The economy isn't growing? The government is just adding debt.
A poster to this forum has included this link,
The Economy Isn’t Growing. The Government Is Just Adding Debt. ,
within their post to this forum. I find the article of that link to be somewhat troubling. I don't disagree with the article's contention of GDP not being a measure of a nation's “standard of living”.
For want of a better statistic, I would prefer the ratio of USA's median wage to our per-capita GDP, (both expressed in “real "dollars), were generally available. That would be some indication of what share of our nation's economic activity was earned and paid to employees within our nation.
It would be some indication of our nation's comparative quality of life over the years. The dollar amounts of labor's aggregate shares of USA's annual GDPs are certainly more or less limited if our GDP is greater or lesser than otherwise. Labor has a better chance of earning more “pie if the “pie's” bigger.
The article states “As for GDP, … The aggregate was concocted at a time when economists believed that spending was itself productive, whether it flowed from a sustainable capital base or government itself. Anything moving and churning was regarded as good”; implying GDP's purpose, the justification of its creation was and is for economists and statisticians to fool themselves and the public.
I believe governments, academians, economists, and statisticians, all had and have genuine need for a comparative statistic describing a nation's economic activity within a duration of months, years, and decades. We haven't developed another superior statistic, and certainly not one that's readily more available to everyone.
The linked article's real purpose or point is that our governments' spending should be “reigned in”. There's fewer arguments opposing reigning in of government spending. Republicans and Democrats, socialists and capitalist, you and I all generally agree that government spending should be reined in and spending must be prioritized. But when it comes down to which specific items should be reduced or increased, that's where we all fight our battles. Respectfully, Supposn
A poster to this forum has included this link,
The Economy Isn’t Growing. The Government Is Just Adding Debt. ,
within their post to this forum. I find the article of that link to be somewhat troubling. I don't disagree with the article's contention of GDP not being a measure of a nation's “standard of living”.
For want of a better statistic, I would prefer the ratio of USA's median wage to our per-capita GDP, (both expressed in “real "dollars), were generally available. That would be some indication of what share of our nation's economic activity was earned and paid to employees within our nation.
It would be some indication of our nation's comparative quality of life over the years. The dollar amounts of labor's aggregate shares of USA's annual GDPs are certainly more or less limited if our GDP is greater or lesser than otherwise. Labor has a better chance of earning more “pie if the “pie's” bigger.
The article states “As for GDP, … The aggregate was concocted at a time when economists believed that spending was itself productive, whether it flowed from a sustainable capital base or government itself. Anything moving and churning was regarded as good”; implying GDP's purpose, the justification of its creation was and is for economists and statisticians to fool themselves and the public.
I believe governments, academians, economists, and statisticians, all had and have genuine need for a comparative statistic describing a nation's economic activity within a duration of months, years, and decades. We haven't developed another superior statistic, and certainly not one that's readily more available to everyone.
The linked article's real purpose or point is that our governments' spending should be “reigned in”. There's fewer arguments opposing reigning in of government spending. Republicans and Democrats, socialists and capitalist, you and I all generally agree that government spending should be reined in and spending must be prioritized. But when it comes down to which specific items should be reduced or increased, that's where we all fight our battles. Respectfully, Supposn
