Dear Everyone, Please Care Less About the Dow

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Ned Hodgman at the very underrated Understanding Government blog has had it with the media’s unrelenting need to put the stock market at the center of the American economic recovery.

Today’s Wall Street Journal front page headline, scanned this morning over coffee by the Journal’s 1.7 million subscribers, is “Stocks Drop to 50% of Peak.” I’d say we’re better off with 50% of the nonsense we had when the Dow Jones Industrial Average was the default indicator of the country’s economic health.

It’s not just the numbing predictability of the news every day — again with the Nikkei average, again with the S&P 500, and now every morning we’re supposed to care about the stock futures too.

That’s force of habit (and a lack of imagination) from the nation’s news outlets. The real problem is that the Dow Jones Industrial Average is only one measure of prosperity in this country, and certainly not the most reliable. Let’s look back a year or so and see if the Dow’s “peak” was a reliable indicator of anything except the coming crash.

Ned has some suggestions on what might make better indicators of the recovery. Might I suggest Bhutan’s Gross National Happiness?

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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