ECONOMY – ECONOMIC DATA TRUTH
Economic growth is often explained in a way that seems to indicate that the economy is growing strong and yet we are not seeing the evidence in the lives of the common people. For example, Gross Domestic Profit will often show a strong economy while low income earners are finding their economy far more difficult to navigate. The reason is the multi-tiered economy that we have; where the low income earners are struggling with annual incomes below $30,000 while the high income earners are on annual incomes in excess of $750,000, those floundering on income below $30,000 see little of the benefits of a growing economy but feel all the detriments.
The economic growth data must take into account the multi-tiered sections of the economy so that any structural changes will be able used to improve the lot of the most disadvantaged in the economy.
- The economy has several subsets that are affected in different ways by different economic decisions and must therefore it beholds government to address each subset directly.
A strong economy will care for the most vulnerable.
The strength of an economy is to be measured on the capacity for the least qualified to obtain meaningful and fulfilling employment.
- While we see no benefit in stimulating the economy by the “trickle-down effect” as its greatest benefit is to the most affluent; we see real benefit in the “bubble-up effect” as this stimulates the economy from the most disadvantaged obtaining meaningful employment.
Economic data must demonstrate the effect on the most vulnerable in the communities