Joseph Stiglitz: Is our standard of living sinking?

“But even these numbers do not tell in all hardness how bad it is, because GDP is not a good measure of success. Much more relevant is the development of household incomes. The median real incomes in the USA are today below the level of 1989 and the median incomes of full-time male workers are lower today than 40 years ago. Without a different policy, a long phase of disappointments awaits us.”

– Stiglitz, Joseph E.: Lower standard of living, in: Handelsblatt (2014), No. 35, p. 48.