Not left, not right, forward.

ECONOMIC PROSPERITY

Policy

To update Gross Domestic Product (GDP) and other economic indicators to better reflect a modern economy.

Currently, GPD focuses on the “value of all sales of goods and services” which emphasizes pure materialism. Instead, economic prosperity should contain other measurements like “income inequality” and “under-employment” for folks who work 2-3 jobs just to make ends meet.

For additional measurements, see below:

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When you measure something, you implicitly set your policy goals. By focusing our measurement on GDP, we’ve promoted production over all else. It’s time to start measuring economic prosperity using a wider index that measures human as well as monetary indicators, such as (but not limited to):
  • Quality of life and health-adjusted life expectancy
  • Happiness/Well-being and mental health
  • Underemployment
  • Income inequality
  • Consumer and student debt
  • Work and civic engagement levels
  • Volunteerism
  • Infant mortality
  • Quality of infrastructure
  • Access to education
  • Marriage and divorce rates
  • Substance abuse and related deaths
  • National optimism
  • Personal dynamism/economic mobility
In short, why use GDP as a proxy for how Americans are doing when we can easily measure that well-being directly? Let’s start an American Scorecard, directly measuring the things we should be focusing on.

Economic Challenges

  • Focus on a single number skews policy directives.
  • GDP doesn’t take into account economic inequality.

“I think we’ll end up doing universal basic income . . . It’s going to be necessary . . .There will be fewer and fewer jobs that a robot cannot do better. I want to be clear. These are not things I wish will happen; these are things I think probably will happen.”

Elon Musk - February 2017

solutions

  • Refocus our measuring tools to better capture the actual economic/well-being of the American people
  • Set policy goals against measurable indicators of well-being
  • Make an American Scorecard to measure progress on these goals

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