The Tyranny Of Averages

How GDP can go up while people are dying

Globally, the top 1% are capturing most of the money, but this gets averaged out into a figure politicians can regurgitate, to make it look like we’re all doing fine. Graph via Piketty et al.

Cabinet Secretary Marcia L. Fudge is fudging it. She said “The United States is the only major economy in the world where the economy as a whole is stronger now than before the pandemic.” This is both a bald-faced and beard-faced lie.

Bald in that China has actually grown faster without killing lots of people. Beard in that it’s…