New Well-being Metric: Measuring Progress Beyond GDP
This act introduces a new way to measure a country's well-being, considering not just money, but also quality of life, environment, and society. This helps citizens better understand how policies affect their daily lives, health, and surroundings. The government will be required to use this indicator for budget planning and economic forecasting.
Key points
Introduction of the Genuine Progress Indicator (GPI), which measures well-being by including social, environmental, and economic factors like leisure time, unpaid labor (e.g., parenting), environmental quality, and income inequality.
Government agencies, the President, the Federal Reserve, and Congress will be required to use GPI alongside traditional GDP to assess the economy and plan future actions, potentially leading to policies more focused on citizens' quality of life.
The indicator will account for benefits (e.g., education, infrastructure, ecosystem services) and costs (e.g., pollution, unemployment, crime, loss of green spaces), providing a more complete picture of the economy's impact on citizens' lives.
Expired
Citizen Poll