$89,935 per person: what does that mean?

Bermuda's GDP was $5.35 billion, or $89,935 per person. That's a big ol' number and I'm sure the economists are excited to say how it's such a good thing and how the island is thriving, etc.

On paper, sure it sounds great. But for many, I wonder if their quality of life represents such a lofty dollar figure. Personally, I think, and this probably also exists in many other parts of the world, Bermuda is the sort of country that is so focused on boosting the already affluent to even more lofty standards of living, that our numbers aren't going to be anywhere near representative of the population at large. For us, inflation is high and the costs of goods and services continue to increase and I don't think that my buying power has increased at all.

Maybe someone with an Econ degree can show how the regular Joe has benefitted from this. In the meantime, another point of view on the high GDP results exists at PrimeTarget.org.

1 comment:

DeOnion said...

This is something I've been intending to write about for some time, but unfortunately it's a long existential post asking the real meaning of life and then from there divining some sort of economic highest-good.

I'm personally a secular humanist who believes transhumanism will be the ultimate end of our economic system if we're successful as a species (for a quick taste).