This Jan. 24, 1935, file photo shows a mural fresco titled 'The New Deal', depicting phases of the New Deal, to be unveiled in the auditorium of the Leonardo Da Vinci art school in New York City.

That's Not What the GDP Means

On the Media | Nov 11, 2016

Throughout the 2016 campaign, the press used economic indicators to refute Donald Trump's claims about the disenfranchisement of working class Americans. One Politico headline even read: “Strong Economic News Undercuts Trump’s Doom-and-Gloom Message.”

But that's a misunderstanding of what those economic indicators mean and how they're intended to be used.

Bob speaks with Zachary Karabell, author of The Leading Indicators: A Short History of the Numbers That Rule Our World, about the real meaning of figures like the GDP, unemployment, and wages. They discuss the myths surrounding America’s former manufacturing might and the meaninglessness of averages that gloss over the grittier realities of American life today.

Songs:
Fallen Leaves by Marcos Ciscar
Zissou Society Blue Star Cadets by Mark Mothersbaugh

 

 

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