Living Standards Decline in 90% of Countries
By: John Semmens
According to the UN Development Program (UNDP), living conditions in 90% of the world's countries deteriorated in 2021. The United States, which was the world's most highly developed country in 1990, is currently ranked 21st.
Professor of Economics at the Graduate Center of the City University of New York and New York Times economics columnist Paul Krugman maintains that “this apparent decline in material well-being is part of the Biden Boom that is sweeping the country into an exciting future. It has been good for American workers, whether they know it or not.”
One of the things that American workers can enjoy under the Biden Boom is the opportunity to work second and third jobs in order to meet the rising cost of living—a circumstance that Krugman says “can provide a richer collective experience for the nation. Instead of everybody just working one job from nine to five, many are now working nights and weekends. Meanwhile, others who prefer not to work have been supported by President Biden's various government transfers of funds from those who do. The potential cultural benefits from this growing leisure class are immeasurable.”
Krugman's take was seconded by former President Obama who declared that “the country is better off with Joe as president. The path of runaway prosperity that Trump had the country on was unsustainable. It would have taken us in a direction where selfish individualism would have had a free hand. We should all be deeply grateful that this fate has been averted by the calm unity that Joe has brought with his thoughtfully considered policies and actions.”
