The Importance of Socialism in China

There is a degree of socialism here in China that makes it so that the people who make less are actually more well off than their American counterparts. Even though some people may be making less, they still literally have more money than the US economists might realize because they're getting tax incentives. A lot of people in the countryside don't make any kind of mortgage payment. They own their home outright completely. And like almost all cases in the countryside, everyone completely owns their home. It's been in their family for generations and there's no housing bill at all whatsoever.