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“Because the stock market doesn't represent the economy as most people experience the economy.“ That’s my theory. The top 10% own most of the stock but their e
by Ididntdothis 6y ago
“Because the stock market doesn't represent the economy as most people experience the economy.“
That’s my theory. The top 10% own most of the stock but their experience of this crisis is quite different from people who already had low wages now losing their jobs. I bet most of the people (not all) on this site don’t feel the crisis economically at all or only with minor pain.
Personally I think we should stop looking at GDP, stock markets or housing prices but instead the economy should be optimized towards raising things like median wages or purchasing power. In the end that’s what really counts.
- kazen44 6y agoIn the end what really counts is the health of members of society as a whole. Providing everyone with basic life necessities would be a good start.
- DangitBobby 6y agoI agree that metrics should be tied to actual individual income and not the stock market or GDP. (As an aside, my cynical belief is that we've always known those to be poor metrics but we use them anyway because they measure what people with power actually care about). But keep in mind that even median income is not a good indicator of economic standing with high cost of living. Whatever it is would ideally capture how much spending/saving power is left over after essentials (warmth, shelter, food, water, health etc).
- Ididntdothis 6y agoThat’s why I mentioned something like purchasing power.