Plenty Of Bang For The BuckDean Foust
In this era of diminishing expectations, the latest World Bank survey of incomes in 209 nations offers some encouraging news. Yes, American workers are in seventh place in the world measured by per capita income ($24,750 vs. $36,410 in world-leader Switzerland). But measured by living standards, using purchasing-power parity calculations to smooth out the effects of currency swings and different price levels, the U.S. ranks second only to Luxembourg in what its incomes will buy, $24,750 vs. $29,510, and way ahead of Japan and Germany.
On a more distressing note, 14 of the 15 republics of the former Soviet Union lost ground in 1993.