Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
Comment on UK economy continues recovery with 0.6% growth
mannycalavera@feddit.uk 1 month agoOut of interest, what GDP increase figures would lead to an increase in living standards?🤔
hitmyspot@aussie.zone 1 month ago
SubArcticTundra@lemmy.ml 1 month ago
I imagine it would only be relevant if the average person owned index stocks
sneak100@hexbear.net 1 month ago
None (unless we’re talking about billionaires). GDP is a dogshit predictor of living standards, but gets presented as such by media pundits, who try to make the everyday person empathise with the ultra-rich
mannycalavera@feddit.uk 1 month ago
What is a good indicator if not GDP?
Flyberius@hexbear.net 1 month ago
I suppose you could create one based on the average wage and the average cost of living. I’m sure something like that does exist. Buying power or whatever.