Summary

The article "Screw The Economy" argues that a thriving economy disproportionately benefits the wealthy rather than providing equitable advantages to the average person.

Abstract

The article critiques the societal obsession with the economy, suggesting that the focus on economic growth primarily serves the interests of the rich and powerful. It points out that most people, including politicians, have a limited understanding of national economics, often equating it simplistically with gas prices and the cost of bread. The author contends that even when the economy is said to be booming, the average worker may not see significant improvements in their pay or living conditions, while CEOs and investors reap the rewards. The piece also highlights that economic downturns can lead to layoffs, even in profitable companies, and that the lowest-paid workers are the most vulnerable. Furthermore, the article challenges the notion that a good economy guarantees better public services or environmental protection, noting that these improvements are not automatic and can be hindered by political and corporate interests. The author concludes by advocating for a broader definition of national success, one that prioritizes the well-being and happiness of the population over traditional economic indicators like GDP.

Opinions

The author believes that the average person's understanding of the economy is superficial and that the term "economy" is often used by politicians and the media to manipulate public opinion.
It is argued that economic prosperity does not necessarily translate into higher wages for workers or better living conditions for the average citizen.
The article suggests that during economic downturns, the wealthy can still amass fortunes, as seen with billionaires profiting during crises like the COVID-19 pandemic.
The author is critical of the idea that a strong economy leads to better public services, noting that many areas lack adequate transit and environmental protection, even when the economy is performing well.
The piece posits that a healthy economy alone is not a sufficient marker of a country's success and that the happiness and quality of life of its citizens should be the true measure of national achievement.
The author implies that governments prioritize the interests of the wealthy and investors over the well-being of the general population, especially when distributing economic benefits.

Screw The Economy

A richer country doesn’t benefit everyone equally

You hear people talking about the economy all the time. Like as if the economy is the single binding force of humanity. “Fight for the economy!” we yell. “We must make all decisions based on the economy!”

Most people, including me, could not fully explain national economics to anyone. I think the same applies to many politicians (including those known for being rich.) When most people talk about the “economy,” they’re not talking about the GDP of the country, or stock market gains.

The average person equates the “economy” with gas prices and the cost of bread

But that’s not the thing that bothers me. What bothers me is that people who go on and on about the economy are unwittingly agonizing on behalf of rich people.

A good economy will not promise the average worker more pay, but it might score a bonus for a CEO based on share value. A strong economy will benefit investors who could afford to invest big in the first place. We’ve also seen that billionaires will make billions more even in times of economic distress.

Because most people don’t understand economics, they will direct their anger about a five-cent spike in gas prices to the government of the day, who has little to do with it. But governments know voters hinge a lot of their opinions of them on the “economy,” so they throw that word out there a lot, and the media echoes it.

Let’s look at the real costs to the average person in a murky economy:

• Yes, there is a risk of getting laid off. But we also sometimes see companies slashing employees when things are going well.

• The lowest-paid workers will become the most at-risk, as companies cut from the bottom to reach their quarterly profit targets.

• The average commuter has to pay more for gas, up to a total of $5,000 per year or more per year. But when the price drops even a few pennies, we think the government has done something special. And some leaders will take credit whenever they can.

As they say, the rich just get richer

Now, what are the benefits for the average Joe when the economy is booming? Well, yes, they might be able to use it as leverage for a raise. But an employer can simply say no. You may be in a better position for that loan to start your business, but it doesn’t erase that 30% of new ventures fail within two years. What I’m saying is that there are possible benefits to the average person in a booming economy, but there are no guarantees.

We also like to say more money in the economy means better transit services, but many places are still stuck in the stone age in that department and have no transit at all. I’m also reading claims that more money goes into protecting the environment when the economy is good — I laughed when I read that. If anything, we’re polluting more when capitalism works as intended.

Listen, I get that you want lower taxes, and less government spending (especially if it’s for pesky social services or healthcare). I get that $20 a week more for gasoline can make a difference in how much a family eats that week. But know that overall, the amount of importance we put on the economy is disproportionate to reality.

The people that have the most to gain or lose are the richest folks. For those of us already struggling, an uptick in global trading volume is not going to translate to a new lifestyle, or a lift from poverty. The government won’t cut a dividend check to every citizen when things are looking up financially.

(However, it’s interesting that during the pandemic, the Canadian government suddenly had billions of dollars to dole out to its citizens.)

I get it. Money is everything, right?

Okay, okay. I’m not completely ignorant to the fact that the economy is important. The country would eventually collapse under severe financial distress — except for the very wealthiest — but that’s not likely to happen anytime soon. Obviously, it’s good to have a good economy. But issues like inflation shouldn’t be the most important thing to Americans. In fact, some experts say some inflation is healthy.

Governments like to make the economy the scapegoat — especially the parties in opposition. They drive on about it so much that people are convinced the sky will fall. Employers like to blame a bad economy for stagnant wages or layoffs, and in some cases that’s likely true. But it’s no secret that some companies profit big even during economic downturn. Instead of focusing on protecting their employees, the main goal of big, public companies is to appease their shareholders.

Again, the already well-off investors win, not the commoners down here with us.

If the economy is so important, then the next time it’s considered “strong”, people should see some real benefits. We should expect better public services including universal healthcare, which we sort of have here in Canada.

There should be more investment towards greener energy sources that won’t make oil tycoons wealthier, but will create new well-paying jobs (not to mention help preserve the planet, otherwise the economy will mean nothing at all.)

There are better markers of success

Instead of voting for a candidate based on their economic stance, maybe next time vote for someone who can ensure a healthier and more prosperous future for all of its citizens. A good economy alone will not achieve anything for the majority.

As this article points out, metrics like GDP measure a country’s economic success, but it does not measure the well-being of its people. A country’s success should be based on how happy its people are — the general quality of life, of which finances are only one component.

Ask yourself this question, assuming you’re not a millionaire or CEO: Are you happier or better off when the economy is good? I’m going to guess no in most cases. But you can bet your employer and investors are popping champagne.