GDP grew 2nd quarter by 2.3%

[LeavingMA]

Originally Posted by tjarado

GDP, as currently measured, is a fraud.
The upside is exaggerated by several measures, especially 'heuristics'; the downside is underestimated by absurdly low 'deflators', which allow inflation to puff the numbers.

Yeah, we're growing allright!

I do agree there is too much emphasis put on GDP and it can be easily manipulated.

[justanokie]

GDP, CPI, U3 are all gamed for political benefits. Anyone who cannot see this is fooling themselves.

Besides they hardly matter anymore. Good news, market goes up. Bad news, market goes up.

[HappyTexan]

Originally Posted by LeavingMA

I do agree there is too much emphasis put on GDP and it can be easily manipulated.

It was already changed. They now take intangibles into account like the paintings in the WH.
That change bumped up the GDP by about 3% overall.

Other countries have done far worse though..they count prostitution and drug trade in their GDP's.

Can you say "The emperor has no clothes on" ..lol

What the USG is doing now is just following the banks when they were allowed to "mark to magic" instead of mark to market.

[LeavingMA]

Originally Posted by HappyTexan

It was already changed. They now take intangibles into account like the paintings in the WH.
That change bumped up the GDP by about 3% overall.

Other countries have done far worse though..they count prostitution and drug trade in their GDP's.

Can you say "The emperor has no clothes on" ..lol

What the USG is doing now is just following the banks when they were allowed to "mark to magic" instead of mark to market.

The Mark Twain quote always works, "there are lies, damn lies, and statistics".