38
submitted 11 months ago by yogthos@lemmy.ml to c/us_news@lemmygrad.ml

The concept is called “imputations” — which are “what if” scenarios.

Example: When a person buys a home, the gov adds that person’s imaginary rent to the GDP!

That is, if he didn’t buy a home, he would have spent X dollars on rent. There are two more shenanigans like that you can read in the article.

By this measure, China has already caught up with the US a long time ago.

top 9 comments
sorted by: hot top controversial new old
[-] WaterBowlSlime@lemmygrad.ml 17 points 11 months ago

Lol yeah the bean counters needed a way to make America look good so they came up with the idea that homeowners are their own tenants and pay imaginary rent to themselves. They also include healthcare costs in GDP so when a pharma corp charges you 30x more for meds, that's good for the economy!!

The US cooks the books on everything it does so it's hard to judge how bad things are truly going, but it means a lot that China's real numbers are comparable to the bs American stats.

[-] 201dberg@lemmygrad.ml 9 points 11 months ago

Oh yeah, just look how they change the way they calculate inflation and how they changed the definition of recession. lol

[-] FamousPlan101@lemmygrad.ml 10 points 11 months ago* (last edited 11 months ago)

Way more than that.

Here's a really good breakdown, it's 66% fake according to this

https://www.unz.com/lromanoff/us-economic-statistics-unreliable-numbers/

[-] yogthos@lemmy.ml 2 points 11 months ago
[-] NothingButBits@lemmygrad.ml 10 points 11 months ago* (last edited 11 months ago)

With Europe it must be some 60% that is fake. Probably more.

[-] 201dberg@lemmygrad.ml 9 points 11 months ago

Lol it's way more than 15%

15% is the number they allow you to see.

[-] DamarcusArt@lemmygrad.ml 6 points 11 months ago* (last edited 11 months ago)

Only 15%? Those are rookie numbers. They should be accounting for the what if scenario of every renter in the US renting 4 separate houses at once, and add that to GDP!

[-] redtea@lemmygrad.ml 5 points 11 months ago

That's no joke, though: the renter pays (1) their own rent (2) the landlord's mortgage (3) the landlord's rent and (4) the bank's owner's rent. I don't have the savvy to work out who lives off the renter's property taxes if they pay those.

this post was submitted on 05 Dec 2023
38 points (95.2% liked)

US News

2035 readers
141 users here now

News from within the empire - From a leftist perspective

founded 5 years ago
MODERATORS