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The American Dream Is Alive in China

58 pointsby johnny313over 6 years ago

12 comments

pascalxusover 6 years ago
It&#x27;s a mistake to say we&#x27;re rich because our GDP or even GDP per capita is high. What matters is PPP - purchasing power parity with a basket of goods weighted towards the essentials of life: housing, transportation, food, water, child care and medical insurance. By that measure, I don&#x27;t think the US is as rich as we think we are. but i would like to see things measured and quoted in that regard, it would be more relevant and accurate for comparing wealth.<p>Such an analysis would also be useful for comparing the rich and poor within a country. here in the US: someone earning 100k in the midwest is much wealthier than someone earning 150k in palo alto. Of course, if your basket of goods comparison is how many apple cell phones they can buy, it&#x27;s not gonna be an accurate comparison
contingenciesover 6 years ago
I have been telling people this for over 15 years. Catches include: we economic migrants have reduced access to the market, less progressive regulatory stance, shifting and complicated bureaucratic visa&#x2F;banking&#x2F;tax processes to deal with, and even difficulties getting capital out again. One summary is: it&#x27;s relatively easy to make big money in China, but hard to make a liveable salary - this affects Chinese people more than migrants. Macro economically, lots of cash was recently won on real estate (like in many developed economies recently, such as my native Sydney), and prior to that outright corruption, though both avenues are now closing and priority is being placed upon technology IP by the government (read: free government handouts for local competitors, foreign companies generally excluded).
tabtabover 6 years ago
Most people judge based on their life-time experience. Being the average person is about 40, they typically judge based on the last 4 decades. China&#x27;s history is full of violent revolutions. A big economic slump could snowball into political and social catastrophe. The gov&#x27;t could grow complacent and&#x2F;or out-of-touch and try to solve social unrest with ham-hands, making it worse. As the investment disclaimer says, &quot;Past (near-term) results are not a guarantee of future results.&quot;
canada_dryover 6 years ago
Give China another 20 years and they will surely have overtaken the USA in world leadership.<p>Consider their new Silk Road initiative. 3rd world&#x2F;developing countries and America&#x27;s numerous enemies alike are lining up to ally themselves with China.<p>Meanwhile the USA shits on its closest allies.
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csenseover 6 years ago
This isn&#x27;t a surprise. Back in the day, a kid fresh out of high school in the US could get a job that supported a house with a yard, a car, children, and a non-working spouse.<p>Factories were both directly paying good wages for non-high-skill positions and fueling a myriad of local businesses where those workers spent their money. Then globalization happened, and those factories went to China. Entire local and regional economies collapsed and a lot of them STILL haven&#x27;t recovered.<p>Great opportunity for Chinese people, not so good for American people.<p>You might think from this that I hate the Chinese, or the poor, or something. That&#x27;s not true. I just think we need to find a way for regular Chinese people to have hope and opportunity, that doesn&#x27;t involve taking hope and opportunity away from regular American people.<p>Billionaire Ray Dalio said in a recent interview that 8 of 12 times there&#x27;s been a rising power situation like the current one with China, it&#x27;s turned into a shooting war.<p>My own opinion: If people&#x27;s hope and opportunity are taken away, they start to get into the mood for a shooting war with the people they think took it. Bringing hope and opportunity back to regular Americans could prevent World War 3.<p>How do we do it?
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lalosover 6 years ago
It would be great to compare the growth China kicked off in the 80s with the growth the USA kicked off after WWII. See if its the same trend, feel weird comparing growth of a country with another that had a 40 year head start.
g9yuayonover 6 years ago
One thing important that many people ignored about China is its K-12 education system. It is <i>much</i> better than the US in a number of ways, especially for the ordinary students, which accounts for the majority of the student body, myself included.<p>- For starters, teachers in China are responsible. They care about the subjects they teach, and spend countless hours finding challenging problems for students as well as grading students&#x27; solutions with detailed feedbacks. Parents could just leave the education of their kids to school. They didn&#x27;t have to worry about tutoring at all, because they knew that their kids would be sufficiently challenged in school. This is true equality, isn&#x27;t it, as financially challenged families did not have to worry about not being able to afford tutoring. In contrast, teachers in Cupertino, a town known for good schools, asked parents to grade students&#x27; homework.<p>- Second, they believe in their students. No no no, I&#x27;m not talking about this &quot;every student is unique and therefore it&#x27;s okay to not doing well in academically&quot; crap. When I grew up, my teachers were tough, but they were tough by being honest, by telling me that I didn&#x27;t do well in exams because I didn&#x27;t try hard enough, because I didn&#x27;t use the right techniques to study, or because I didn&#x27;t focus on the right things. In other words, we truly believed that I could excel in school work. They didn&#x27;t give up on me or other kids just because we did poorly in homework or in exams. They were truly happy if their students did well in school, and then they told the students that they could do even better by assigning more challenging problem sets. That is, they believed that their students could grow by keeping themselves in their discomfort zone. In contrast, Why did the US schools keep lowering their standards just to keep students happy?<p>The K-12 education systems in the US are great for two types of students: those who are really challenged academically, and those who know how to push themselves. For the former, they enjoyed the love from teachers or the policies like &quot;no kids left behind&quot;. For the latter, they got excellent resources, such as taking advanced classes in universities, and participating in all kinds of competitions. It is the students in the middle, the majority of the students like me, who will lose, big time. The students in the middle will not be challenged enough, who will falsely believe that they are good at STEM and then get shocked or even defeated by not-really-so-hard courses like calculus or organic chemistry, those who could&#x27;ve had a wonderful career in STEM but bail out because they didn&#x27;t get enough training in high school. How sad is that?<p>Don&#x27;t get me wrong, I&#x27;m not saying that Chinese K-12 did everything right. I spent way too much time preparing for the national entrance exam. I spent way too much time mastering all kinds of problem-solving skills that are not needed in college. I didn&#x27;t learn advanced subjects like calculus or stats until college. That said, my teachers truly prepared me, like they did millions of other ordinary students, for advanced STEM subjects. They injected passion and a sense of pride of studying STEMs. I wouldn&#x27;t be able to do what I do today without my teachers&#x27; dedication and caring. That&#x27;s what matters, isn&#x27;t it?
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cityzenover 6 years ago
I love the irony of this headline so much I want to make a poster of it and put it in my office.<p>I think my favorite critic of The American Dream™ is our old friend George Carlin: &quot;The reason they call it the American Dream is because you have to be asleep to believe it.&quot;
calebmover 6 years ago
That data visualization showing the morphing of China from being heavily poor to heavily middle-class made me go &quot;Wow!&quot; That&#x27;s quite something to note.
nitwit005over 6 years ago
I&#x27;m not sure why picking the American seemed obvious in the choice at the begining? A poor country seems far more likely to see a large economic upturn.
joefranklinsrsover 6 years ago
These flurry of NYTimes favorable articles on China, the last few days, is....fascinating. It&#x27;s almost like those with vested interests knew a huge crash is about to come to China in 2019, and is trying to unload some investments.<p>However, the ever connected world is not blind, and can see the dramatic fall China has suffered in the last 2 years in terms of stock market, yuan weakness, capital outflow, human rights, massive debts, international relations, factories leaving, fake GDPs, and much more. $250B in tariff on Chinese imports in January 2019, followed up with potentially rest of the $600B in tariff on Chinese imports in 2019, will crash China.
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NicoJuicyover 6 years ago
No it&#x27;s not, the world speaks English, not Chinese<p>Doesn&#x27;t mean the destination is America though.<p>Ps. Why would big Chinese companies translate their open source in English and have research hubs outside of China