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OpEdNews Op Eds    H2'ed 11/10/13

Economic Statistics Myths-- That Growth Benefits All

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Message Salvatore Babones
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But the US economy is growing. It's been growing all along. Growth is not the problem.

Economic structure is the problem. In a word: inequality. Ordinary Americans haven't had a raise (in real, inflation-adjusted terms) since 1972. Instead, all of America's economic growth for forty years has gone to an elite minority.

The myths of economic statistics all come down to the fact that the purpose of the economy isn't to generate profit. The purpose of the economy is to serve the people who depend on it. When it doesn't, maybe it's time to consider a different kind of economy. One that works for everyone.

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Salvatore Babones is a senior lecturer in sociology and social policy at the University of Sydney in Australia and an associate fellow at the Institute for Policy Studies (IPS) in Washington, DC.
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