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The difference in the US/Italian economy is priorities. What matters to me is accessibility to fresh foods, my children's education and healthcare.
I spend a fortune on non-GMO, organic foods which are cheaper and more readily available in Italy. It's just my husband and I. I feel like every day I walk into Trader Joe's and it's $50. My grass-fed milk is $6 a half gallon. Organic butter is $7.50 a pound. Organic eggs is $7.00 a dozen. It's crazy, but we are so lucky to have a Trader Joe's nearby! Otherwise my costs would be higher.
My kids had numerous merit scholarships. Their tuition per child was still $180,000 for four years. Their grad schools were $60,000 each.
My son's federal government employee healthcare premium is $600 a month. My medicare advantage plan is $508 a month. My husband and I spent 1/5 of our annual social security income on premiums. And, our yearly social security is taxed by the federal government.
I hardly think Italy is the worse place in Europe for taxation. It's either the government or business taking your money. There is no getting around expenses.
It's not about whether Italy is the highest taxing place in Europe, it's just a fact that many Italians live on what Americans would consider poverty wages and pay a significantly higher % of that income in taxation.
And stating the obvious, food is cheaper in Italy because wages are lower. Re-work the cost of food if you were living on €20k and you'll find it's not actually that cheap.
Why do you think spending money on golf is "wasted"?
I generally don't, but was writing in the context of Italians spending their money differently to us.
I suspect that the Italian relatives would consider spending hundreds of euros on a round of golf quite an extravagance and would prefer to spend on the latest clothes.
It's not about whether Italy is the highest taxing place in Europe, it's just a fact that many Italians live on what Americans would consider poverty wages and pay a significantly higher % of that income in taxation.
And stating the obvious, food is cheaper in Italy because wages are lower. Re-work the cost of food if you were living on €20k and you'll find it's not actually that cheap.
Very true, and it is the norm for young people to live with their parents until their thirties, has been so for a long time. It is the norm for people to pass on their property to their kids, while still alive, to avoid inheritance tax.
Also seems to be much more common to eat food in season, which is cheaper and better. Rather than whinge (as I am now) about the outrageous price of blueberries, expecting as we do here, that all food be available all year round.
Also very common that people there expect relatives who have moved overseas to come and visit them there in Italy, not the other way around. Our Italian family have all come once to Australia and an uncle came twice. They all say it is “too many hours”, whereas we have been to Italy eight times. I hear this over and over from friends with Italian background, and it is no doubt influenced by the cost of travel as well as the discomforts.
The Black Market is not included in GDP. But every country has substantial black market activity. Generally, low GDP countries like Mexico and Italy have a higher black market percent. Italy is around 12%.
High taxes and onerous regulations create and sustain the black market. This is why in the USA, marijuana alone accounts for $60 billion in the Black Market.
United States of America is country which has the highest number of black-markets in the world. It is claimed to be having world’s largest black economy which value amounts to approximately $ 625.63billions which almost double the amount of China’s black economy. It is the hub of numerous illegal transactions, trade of weapons, drugs, technology, human trafficking and much more.
Surely the profits from black market/criminal activities do push up GDP? I mean in way of economic activity. More cash floating around means more spent on services and the laundering of cash and ill earned gains into cars and houses and holidays etc?
Very true, and it is the norm for young people to live with their parents until their thirties, has been so for a long time. It is the norm for people to pass on their property to their kids, while still alive, to avoid inheritance tax.
Also seems to be much more common to eat food in season, which is cheaper and better. Rather than whinge (as I am now) about the outrageous price of blueberries, expecting as we do here, that all food be available all year round.
Also very common that people there expect relatives who have moved overseas to come and visit them there in Italy, not the other way around. Our Italian family have all come once to Australia and an uncle came twice. They all say it is “too many hours”, whereas we have been to Italy eight times. I hear this over and over from friends with Italian background, and it is no doubt influenced by the cost of travel as well as the discomforts.
We experience the same with relatives and friends visiting from Europe (not Italy) It is usually a one off thing to do, but most stay longer and travel more of the country, than probably back in Europe. But hard to compare as Europe very easy to travel several countries with little effort. I note more are doing their own thing by means of camper vans to cut down costs. South Africa seems in vogue with many, not too far, somewhat exotic and far, far cheaper than Australia.
Having relatives in places like Australia, does entice those who most likely would not visit otherwise. It is far Australia. Of course the other way round, we are not confined to anyone country. Hence better value measured over those terms.
It's not about whether Italy is the highest taxing place in Europe, it's just a fact that many Italians live on what Americans would consider poverty wages and pay a significantly higher % of that income in taxation.
And stating the obvious, food is cheaper in Italy because wages are lower. Re-work the cost of food if you were living on €20k and you'll find it's not actually that cheap.
Hence the reason why many young leave to work in other countries. UK was very popular pre Brexit. Believe numbers have since declined. But lots go to Germany and France and seemingly an ever increasing number to Australia as Back packers.
Also very common that people there expect relatives who have moved overseas to come and visit them there in Italy, not the other way around. Our Italian family have all come once to Australia and an uncle came twice. They all say it is “too many hours”, whereas we have been to Italy eight times. I hear this over and over from friends with Italian background, and it is no doubt influenced by the cost of travel as well as the discomforts.
The Italian relatives used to have all expenses paid trips to Australia (grandparents would cover the cost) with hotels etc and they would still never put their hand in their pocket for anything.
The southerners (or at least the Campanians) all got a big pay cut in the 1990s when the government started cracking down on the Camorra and everyone lost their side hustle selling biancharia. They went from skiing in Cortina and trips to London and Florida (on a public servant's salary) to being pretty tight up for money.
The Italian relatives used to have all expenses paid trips to Australia (grandparents would cover the cost) with hotels etc and they would still never put their hand in their pocket for anything.
The southerners (or at least the Campanians) all got a big pay cut in the 1990s when the government started cracking down on the Camorra and everyone lost their side hustle selling biancharia. They went from skiing in Cortina and trips to London and Florida (on a public servant's salary) to being pretty tight up for money.
We were told that the financial police cracking down on Eastern European immigrants working illegally had affected people a lot. They had using cheap labour as cleaners, carers etc and then had to pay a lot more.
When the rels all made their single visit out here they did not do too much and then seemed to get bored. Possibly could not afford to do too much, even though they work in professional jobs. And we are probably not glamourous enough for them!!
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