American Economics Thread

Staedler

Junior Member
Registered Member
That's not impressive for net worth at that age. That's net worth, not spendable money. Especially with current inflation, means there is a substantial portion of vulnerable older people.
That's $13k increase in net worth per year assuming they're 55 yrs old and started working at 24. In terms of biweekly salary, that's a "saving" of less than $500 per paycheck. That's with 39% "saved" on median salary post taxes.

The equivalent from Hong Kong's median salary would be only 42%. This is in raw USD, not accounting for how much more you can buy with the remaining money due to PP differences.

He considers this impressive? Not to mention, as you said, the majority is locked up in assets they can't liquidate without sleeping on the streets.
 
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manqiangrexue

Brigadier
I was raised on below median wages, as have most of my friends and yes, I have been to other countries. Considering the high VAT, the high price of housing, the high prices of food in Western Europe, I would not want to be poor in Europe. Even after we take social safety nets into account.
LOL Europe is so screwed. I'm in Kazakhstan right now and my friend said that her sister saved up substantial funds in preparation to send her daughter to a school in Western Europe. She paid for a Eurotrip with her family to scout out which country/school her daughter should aim for in her international college applications. France, Germany, UK were high on the list. They spent 15 days travelling to 6 different countries... and were robbed a total of 3 times. They went home concluding they'll save those funds to buy her a house for marriage and just go to college in Kazakhstan.
 

PiSigma

"the engineer"
That's $13k increase in net worth per year assuming they're 55 yrs old and started working at 24. In terms of biweekly salary, that's a "saving" of less than $500 per paycheck. That's with 39% "saved" on median salary post taxes.

The equivalent from Hong Kong's median salary would be only 42%. This is in raw USD, not accounting for how much more you can buy with the remaining money due to PP differences.

He considers this impressive? Not to mention, as you said, the majority is locked up in assets they can't liquidate without sleeping on the streets.
It's actually less than that because you didn't including compounding interest. Over 30 years of interest is a huge modifier on wealth accumulation.

This just shows the median American isn't saving any money at all.

I wasn't even joking when I said $4M by 55 is needed. Since I live in Canada, the estimate is $1.75 M per person by 60 to have a comfortable retirement. So if you want to retire by 55, need just a bit more than that.

Between myself and my wife we are looking at $6M by 50 to retire comfortably. This doesn't include any future rents we would be collecting on our rentals or any inheritance we might get. So when we do get those just make life easier.

Our saving goals are actually very easy to reach because we are getting great returns on our investments.
 

manqiangrexue

Brigadier
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chgough34

Junior Member
Registered Member
If my networth is only 400k at 55, I would be doing mass shootings too. That's like my networth when I was 25. Missing a zero somewhere
This this goes to show that peoples experiences on this forum are highly highly highly unrepresentative.
 

bebops

Junior Member
Registered Member
I am currently living in the US. I am making 40k and I am not even struggling. As Asian, we tend to have a big household and everyone do their share of paying rent.

The people who are struggling are lack of financial knowledge. They buy too expensive house and car. There are many affordable real estate in Texas. It is about 1500 bucks for rent. If you cannot afford 1500 bucks, you can look for a roommate which cost 700-800 bucks.

With your house payoff, you are able to retire with 500k. You can also rent a room to someone

I have friends who are chefs at Chinese restaurants. The owner covers the cost of meals and shared apartment because they are from another state. All they do is save money, they spent on nothing.
 

chgough34

Junior Member
Registered Member
I have never seen a country so savagely oppress its own intellectual class for the benefit of a foreign country before, not even close.
A handful of social science professors and leftists students being an “intellectual class” is an odd way of describing it.

The American economists who try to actually step out from being an excel sheet often predict gloom and doom for China for some odd long term reason stemming from the CCP's control and they are always wrong.
I showed you a 1990s report from the DNI which also has the trend growth estimate. There’s also a reason why workhorse models such as Solow-Swan are used instead of qualitative vibing for economic forecasting lol.
They wanted more people to take the tests so are they phasing out the use of the SATs at all in college placement? American logic LOL
States and university systems can work at cross-purposes since university systems are generally operationally independent from a state legislature.
There is no possibility that removing standardized testing can maintain the quality of attendees.
Universities established in the 1950s-1960s (most regionals including a large number of the SUNYs and CUNYs) weren’t about “maintaining the quality of the attendees”. They are largely open-admissions universities created by state legislatures at the behest of business interests who wanted workforce development and directly topical research for those same business interests (ex., citrus research at UC Riverside).
No, that's called making an American excuse instead of working for a solution.
There is no “solution” because there simply is no “problem”. The California State University system (and similar regional universities) simply have not had a parade of horrors that supposedly came if they abolished the SAT/ACT.
The places I mentioned are major US cities, not rural America.
Yeah. US cities are the most adversely selected areas in the U.S. due to redlining ,white flight, and zoning (suburban areas tend to have minimum lot sizes and outright bans apartments). Directly analogous to rural areas in China (the adversely selected population doesn’t move to the positively selected area - suburbs in the U.S., cities in China). Point was (and you don’t dispute) that adversely selected populations have bad outcomes.
I've never heard of such high failure rates just 10 years ago.
Media goes in cycles on which new microeconomic policy area they’ll cover this time - (note that date and the apocalyptic language in A Nation At Risk)
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Ambiguous due to lack of data at best. This kind of failure rate likely reflects lower mathematic literacy than when everyone was homeschooled and had to take responsibilty for themselves.
It’s ambiguous at best whether desegregation, more funding, and truancy law enforcement improve educational outcomes? That is…not true. Home school was also very rare in the 1950s and 1960s so it’s simply not relevant for the time period (
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Aaaand that is another American politician answer from the inability to address the fact that his parameters are far less useful than the ones in the research I provided.
Nah. It was a generalized comment that there isn’t an easily accessible decades-long YRBS clone in China
 
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chgough34

Junior Member
Registered Member
So due to the risk factors being random, that means the results aren't meaningful, and if the results aren't meaningful then neither is your original plot showing a decrease in the US. After all, the risk factors are random and could be changing so the decrease could reflect good or bad risk factors, right?
No. It’s just what is being reported out is random. Data is meaningful (by itself); would be more meaningful with a larger numbers of time-series.
It's not a zero-sum game if you're looking for improvement in absolute life quality but American politicians don't care about that; they want competitive dominance and for that, it is very much a zero sum game.
And I’m not them and so I don’t really care.
Like I said, if you wanted to bring up your old defeated points, in which I already showed you that the further onto the speartip, the more foreigners (or actually very specific foreigners like Chinese) dominate, you should go back to my post which you ran away from and failed to respond to, and take it from there. What you are doing is abandoning arguments you lose, and just spitting them back out randomly again as if they had never been discussed before.
I must have missed your reply, but the same point remains (there are substantial selection effects unrelated to ability that determine graduate education attainment); there are a substantial numerous number of fields where there are a smaller share of foreigners (such as biology) where there is still an overwhelmingly large U.S. market share (ex., pharmaceuticals and medical devices); and as noted above - assuming a 1-to-1 relationship between ability and graduate educational attainment - the top ~1-2% of any U.S. bachelor degree cohort goes and obtains a PhD; if every foreigner was replaced with a U.S. citizen, that would push the number to the top ~3-4%. In order for that to be an ability-based classification (instead the of an economic one), you would need to assume there is a massive difference between individuals in the 97th percentile and those in the 98th percentile. That massive difference is observable in no other context, whatsoever.
Discontinuity of what?
A performance discontinuity. If there is that big of a discontinuity between individuals; then any association of individuals (corporations and municipalities, for example) should exhibit the same discontinuities. Alas, they do not exist.
It's demonstrated in the field that the top performers in STEM fields in the US are dominated by foreigners. Whether or not you think its ridiculous has nothing no bearing on that reality.
They aren’t.
Yeah... reliant on foreign talent at the top. This addresses nothing.

(oh it is)

1. Today is not 1990; we're talking about moving trends
We were (originally) talking about the high school graduating class of 1990 who would’ve completed their doctorates in the late 1990s (and their performance). Ignoring the ethnonationalist nonsense near the end; US innovation (even if we assume it was all driven by doctoral degree holders) during the 2000s and 2010s would be from people who earned their PhDs in the 1980s and 1990s (which would be a super-super-super majority U.S.-born cohort) and thus by implication, validate that the high school graduating classes of those decades received sufficient human capital development.
 

manqiangrexue

Brigadier
A handful of social science professors and leftists students being an “intellectual class” is an odd way of describing it.
How American to look only at the exposed tip of the iceberg. How many students and professors are left-leaning and supportive of Palestine? Just those on the field getting mugged by the police? In today's American elite universities, left-leaning opinion is in the majority, and even though most might choose not to expose themselves that way, it doesn't mean that they are not oppressed or affected when they see these things happening to people whom they agree with. In other words, it's only odd to the short-sighted.
I showed you a 1990s report from the DNI which also has the trend growth estimate. There’s also a reason why workhorse models such as Solow-Swan are used instead of qualitative vibing for economic forecasting lol.
Yeah, because they're so down-to-earth and simple that they require almost no education-specialized input. Which is as I said, US economists are either right because it's common sense or wrong when they try to step it up to a higher level.
States and university systems can work at cross-purposes since university systems are generally operationally independent from a state legislature.
That sucks for the US. That's like the torso trying to move opposite from the legs.

Orrrrr, (and, actually LOL) your excuse is stupid and ignores "Occam's Razor" that making tests easier is usually a response to a complaint that they are too hard for the people taking them.
Universities established in the 1950s-1960s (most regionals including a large number of the SUNYs and CUNYs) weren’t about “maintaining the quality of the attendees”. They are largely open-admissions universities created by state legislatures at the behest of business interests who wanted workforce development and directly topical research for those same business interests (ex., citrus research at UC Riverside).'
They used to be famed for Nobel Laureates; now they're famed for campus gang activity.
There is no “solution” because there simply is no “problem”. The California State University system (and similar regional universities) simply have not had a parade of horrors that supposedly came if they abolished the SAT/ACT.
1 .You're referring to the wrong thing. The problem I referred to is the mass failures in Math in the schools of Balitmore and Chicago.
2. The parade takes time to come; right now the implementation isn't even at mass with many expected to happen in 2025.
Yeah. US cities are the most adversely selected areas in the U.S. due to redlining ,white flight, and zoning (suburban areas tend to have minimum lot sizes and outright bans apartments). Directly analogous to rural areas in China (the adversely selected population doesn’t move to the positively selected area - suburbs in the U.S., cities in China).
No, they are not similar at all. In America's case, it's developed cities degenerating into dirty dysfunctional shit holes. In China, it's rural underdeveloped placed becoming developed and moving up.
Point was (and you don’t dispute) that adversely selected populations have bad outcomes.
I don't dispute this. But for China, the underdeveloped areas are becoming more and more developed and even even then, the lag was not as severe as the US since China is education-oriented. In the US, it's actually developed cities getting worse and worse; there is no light at the end of the tunnel in the latter situation.
Media goes in cycles on which new microeconomic policy area they’ll cover this time - (note that date and the apocalyptic language in A Nation At Risk)
Please, Log in or Register to view URLs content!
When did they last circle to the mass failures in education that they are talking about today?
It’s ambiguous at best whether desegregation, more funding, and truancy law enforcement improve educational outcomes? That is…not true. Home school was also very rare in the 1950s and 1960s so it’s simply not relevant for the time period (
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It wasn't that ambiguous until America came up with these crazy bad results that make you think it could not have possibly been worse. If there was hard data that it was even worse before, then fine but without it, it's just hard to see how this could be an improvement over anything.
Nah. It was a generalized comment that there isn’t an easily accessible decades-long YRBS clone in China
Yeah, so basically a generalized useless politician comment that avoids directly addressing the topic.
 
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