I'll commence with an anecdote. I am a digital hoarder and have recently been collecting/downloading high quality art images from Google Arts and Culture, Wiki and some museums. One of the museums was the "Cleveland Museum of Art" in Ohio, which has large uncompressed tiff images you can download (I convert them to lossless Webp to reduce the size they occupy; it's filesizes are ~30% smaller than Png). Out of curiosity I began researching Cleveland, Ohio. The metro area has a population of about 2.1 million (roughly equivalent to Brisbane), yet the median house price seems to be about $125,000 USD (median includes cheap, affluent and in-between suburbs). In comparison, in Brisbane, one of the cheapest suburbs is Kingston (it's far to the south, in the Logan CIty area), and the median price there is almost $500,000 AUD.
Food also seems to be much cheaper in the USA, and in restaurants you get much bigger servings (and superior service) than in Australia (the average American consumes 3,7770 calories per day).
Tradesmen are much less expensive to employ; often on OzBargain I see people complaining about being ripped off by tradies. Petrol prices are 20% lower in America according to the following site: https://www.carexpert.com.au/car-news/how-much-does-petrol-c… . Electricty is ~22% cheaper according to the following: https://www.statista.com/statistics/263492/electricity-price… (but Gulf states, China and India are far cheaper than the USA(.
Lastly, non-subsidized pharmaceutical and supplements are much cheaper in America. People mentioned melatonin on an iHerb thread. Another pharmaceutical I have been interested in is Modafinil, a stimulant that apparently lacks the addictive high of cocaine and amphetamines. It is only PBS subsidized if you have abarrage of neurological tests proving you have narcolepsy; otherwise you need a private script - no government subsidy. At Walmart and CostCo pharmacies it costs $35 USD for the generic; in Australia it costs $110 AUD at "lowest prices are just the beginning" Chemist Warehouse. That is about double the price. Why so expensive? Unfortunately we cannot buy prescription pharmaceuticals directly from overseas merchant like we can purchase cell phones or hard drives or apparel or books.
Middle class people in "the shining city on a hill" get paid similar wages to their Australia equivalent yet enjoy a significantly higher living standard because the essentials of life are cheaper there than in Australia. I'm going to get rage hated for saying this, but I feel the best thing that could happen to Australia, is for it to become the 51st state of America.
No doubt there will be tonnes of apologetics following about how we have better workers rights, live further away from everyone, have a small population density, etc. - most of which are true but don't really (have to) contribute that much to most of the issue.
My opinion? We just bend over more easily and don't know how to kick up a fuss. That's all.
There's lots that's beautiful about America but there's lots that's ugly too. Some things are worth paying double for. In any event it wouldn't change the prices - look at Hawaii, it's expensive as.