TIL That Britain Is Poorer Than Any US State, Even Mississippi

https://lemmy.world/post/3478375

TIL That Britain Is Poorer Than Any US State, Even Mississippi - Lemmy.world

The author takes PPP (Purchase Power Parity) per capita of the UK as a whole versus individual U.S. states. So what does it mean that Mississippi on average has a higher PPP than the UK? Two things:

  • The UK gets dragged down by it’s poorer regions; and
  • The U.S. has enough ultra-rich people to drag its PPP up despite a large swathe of its population being poor.
  • Another way to look at it is, if wealth distribution was fair in the U.S., even people in Mississippi would be better off than the average Brit.

    That’s the problem with averages vs medians. It completely overlooks wealth gap.

    Here is an example. Moderna CEO made something like $500 million last year. If Moderna had 1000 employees, that would mean the company’s average employee pay is $500,000. And that’s before even adding their pay to this average.

    Exactly. The median wealth of me, my partner and Bill gates is basically zero. The average wealth in billions of dollars.