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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Oeconomicus who wrote (2653)12/13/2003 4:03:14 PM
From: American Spirit  Read Replies (3) of 90947
 
GDP counts debt spending as growth. Should be a negative and would be on any balance sheet. If a company borrows money it doesn't go to the profit ledger.

Also, GDP does not count degradation of environment (which Bushies are accelerating for short-term profits) nor the costs of unemployment, loss of jobs overseas and increased poverty.

War also makes for big GDP numbers. The GDP was probably great during Vietnam too, but we still haven't paid off those debts. Just saying there is a flipside to GDP. Touting GDP numbers is not an accurate gauge of the economic health of the nation. Consider also the 20% fall of value of the dollar since Bush took office. We're growing but as a poorer nation piling up unsustainable debts.
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