It's a little surprising that it's enough even in the US, nevertheless in other parts of the world 150$ is the minimum monthly income, so it brings much more than the minimum on the table.
If we look at the daily reward pool (I think it's at around 56k), get it at a monthly level (56K*30=1,680,000), assuming a steem price of 1$ and divide it by 150$/month/person, we could say that Steem(it) can feed 11,200 people. Which is nice because the amount of effort one needs to put into blogging is less than an 8h job plus it's a lot more enjoyable.
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The pay in the US is also less than an 8 hour job too. But in other parts of the world where $150 is enough to survive then it's way better than an 8 hour job.
As far as effort, it really depends on what the topic is. I'm sure blogging about the food you are eating with the $5 a day wouldn't take much effort and could pay for itself.
My friend from Nigeria on Steemit is doing rather well.....better than most Americans on Steemit......
for some reason when I think about salaries, I'm not sure why I always think about Venezuela. Average monthly wage there is 33$. the monthly steem pool could provide average wages for 50k Venezuelans.
https://www.quora.com/What-is-the-average-wage-in-Venezuela
Changing the world. Normal day in SteemLand :)