This is something that Americans in general have no idea is the case. They think that we have the best country on earth since we have the highest GDP. But, your article aptly points out that it's only the top 10% that really benefits from our present economic system. It is the propaganda of the "trickle down theory" that has convinced people for years that eventually they'll get a bigger piece of the pie. But as we've seen, it has only added to an ever increasing wealth gap. I had this conversation with a neighbor and was shocked when he insisted all the tax subsidies should go to companies and the wealthy, otherwise we working class people would not have jobs. It never made sense to me and you have confirmed the bias of American capitalism. It does not work for the working class and it certainly doesn't make us, the bottom 90%, healthier, wealthier or happier.
For example, a monster hurricane (intensified by global warming) travels hundreds of miles inland and devastates a mountain city that is some 300 miles to the nearest ocean.
The people there are unhappy. Many lost everything. Many died. But people got to work and started rebuilding. GDP went up, due to the hurricane!
Similarly, an elder who eats well, exercises, and lives simply might live into their 90s and leave a large inheritance to their heirs. They've had a long, presumably happy life. Their heirs are happy. GDP does not budge, except if the heirs suddenly spend all the inheritance.
Now a similar senior lives on junk food, gets no exercise, and is obese with multiple heart problems. They are on multiple medications. Their health deteriorates in their early 60s to the point that they need full-time care and more drugs. They spend 12.2 years in poor health before finally dying. There is no money left for heirs.
Yet, the latter case is a tremendous boon to GDP! They spend well beyond their means for a dozen years!
Perhaps that's why the US has the longest period of ill health before death in the entire world, at 12.2 years. That's not a "bad thing"; it's optimal for GDP growth!
The whole bogus trickle down thing was touted by Reagan and was no more true then than it is now. I would be much happier and healthier, probably, with a European system.
Being near the bottom of the wealth distribution curve (an invisible line that goes into the stratosphere once it reaches the billionaires) tends to have that effect on people.
That is THE reason to negate or devalue education…you cannot have blind obedience from some who possess the ability and willingness to think. To ascertain fact from lies. To comprehend and respond rather than unhinged reaction.
I think that the simple translation of this is the wealthy are hoarding the money.
The "statistics" used don't even measure up to voodoo or witchcraft.
Lowering inflation is done by putting people out of work or small businesses out of business. Hidden behind a smirk and a statement of "We will have to see if raising the interest rate.by another 1 tenth of 1% will lower inflation" translation "We haven't put enough people out of work and bought their houses yet for a real bargain." Isn't it interesting that the things that are left out of inflation calculations are essential items?
What is the definition of the tech industry?
IT? It produces nothing except loss of jobs due to increased "efficiencies".
Weapons mfg? Our primary export is totally disposable.
Real estate? A glut of houses with a glut of homeless population.
Then we demonize the food stamp recipients who are working and unable to afford rent. Subsidized labor for Walmart and the rest who refuse to pay living wages. Another tax cut for the welfare of the wealthy.
Then there is the change from durability of products to the disposability of products. How much does that bloat the number of the GDP ? Buy, rebuy again and again. Reliability engineering is now unreliability engineering. Design the production to fail a month after warranty expiration.
Reaganomics? Tax cuts to the corporations so they will invest in America for American workers. Somehow this ended up being for slavery workers in China. Who could have known?
Can't wait for the world to stop using GDP as a measure of anything meaningful or useful for everyday people. Why should we care if the economy is growing it literally doesn't relate to our well being at all. Time for me to explore the ways quality of life and other indexes are measured. I also wonder how Australia compares, I'm guessing somewhere in the middle of US and Europe, I dont think we're nearly as bad as the US for working class people, but our richest are probably more mine money than tech money.
I agree and don't think we should get ahead of ourselves that Europe has the same right wing populist crisis and falling rates of profits just like the states. We can't be vulgar and just say the grass is greener in the EU.
This is something that Americans in general have no idea is the case. They think that we have the best country on earth since we have the highest GDP. But, your article aptly points out that it's only the top 10% that really benefits from our present economic system. It is the propaganda of the "trickle down theory" that has convinced people for years that eventually they'll get a bigger piece of the pie. But as we've seen, it has only added to an ever increasing wealth gap. I had this conversation with a neighbor and was shocked when he insisted all the tax subsidies should go to companies and the wealthy, otherwise we working class people would not have jobs. It never made sense to me and you have confirmed the bias of American capitalism. It does not work for the working class and it certainly doesn't make us, the bottom 90%, healthier, wealthier or happier.
GDP is not happiness!
For example, a monster hurricane (intensified by global warming) travels hundreds of miles inland and devastates a mountain city that is some 300 miles to the nearest ocean.
The people there are unhappy. Many lost everything. Many died. But people got to work and started rebuilding. GDP went up, due to the hurricane!
Similarly, an elder who eats well, exercises, and lives simply might live into their 90s and leave a large inheritance to their heirs. They've had a long, presumably happy life. Their heirs are happy. GDP does not budge, except if the heirs suddenly spend all the inheritance.
Now a similar senior lives on junk food, gets no exercise, and is obese with multiple heart problems. They are on multiple medications. Their health deteriorates in their early 60s to the point that they need full-time care and more drugs. They spend 12.2 years in poor health before finally dying. There is no money left for heirs.
Yet, the latter case is a tremendous boon to GDP! They spend well beyond their means for a dozen years!
Perhaps that's why the US has the longest period of ill health before death in the entire world, at 12.2 years. That's not a "bad thing"; it's optimal for GDP growth!
Please advise your neighbor to read Untrickled!
The whole bogus trickle down thing was touted by Reagan and was no more true then than it is now. I would be much happier and healthier, probably, with a European system.
Being near the bottom of the wealth distribution curve (an invisible line that goes into the stratosphere once it reaches the billionaires) tends to have that effect on people.
I’m married to a European and this is correct.
That is THE reason to negate or devalue education…you cannot have blind obedience from some who possess the ability and willingness to think. To ascertain fact from lies. To comprehend and respond rather than unhinged reaction.
I think that the simple translation of this is the wealthy are hoarding the money.
The "statistics" used don't even measure up to voodoo or witchcraft.
Lowering inflation is done by putting people out of work or small businesses out of business. Hidden behind a smirk and a statement of "We will have to see if raising the interest rate.by another 1 tenth of 1% will lower inflation" translation "We haven't put enough people out of work and bought their houses yet for a real bargain." Isn't it interesting that the things that are left out of inflation calculations are essential items?
What is the definition of the tech industry?
IT? It produces nothing except loss of jobs due to increased "efficiencies".
Weapons mfg? Our primary export is totally disposable.
Real estate? A glut of houses with a glut of homeless population.
Then we demonize the food stamp recipients who are working and unable to afford rent. Subsidized labor for Walmart and the rest who refuse to pay living wages. Another tax cut for the welfare of the wealthy.
Then there is the change from durability of products to the disposability of products. How much does that bloat the number of the GDP ? Buy, rebuy again and again. Reliability engineering is now unreliability engineering. Design the production to fail a month after warranty expiration.
Reaganomics? Tax cuts to the corporations so they will invest in America for American workers. Somehow this ended up being for slavery workers in China. Who could have known?
It can all be summarized in one word- lies.
Can't wait for the world to stop using GDP as a measure of anything meaningful or useful for everyday people. Why should we care if the economy is growing it literally doesn't relate to our well being at all. Time for me to explore the ways quality of life and other indexes are measured. I also wonder how Australia compares, I'm guessing somewhere in the middle of US and Europe, I dont think we're nearly as bad as the US for working class people, but our richest are probably more mine money than tech money.
I love this so much. Really hits. I hope (mainstream) America doesn’t expand its culture and ideas because they are backwards and destructive
I agree and don't think we should get ahead of ourselves that Europe has the same right wing populist crisis and falling rates of profits just like the states. We can't be vulgar and just say the grass is greener in the EU.