It's not, but the GDP figures I was looking up was in USD, so it should be factored in.
>but I think you're oversimplifying things.
Perhaps, but can you think of a plausible model for why our GDP would have dropped 67% in real terms, but somehow our living standards haven't dipped to that of a developing south american/african country? The only explanations I can come up with are:
1. the real GDP drop doesn't exist, or at least is vastly overstated
2. every other country (or at least the worldwide average) GDP dropped by approximately the same amount, so comparatively speaking we're still in the same place relative to other countries
Living standards aren't really that low in Argentina or Chile. They're obviously much higher in the US, but we also have 10x more public debt per Capita, and 5x more private debt per Capita.
It's not, but the GDP figures I was looking up was in USD, so it should be factored in.
>but I think you're oversimplifying things.
Perhaps, but can you think of a plausible model for why our GDP would have dropped 67% in real terms, but somehow our living standards haven't dipped to that of a developing south american/african country? The only explanations I can come up with are:
1. the real GDP drop doesn't exist, or at least is vastly overstated
2. every other country (or at least the worldwide average) GDP dropped by approximately the same amount, so comparatively speaking we're still in the same place relative to other countries