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Politics : View from the Center and Left
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To: Cogito who wrote (48154)2/6/2008 2:32:44 PM
From: KyrosL  Read Replies (1) of 541326
 
Allen, you are wrong about imported products wrongly counted as part of the US GDP. This is like saying that government statisticians can't do their job, and nobody has figured it out.

Only value added in the US by US workers to these products is counted -- as it should be. It just happens that most of the value add of these imported products IS generated in the US. Such as design, marketing, retailing, and last but not least US management -- the hundred million dollar compensation packages of US CEOs, Steve Job's Gulfstream, etc. This US value add is the lion's share of most imported products sold in the US. The actual Chinese contribution to most of these products, that is the manufacturing cost, is typically less than 10% of the final retail value.

With respect to defense, the off budget items for the Iraq and Afghanistan wars add less than 1% of GDP to the defense budget.
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