This 31 Minute video below is Part I of a three part series on the current misinformation of Economc Growth between Gordon T Long (GordonTLong.com) and Ty Andros (Tedbits.com) with 26 supporting slides.
Highlights of the discussion include:
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Why the presently accepted GDP measurement is ineffective in properly measuring wealth creation, national economic health and prosperity,
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How the elements of Government Spending, Taxation, Stock Market changes, Export & Import trade balances and other statistical indicators are all being used to manage the perceptions of economic growth,
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How Hedonics, Substitution and Imputation make GDP greater than it really is,
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How the new game of "Imputation" is using notional numbers to represent growth with no money actually changing hands,
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How bad data leads to bad decisions and too many bad decisions leads to fewer decision choices until the only choice is to lie,
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How the current US growth rate is minimally overstated by 20%, even if you accept the illogical 1.54% Deflator for the US and the IMF's 2.2% Global Deflator.
