Things are so much more expensive in the US that, when you adjust for purchasing power parity (PPP), China has a GDP PPP of 1.25 times the US. Source? The CIA.
GDP is still flawed even when accounting for costs, but it goes to show how behind the US is.
It’s also important to consider GDP and GDP PPP doesn’t consider unpaid labor. Housework, taking care of kids, etc. if it’s not paid. I don’t have any metrics on this, but in China it’s extremely common for families to be more tight knit compared to the US with the atomic (parents/kids) family. There is also a lot of unpaid work, such as grandparents taking care of the kids instead of a babysitter. Not only does this on one hand reduce GDP, but it’s socially preferable in that there is more of a familial social safety net on top of the public/governmental one.
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Things are so much more expensive in the US that, when you adjust for purchasing power parity (PPP), China has a GDP PPP of 1.25 times the US. Source? The CIA.
GDP is still flawed even when accounting for costs, but it goes to show how behind the US is.
deleted by creator
It’s also important to consider GDP and GDP PPP doesn’t consider unpaid labor. Housework, taking care of kids, etc. if it’s not paid. I don’t have any metrics on this, but in China it’s extremely common for families to be more tight knit compared to the US with the atomic (parents/kids) family. There is also a lot of unpaid work, such as grandparents taking care of the kids instead of a babysitter. Not only does this on one hand reduce GDP, but it’s socially preferable in that there is more of a familial social safety net on top of the public/governmental one.