I’m quite familiar with the faults of GDP as a measurement. But something humorous I’ve been hearing from folks on the left which I’m trying to combat is something to the effect of: “Well as long as the methodology of how the GDP is determined stays the same, it will still show whether the economy is growing in comparison to a previous quarter, regardless of your perceived inaccuracies of GDP as a measurement”
Ultimately, I guess the left doesn’t want growth–just redistribution. Hasn’t it always been the goal of the left (or socialists) to destroy the “bourgeoisie”? Do they believe that the proletariat is worse off with a burgeoning middle class when it has actually included the labor force? Is the intent on killing the entrepreneur even when he has raised with the workings of a more unhampered economy its standard of living? Maybe you should direct the conversation to what the end game is. It would appear that the left is so caught up in its original intent that it cannot see the light. Indeed, I would say, the socialists have thrown in with the elitists to meet their end–a greater portion of the world’s capital. How are the socialists suppose to get rid of the rulers once the competitive market economy is destroyed? Will they finally reach their nirvana when the whole world is in squalor?
Because government spending is included in GDP, GDP does not properly reflect “the economy.” Because it doesn’t properly reflect the economy, the question of whether it grows from year to year or from quarter to quarter is irrelevant.
If I were to propose to you that we can measure the strength of the economy by how many baseball games the Chicago Cubs win in a year, you would say that’s crazy. If I tried to say “Well it doesn’t matter if that’s crazy because at the very least we can look at how many games they won last year and compare it to this year and see if things are getting better or worse” that would be a ridiculous statement. Garbage in, garbage out, you know?