> A tiny mountainous country that was twice in the middle of disastrous wars in the last century, has practically no raw materials... and would be in the middle of the US GDP PPP-wise, which has a much bigger market, a lot more workers, a lot of raw materials, etc etc etc etc.
Austria got screwed by WWII for sure, but it still had a literate, educated, relatively wealthy population and was once the center of a great empire that amassed great wealth. And, I mean, Vienna was practically the cultural center of Europe for a brief period.
> At the expense of crippling debt :) https://data.oecd.org/hha/household-debt.htm (don't forget the fact that American savings have to account for losing your job or getting sick, as well as retirement, while in Austria they don't).
I'll be the first to argue that the American safety net needs improvements, but Social Security, (retirement and disability benefits), Medicare (65+ government health insurance), Medicaid (poor, unemployed, and disabled health insurance), and unemployment insurance all exist in the US, and together with other benefit programs constitute the majority of US spending. Indeed, US government spending per capita on health care is higher than many European countries. It'd be a good example of where having a higher nominal dollar value doesn't buy as much even adjusted for PPP, since obviously despite this the US doesn't have universal public health care.
This is considered uncouth to say, but household debt is sometimes due to horrible exigencies, but it's much more often the result of easy access to debt and material consumption. It's really shocking to see the people you know cannot be making more than 40-60k driving around 50-70k vehicle, and who also have a nice boat and a huge house. But even people not doing these things tend to live more materially comfortable lives than most Europeans I know.
Austria got screwed by WWII for sure, but it still had a literate, educated, relatively wealthy population and was once the center of a great empire that amassed great wealth. And, I mean, Vienna was practically the cultural center of Europe for a brief period.
> At the expense of crippling debt :) https://data.oecd.org/hha/household-debt.htm (don't forget the fact that American savings have to account for losing your job or getting sick, as well as retirement, while in Austria they don't).
I'll be the first to argue that the American safety net needs improvements, but Social Security, (retirement and disability benefits), Medicare (65+ government health insurance), Medicaid (poor, unemployed, and disabled health insurance), and unemployment insurance all exist in the US, and together with other benefit programs constitute the majority of US spending. Indeed, US government spending per capita on health care is higher than many European countries. It'd be a good example of where having a higher nominal dollar value doesn't buy as much even adjusted for PPP, since obviously despite this the US doesn't have universal public health care.
This is considered uncouth to say, but household debt is sometimes due to horrible exigencies, but it's much more often the result of easy access to debt and material consumption. It's really shocking to see the people you know cannot be making more than 40-60k driving around 50-70k vehicle, and who also have a nice boat and a huge house. But even people not doing these things tend to live more materially comfortable lives than most Europeans I know.