Between, our income has be growing faster than many of our neighbouring countries over the years(including low income group). For our neighbouring friends not only do they have slower growth, they have depreciating assets and worse still slow growth assets. I would still prefer asset growth. Income/asset ratio can be good when both is low. But then, I will be a very poor person in my country as well as globally.
Worse still, one day the govt will go bankrupt subsidizing it's people and cannot afford global goods and technology.
Hope it helps.