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House Democrats want to completely overhaul how the US economy is measured — and it’s part of a bigger effort to tackle inequality

house of representatives assembly

  • House Democrats are poised to reintroduce a bill updating economic growth is measured.
  • The “Measuring Real Income Growth Act” calls for “broadening the focus beyond GDP” when assessing economic growth.
  • Democratic Senate leader Chuck Schumer plans to reintroduce the bill soon, the New York Times reported Sunday. The senator likened the current economic measurement tools to “still using a black-and-white television.”
  • The legislation calls for the release of distributional data alongside GDP updates, allowing Americans to see which income groups reap the greatest rewards from economic expansion.
  • Visit the Business Insider homepage for more stories.

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Source:: BusinessInsider.Com