There is too much time spent talking about the economy and how to fix it. It has always been an issue politicians like to talk about, but no concrete steps to fix it or make it better.
The economy is measured by GDP(Gross Domestic Product)and GNP (Gross National Product), basically how much money businesses bring in domestically or abroad but are citizens of the US. It isn’t beneficial for the most part except for the IMF (International Monetary Fund) to use. It's essentially the credit score for countries. A more effective measurement of the economy would be with a wealth distribution model like the GINI index and GDP.
The reason I believe we are seeing a bump in the economy currently is because of all the new businesses that have been created during the pandemic. We see that if we allow people to pursue their passion and start businesses, that only adds to the economy.
Being a small business owner is arduous; therefore they need assistance, not large corporations. That’s why we need to help support them instead of locking them out of industries or people selling them to the more prominent companies.
If we prioritize small businesses and people over large corporations and businesses, I believe we will see a massive bump in our economy. The rich hoard their money and don’t put it back into the economy because that means taxes for them.
Suppose we look back at the time when our economy was more robust. There were a lot more small businesses and not large corporations. It Is the same principle as investing in a stock option vs. a mutual fund. If we put all our eggs in one basket and if that basket fails, like the housing crisis in 2008, then the entire economy collapses, but if we diversify like a mutual fund. If one basket fails, then we have more baskets that can absorb the loss. Like right now, if the FAANG stocks bubble bursts our economy goes. These stocks hold around 15-20% of the S&P 500, which is almost directly equivalent to our economic performance.
Worker class outrage starts with wealth distribution. Right now, we are at the starting line of working-class anger at wages.We need to move the focus to people and giving livable wages. That will help the economy the most it will cause an infusion of cash because the people working for those wages will spend it sending money into the economy. The rich hoarding wealth only hurts our economy
One avenue to help fix this is by creating a more robust government program through the SBA that helps out small businesses with loans. It would be funded by making the rich and corporations pay their fair share of taxes.