But why should we be expected to just accept that a news report that “the economy” is on the upswing means the average worker is doing any better, when all evidence is to the contrary? Why should our media’s economic so-called “experts” come from a pool of elite economics departments beholden to corporate donors and right-wing think tanks? And why must “the economy” be defined in terms of whether the Dow is up or down, instead of whether people have food, housing, healthcare, and job security?–
A lot of this stems from incredibly flawed economic metrics that are used to drive policy decisions. The stock market and gdp growth are only tangentially related to the well-being of the populace, especially in the lower economic rungs.
Citations Needed:
A lot of this stems from incredibly flawed economic metrics that are used to drive policy decisions. The stock market and gdp growth are only tangentially related to the well-being of the populace, especially in the lower economic rungs.
Yeah GDP is a garbage metric, and recent rises in stock, bond, and real estate value is what Michael Hudson calls “asset price inflation”.