Comments by "Paul Aiello" (@paul1979uk2000) on "How Spain Became the IMF’s Favourite European Economy" video.

  1.  @pascalausensi9592  He's right thought, we do need a better system, GDP numbers is a poor indicator of the wealth and well-being of its citizens, and I think we need a system that works from the ground up, basically a system that puts pressure on improving the lower and middle classes, because the way it is with GDP numbers, it only tells you how much wealth there is in a country, it tells us very little on how that wealth is distributed, how even it is and even if it's improving the quality of life. In any case, you know it's a messed up system when a disaster like an earthquake is added as economic growth because of the rebuilding effort, because yes in the long run, that rebuilding effort could add more growth, but in the short term, it's a net loss in economic productivity, basically, that kind of thing should hurt economic growth in the short term, but the way the system works, it's added as economic growth, which is why reality and economic data is getting so distance apart from each other and why so many people are so angry in North American and Europe with voting for popularise movements, because the economic data says things are getting better but for most, the reality is that things are either stagnant or even going backwards, hence why so many vote for the likes of Trump, Brexit and the other popularise movements and that could get worse if the system doesn't start listening to the concerns of the people.
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  2. Does economic data have any reality on the well-being of a country and its citizens? For 2 decades, I've been hearing the US and the UK beat the drum on how well the economy and unemployment is doing, yet when you look closely, things are actually getting worse for a lot of people, not better, many of the quality of life indexes indicate that, and a big part of Trump getting into power and Brexit happening in the UK is because a lot of people feel like they are being left behind in both countries. But seriously, there's something wrong with the way we measure economic data, especially with how it's distributed among the people, because the economic data and the reality the people face are very different from each other. It's also strange that if you look closely, the US and UK that over the last two decades have had decent growth, have actually been falling further behind on quality of life indexes, whereas the European countries with lower growth actually dominant the top 10 when it comes to quality of life, with only 3 countries from outside of Europe making the top tend, I think they are Australia, Canada and Japan. We need a new measure for measuring growth that actually impact the people for the better, from the bottom up, because the current system of economic growth and GDP numbers doesn't really tell us much that I kinda ignore them now as they are not based on reality to what people face.
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