While the new rich make their way offshore with their booty, leaving the rest of us dangling in uncertainty and alarm, here is some interesting data, adapted from James Meadway in the Guardian:
“Between 2003 and 2008, UK GDP increased by an apparently healthy 11%. Yet over the same period, median real incomes stagnated – the economy boomed but few shared its rewards.
Japan, meanwhile, has now laboured though nearly two decades of flatlining GDP, but is far from the economic basket-case these figures suggest. Living standards are among the highest in the world, unemployment is half that of the US, and average real incomes are the same as Germany’s. Longevity is the world’s highest and crime is the lowest in the developed world.”
Perhaps its time we refocused our goals on something more meaningful than economic performance & growth? If the powers that be can’t bear to do that, perhaps they would like to ensure that from now on more of us share in the rewards, not just in the pain?