07:44PM
(#37115776)
This is pretty illuminating, thanks for posting it.
Re:US inflation means families are spending $709 more per mo...
by danaris on Monday August 14, 2023 @11:24AM
(#37122101)
> The US has gotten dramatically wealthier in the past seven years.
If you believe this is true in a practical sense for the bottom half of income earners, then I've got a bridge to sell you....
Re:US inflation means families are spending $709 more per mo...
by prepend on Monday August 14, 2023 @01:57PM
(#37124259)
Is there a way to find median gdp per capita? My question with typical per capita is that won’t reflect if all of that gain went to top 1% or the middle class.
I don’t know if there’s a good median equivalent of gdp per person as it’s not really household income.
Consumer debt service payments as a percent of disposable personal income - is at 5.6%. In 2016 it was around 5.5%-5.6% - despite far lower interest rates. The same figure was 5.6-6% in the 1995-2000 years.
Household debt service payments as a percent of disposable personal income - at 9-10% this year is at one of the lowest levels in 43 years. That figure was over 11% in the 1995-2000 years.
The ratio of household debt to gdp is around 0.73%. That's lower than 2011-2019 years.
US households are in fact in decent condition, despite a loud minority of people proclaiming the end of the world. The facts do not support the dire claims.
Household assets in Q1 2023: $168 trillion. Liabilities: $19.6 trillion. $149t net worth.
Household assets in Q1 2016: $106 trillion. Liabilities: $14.5 trillion. $91t net worth.
In seven years US households added $62 trillion in assets against $5.1 trillion in liabilities.
The US has gotten dramatically wealthier in the past seven years. That's how people are affording everything.
US gdp per capita is $80,000 (with ~337 million people). That's nearly France + Britain combined. There is a vast underestimation of how much income the US has and how rich the US is.
The US median household has a higher net worth than either Sweden or Germany. And the US household income and disposable income figures are typically among the highest in the world.