Remember that that the next American revolution began in Vermont.
While Bobby Jindal and Rand Paul are jousting about the GOP hawks role in creating ISIS, Bernie Sanders has his eye on the prize and is marching with his ideas like Don Quixote.
“Yet that’s exactly the task the fiery U.S. senator has set himself in a presidential campaign targeting billionaire “oligarchs” who he says have hijacked America’s economy and inflicted misery on the middle class.
Sanders, an agitator who doesn’t suffer fools, political opponents or journalists gladly, is testing whether the kind of populist, liberal agenda that gave him 75% approval ratings in his adopted home state can catch fire nationwide.
“Brothers and sisters: Now is not the time for thinking small,” Sanders told thousands of supporters in Burlington on Tuesday.
“Now is not the time for the same-old, same-old establishment politics and stale inside-the-Beltway ideas,” Sanders said in an implicit denunciation of the runaway front-runner for the Democratic nomination, Hillary Clinton.”
Consider what Bernie has right. The American economy needs an overhaul. Capitalism as we know it is unsustainable. Economist Joseph Stiglitz advises Hillary Clinton that she should change the economic rules to make it more fair and equitable. Sanders wants a revolutionary style change.
The American economy is unsustainable as it is. Fixing it isn’t about tweaking the GDP to make it grow more. It is about right sizing the economy to ensure that all citizens are care for in the absence of poverty. It should be about making poverty illegal and about guaranteeing economic adequacy as a place to start.
Republicans will be lost in that direction, and they will also lose the interest of most Americans by trying to hang on to what they’ve got.
What should be the “Genuine Progress Indicator” for the American economy? That is the question. It is measured with triple bottom line accounting.
“Genuine progress indicator, or GPI, is a metric that has been suggested to replace, or supplement, gross domestic product (GDP) as a measure of economic growth. GPI is designed to take fuller account of the health of a nation’s economy by incorporating environmental and social factors which are not measured by GDP. For instance, some models of GPI decrease in value when the poverty rate increases.
The GPI is used in green economics, sustainability and more inclusive types of economics by factoring in environmental and carbon footprints that businesses produce or eliminate. “Among the indicators factored into GPI are resource depletion, pollution, and long-term environmental damage.”
GDP gains double the amount when pollution is created, since it increases once upon creation (as a side-effect of some valuable process) and again when the pollution is cleaned up, whereas GPI counts the initial pollution as a loss rather than a gain, generally equal to the amount it will cost to clean up later plus the cost of any negative impact the pollution will have in the mean time. While quantifying costs and benefits of these environmental and social externalities is a difficult task, “Earthster-type databases could bring more precision and currency to GPI’s metrics.”
“Another movement in economics that might embrace such data is the attempt to ‘internalize externalities’ – that is, to make companies bear the costs” of the pollution they create (rather than having the government bear that cost) “by taxing their goods proportionally to their negative eco-impacts.””