I’d argue that the US is reverting to the average global experience precisely as its domestic market breaks down due to interventions — eg, destroying small businesses via regulation and mass importation of foreign labor.
The people who have won the game in our current system love to point to this statistic, as if "extreme poverty" is the only thing that matters.
Even if people have a roof of their own head and bread in their belly, they don't like living with anxiety about being able to pay off debt, or what would happen if they had an unexpected hospital stay. And above all, they don't like working so hard only for the value they produce to be sucked up and used to buy back stock for the benefit of billionaires.
I’d argue that the US is reverting to the average global experience precisely as its domestic market breaks down due to interventions — eg, destroying small businesses via regulation and mass importation of foreign labor.