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this post was submitted on 11 Nov 2024
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For the common people the economy isn't the countries GDP or some DOW Jones, or the value of their currency. Stock market values are useless for the middle and lower class when a small minority owns over 90% of them.
If left wing and progressives really want to address this issue then they need to stop using these kind of figures. They need to address what people actually care for. Everyday costs.
Yup. If the elites (ie: economists, politicians, etc) don't start paying attention to the majority of us who are barely making it, why should we believe them when they say 'but the economy is doing well'?
Costs versus wages is a better metric to target. Costs always go up unless there's deflation. Wages should go up to match.
The left aren’t using those figures. Centrist neoliberals who the media class masquerade as the left use those figures.
The elites have been doing very well since 2010. They froze wage increases and broke the long standing history of them raising with inflation and pocketed an enormous amount of extra profit as a result. Most don't benefit from GDP growth now, they just get poorer due to inflation further eroding their stagnate wages. GDP hasn't been a measure that matters to the average person in 14 years.