Money at Face Value
Not all money is equal. Even though the face value of money stays relatively constant, the purchasing power that is behind it can differ wildly.
We know this intuitively with our personal experiences with things like inflation, but it is also true depending on where you are spending it. In an expensive metropolitan area it may cost more for ordinary goods, while in a rural place it may buy more than you may expect. Today’s charts use information from the Bureau of Economic Analysis to look at data at the state and county level to see where money can get the most “bang for the buck” in purchasing most goods and services.
Hawaii and D.C. are Money Pits
Looking at the cost of living by state level (and including the District of Columbia), the most expensive places to live are: Hawaii, Washington D.C., New York, and New Jersey. California and Maryland are close behind.
In all of these places, on average, spending $100 will only get you about $85 of goods and services relative to the rest of the country.
Here it is mapped:
The best places to get bang for your buck? Each dollar goes further in the Midwest and the South. Mississippi, Alabama, Arkansas, Missouri, and South Dakota are among the cheapest states to live.
More Granularity by County
The data becomes much more interesting as it becomes more granular. It also makes sense because most people in Washington State know that money goes further in Spokane in comparison to Seattle. In the big metropolitan areas, or parts of remote states such as Alaska or Hawaii, the cost of living goes up significantly.
Here’s the data by county mapped:
Here’s the five most expensive places in America:
1. Honolulu ($81.37)
2. New York-Newark-Jersey City ($81.83)
3. San Jose-Sunnyvale-Santa Clara ($81.97)
4. Bridgeport-Stamford-Norwalk ($82.31)
5. San Francisco-Oakland-Hayward ($82.44)
The cheapest place? It looks like it is rural Mississippi where $100 can buy you more than $125 of goods.
Original graphics from: Tax Foundation
Which Countries are the Most Polarized?
This chart plots polarization for various countries based on the Edelman Trust Institute’s annual survey of 32,000+ people.
Which Countries are the Most Polarized?
How do you measure something that’s made headlines for half a decade but is still difficult to quantify? We’re talking about polarization.
How Do You Quantify Polarization?
Edelman’s data on which countries are the most polarized comes from survey results asking respondents two very simple questions:
- How divided is their country?
- How entrenched is the divide?
The questions help bring to light the social issues a particular country is facing and the lack of consensus on those issues.
Plotted against each other, a chart emerges. A country in the top–right corner of the chart is “severely polarized.” Countries located closer to the lower–left are considered less polarized.
In the report, Edelman identifies four metrics to watch for and measure which help quantify polarization.
|Economic Anxieties||Will my family be better off in five years?|
|Institutional Imbalance||Government is viewed as unethical and incompetent.|
|Class Divide||People with higher incomes have a higher trust in institutions.|
|Battle for Truth||Echo chambers, and a low trust in media.|
Following Edelman’s metrics, countries with economic uncertainty and inequality as well as institutional distrust are more likely to be polarized. Below, we look at key highlights from the chart.
Severely Polarized Countries
Despite being one of the largest economies in Latin America, Argentina is the most polarized country surveyed by a large margin. Foreign loan defaults, a high fiscal deficit, and now surging inflation have created a perfect storm in the country.
43% of the Argentinian respondents said they will be better off in five years, down 17 percentage points from last year.
Along with fiscal upheaval, Argentinians are also dealing with enduring corruption in the public sector and abrupt policy reversals between governments. Only 20% of those surveyed in Argentina said they trusted the government—the least of all surveyed countries.
Here are all six of the countries considered to be severely polarized:
🇺🇸 United States
🇿🇦 South Africa
In the U.S., heightened political upheaval between Democrats and Republicans over the last few years has led to strengthening ideological stances and to an abundance of headlines about polarization. Only 42% of respondents in the country trust the government.
And in South Africa, persistent inequality and falling trust in the African National Congress also check off Edelman’s metrics. It’s also second after Argentina with the least trust in government (22%) per the survey.
Moderately Polarized Countries
The biggest cluster of 15 countries are in moderately polarized section of the chart, with all continents represented.
🇰🇷 South Korea
🇬🇧 United Kingdom
Some are on the cusp of being severely polarized, including economic heavyweights like Japan, the UK, France, and Germany. On the other hand, smaller economies like Thailand, Kenya, and Nigeria, are doing comparatively better on the polarization chart.
Less Polarized Countries
Countries with fair economic outlook and high trust in institutions including China, Singapore, and India are in the bottom left sector of the chart.
🇦🇪 United Arab Emirates
🇸🇦 Saudi Arabia
It’s interesting to note that of the seven countries in that sector, three are not democracies. That said, there are also more developing countries on this list as well, which could also be a factor.
Edelman notes that polarization is both “cause and consequence of distrust,” creating a self-fulfilling cycle. Aside from the four metrics stated above, concerns about the erosion of civility and weakening social fabric also lead to polarization.
As global events unfold in 2023—including looming worries of a recession—it will be fascinating to see how countries might switch positions in the year to come.
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