Gross Domestic People or Gross Domestic Product: Is GDP Leaving out People?

On a recent trip to the Allegheny Conference on Community Development, I realized that community leaders are marketing the economy to investors in terms of job growth, sector growth, and migration numbers. This comes as little surprise during a time when Gross Domestic Product (GDP) has indicated that the Great Recession of 2009 is long past. However, employment numbers have looked less promising. For years, GDP has been the economic measure of choice for the United States and for other countries. Policymakers, analysts, and academics have focused on GDP as the primary variable to both understand economic growth and to manipulate in order to change the economic condition. However, in our daily lives we care less about GDP growth than we care about payroll income and job security. Continue reading “Gross Domestic People or Gross Domestic Product: Is GDP Leaving out People?”

For Richer or Poorer

With all of the negative economic news you may not realize that the American economy continues to generate wealth and profits.  The following slideshow takes a look at why this surplus is not being invested to stimulate demand or create jobs.