For many U.S. voters, they feel less well-off than their parents, or the overall economy
The U.S. has the highest GDP per capita among major countries and this trend is increasing, yet many Americans think the country is in a period of economic decline.When the rest of the world looks at the American economy, they see a remarkable story of dynamism, innovation and outperformance. The United States has the highest gross domestic product per capita among major countries, and its lead is growing.
It’s a paradox: How can the U.S. economy look so good from the outside, while generating so much disappointment for those inside it? Further paradox: Both views are right. Let’s start with what GDP per capita means. It’s total output, divided by population. It’s an average. It’s not an actual representation of how big or small a slice of economic pie anyone is getting.
What’s more, that low- and middle-income American may experience more job and life insecurity than her European or Canadian counterparts. She’s less likely to be unionized, easier to fire, has few or no job benefits, and may have limited or insecure health insurance, or none at all. Average American workers also get little to no paid vacation days or sick days.
But while free trade is a net positive overall, its benefits aren’t necessarily distributed equally. The same goes for free markets generally. Creative destruction includes destruction. There can be winners and losers. All boats have not been lifted equally over the past 40 years.
United States Trade Economy Gap Paradox Pie Protectionism Jeff Bezos Kamala Harris World Bank
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