America Is Wealthy but It Doesn't Feel Like It

Paul Skallas

America Is Wealthy but It Doesn't Feel Like It

America's wealth does not match its perceived affluence, leaving many wondering why. Despite its staggering GDP and high average income, the everyday experience of wealth in America is elusive. One reason is that many American cities do not have the same level of beauty and liveliness as cities in Europe. Additionally, high labor costs in the US shape the way things are built and created, leading to less ornate workmanship and a less visually wealthy environment. The Diderot Effect, where the purchase of one lavish item triggers a cycle of consumption and upgrades, also plays a role in Americans' perception of wealth. Finally, the stark contrast between economic classes in America can make the country feel like a third world country for those who fall into poverty.