Anthony Sanders @ Confounded Interest:
This is the worst economic recovery since the Great Depression. And the global economy is slowing.
But never fear! The US economy will gain 3% in GDP in July … by changing the accounting rules!
GDP will now include 1) Research & Development, 2) Artistic Originals and 3) Pension Accounting among other items. These additions will add 3% to GDP or about $500 billion.
Artistic originals? Treating artistic production as capital investment would change BEA’s measures of GDP and capital stock. Artistic production was $51.6 billion in 2007, 0.35 percent of GDP.
So, Ben Affleck’s acting in Reindeer Games counts towards GDP??
Here is the UN’s System of National Accounts on which our economy is being “modernized.”
Just like Ford did with the Pinto that caught fire when rear-ended, when you have a problem with money, turn it over to the mathematicians and let them come up with a solution. Ford’s way to fix their problem was to let people die and settle the law suits, since the mathematicians figured it would be cheaper than actually FIXING the problem. I wonder if obama hired Ford’s mathematicians to figure out his financial problem. They seem to be using the same mathematical formula.
@Smorgasbord: What a great comment!
It’s as if Obama really believes he can just paint a rosy picture with smoke and mirrors and everything will actually be better!
But we are still in a stagnant ”recovery.”
What bugs me the most about this is it devalues the dollar (America’s savings) while looking like it didn’t.
That, in itself, was darn clever.
(Obama didn’t come up with this on his own.)
@Nan G: #2
Thanks for the compliment.
Since obama is just a puppet, he can’t do or say anything without the puppeteers pulling the strings. This is why he can golf and vacation as much as he does, and why he didn’t have to meet or talk with his cabinet for over two years after he first formed it. He meats or talks with his union and socialist puppeteers every day.
As I have mentioned different times, obama’s intention is to turn the USA into a socialist of Muslim State. Look at the events before most of the dictators over history have come to power, and we are having the same events happening now. Once inflation hits, the economy is going to drop fast. Even someone like me, who doesn’t know much about economics, can figure out that you can’t keep printing $85,000,000,000 a month and not expect inflation to happen soon.
Ray Stevens tried the obama budget plan, and it worked for him. I might have to try it.