With rise in prices over the past couple years, the GDP is not enough of a measure. The actual products sold is what needs to be measured. I don’t think there is growth in numbers of products sold. Of course the dollar amounts are up, because we all pay so much more than we was for the same groceries and other essentials, plus other items we want.
The InflationCrats may be pointing at the GDP, which isn’t really that great anyway, but it doesn’t really tell the tale.
Thanks InflationCrats!
if not GDP, than what?
how do you track the growth in an ecomony?
Allan
The gdp is not a good measure. The unemployment rate is meaningless. The decrease in the inflation rate is irrelevant. It’s how we feel about these things that’s important and we feel the inflacrats are in power so we feel things have to be bad
Weird way to assess the economy but that’s hasn’t changed in decades so why now?
I love the idea that even though GDP is meaningless, that growth of 5.2% still “isn’t really that great anyway”. What a load of crap. There is absolutely no number under Biden that you would accept as good.
It’s the participation rate. That’s all that’s important!!! 
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Some would argue that GDI is a better indicator. And one would think that GDI and GDP numbers would eventually merge. However at this time both use different basis in their calculations. Some might also look at corporate performance as a good indicator. However in some regions there have been big swings in utility prices and bond performance that have affected profit rates. I think that the one thing that is universal is still the effects that Covid-19 had on the world economy. I am now seeing products being disconnected with the reason being given as supply chain shortages. And I think we are going to see a increasing issue with more and more office space going vacant due to folks working from home.
GDP currently counts transfers as part of GDP. That artificially inflates GDP.
Brandon is toxic to business.
I like underemployed
Thanks. That’s based on…
unserious.
Partisanship
Well, that’s convenient, what with the GDP on the rise and all!
Fee fees!
To be fair, it goes both ways, and it’s stupid.
GDP is now, and always has been an excellent economic INDICATOR.
The underlying problem (and it even manifests as textbook bias) is that too often it is used as a SYNONYM for the economy.
In ECON 101 (and again in 201) students are taught that GDP is a synonym for the economy if and only if the “ceteris paribus” (all other things being equal" assumption remains true. People (including econ professors, politicians and the general public) then ignore that twice-taught lesson and use GDP as a synonym for economic health.
You are touching on it by discussing “actual products sold is what needs to be measured,” but even that alternative falls a little short.
More in a bit.
When you make a dollar ‘A’
then you spend 90-cents ‘B’
and put the rest in the bank, in your wallet etc… (let’s call that amount in your bank account C1)
The bank then lends ‘B’ to someone.
During that period, he keeps some of it in his bank account and his wallet (C2)
and spends the rest, ‘D.’
Under GDP math the GDP equals A+B+D . . . . see what’s missing?
That’s right C1 and C2, are missing.
The money you hold in the bank and in your wallet is counted as money leaving-the-economy.
Likewise when you (or the government) drawn-down your savings and spend like a teenager (or a drunken sailor) the economy is said to have grown.
This leads to a very distorted picture of the economy and leads to bad (pro-spending anti-savings) economic policies.
I use to hate maths problems that began like this when I was at school 
The GDP is a good economic indicator but when we use it as a synonym for the economy, things get all messed up.
In practical terms it means some funny (read: “stupid”) things.
EX 1
If you save money, that’s bad.
When the gov’t seizes that money and uses it to pay $5,000 for a toilet seat, that’s good, and the more they pay for it, the better. Yay!!
I was going to say increased savings is a pretty solid indicator of a good economy, as long as those savings hold value.
