The typical American family spends half its income on housing and transportation. The typical Egyptian family spends half its income on food.
This week, we looked at how health care, education, and cell phone bills have eaten into American budgets since the recession. But let's take the global view. What do family budgets look like in Egypt? Or Indonesia? Or China? The Credit Suisse Emerging Consumer Survey asks thousands of respondents across eight developing countries -- the three above plus India, Russia, Brazil, Saudi Arabia, and Turkey -- to say how they spend money on categories like cars, food, and phones. Those eight graphs, with key stats from the report, are below. Some light analysis for the road comes at the bottom.
GDP per capita: $1,382
Key stat from the Credit Suisse report: "70% of Indians say they have no computers in the home. Only 19% of respondents register having access to the internet."
Egypt GDP per capita: $2,892
Key stat: "There is [an] ongoing red flag raised by exposure to food with its near 50% claim on the household income of Egyptian consumers. Ironically, plans to cut government spending on food subsidies to strengthen state finances, could in itself increase inflation and undermine consumer sentiment."
Indonesia GDP per capita: $3,456
Key stat: "The risk that always exists for the Indonesian consumer is the sensitivity of food prices. Food consumes a large proportion of the household budget. Upward pressure on prices would threaten to crowd out other discretionary spending."
China GDP per capita: $4,833
Key stat: "The two categories that stand out are healthcare and education. The only country with comparable momentum in healthcare spending is Saudi Arabia. Only Saudi and India had stronger readings on extra educational spending ... At nearly 30% of monthly income, [China's savings] is the highest in the survey."
Turkey GDP per capita: $11,054
Key stat: "Expenditure in [housing] (at an estimated 24%) is the highest of any country in the survey. This looks to be more out of necessity than desire. The proportion of people registered as renting their property is among the highest in the survey. Turkish economic growth over the past decade, and the ensuing urbanization, has led to high inflation in the housing sector."
Brazil GDP per capita: $12,423
Key stat: "The Brazilian consumer continues to stand out as the most optimistic across our survey. Barely 7% of household income is registered as saved and over a half of respondents suggest they have no extra cash for savings. Given the strength of projected real income growth, this is extraordinary. It is more typical of the countries where the consumer is being seriously squeezed than one where finances seem robust."
Russia GDP per capita: $13,543
Key stat: "Despite the structural support there has been for the Russian economy in recent years from commodity prices, there has not been a notable trickle down to the average consumer. Optimism remains the lowest of the BRICs. The inequality of income suggests that growth opportunities are played mainly at the high-income end in Russia."
Saudi Arabia GDP per capita: $21,685
Key stat: "While inflation has been a negative factor in our emerging economies sur- veyed, including Saudi Arabia, there is a stabilizing effect from government pol- icy. Robust oil revenues (a driver of infla- tion for others) have provided govern- ment spending with the firepower to support public sector incomes and boost spending more generally. We have seen a government pledge to spend USD 130 billion on housing and job creation this year."
Two big ideas for the road: Houses and food. Everybody
needs somewhere to live and something to eat. But you can learn a lot
about a country by looking at housing and food spending. Here's how the
U.S., where middle-class families spend about a third of their income on
housing, compare to the developing economies in this survey.
And here's the story with food.
don't want to push this point too far, because these sort of surveys
have obvious limitations. Tremendous income inequality in developing
countries with hundreds of millions of people makes it impossible to
tell the story of the frothy middle class *in one graph.* But the bigger
picture is clear and uncontroversial. When families earn more income,
they can afford to eat more and buy more clothes, but the real shift is
from those essentials to bigger better houses, education, and health
Sullivan: Now we’re getting somewhere. And I’m not just referring to all of the potential wars that so many of our Game of Thrones characters are trying to either stave off or set aflame. We’ll get to those in a moment. No, I’m talking about the long-simmering question that should be on every fan’s mind, the one that showrunners David Benioff and D.B. Weiss had to answer before George R. R. Martin would hand over his series so they could bring it to television
“Just go ahead and do your thing no matter what,” says Marian Cannon Schlesinger to today’s young women. At 101 years of age, she is still painting, writing, watching Rachel Maddow, and reading two newspapers a day.
As we approach the fiftieth anniversary of JFK’s assassination, many of the people who can recall the era in detail have passed on. Marian Cannon Schlesinger was married to Arthur Schlesinger Jr., historian, speechwriter and special advisor to President John F. Kennedy, living in D.C. and raising four children during his Washington years. Well-traveled, having studied in China prior to their marriage, she returned to Cambridge, Massachusetts after their divorce. She has written and illustrated five children’s books and, in 2012, published the second volume of her memoirs: I Remember: A Life of Politics, Painting and People.
In her new book No One Understands You and What To Do About It, Heidi Grant Halvorson tells readers a story about her friend, Tim. When Tim started a new job as a manager, one of his top priorities was communicating to his team that he valued each member’s input. So at team meetings, as each member spoke up about whatever project they were working on, Tim made sure he put on his “active-listening face” to signal that he cared about what each person was saying.
But after meeting with him a few times, Tim’s team got a very different message from the one he intended to send. “After a few weeks of meetings,” Halvorson explains, “one team member finally summoned up the courage to ask him the question that had been on everyone’s mind.” That question was: “Tim, are you angry with us right now?” When Tim explained that he wasn’t at all angry—that he was just putting on his “active-listening face”—his colleague gently explained that his active-listening face looked a lot like his angry face.
Pope Francis is widely believed to be a cool Pope—a huggable, Upworthyish, meme-ready, self-deprecating leader for a new generation of worshippers. “He has described himself as a sinner,” writes Archbishop Desmond Tutu in Pope Francis’ entry on Time’s list of the 100 most influential people in the world, “and his nonjudgmental views on … issues such as sexual orientation and divorce have brought hope to millions of Roman Catholics around the world.”
But there’s one issue that can make even Cool Pope Francis himself sound a little, well, judgy. “A society with a greedy generation, that doesn’t want to surround itself with children, that considers them above all worrisome, a weight, a risk, is a depressed society,” the pontiff told an audience in St. Peter’s Square earlier this year. “The choice not to have children is selfish. Life rejuvenates and acquires energy when it multiplies: It is enriched, not impoverished.”
Where did it come from, and what are its intentions? The simplicity of these questions can be deceiving, and few Western leaders seem to know the answers. In December, The New York Times published confidential comments by Major General Michael K. Nagata, the Special Operations commander for the United States in the Middle East, admitting that he had hardly begun figuring out the Islamic State’s appeal. “We have not defeated the idea,” he said. “We do not even understand the idea.” In the past year, President Obama has referred to the Islamic State, variously, as “not Islamic” and as al-Qaeda’s “jayvee team,” statements that reflected confusion about the group, and may have contributed to significant strategic errors.
The Onion had a problem: It fell behind the times. The mock newspaper hadn’t printed an issue on actual paper since 2013, and in the period since, it never redesigned its website. As the media world changed—as the New York Times and the Washington Post adapted the ways they published stories online—The Onion lost a key satirical weapon. Visually, it no longer looked like many of the publications it parodied. And so, like it had done many times before, The Onion tagged along.
In 2008, I was elected governor of Delaware. In politics, timing is everything. You can be a fantastic candidate and run in a bad year for your party and get clobbered. You can be an absolute dud and run in the right year and get the brass ring. 2008 was a good year to be a Democrat.
But beyond the political benefit, my timing was awful. A month before I took office at the depths of the Great Recession, Chrysler closed its assembly plant in Newark, my hometown. A few months after my inauguration, General Motors shuttered its plant a few miles away. That fall, Valero closed its refinery. Those three employers had represented the best opportunities for high school graduates to get middle-class jobs for decades. Within a year, all were gone.
The question that most people ask themselves as they walk into their boss's office to negotiate their salaries is likely some variant of "What am I going to say?" But according to hostage negotiator Chris Voss, that might be the least important thing to keep in mind when negotiating.
Voss, now an adjunct professor at Georgetown University's McDonough School of Business, spent 24 years at the FBI. It was as an FBI agent that he started to get interested in hostage negotiations. At the time, a supervisor told him to start by volunteering at a suicide hotline to gain the set of listening abilities that a hostage negotiator needs. By 1992, he was training at the FBI's school for negotiators, and from 2004 to 2007, he was the FBI's lead international hostage negotiator. After retirement, Voss founded The Black Swan Group to bring negotiation know-how to the business world.
Though at first glance, science and fantasy seem to be polar opposites, the Venn diagram circles of “scientists” and “Lord of the Rings fans” have a large overlap. One could (lovingly!) label that region “nerds.”
Fight me on that if you want, but there’s plenty of evidence that suggests scientists love J.R.R. Tolkien’s epic. Several newly discovered animal species have been named after characters from the books—a genus of wasps in New Zeland is now called Shireplitis, with species S. bilboi, S. frodoi, S. meriadoci, S. peregrini, S. samwisei and S. tolkieni. The wasps bear the names of the hobbits because they too are “small, short, and stout,” according to a press release. On the other side of the size spectrum, paleontologists named a 900-pound ancient crocodile Anthracosuchus balrogus, after the Balrog, a giant whip-wielding fire monster from The Lord of the Rings. There is also a dinosaur named after Sauron, which seems kinda harsh to me. And many, many more, if the website “Curious Taxonomy” is to be believed.