When All Else Fails, Change The Accounting Rules: US GDP To Rise 3% In July
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/
Quote:
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.”
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.
Re: When All Else Fails, Change The Accounting Rules: US GDP To Rise 3% In July
In other news I am now the count of Ohio and have ninety-bazillion dollars nahnahnahnanana
