Former Labor Secretary Robert Reich believes the real measure of the economy does not come from the stock market, GDP growth, or the number of jobs; rather, it can be measured accurately at the kitchen tables in America.
“In America, it’s expensive just to be alive,” he said in a video tweeted by Inequality Media.
Reich raised some important questions regarding the state of the economy and indicated economic statistics may not necessarily reflect the true state of Americans’ lives.
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“What good are more jobs if those jobs barely pay enough to live on? And what good are lots of jobs if they cause so much stress and take up so much time that our lives are miserable?” he questioned.
“And don’t tell me a good economy is measured by a roaring stock market if the richest 10% of Americans own more than 80% of it. And what good is a large gross domestic product if more and more of the total economy is going to the richest 1%?” he argued.
Corporate Profits: Reich also took a sarcastic dig at surging corporate profits. “People who sit at their kitchen tables at night wondering how they are going to pay the bills, they don’t say to themselves — ‘Well, at least corporate profits are at record levels!” he said.
The Former Labor Secretary pointed out that corporations have record profits and CEOs are paid so much because they are squeezing more output from workers but paying lower wages.
“Traditionally, our economy’s health is measured by the unemployment rate, job growth, the stock market, and overall economic growth. But these don’t reflect the everyday “kitchen table economics” that affect our lives the most. These measures don’t show the real economy,” he said.
Reich also highlighted the fact that over the last few decades, the real median income has barely budged. “This isn’t economic success. It’s economic failure, with a capital F. And instead of looking at the stock market or the GDP, we need to look at who owns what, where the wealth really is,” he said.
“How many of us are adequately housed and clothed and fed? How many of our kids are getting a good education? How many of us live in safety or in fear? You want to measure economic success — Go to the kitchen tables of America,” Reich said.
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Image and article originally from www.benzinga.com. Read the original article here.