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American Focus > Blog > Economy > Are we rich? – Econlib
Economy

Are we rich? – Econlib

Last updated: September 16, 2024 9:01 pm
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Are we rich? – Econlib
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Upon stumbling upon the following two tweets, it sparked my curiosity:

While some may see these tweets as a “gotcha” moment, suggesting that JD Vance inadvertently made a case for increased immigration, I am more intrigued by the underlying motivation behind Vance’s claim.

Political statements can be analyzed in various ways. They can be seen as reflections of a politician’s personal beliefs, but it is also crucial to consider the strategic reasoning behind why a particular statement is made. Successful politicians often express views that they believe will resonate with voters, regardless of their personal convictions. It’s about conveying a message that is likely to be persuasive to the audience.

In this instance, I’m less concerned with Vance’s personal beliefs and more interested in what Vance perceives the public believes. By advocating for this argument in his campaign, Vance seems to believe that the public does not view America as one of the wealthiest countries in the world.

It would be enlightening for a pollster to inquire about whether the US or China is considered the richer country. I suspect that a notable portion of respondents might incorrectly assume “China” to be the answer, despite the US being significantly wealthier.

Another thought-provoking question would be, “Does the US abide by international trade laws while other countries engage in cheating?” Once again, I anticipate many misconceptions in the responses (yes, the US also partakes in unfair trade practices).

It appears that when the public is optimistic about the country’s status, nationalist sentiments have less appeal. Looking back to a time when the US unequivocally led the world, such as 1965, public sentiment was more supportive of global institutions. However, when there is a perception that other nations are surpassing the US, particularly through unfair means, nationalism tends to surge.

See also  Exercise, Economics, and Margins - Econlib

A few months ago, I wrote a post highlighting the intriguing fact that the US, despite accepting the most immigrants, remains the wealthiest nation. Vance’s statement, although couched in conditional language, essentially aligns with my previous observation. While he implies that the US may not be the richest country, he and I both agree that there is a causal relationship between America’s high immigration rate and its standing as one of the world’s wealthiest nations.

The next puzzle to solve is whether America truly qualifies as a very affluent nation or not.

TAGGED:Econlibrich
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