Arnold for Governor! Message Board

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Politics : Arnold for Governor!

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To: richardred who wrote (717)	11/25/2003 10:14:41 PM
From: Raymond Duray	Read Replies (2) of 773

I'm not nearly as blinded by the Right as you are, Richard. The economic figures are an illusion. The boost in GDP cited by the DoC-BEA are getting farther and farther from reality every year. The 8% gain in GDP can be explained by several components. 1. Increased military spending 2. Increased expense for imported oil 3. One time tax transfers to taxpayers in phony "tax rebates". 4. Residential construction activity. 5. "Hedonic" accounting for computer equipment. 6. Imputed value for real estate not rented. Of these, the only gain that is "real" as far as the economy is concerned is the construction figure. And with mortgage interest rates going up, this sector will not be sustainable. We just witnessed a statistical mirage.

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