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Wednesday, December 28, 2005

Wall Street's view on economy is not exactly the most accurate view on economy

I wrote that I like Kudlow & Company TV programs and podcast, but one thing repeated in TV programs and podcast is rather troublesome to me. When "economy" is discussed, Larry Kudlow and guests in his shows basically discuss economy of the upper class, not middle class or lower class. In fact, Wall Street generally does not see "economy" as economy of the middle class or lower class; it seems that Wall Street's "economy" is economy of the upper class. This is troublesome because Wall Street's view on economy is often accepted as the view on economy nationally.

Number of US scientists (who were born and educated in US) win Nobel Prize every year; however, if there are more winners than last year, US Department of Education does not announce that US education has improved. If there are less, US Department of Education does not announce, either. What US Department of Education and other education organizations discuss is how well average Americans read. They discuss how well they can do math and how well they can read a book and understand its content. They are looking at right places. When actors and actresses manage to maintain clean and smooth skin, US Department of Health does not praise Americans' health. When American athletes win more gold medals in Olympic Games than in the last Olympic Games, US Department of Health does not say that Americans are becoming more athletic or improving speed and agility, which makes perfect sense.

The way in which "economy" is interpreted in US has a problem.

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