so all I can say is: what Barbara Ehrenreich said:
All this is true, but it is also a form of economy fetishism, or should I say worship? If we have learned anything in the last few years, it is that the economy is no longer an effective measure of human well-being. We’ve seen the economy grow without wage gains; we’ve seen productivity grow without wage gains. We’ve even seen unemployment fall without wage gains. In fact, when economists want to talk about life “on the ground,” where jobs and wages and the price of Special K are paramount, they’ve taken to talking about “the real economy.” If there’s a “real economy,” then what in the hell is “the economy”?(I especially like her metaphor for the economic "stimulus" package, but this is a family blog...sort of...so you can read the whole thing for yourself. And "moral calculus" in a discussion of economics; what a concept! I feel so, so..."radical" and 19th century and all!)
Once it was real-er, this economy that we have. But that was before we got polarized into the rich, the poor, and the sinking middle class. Gross social inequality is what has “de-coupled” growth and productivity from wage gains for the average household. As far as I can tell, “the economy,” as opposed to the “real economy,” is the realm of investment, and is occupied by people who live on interest and dividends instead of salaries and wages, aka the rich.
So I’m proposing a radical shift in rhetoric: Any stimulus package should focus on the poor and the unemployed, not because they spend more, but because they are in most in need of help. Yes, when a parent can afford to buy Enfamil, it helps the Enfamil company and no doubt “the economy” too. But let’s not throw out the baby with the sensual bubble bath of “stimulus.” In any ordinary moral calculus, the baby comes first.
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