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
The Democrat’s command and poise left her rival looking frustrated, peevish, and out of sorts.
Monday brought the first debate of the presidential season, but it often felt like two separate debates. One, from Hillary Clinton, was wonky, crisp, and polished; if not always inspiring, it was professional and careful. The other, from Donald Trump, was freewheeling, aggressive, and meandering, occasionally landing a hard blow but often substance-less and hard to follow. But the two debates intersected at times, sometimes raucously, as Trump repeatedly broke in to interrupt Clinton.
It was a commanding performance from the Democratic nominee. Clinton delivered a series of detailed answers on subjects ranging from race to the Middle East to tax policy. Meanwhile, she delivered a string of attacks on Trump, assailing him for stiffing contractors, refusing to release his tax returns, fomenting birtherism, and caricaturing black America. She stumbled only occasionally, but left few openings for Trump. She remained calm and often smiling as Trump repeatedly attacked her and interrupted her answers—doing it so often that moderator Lester Holt, often a spectral presence at the debate, finally cut in twice in short order to chide him. (Vox counted 40 instances; Clinton made some of her own interruptions, but fewer.) Clinton displayed a sort of swagger perhaps not seen since her hearing before Congress on Benghazi.
If undecided voters were looking for an excuse to come around to Clinton’s corner, they may have found it on Monday night.
Donald Trump sniffled and sucked down water. He bragged about not paying federal taxes—“That makes me smarter.” He bragged about bragging about profiting from the housing crisis—“That’s called business, by the way.” He lost his cool and maybe the race, taking bait coolly served by Hillary Clinton.
If her objective was to tweak Trump’s temper, avoid a major mistake, and calmly cloak herself in the presidency, Clinton checked all three boxes in the first 30 minutes of their first debate.
It may not matter: Trump is the candidate of change and disruption at a time when voters crave the freshly shaken. But the former secretary of state made the strongest case possible for the status quo, arguing that while voters want change in the worst way, Trump’s way would be the worst.
For decades, the candidate has willfully inflicted pain and humiliation.
Donald J. Trump has a cruel streak. He willfully causes pain and distress to others. And he repeats this public behavior so frequently that it’s fair to call it a character trait. Any single example would be off-putting but forgivable. Being shown many examples across many years should make any decent person recoil in disgust.
Judge for yourself if these examples qualify.
* * *
In national politics, harsh attacks are to be expected. I certainly don’t fault Trump for calling Hillary Clinton dishonest, or wrongheaded, or possessed of bad judgment, even if it’s a jarring departure from the glowing compliments that he used to pay her.
But even in a realm where the harshest critiques are part of the civic process, Trump crossed a line this week when he declared his intention to invite Gennifer Flowers to today’s presidential debate. What kind of man invites a husband’s former mistress to an event to taunt his wife? Trump managed to launch an attack that couldn’t be less relevant to his opponent’s qualifications or more personally cruel. His campaign and his running-mate later said that it was all a big joke. No matter. Whether in earnest or in jest, Trump showed his tendency to humiliate others.
In a unique, home-spun experiment, researchers found that centripetal force could help people pass kidney stones—before they become a serious health-care cost.
East Lansing, Michigan, becomes a ghost town during spring break. Families head south, often to the theme parks in Orlando. A week later, the Midwesterners return sunburned and bereft of disposable income, and, urological surgeon David Wartinger noticed, some also come home with fewer kidney stones.
Wartinger is a professor emeritus at Michigan State, where he has dealt for decades with the scourge of kidney stones, which affect around one in 10 people at some point in life. Most are small, and they pass through us without issue. But many linger in our kidneys and grow, sending hundreds of thousands of people to emergency rooms and costing around $3.8 billion every year in treatment and extraction. The pain of passing a larger stone is often compared to child birth.
Communal living is hardly a departure from tradition—it's a return to how humans have been making their homes for thousands of years.
For most of human history, people were hunter-gatherers. They lived in large camps, depending on one another for food, childcare, and everything else—all without walls, doors, or picket fences. In comparison, the number of people living in most households in today’s developed countries is quite small. According to the Census Bureau, fewer than three people lived in the average American household in 2010. The members of most American households can be counted on one hand, or even, increasingly, one finger: Single-person households only made up about 13 percent of all American households in 1960. Now, that figure is about 28 percent.
Belonging to a relatively small household has become the norm even though it can make daily life more difficult in many ways. Privacy may be nice, but cooking and doing chores become much less time-consuming when shared with an additional person, or even several people. Water, electric, and internet bills also become more bearable when divided among multiple residents. There are social downsides to living alone, too. Many elderly people, young professionals, stay-at-home parents, and single people routinely spend long stretches of time at home alone, no matter how lonely they may feel; more distressingly, many single parents face the catch-22 of working and paying for childcare. Living in smaller numbers can be a drain on money, time, and feelings of community, and the rise of the two-parent dual-earning household only compounds the problems of being time-poor.
Who will win the debates? Trump’s approach was an important part of his strength in the primaries. But will it work when he faces Clinton onstage?
The most famous story about modern presidential campaigning now has a quaint old-world tone. It’s about the showdown between Richard Nixon and John F. Kennedy in the first debate of their 1960 campaign, which was also the very first nationally televised general-election debate in the United States.
The story is that Kennedy looked great, which is true, and Nixon looked terrible, which is also true—and that this visual difference had an unexpected electoral effect. As Theodore H. White described it in his hugely influential book The Making of the President 1960, which has set the model for campaign coverage ever since, “sample surveys” after the debate found that people who had only heard Kennedy and Nixon talking, over the radio, thought that the debate had been a tie. But those who saw the two men on television were much more likely to think that Kennedy—handsome, tanned, non-sweaty, poised—had won.
Details later, because I start very early tomorrow morning, but: in this history of debates I’ve been watching through my conscious lifetime, this was the most one-sided slam since Al Gore took on Dan Quayle and (the very admirable, but ill-placed) Admiral James B. Stockdale (“Who am I? Why am I here?”) in the vice presidential debate of 1992.
Donald Trump rose to every little bit of bait, and fell into every trap, that Hillary Clinton set for him. And she, in stark contrast to him, made (almost) every point she could have hoped to make, and carried herself in full awareness that she was on high-def split-screen every second. He was constantly mugging, grimacing, rolling his eyes—and sniffing. She looked alternately attentive and amused.
The Donald J. Trump Foundation reportedly used $258,000, most of it other people’s money, to settle legal disputes for the Republican nominee.
For people at certain income levels, finding creative ways to avoid taxes is practically a leisure sport. Donald Trump, golf and casino magnate that he is, would never miss out on a leisure sport, would be?
In a new article, The Washington Post’s David Fahrenthold, who’s already collected a series of scoops on the Donald J. Trump Foundation, reports that Trump sometimes had people who owed him money pay his foundation instead—to the tune of at least $2.3 million. That’s legal, provided that the person who would have received the income still pays taxes on the money, which is where things get unclear. A Trump adviser initially denied that Trump had ever directed fees to his foundation, but when presented with evidence that he had a $400,000 fee for appearing on a Comedy Central roast (nice work if you can get it) sent to the foundation, the adviser said Trump had paid taxes on it. But he refused to say whether Trump had paid taxes on the rest of the $2.3 million.
During the debate, the Republican nominee seemed to confirm an accusation that he hadn’t paid any income tax, then reversed himself later.
In the absence of facts, speculation will flourish. For example, as long as Donald Trump declines to release his tax returns, his opponents will offer theories for why he has failed to do so.
Trump has claimed that he cannot release his returns because he’s being audited by the IRS. (He complained Monday that he is audited every year.) He repeated that claim during the debate, even though the IRS has said that Trump is free to release his returns even if he is being audited.
Harry Reid, the Democratic senator from Nevada who in 2012 claimed (falsely, it turned out) that Mitt Romney paid no income taxes, has speculated that Trump is not as wealthy as he claims and is a “welfare king.” Romney himself has gotten in on the act, writing on Facebook, “There is only one logical explanation for Mr. Trump's refusal to release his returns: there is a bombshell in them. Given Mr. Trump's equanimity with other flaws in his history, we can only assume it's a bombshell of unusual size.”