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this post was submitted on 30 Dec 2024
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you should go to China and ask average Chinese people about how they feel about their "cheap groceries".
wealth inequality is a huge problem, and attribute it to inflation is naive. the rich has power in a capitalistic society, they will win no matter we are in an inflationary or deflationary economy. to think deflation will be good for the working people is very naive.
Wealth inequality exists in China, but is in most areas declining or rising at a slower rate than peer countries. The PRC relatively recently completed a decade-long poverty eradication campaign, to great results. China isn't a wonderland, but it's improving far more rapidly than practically anywhere else currently.
“In most areas” is a very big cheat on this data though. With a great deal of wealth concentrated in the 1%, you can’t just leave out the 1% as an outlier and say that aside from them, things are pretty equal.
China’s wealth inequality overall has skyrocketed and is staggering, both because of its growing number of explosively wealthy, and the utter impoverishment of a large part of the population.
You're at least a decade out of date, extreme poverty has been eradicated even according to the world bank, and I am not excluding the 1% here. Working class salaries have risen dramatically, the disparity has risen but the real conditions for the overwhelming majority of people have dramatically improved. Disparity is a problem, yes, but it isn't a simple one, I recommend the essay China Has Billionaires.
Overall, though, your notions are heavily outdated and data reflects that.
While it’s good data to see, I’m always suspicious of celebrating the fact that people have gone from earning $2 per day to $5 per day as “eradicating poverty.”
You can check the real wages and purchasing power parity, moreover more than doubling earnings is a large feat.
Could you point out the purchasing power data? It’s a 93 page report and I don’t see any heading on that in the table of contents.
Line goes up.
Line go up. But that appears to be a GDP graph, not a chart of purchasing power. Am I missing something?
This is adjusted for PPP, Purchasing Power Parity.