China Seen Heading for Sub-6% Economic Growth as Tariffs Soar

[Hamartia Antidote]

I am tiring of answering this type of questions for so many times, yet people do not do any research before responding.

US has GDP per capital of $40K, true, but in real world, not many Americans have enjoyed such benefit of US economic wealth. US has one of the world's worst income disparity, meaning a very small group of people control 90% of the wealth in USA. OK, may be not 90% but certainly well above 80%..

Notice it says MEDIAN

US wealth disparity is getting wider by the years, while in China wealth disparity is smaller, testified by the expanding poor families in USA.

https://www.usatoday.com/story/mone...e-widest-gaps-between-rich-and-poor/39510157/
These 15 countries have the widest gaps between rich and poor


1. South Africa
2. China
3. India
4. Costa Rica
5. Brazil
6. Mexico
7. Chile
8. Turkey
9. United States
10. Lithuania
11. Russia
12. South Korea
13. United Kingdom
14. New Zealand
15. Latvia

 

[Mista]

This US graphic shows that the US, sadly, has seen both its inequality rise and its poor immiserised. The poorer half of the US population is now, on average, as poor as they were in 1989 or 1980. America has done a terrible job taking care of its poor.

The same picture of China’s inequality also shows, in the second panel, that the bottom half of China’s population has seen its average income quadruple over the same period. China’s inequality has risen, certainly, but so has upward mobility. The rate of average poor people’s income rise in China is higher even than that in the top 10% of the US population

That's like saying India is doing better than Switzerland because India has seen better growth for their poor.

The US, despite having stagnant median income for over decades, remains as one of the highest income countries in the world.

 

[Götterdämmerung]

The US, despite having stagnant median income for over decades, remains as one of the highest income countries in the world.

 

[riscol]

India has hardly lifted people out of poverty while China has lifted off millions. America remaining one of the highest income countries is one thing, the number of poor families are increasing and increase in homeless people are clearly visible in Seattle, San Fransisco, Detroit. I would argue while the inequality is getting bigger in China too, the poor are doing better and better since they do not have to worry about home ownership and food, electronics and daily necessities are cheap in China. In the long run they too will contribute to the consumer economy as their income keeps on increasing they are willing to spend more.

 

[Mista]

India has hardly lifted people out of poverty

I wouldn't take you seriously if you say India has hardly lifted people out of poverty. While not as impressive as China, India has lifted hundreds of millions of people out of poverty as well.

America remaining one of the highest income countries is one thing, the number of poor families are increasing and increase in homeless people are clearly visible in Seattle, San Fransisco, Detroit.

These are more like social problems than economic problems, you can argue that they are linked but the relationship is not absolute. Singapore has high home ownership rate since the 1990s even though Singapore back then is much poorer than the US. It requires social intervention rather than an economic solution. You can raise income and close the income inequality but you will still see homeless people if you don't intervene through social policies.

 

[lcloo]

Notice it says MEDIAN

https://www.usatoday.com/story/mone...e-widest-gaps-between-rich-and-poor/39510157/
These 15 countries have the widest gaps between rich and poor


1. South Africa
2. China
3. India
4. Costa Rica
5. Brazil
6. Mexico
7. Chile
8. Turkey
9. United States
10. Lithuania
11. Russia
12. South Korea
13. United Kingdom
14. New Zealand
15. Latvia

USA Today!!! Why not quote The Voice of America? False news propaganda!!!

For lovers of US Median Income quote. I studied statistic before, and they teach you Statistic Can Lies. Look at the Median Wealth of the chart below? Does the normal average joe on the street get to share a piece of median pie?

​

From: Stanford Poverty and Inequility
20 Facts About U.S. Inequality that Everyone Should Know
https://inequality.stanford.edu/publications/20-facts-about-us-inequality-everyone-should-know


What is the current poverty rate in the United States?
The official poverty rate is 12.3 percent, based on the U.S. Census Bureau’s 2017 estimates. That year, an estimated 39.7 million Americans lived in poverty according to the official measure. According to supplemental poverty measure, the poverty rate was 13.9 percent.
https://poverty.ucdavis.edu/faq/what-current-poverty-rate-united-states


Homeless People of USA
A total of 552,830 people were experiencing homelessness on a single night in 2018. This number represents 17 out of every 10,000 people in the United States. HUD’s Annual Point-in-Time Count, the only nation-wide survey of homeless people, provides this data and other useful statistics.
https://endhomelessness.org/homeles...ness-statistics/state-of-homelessness-report/

 

[8888888888888]

Why is USA free media acting like China's state media ? I though they are suppose to be free of government influence ?

 

[Hamartia Antidote]

USA Today!!! Why not quote The Voice of America? False news propaganda!!!

For lovers of US Median Income quote. I studied statistic before, and they teach you Statistic Can Lies. Look at the Median Wealth of the chart below? Does the normal average joe on the street get to share a piece of median pie?

View attachment 577941​

From: Stanford Poverty and Inequility
20 Facts About U.S. Inequality that Everyone Should Know
https://inequality.stanford.edu/publications/20-facts-about-us-inequality-everyone-should-know


What is the current poverty rate in the United States?
The official poverty rate is 12.3 percent, based on the U.S. Census Bureau’s 2017 estimates. That year, an estimated 39.7 million Americans lived in poverty according to the official measure. According to supplemental poverty measure, the poverty rate was 13.9 percent.
https://poverty.ucdavis.edu/faq/what-current-poverty-rate-united-states


Homeless People of USA
A total of 552,830 people were experiencing homelessness on a single night in 2018. This number represents 17 out of every 10,000 people in the United States. HUD’s Annual Point-in-Time Count, the only nation-wide survey of homeless people, provides this data and other useful statistics.
https://endhomelessness.org/homeles...ness-statistics/state-of-homelessness-report/

You bring up statistics can lie and then quote a bunch yourself.

First off if you actually knew anything about the US you would know our definition of poverty is much different than the rest of the world. You can be making $90K in some places and still be considered low income. Also a high percentage of retired people are technically in poverty (regardless of their savings) since they aren't working and thus don't meet the ever increasing minimum income requirements. As the country ages that number just keeps going up and up.

As for your barchart...
The number of dual income white collar households has been skyrocketing over the last 40 years. In 1983 it was unusual for both husband and wife to both have college degrees. However due to a decrease in manufacturing jobs and a requirement that most white collar workers MUST be college educated an explosion in degreed people (especially women) has occurred.

The result is you suddenly have dual career white collar households whose combined income can easily exceed $200,000 (and BTW contributing to an explosion of large homes being built). Compared to some single income blue collar households of say $50,000 the income gap is absolutely ridiculous.

So yes the top 10% of households are definitely getting richer...but is that really bad? Is having an increase every year of educated people with college degrees marrying other people with degrees and thus skewing the top 10% number higher and higher a cause for alarm? Is the solution to ban marriages of people like this????​

 

[Mista]

USA Today!!! Why not quote The Voice of America? False news propaganda!!!

What's wrong? There's another poster here who loves to quote RT in every thread which is just as bad as the Global Times.

For lovers of US Median Income quote. I studied statistic before, and they teach you Statistic Can Lies.

If you study statistics surely you understand the definition of 'median' right?

If you argue that statistics can be manipulated, then why border arguing? Every statistic thrown can be conveniently refuted with a claim 'statistics are lies', right?

Look at the Median Wealth of the chart below? Does the normal average joe on the street get to share a piece of median pie?

https://en.m.wikipedia.org/wiki/List_of_countries_by_wealth_per_adult

Spain has a higher median wealth than Norway. Does that mean the poor in Spain are having better lives than their counterparts in Norway?

Greece has a higher median wealth than Sweden and Germany. Are we seeing Swedish and German workers flocking to Greece to find jobs?

Income is still a better reflection of economic reality on the ground.

What is the current poverty rate in the United States?
The official poverty rate is 12.3 percent, based on the U.S. Census Bureau’s 2017 estimates.

Citing the poverty rate without citing the poverty line is meaningless. For example you're considered poor if your family earn 'only' USD100K per year in San Francisco.

For example, HUD defined “Low Income Limits” in San Francisco as $82,200 for an individual and $117,400 for a family of four in 2018, based on 80% of the area's median income. However, the federal poverty guidelines in 2018 were only $12,140 for an individual and $25,100 for a family of four.

The federal poverty line is around $1k per month for an individual. I'm sure that would be considered 'high income' in China even if you adjust for PPP.

Homeless People of USA
A total of 552,830 people were experiencing homelessness on a single night in 2018.

This is a social problem which requires social intervention. Same as their drug and gun problem.

Economic growth will do little to alleviate the issue. Just like in HK, they have a strong economy and yet many still live in poor housing conditions.