Economic growth without ‘well-being’
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SOCIALIST ACTION FEBRUARY 2017 11 myth of “trickle down” prosperity.
From 1994 to 2014, Canada’s Gross Domestic Product (GDP) grew by 38 per cent, while national well-being rose only 9.9 per cent. The Great Recession hit living standards hard, further de priving many of leisure, of volunteer time, even sleep.
Based at the University of Waterloo, the CIW examines 64 indicators across eight domains pertinent to quality of life. While the GDP measures money circulating in the economy, the CIW identifies changes in community vital ity, political involvement, education, en vironment, health, leisure and culture, living standards, and time use.
Over the past 21 years, the image that emerges is a GDP rebounding from the crash, but with ordinary Canadians paying the price. From 1994 to 2008, the living standards segment rose 23 per cent. Then it plunged almost 11 per cent and has yet to recover. Gains previ ously made in employment were lost.
Income inequality is rising. While me costs. And when living standards drop, social, cultural and po litical engagement do too.
Business pundits argue that the GDP is fragile, that governments cannot afford to worry about wellbeing. The truth is that society cannot afford ongoing en vironmental degradation. It cannot af ford the human and economic costs of poor health. It cannot afford the decline in equality and fairness.
And yet, it seems, that’s about all that late capitalism has to offer. n
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SOCIALIST ACTION Stephanie Strasburg / Pittsburgh Post-Gazette