Is US a poor country or a rich country?
By scheng1
@scheng1 (24650)
Singapore
April 17, 2016 8:33am CST
Sometimes I wonder at the definition of a rich or poor country.
The official definition uses per-capital income and GDP to define the rich and poor countries.
The total US national debt is at $19 trillion.
The US government owes money. The people owe money.
If you are talking about a household with a huge level of debt, you are talking about a poor family, and not a rich family.
However, in term of per capital income and GDP, US is not a poor country.
US is the richest country in term of GDP, and in the top ten in term of per capita.
However, for the common folks who are deep in debt or are debt free but have no asset, it is little comfort to think that they are living in the richest country.
Everyone in the world knows how bad the situation really is.
Everyone in US expects the tax to increase. They are making more and more money to give government and keep little for themselves.
For several years, the growing federal debt was ignored as the economic recovery chipp
6 people like this
8 responses
@mommaj (23112)
• United States
17 Apr 16
As you stated, I believe the US is a poor country. The per capita may take everyone's income, add it together and then divide by adult or household. If you have one person making a million dollars and 4 others not working the average income is $250,000. I don't think this is an accurate way to consider if the country is rich or not. You have for people in poverty and one rich person. Does that sound like a rich country?
1 person likes this
@arianebergeron (259)
• Canada
17 Apr 16
I think the US is considered a rich country because a lot of the big compagnies are American. The rich in the US are really rich, while in other countries the difference between rich and middle class isn't so big.
1 person likes this
@scheng1 (24650)
• Singapore
17 Apr 16
The shareholders of the big companies are not all Americans!
The rich in US are rich, but that is because nobody can tell you how much money the King of Saudi or the rich in other countries have.
Their money is not easily tracked, because their names do not appear as shareholders in the listed companies.
They hold many private companies that buy other private companies that hold shares in listed companies.
In term of rich and poor gap, US is not even the top.
Hong Kong tops the list, follows by my country!
@scheng1 (24650)
• Singapore
17 Apr 16
@JohnRoberts That is true.
When Alibaba listed in New York Stock Exchange, everyone in the world knew about it.
It listed there, but it is not a US company!
@JohnRoberts (109857)
• Los Angeles, California
17 Apr 16
There are more big companies outside the US and European conglomerates own more and more US firms.
1 person likes this
@youless (112164)
• Guangzhou, China
19 Apr 16
It is hard to say that whether US is a rich or poor country as I haven't investigaed it. Although poor Americans are available, but the most important is, I think many Americans live well. The GDP and other status are good in my country. And our leader still lent billions overseas. But I never think Chinese people are rich. Of course a few of them are rich. But many middle class people still have to work hard to have a better lives. Look at our crazy house, food, hospital, education price, I just want to say that it can easily make a rich family broke.
1 person likes this
@scheng1 (24650)
• Singapore
19 Apr 16
That is why I do not discuss about the people.
In every country, there will be rich, upper middle, lower middle and the poor families.
There is no point focusing on the individuals.
If the country is rich, it can take care of its own people, and create a lot of jobs.
If the country is poor, it has to borrow money to provide social benefits.
1 person likes this
@JohnRoberts (109857)
• Los Angeles, California
17 Apr 16
People in India and 3rd world countries would disagree. Many of the poorest Americans would seem wealthy to those people.
1 person likes this
@scheng1 (24650)
• Singapore
18 Apr 16
@JohnRoberts The rich in India are much richer than many Americans.
They live in India, and yet they own companies all over the world.
I think the corrupted government officials are very rich too, but they will not tell you how much money they have.
