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GDP per capita is not income, nor does it truly tell the whole economic story. People who blindly focus on GDP per capita, is either out of ignorance, or trying to make a feeble point. GDP doesn't take into account the massive debts, and unfunded liabilities by USA. The estimated US population is 300 million. The current debt is about $9 trillion, and the unfunded liabilities are estimated at about $45 to $70 trillion. Another words, the estimated debts and unfunded liabilities per capita for each person in USA is between $180,000 to $263,000. That makes the $35000 per capita income look like nothing. |
Furthermore, if we only look at the calculations by PPP, China already has 2/3 of US PPP without the massive debts. China also has almost 50% of its GDP is savings as household and business do a lot of savings. Therefore, the GDP number will be lower just because the typical Chinese choose to save money, instead of spend it.
Lastly, US are spending a lot of money on the military. Outside of people related to the defense industry, the overall general economy doesn’t get better because of this defense spending. Spending borrowed money just to boost the GDP is silly at best. USA pay more in interest to service the existing debts, than they do to fund education in the US. Therefore, when people are reduced to citing GDP per capita, like that is supposes to be a barometer for economic strengthen; one really has to wonder what else do they not understand about the US economy?