American Economics Thread

[chgough34]

You described exactly the reality in America: the rich from all over the world go to the USA for treatment because American medicine is advanced but this healthcare is inaccessible to the majority of US citizens.

No - the majority of US citizens are satisfied with their healthcare (

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), and U.S. healthcare services are so competitive that foreigners from all over are willing to come to an unfamiliar place thousands of miles away to get the same healthcare.

The US is one of the only countries in the developed world where healthcare is not a basic citizen's right

It is - if you are poor you get Medicaid, old people get Medicare, semi-poor people get ACA subsidies, and everyone else gets non discriminatory community rated insurance from their employer or through the marketplace

, private company lobbies take over the healthcare system, making healthcare an extremely expensive and inaccessible item for the majority of the American population. A simple ambulance trip in the USA, depending on each state, varies from US$500 to US$1,300, in developed states in Europe, this same trip is free.

https://twitter.com/i/web/status/1816538306139816235

In fact, the US is also the only country in which a basic paid maternity right does not exist, even in poorer countries this is a right.

Americans don’t like taxes. Simple as

 

[Hitomi]

If it was overvalued, why would anyone buy it? The only reason why individuals would pay lots would be because it contributes value to them and/or it is an inelastic product (which itself is evidence of value added)

Woa there buddy you are saying that people have a choice when they want to spend on healthcare even when it is a basic need? Are you going to fly to Mexico to get a cheaper treatment after a car crash or just get by with self first aid and walking it off?

Oh wait you are thinking from an American perspective where healthcare expenditure is entirely discretionary so healthcare corporations can pump the price endlessly.

 

[lube]

No - the majority of US citizens are satisfied with their healthcare (

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), and U.S. healthcare services are so competitive that foreigners from all over are willing to come to an unfamiliar place thousands of miles away to get the same healthcare.

It is - if you are poor you get Medicaid, old people get Medicare, semi-poor people get ACA subsidies, and everyone else gets non discriminatory community rated insurance from their employer or through the marketplace

https://twitter.com/i/web/status/1816538306139816235

Americans don’t like taxes. Simple as

A fundamentally flawed healthcare system leading to high costs via middlemen doesn't need to exist because just because US wages are higher.

Maybe you can have high wages and a less exploitable healthcare system. X doesn't lead to Y.

 

[Index]

YoY, U.S. economic growth now rises to 3.1%, compared to 4.7% for China.

The U.S. is only growing a little slower than China at this point, even though it's per capita GDP is 3.4x China's.

Past some point, gdp per capita is just inflated by the top 1% wealthy. Having 30 000 gdp/c in a country where the middle class owns the vast majority of the assets is much better for living standards than having 80 000 gdp/c in a country where a dozen billionaire prince families owns the majority of the economy.

China won't ever match US in gdp per capita by growing as high as US, because China doesn't have the same wealth distribution as US. Instead, the reason China may eventually match US in gdp per capita is when US elites get their wealth expropiated, cutting them down to having their normal civilians represent most of their gdp/c level.

At these rates, it would take China 22 years (2046) to match the U.S. in GDP despite China having 4x America’s population

Lol it's impossible for the smaller US economy to grow past China while growing at a smaller percentage to begin with, not by 2046 and not by 2146 either, no matter how impressive Biden says your "almost as high as China" growth is. Smh, 7 yr old levels math.

 

[siegecrossbow]

Moral of the story: waste as much power as possible.

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[MortyandRick]

If it was overvalued, why would anyone buy it? The only reason why individuals would pay lots would be because it contributes value to them and/or it is an inelastic product (which itself is evidence of value added)

People buy over valued things all the time. Doesn't men's it's not over valued. You can get all of the mayo treatment and investigations in Canada for less than a third of the price and that's if you pay privately.

Being able to get things delivered quickly is delivering value.

Sure but they are gauging those who down know better, and that gouging is reflected in the GDP calculations, thus inflating. GDP as we discussed.

Yeah the price mechanism vs. a queue are all just different ways to allocate scarce resources

It's not scarce, it's just artificially high, like the price of man made diamonds.

Lots of patients not fit back to China to get investigations done, at one tenth the cost, and they get it next day.

US health care costs are so bloated, with hospitals overcharging, drug companies over charging, having it hire middlemen and managers just to communicate payment between insurance companies and hospitals, and hire staff who's sole purpose is to bill through purposefully complex insurance policies. That's the definition of a system that is inefficient , making extra work which pads the GDP.

Health care is such a bit part of the bloated US GDP, if it was appropriately priced , the number would probably decrease by more than half.

 

[chgough34]

Past some point, gdp per capita is just inflated by the top 1% wealthy.

No - GDP per capita is an average. Sustained productivity improvements among any large cohort increases GDP per capita.

Instead, the reason China may eventually match US in gdp per capita is when US elites get their wealth expropiated, cutting them down to having their normal civilians represent most of their gdp/c level.

US wage levels are the highest in the world - this isn’t a gotcha -

https://twitter.com/i/web/status/1816538303950205112

Lol it's impossible for the smaller US economy to grow past China while growing at a smaller percentage to begin with, not by 2046 and not by 2146 either, no matter how impressive Biden says your "almost as high as China" growth is. Smh, 7 yr old levels math.

PPP is dumb because the main mechanism by which price levels rise is through wage inflation due to productivity gains - this is Baumol.

 

[MortyandRick]

No - GDP per capita is an average. Sustained productivity improvements among any large cohort increases GDP per capita.

Yeah average, which makes it highly uneven.

US is number 17 on the poverty index and her the highest risk of not surviving to 60 years old from birth

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And worsening inequality

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US wage levels are the highest in the world - this isn’t a gotcha -

https://twitter.com/i/web/status/1816538303950205112

They have to spend it on high healthcare code that's less effective with lower life expectancy

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PPP is dumb because the main mechanism by which price levels rise is through wage inflation due to productivity gains - this is Baumol.

What are your taking about. Price levels increase with higher cost of raw materials, supply limitations not just Wage inflation. Why did price levels increase so much in the last couple years during COVID? It's not sure to increased productivity

 

[manqiangrexue]

No - GDP per capita is an average. Sustained productivity improvements among any large cohort increases GDP per capita.

And average is heavily influenced by high outliers, oh that's right, you can't math so you didn't know.

US wage levels are the highest in the world - this isn’t a gotcha -

https://twitter.com/i/web/status/1816538303950205112

Switzerland disagrees

PPP is dumb because the main mechanism by which price levels rise is through wage inflation due to productivity gains - this is Baumol.

This is the most economically uneducated shit I've ever heard (the rest of your follies I count as mathematically uneducated). Nominal is used only for the small percentage of the economy that is used for trade. PPP is for the majority of your economy. When it costs China $100 to do the research it cost the US $350 to do, that's ironed out in PPP. When the Chinese military pays $5 for a bag of bushings that the US military paid $90,000 for, that's.... wait no, that's not accounted for by PPP; $10 of that is accounted for by PPP. The rest is corruption and incompetence, but you get the point... or I mean a person of IQ 80+ would have gotten the point by now.

 

[chgough34]

Yeah average, which makes it highly uneven.

Averages are only “uneven” if the underlying distribution has an underlying skewness. There is nothing inherent about gdppc that necessitates inequality

They have to spend it on high healthcare code that's less effective with lower life expectancy

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Healthcare spending is highly concentrated in a few people - the top 1% of individuals are responsible for 50% of the costs (

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), it doesn’t make sense that healthcare delivery is the main driver of population health metrics like life expectancy. Instead - US healthcare delivery is one of the best in the world in terms of speed and efficacy (as previously discussed on both the time to MRI or evidenced by foreigners flocking to the U.S. - and all for the low low price of <1% of the median US wage) but the U.S. public dies disproportionately young from diseases of mass affluence such as obesity and car accidents.

What are your taking about. Price levels increase with higher cost of raw materials, supply limitations not just Wage inflation. Why did price levels increase so much in the last couple years during COVID? It's not sure to increased productivity

The primary drivers of price level differences between countries are due to differences in productivity levels between countries (more productive firms can offer higher wages so less productive firms, in order to keep employees will raise prices and wages accordingly - this is the primary driver of how development works - as Baumol uncovered).

but you aren’t wrong the U.S. is undergoing a productivity boom right now.

https://twitter.com/i/web/status/1816579002699526548