"Richest Country in the World"

[El Pinko]

We all hear that a lot. But is there any truth to it?


How long has it been since you believed that the US was ACTUALLY the ""Richest Country in the World"?


http://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance


(Look down at the very bottom of the list to find the US - with $700 billion more dollars leaving the country every year than is coming in)

[Warpy]

1. It depends on your yardstick

If the amount of wealth held within a country is that yardstick, we're the richest. If the number of plutocrats within a country is that yardstick, then yes, we're number one.

However, if you look at the well being of the citizenry, the debt load they bear, their prospects for retirement, and every other yardstick of ordinary people, this country is among the poorest of the poor.

[El Pinko]

2. How do you characterize wealth?

If wealth is faux stucco palaces and electronic gizmos and plastic crapola, we have wealth out the wazoo.

But most people would say that a person whose net worth is much less than his income, and who can't even pay interest on his debt, is not "wealthy" by a long shot.

We are starting to see what comes of an entire nation living beyond its means and producing/selling/exporting next to NOTHING this morning...

[Warpy]

4. The problem is that people don't own any of that stuff

Their creditors do. In that way, it can't be counted as wealth.

[Juche]

3. not in a meaningful term

We have the most money, but it is congregated at the top.



We are basically a wealthier version of a latin american country. Our middle class is probably 40th or 50th in the world in terms of quality of life.

Anyway, in PPP dollars China is supposed to be the biggest economy within 10 years. So we'll see.