| fatslob-:O said: Your country also has lower purchasing power relative to it's nominal GDP so having more 'money' does not necessarily mean you have more buying power when we consider the fact that as wages grow so will the demand for goods and services. |
Even when you "normalize" all the costs etc'. As a country. We are still ahead of the USA.
| fatslob-:O said: The cost of goods and services will normalize with respect to the amount of bank notes that are available ... |
Except... A higher minimum wage doesn't mean there are more bank notes in circulation.
It does mean that the divide between the rich and poor is less.
| fatslob-:O said: Maybe in your country you can't live off of $10/h but in America you can make ends meet in the right places and most residences have 2 people living together ... |
You could live off $10 an hour in Australia. But living near the poverty line is not living.
| fatslob-:O said: I do take a look at countries that have higher minimum wages than us but it seems to be somewhat offset by the fact that most of those countries have less buying power per capita than their nominal GDP per capita aside from an oddball like Germany which has a relatively strong export based economy and a strong manufacturing sector too ... |
You might have more Purchasing Power. But guess what? You also have to pay for your own education, dental, health... Our systems are completley universal and covers everyone. It also costs each individual significantly less overall, that kind makes up for allot of ground.
We also don't really have a manufacturing sector, we transitioned away from that, we do have a strong services and resources sector though, which allowed us to glide through the entire Global Financial Crisis without ever entering recession.
China is on top of the world as far as Manufacturing is concerned, they displaced the USA. The USA needs to take note and transition it's economy to more valuable work.
| fatslob-:O said: If you wanted better living standards you would've asked for more available goods and services instead of cash since money is not a fixed value asset ... (same goes for just about any assets too I guess but at least with more goods and services living costs would be cheaper when printing twice the amount of money means your cash is now worth 2x less than it was before) |
But we have a higher living standard anyway.
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