We have seen economic growth. But we have not seen earnings growth.
Sentiment: NEGATIVE
If you have a private firm and you spend a ton of money to pay employees, but what you produce is a flop, there will be no value to GDP. But government spending all gets counted as contributing to economic growth. That's why in the early days of creating these measurements, some people didn't want to count government spending.
It's not enough to have economic growth. You have to distribute wealth throughout all of society.
Economic growth doesn't mean anything if it leaves people out.
Government is not the generator of economic growth; working people are.
Without investment there will not be growth, and without growth there will not be employment.
For a variety of reasons, we are not producing at a given level of economic activity the jobs we used to have.
If you ask an economist what's driven economic growth, it's been major advances in things that mattered - the mechanization of farming, mass manufacturing, things like that. The problem is, our society is not organized around doing that.
It is clear that the economy has not gotten better for everyone.
If you look at the US economy over the last 15-20 years wages have been stagnating or even declining.
When we acquire businesses in the developing world, we estimate if the growth opportunities are strong.
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