And the cost of living in the US is really low. AFAIK it's the lowest cost of living in the west, thanks to the likes of Walmart and McDonalds buying at from suppliers at rates that the rest of the world realises is unsustainable.
Bottom line. We are getting ripped off but the US should be paying more. We can't all have US prices, it squeezes the suppliers and only makes huge profits for the retailers.