Asset Allocation, Annuities and The Truth Behind the GDP
First up this week was Alan in Florida who has 80% of his whole portfolio in one stock. Believe it or not, this factoid does not have Alan freaked out! I, however, am not too excited about this strategy.
Next we went to the Bay Area and chatted with Linda who just inherited a variable, non-qualified annuity. Since Linda and her husband don't really need the money, they want to redirect it to a family member. Is there an easy way to do it?
In hour two we chatted with journalist and author David Pilling about a subject that's near and dear to my heart...our endless obsession with economic growth and the Gross Domestic Product.
In his latest book, The Growth Delusion: Wealth, Poverty, and the Well-Being of Nations, Pilling reveals the hidden biases of economic orthodoxy and explores the alternatives to GDP, from measures of wealth, equality, and sustainability to measures of subjective wellbeing.
We live in a world where economists basically set the framework for public debate. Ultimately, it is the perceived health of the economy which determines how much we can spend on our schools, highways, and defense; economists decide how much unemployment is acceptable and whether it is right to print money or bail out the banks.
The current backlash might suggest that people are turning against the experts and their faulty understanding of our lives. Despite decades of steady economic growth, many citizens feel more pessimistic than ever and are using their votes to have their voices heard.
For too long, economics has relied on a language which fails to resonate with people’s actual experience, and the pages of this book outline why we may now be living with the consequences.
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