Great News! A global tipping point: Half the world is now middle class or wealthier

Discussion in 'Politics, Religion, Social Issues' started by RootBeerMan, Oct 8, 2018.

  1. RootBeerMan macrumors 65816

    RootBeerMan

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    #1
    Thanks to growing free markets, free trade, entrepreneurship and globalisation more than half of the worlds population is now middle class or better! That is great news. And things are even getting better for those who have not risen to the middle class, yet. We are slowly but surely, (and not so slowly in many cases) getting rid of abject poverty and moving from scrabbling in the dirt to being more secure in where our next meals are coming from and having secure shelter.

    https://www.brookings.edu/blog/futu...f-the-world-is-now-middle-class-or-wealthier/

    Read the rest at the link.
     
  2. Eraserhead macrumors G4

    Eraserhead

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  3. s2mikey macrumors 68020

    s2mikey

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    #3
    Awesome. Capitalism working as intended. Yeeeah-Haaaaw!

    ** gets popcorn ready for barrage of negative comments that will come from the socilaists ** :p
     
  4. VulchR macrumors 68020

    VulchR

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    #4
    Good news, but until poverty that damages the well-being and potential of human beings is eliminated, we shouldn't get our arms out of joint patting ourselves on our back. Credit Suisse estimates that the world's top 1% own half of the world's wealth (link).

    FWIW I have no beef against capitalism provided the playing field is fair and there is equality of opportunity so that getting rich is truly a meritocracy (rather than, for instance, self-proclaimed 'geniuses' getting obscenely rich from their wealthy daddies through tax scams *cough*).
     
  5. LIVEFRMNYC macrumors 604

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    #5
    In reality, discretionary income does not determine wealth. I would guess half of the so-called middle class are several checks away from being in serious financial trouble.
     
  6. Huntn macrumors P6

    Huntn

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    #6
    Interesting that our (in the U.S.) Middle class has been shrinking for the last 4 decades. I’m sure all the former Middle Class families are cheering. :rolleyes:
     
  7. Mousse macrumors 68000

    Mousse

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    #7
    Middle class...it doesn't mean what I think it means. By their definition of Middle Class, EVERYONE in the US is middle class or rich.o_O Even our poor have cell phones. Which fits their definition of "consumer durables."
    I didn't know I grew up middle class. I assumed if you had 5 siblings sleeping on a single bed, you would be considered poor. I guess having a mattress made us "middle class."o_O
     
  8. s2mikey macrumors 68020

    s2mikey

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    #8
    Cant argue wiht this. Crony capitalism & other scams is garbage and pisses me off. Still though, the chase of profit and wealth are what ultimately enable the middle class to exist. We can argue what the middle class really is but to me its people/families that sustaion themselves through their own means and dont use any Govt handouts or freebies. Self sufficient people/families lets call them.

    Doesnt have to have an income ramge or net worth attached to it either. Just folks that taake care of themselves.
     
  9. vrDrew macrumors 65816

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    #9
    It is overall good news that global incomes have risen, and that the number of people living in extreme poverty is falling - as a percentage.

    But its a highly complex problem. Living on $11 (2014 PPP) a day isn't easy anywhere. You might be able to afford a smartphone and food on the streets of Nairobi, Lagos, or Mumbai. But you won't have access to a toilet or a reliable supply of potable water. And these are problems that require a massive influx of Government spending by the governments of the respective countries.

    The fact that urban Nigerians, Kenyans, and Indians have access to smartphones makes Mark Zuckerburg and Jeff Bezos richer. But it doesn't really do much for the prospects of factory workers in Detroit or Youngstown. For that to happen the US government would need to engage more fully in global trade.

    But they aren't doing that. The US Government is running away from trade, and **** hole countries. Leaving the market and the opportunity wide open for China, whose Government is sending technocrats and bankers to those places with open arms and open checkbooks.

    Guess who'll benefit most from rising global incomes and wealth in the coming decades? Hint: It's not the people wearing those MAGA hats.
     
  10. Raid macrumors 68020

    Raid

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    Toronto
    #10
    Not sure if this is popcorn munching worthy, but not one pure capitalist market exists, there are just varying degrees of socialism... and all of the more "socialist countries" are on the higher end of that proportionate scale.

    All in all this trend is generally a good thing, hopefully this will help reduce poverty and vulnerable wage earners too.
     
  11. tshrimp macrumors 6502

    tshrimp

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    #11
    Yep, because the Upper-Middle class is on the rise. And is a much better place to be :).

    "The upper middle class grew to 29.4 percent of the population in 2014, up from 12.9 percent in 1979. "
     

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10 October 8, 2018