The Distraction of the “Gross Domestic Product” Economic Metric
For many years now it seems that the state of a nation’s economic health has been reduced, at least in the establishment press, to one metric—Gross National Product (GDP). Despite rising prices, increasing public and private debt, and other indications of a nation’s economic problems, governments and the legacy press everywhere hang on the latest GDP figures. If the number—always produced by government statistics offices—is positive, then all is well. If the number is on a downward trend, then government has an answer—increase government spending. This is the magic elixir.