Over the last 10 years, real per capita income rose 123% in China, compared to a 9% growth rate in the U.S.
Let’s say you were making $50,000 10 years ago, and now you’re making $100,000 a year. Not because of inflation, but because your real purchasing power has doubled. And everyone else you know – friends, family, co-workers – have also seen their income doubled, or more. Now you know how it feels to live in China right now. And if you go back a few decades, the picture is even more dramatic, with over a billion people being lifted out of extreme poverty.
Contrast that with the United States. The median income for a 30 year old American man is $821 a month. 30 years ago, adjusted for inflation, it was $868. So, while Americans are still richer than Chinese, the feeling in America is one of economic stagnation. In China, of constant improvement. Which nation’s people do you think are more optimistic?