I'm convinced that one reason why we miss attracting the support of key parts of the electorate is that we do not offer economic solutions to the concerns most people have in this nation. And this I blame in part on the lack of well-known economic statistics that would encourage our elected officials (and party leadership) to offer such solutions.
So, Kossacks, I'm seeking suggestions on how we can expand economic benchmarks to include that portion of citizens who do not fall into the top 20% and such.
This came about while reading of how our friends on the conservative side grumble that we haven't seen fit to credit the White House for what they see as great economic news. The general public isn't foolish, they see what is truly affecting their lives - but they could be forgiven for believing they're crazy, since all of the business news reports seem to suggest things couldn't be better. It seems to me we are hamstrung in two aspects:
- Not having applicable measurements which affect most people that are verifiable, and
- Not having an easy name for such an index
(more after the jump)
By this I mean: I can't fault our friends for their pride in these areas:
- Corporate profits
- Growth
- Executive compensation
- Productivity
...........but since these areas of improvement can exclude many people, it seems to me that those statistics are incomplete. And that statistics are also needed for, say:
- Non-supervisory wages (inflation-adjusted)
- Effects of a loose labor market on wages
- Focusing on more than the "Core" inflation rate, since all costs affect people
- Net cost of fringe benefits to employees (i.e., deductions, co-payments, exclusions) and
- % Covered by an employer-paid pension (whether a defined benefit or a newer defined-contribution) in addition to a 401-K (not instead of one).
My thought is that:
If we could obtain quantifiable statistics in those areas
That are verifiable and objective
And that can be compiled into an index
(Say, 100 = equilibrium, below is worsening, above 100 = improving)
........then elected officials could promote this as a way of presenting a more complete look at the economy. And our friends on the opposing side would have to address these concerns, rather than falling back on "those are just anecdotal reports" or "a rising tide lifts all boats" when it's obvious that it's only lifting at the cabin cruiser level or above.
I also think such an index needs a name, something short-and-sweet, possibly named after someone in the field of economics whose name is not polarizing. For example, in much the same way that charging excise taxes on cross-border currency transactions came to be known as "Tobin taxes".
This way, instead of having to describe the "Day-to-Day Economic Distribution Factor Index" - or unless we can come up with an acronym that is catchy and easy-to-remember - something such as, say, the Jones Index could be something that the business press would pick up on, and present a more comprehensive look at the economy.
Any suggestions (particularly from those of you in the economics or econometrics field?