Gross Domestic Product (GDP) is a fraud. Centrally planned, politicized consumption of precious wealth (government spending) adds to the number, while massive inflows of global wealth meant to profit from said country’s soaring productivity actually subtract from this most misleading of numbers. That U.S. GDP rose in 2008-2009 after GM and Chrysler were bailed out against the wishes of the pesky marketplace (what do markets know after all?) just adds to the overwhelming absurdity of the calculation.
Except that American Institute for Economic Research (AIER) research fellow Thomas Savidge believes otherwise, that Debt-to-GDP measures are “important,” and that fellow AIER colleague David Hebert gives debt-to-GDP “too little credit.”
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