"Americans keep hearing that the economy is strong. Unemployment is low. Wages are rising. Growth is steady. But for millions of families, those headlines feel like a cruel joke. The cost of rent, groceries, and healthcare keep climbing while steady, well-paid work remains out of reach. The disconnect isn't just perception-it's baked into the way we measure economic success. Throughout history, when governments fail to fully appreciate the realities faced by their people, it leads to crisis."
"In the late eighteenth century, the oppressive economic situation facing the French people went unacknowledged by the royal family for decades. The French ruling class considered the truth about the nation's fiscal crisis to be nefarious-a threat to their power. Marie Antoinette, when told the peasants had no bread, replied, "Let them eat cake!" Whether or not the remark is literal or legend, it captures the ruling class's indifference."
Official economic statistics paint a picture of low unemployment, rising wages, and steady growth while many families face unaffordable housing, food, and healthcare. Measurement methods exclude or misrepresent key realities, making prosperity appear broader than it is. Persistent cost pressures and stagnant access to well-paid work leave millions economically precarious. Historical precedents show that ignored fiscal distress and ruling-class indifference can precipitate social and political upheaval. Misleading metrics reduce the urgency of policy responses and can allow inequalities to deepen. Accurate measurement of incomes, costs, and economic participation is necessary to reveal true living standards and guide effective policy.
Read at Fast Company
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