gross national product

Mitt Romney, Luxembourg, and America the Beautiful

At a town hall meeting in New Hampshire, at least two members of the audience challenged Mitt Romney on the morality of America’s economic system and of the trickle-down theory of economics. Romney defended the concept that corporations are people and asked which country in the world has higher incomes than the United States.
   
Luxembourg.
   
And depending upon what measure one uses and which web site on consults, that list also includes the territory of Bermuda, the dependency of Jersey, Equatorial Guinea, United Arab Emirates, Norway and Switzerland.
   
It is true that the United States has the most powerful economy measured by Gross Domestic Product — nearly $15 trillion. China is number two with $10 trillion. But if we measure per capita income, the United States falls to number three behind Norway and Switzerland. (Norway: $43,400 Switzerland: $40, 680 U.S. $37,870)
   
According to the web site WiseGeek, Luxembourg has the highest income per capita in the world.

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