ChunkyMonkey
04-21-2013, 22:30
Reposting this from mpnet
When All Else Fails, Change The Accounting Rules: US GDP To Rise 3% In July
http://confoundedinterest.wordpress.com/2013/04/21/when-all-else-fails-change-the-accounting-rules-us-gdp-to-rise-3-in-july/ (http://confoundedinterest.wordpress.com/2013/04/21/when-all-else-fails-change-the-accounting-rules-us-gdp-to-rise-3-in-july/)
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! (http://www.ft.com/intl/cms/s/0/52d23fa6-aa98-11e2-bc0d-00144feabdc0.html#axzz2R6evFE6v)
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 (http://www.bea.gov/scb/pdf/2011/06%20June/0611_artistic.pdf)? 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 (http://unstats.un.org/unsd/nationalaccount/sna2008.asp) on which our economy is being “modernized.”
So, don’t be surprised if GDP surges in July. In fact, I will surprised if global governments don’t solve their negative GDP growth by simply changing their accounting.
When All Else Fails, Change The Accounting Rules: US GDP To Rise 3% In July
http://confoundedinterest.wordpress.com/2013/04/21/when-all-else-fails-change-the-accounting-rules-us-gdp-to-rise-3-in-july/ (http://confoundedinterest.wordpress.com/2013/04/21/when-all-else-fails-change-the-accounting-rules-us-gdp-to-rise-3-in-july/)
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! (http://www.ft.com/intl/cms/s/0/52d23fa6-aa98-11e2-bc0d-00144feabdc0.html#axzz2R6evFE6v)
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 (http://www.bea.gov/scb/pdf/2011/06%20June/0611_artistic.pdf)? 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 (http://unstats.un.org/unsd/nationalaccount/sna2008.asp) on which our economy is being “modernized.”
So, don’t be surprised if GDP surges in July. In fact, I will surprised if global governments don’t solve their negative GDP growth by simply changing their accounting.