GDP Growth Doesn't Mean We're On The Right Road

Dr. B. Posted this on Marketwatch last week:

America's recent GDP growth reflects population growth, the resurgence of the financial sector (speculation), the impact of QE2, the growth of national debt, and "real inflation" in services (meaning the same prices in many cases but reduced quality, thus necessitating the creation of "remedial" and supplemental service work that adds to GDP, but not constructively). These are not indicators of societal progress. GDP growth in these circumstances reflects how far astray we're going from a sustainable model and from real justice. Its nothing to celebrate unless one wishes to applaud the increased concentration of power in the hands of elites.

Syndicate content