The Economy Has Fundamentally Changed In The 21st Century…And Not For The Better
The net result is we have an economy that’s supposedly expanding smartly while our well-being and financial security are collapsing.
Gross Domestic Product (GDP) and other metrics of economic activity don’t measure either broad-based prosperity or well-being. Elites skimming financialization profits by expanding corporate debt and issuing more loans to commoners while spending more on their lifestyles boosts GDP quite nicely while the security and well-being of the bottom 90% plummets.
Under the hood of “recovery” and a higher GDP, life has gotten harder and more insecure for the bottom 90%. The key is