--- title: "1 Growth Today Quotes By Edward Luce" description: "1 Growth Today quotes by Edward Luce. Plus more from Edward Luce and more Growth Today sayings from other authors." image: "https://sms4smile.com/quotes/i/92a/edward-luce-10080_bottom-line_clustered-behind-national-barriers-what_1885799.jpg" --- > [“clustered behind national barriers, what was good for General Motors was good for America. The annual gross domestic product figure meant as much to GM’s American customers as it did to the company. If the US economy grew by 5…](https://sms4smile.com/quotes/edward-luce/clustered-behind-national-barriers-what-was-good-for-general-motors/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) [Image](https://sms4smile.com/quotes/i/92a/edward-luce-10080_bottom-line_clustered-behind-national-barriers-what_1885799.jpg) ## More by Edward Luce > [“Davos has become the emblem of a global elite that has lost its ability to listen.”](https://sms4smile.com/quotes/edward-luce/davos-has-become-the-emblem-of-a-global-elite-that-has-lost-its/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“By any numerical measure, humanity is becoming rapidly less poor. But between half and two-thirds of people in the West have been treading water…](https://sms4smile.com/quotes/edward-luce/by-any-numerical-measure-humanity-is-becoming-rapidly-less-poor-but/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Cowen detects conformism even in the liveliest Silicon Valley companies. Most of its denizens wear some variation on the casual hipster uniform and all…](https://sms4smile.com/quotes/edward-luce/cowen-detects-conformism-even-in-the-liveliest-silicon-valley/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“It would also require a conscious effort to look at the world from unfamiliar standpoints and admit that the West has no monopoly on…](https://sms4smile.com/quotes/edward-luce/it-would-also-require-a-conscious-effort-to-look-at-the-world-from/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Almost half of Americans would be unable to pay a $400 medical emergency bill without going into debt.67”](https://sms4smile.com/quotes/edward-luce/almost-half-of-americans-would-be-unable-to-pay-a-400-medical/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“In the US, the more liberal a city’s politics, the higher the rate of inequality.45”](https://sms4smile.com/quotes/edward-luce/in-the-us-the-more-liberal-a-city-s-politics-the-higher-the-rate-of/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“With chisels and pickaxes we made our tiny contributions to this orgy of historic vandalism.”](https://sms4smile.com/quotes/edward-luce/with-chisels-and-pickaxes-we-made-our-tiny-contributions-to-this-orgy/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“History tells us that inequality soars when societies develop.”](https://sms4smile.com/quotes/edward-luce/history-tells-us-that-inequality-soars-when-societies-develop/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“the Toil Index – the number of working hours it takes a median worker to pay the median rent in one of America’s big…](https://sms4smile.com/quotes/edward-luce/the-toil-index-the-number-of-working-hours-it-takes-a-median-worker/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Today’s equivalent is probably ‘get an engineering degree’, but it will not necessarily be as lucrative. A third of Americans who graduated in STEM…](https://sms4smile.com/quotes/edward-luce/today-s-equivalent-is-probably-get-an-engineering-degree-but-it-will/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Shortly afterwards Addis Ababa launched a crackdown on its opponents that resulted in hundreds of deaths. If America’s president was in two minds about…](https://sms4smile.com/quotes/edward-luce/shortly-afterwards-addis-ababa-launched-a-crackdown-on-its-opponents/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Émile Durkheim, the father of modern sociology, said that when societies hit a civilisational break the suicide rate soars.”](https://sms4smile.com/quotes/edward-luce/mile-durkheim-the-father-of-modern-sociology-said-that-when-societies/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“In 1970 only about one in seven American families lived in neighbourhoods that were unambiguously ‘affluent’ or ‘poor’.40 By 2007 that number had risen…](https://sms4smile.com/quotes/edward-luce/in-1970-only-about-one-in-seven-american-families-lived-in/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“M + D = C, Monopoly plus Discretion equals Corruption”](https://sms4smile.com/quotes/edward-luce/m-d-c-monopoly-plus-discretion-equals-corruption/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“No bourgeoisie, no democracy.”](https://sms4smile.com/quotes/edward-luce/no-bourgeoisie-no-democracy/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/growth-today/edward-luce/#itemlist", "name": "1 Growth Today Quotes By Edward Luce", "numberOfItems": 1, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "“clustered behind national barriers, what was good for General Motors was good for America. The annual gross domestic product figure meant as much to GM’s American customers as it did to the company. If the US economy grew by 5 per cent, there was a high chance the auto-maker’s bottom line had expanded by a similar amount. America’s median income growth rose in line with GDP. Much the same could have been said of Britain’s ICI, or Rolls-Royce. That is an outmoded way of measuring growth in today’s world. Since 2009, the US economy has expanded by roughly 2 per cent a year. Yet it took until 2015 for the median income to regain the level it enjoyed before the Great Recession. Perhaps ‘enjoyed’ is the wrong word. The median income in 2007 was below what it was in 2002, at the start of the business cycle that lasted for most of George W. Bush’s presidency. What is good for Apple may not be good for America. It shuttered its last US production facility in 2004. The Bush expansion was the first on record where middle-class incomes were lower at the end of it than at the start. Today, the US median income is still below where it was at the beginning of this century. Clearly what the typical American understands by growth differs greatly from that of macroeconomists. GDP numbers insist we are doing well, at a time when half the country is suffering from personal recessions. 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