No doubt Americans have rich life but are they rich?
Let us say my neighbor and I draw the same amount of salary. My neighbor buys a home and a new car without having to take a loan. I decide to buy a huge home and luxury car taking a big loan. My loan amount is 90% of my annual income and takes several years to pay off.
Average American debt nearly 90% of their one-year GDP whereas average Indian carries a debt of 15% of their GDP.
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
From Indian culture perspective, Americans are poor because the _net debt they carry is larger. From American culture perspective, Indians are poor because they are not enjoying the life as much as they do.
Americans are rich as long as American GDP PPP stays above their average debt. It is the fact!!
