New Economy Working Group

Oct 11, 2012   //   by boyce   //   Websites  //  1 Comment

Advancing democratic alternatives to oligarchy:

Extreme inequality undermines democracy, the economy, public health and culture. Concentrated wealth translates into political power to further shape elections, legislative priorities and rules in favor of global corporations and the already wealthy. This in turn leads to the kind of economic distortions that caused the 2008 financial collapse. In the lead up to the collapse, the bottom 70 percent of the U.S. population responded to stagnant wages by borrowing beyond their means, while the top 1 percent engaged in reckless speculation on highly rated but essentially worthless securities in financial markets freed from essential regulation and public oversight.

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1 Comment

  • We measure the wrong things. We measure GNP, and unemployment statistics, but neither tells us if we are happy or healthy. We need a new measurement for quality of life. We may be rich, but stuff doesn’t mean we are well off.