re: Interesting Chart on Income Adjusted for Inflation since 70's

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And they lived like the American lower class?

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The only example that is close would be Argentina in the early 2000s. they didn't live as nice as the american poor.

But its not how they live that matters, its the comparison to their neighbors that matters. Wealth is purely a comparative point. There will always be poor people, it just means they have less.

The poor see how nice the upper middle class have it. They have no clue how the truly wealthy live, but they are quite jealous of how the upper middle class lives, hence a lot of their imitation in consumption.