On Thu, Oct 11, 2012 at 7:28 PM, Robert Hansen <email@example.com> wrote: > That seems remarkable. What do they do with all that money? At that income level you would expect them to be exceptional consumers, but they sure don't look it. >
What do you mean, "look it"?
> And how do they keep immigrants from sneaking into this country of gold? >
They have immigrants.
> Is it possible that you are missing something?
No, you are simply showing your lack of knowledge about them, and worse, making assumptions based on that lack of knowledge, these assumptions clearly showing tacit denial of the facts about them I cite. To give you more on the facts:
The US nominal GDP per capita is about $50,000 and the Norwegian nominal GDP per capita is about $100,000. The median job in each country pays a yearly income about 3/4 to 4/5 the per capita GDP, about $35,000-$40,000 per year for the US and about $75,000-$80,000 per year for Norway.
And to anticipate: No, it's not their oil riches - their oil industry is only about 12% of nominal GDP while for the US it is about 8%. That small percentage difference of only a few points does not explain why they are twice as rich as us, have an economic output adjusted for population twice as high as ours.
In general, per capita, the US is NOT the world's richest nation - for every year of the past many decades, in fact. For every year of the past many decades, most of the countries of socialist-capitalist northern Europe have had larger per capita nominal GDPs - and more upward income mobility with the percentages of their populations being entrepreneurs ever higher than the US. See some of the most recent data on this:
The US now has only half the percentage in 1977 of its population being entrepreneurs. Because of regulations taken off the banks starting with Reagan in the 1980s and ending in the 1999 repeal of the Glass-Steagall Act, entrepreneurial democracy is quickly getting to the point of no longer existing in the US. It exists much more in other countries - see the below on Norway, the richest country in the world per capita outside of some very small countries with *citizen* populations of no more than a few hundred thousand - most much less.
And roughly in 1990 Norway (the most socialist of these socialist-capitalist countries) blew right past the US in per capita PPP GDP and on average has been pulling away ever since. (Again, it's nominal per capita GDP is now twice as large as that of the US.). On Norway: