Americans are NOT wealthy: The truth about the US economy
About this episode
Ben Norton debunks the myth that Americans are wealthier than Europeans by explaining the misleading nature of average wealth in the context of extreme inequality in the US.
Many Western economists and media outlets claim that Americans are wealthier than Europeans, but this is not true; it's based on a misunderstanding of the difference between average wealth and median wealth. Ben Norton explains how the extreme inequality in the US make its average wealth misleadingly look high, and why GDP per capita is not a good measurement. He debunks the myth of "Europoors", which is often spread by Donald Trump supporters. VIDEO: https://www.youtube.com/watch?v=kzFUd8uj7pA Topics 0:00 The myth that Americans are wealthy 1:15 Average wealth vs median wealth 3:50 Data on US median wealth 6:42 Wealth inequality (Gini coefficient) 9:31 Poverty and homelessness 10:19 USA vs Europe 12:02 Wealth concentration of US elites 13:28 Distribution of growth in income 15:01 GDP per capita is misleading 21:18 US GDP by sector 23:13 Imputed rent and GDP 25:05 Life expectancy, mortality, etc. 27:10 US healthcare system 28:40 US health system vs OECD 32:58 Ridiculous "Europoor" myth 33:32 Trump cuts taxes on rich 34:27 Trump family corruption 36:20 Insider trading 36:56 Myth of American dream 38:18 Outro
People in this episode
Host: Ben Norton
Topics covered
- wealth inequality
- average vs median wealth
- US economy
- GDP per capita
- poverty
- healthcare system
- myth of Europoor
Mentioned in this episode
Organizations: OECD
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