When All Else Fails, Change The Accounting Rules: US GDP To Rise 3% In July

[ChunkyMonkey]

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/

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.

[OtterbatHellcat]

Creative math.

It only works for the Government.

[spyder]

Why doesn't everyone just piss them off even more and not pay their federal income tax? It's not actually illegal (there's no actual law saying you have to).

[Irving]

Why doesn't everyone just piss them off even more and not pay their federal income tax? It's not actually illegal (there's no actual law saying you have to).

That'strue,but there is a barrel of a gun saying you have to.

[TS12000]

In other news I am now the count of Ohio and have ninety-bazillion dollars nahnahnahnanana

[spyder]

That'strue,but there is a barrel of a gun saying you have to.

Ya, good point.... I was just sayin though...................

[nynco]

This tradition started under Reagan when he significantly changed the way inflation was calculated. Reagan did that so he could screw SSI. Then Clinton did the same and so did Bush. You want to know what is really going on, pay attention to shadow stats. This is why they claim that inflation is practically non existent while healthcare and fuel are going up leaps and bounds. http://www.shadowstats.com/

[Goodburbon]

This tradition started under Reagan when he significantly changed the way inflation was calculated. Reagan did that so he could screw SSI. Then Clinton did the same and so did Bush. You want to know what is really going on, pay attention to shadow stats. This is why they claim that inflation is practically non existent while healthcare and fuel are going up leaps and bounds. http://www.shadowstats.com/

Rush out to blame the nearest conservative? I thought you said you'd learned.

Cue jim ranting in 3.....2....

[Aloha_Shooter]

That goes right along with exploding domestic entitlement spending by 50-100% before saying you want "balance" in cutting federal spending.