Measuring Economic Success

Gloria Arroyo just boasted before the European royals that "shes an excellent economist but the worst politician". She claimed that she's the one responsible for the strong economic showing of the Philippines.

Bull. And a lot of horse shit.

In a way, she IS responsible for the "phenomenal growth" of the economy. By really messing up here, making life intolerable and unbearable to millions of Filipinos, Arroyo prompted an exodus of workers and intelligent Filipinos. Their monies help stabilize the economy. It is no secret that the only thing that keeps this economy alive are billions of dollars worth of overseas remittances every month.

Also, she just happened to be president when the REGIONAL ECONOMY is having a blast. The emergence of China as an economic powerhouse, the excellent showing of other ASEAN countries and the influx of investments are natural occurrences of globalization. Investors have no choice but to go to the Philippines because it's one of the largest markets around--85 million people. Whether it's Arroyo or Erap or whoever, no investor will gloss the importance of the Philippines as a consumer market.

What then is the measure of economic success?

Arroyo can only claim to be an economist if the standard of living has improved. If the average salaried employee can own a house or if the amount of savings put by at least a fraction of Filipinos have increased, we can say that, indeed Arroyo has succeeded. If her government manages to lower the price of oil despite its increasing price in the global marketplace. If she manages to lower inflation and keeps the GDP in its strongest levels, then, we can say that indeed, the Philippines has achieved economic stability. And oh, by the way, if majority of Filipinos can say for sure that they are eating at least three times a day, everyday for a month, and not just noodles and tuyo mind you, but quality, healthy, nutritious food, that'll be the time that I can truly say, with certainty, that Arroyo is a consummate economist.

For now, all I can say is that Arroyo is a dreamy economist. I remember one of her speeches when she told the people to build an "enchanted kingdom" Well, Arroyo probably has dreamt of being queen. Yes, we do have an "enhanted kingdom" right now, with her as queen and FG as king. The only problem is, it only exists in the minds of the First Couple.