Posted on 07/28/2013 5:53:07 AM PDT by Oldeconomybuyer
As many a former factory worker can attest, U.S. companies have invested so heavily in technology that some plants now practically run themselves.
This illustrate a rethinking under way on how to measure economic output, a discussion that is leading to an overhaul of government data this week that will show the U.S. economy is a bit larger than previously thought.
This will change on Wednesday when the Commerce Department releases decades of revised data that will include R&D as a category of investment. Under the new framework, R&D added about $300 billion to GDP in 2010.
This could give the impression of the government waving a magic wand to make the economy look larger.
(Excerpt) Read more at reuters.com ...
Basic economics says something is wrong to the casual observer.
yep.
fudging numbers
when America looks like Detroit, they will still be saying all is going well.
Premeditated book cooking at that.
I view this revisionism as the output of an incompetent mind lacking the ability to develop positive economic change. It is a panic move, a deceitful attempt to hide reality.
It means there is no hope for economic change and the Commerce Department knows it.
The economy's doing great... because we say it is.
Great! “Thinking about doing something” should now be deductible as a business expense.
This could give the impression of the government waving a magic wand to make the economy look larger.
++++++++++++++
No kidding. A government capable of reporting 7% inflation as 2% should be able to pull this one off with ease. Expect a big flow of rosy economic reports from the ever loyal MSM.
What should that tell us about the fundamental soundness of the Social Security scheme based on the number of workers at the base of the "pyramid?"
What should that tell us about the soundness of introducing tens of millions of unskilled laborers into a workforce converting to production by robots as a means of expanding the base of the pyramid with contributing workers?
The public will see better numbers from the big media (BM) but I doubt there will be an explanation as to why.
You know those robot lawnmowers?
Is there any reason a whole cul-de-sac couldn’t share one instead of having a lawn guy do it?
“Rethinking”- just another euphemism for propaganda. They come up with all sort of BS to refute the truth- the US economy is a hollow shell stuffed with worthless borrowed paper.
Al Reuters is carrying the Community Agitator-In-Chief’s water...again.
Sounds legit to me.
If someone said cable TV, cellphone with data plan and DSL internet bills were going to be as high as they are I would have scoffed at the concept.
However, I drive 6,000 miles per year in a car with 160K on it; pay $15 for a pair of bluejeans, no landline phone, downsized home I would have not imagined that either.
But I go out to eat and travel more than ever.
Winners and losers change.
Intangible investment? What we cannot see and is not there is really there, we just don’t see it so all is ok...
Welcome to the new normal.
If you run the US like a Euro style economy, you get results like a Euro style economy. Shocking!
The US isn’t pursuing a growth oriented policy and 2.5% GDP growth in a year and 7% unemployment should be considered “good years” as in Germany, France, Great Britain...
But no worries, we will now have a “safety net,” and the gubbermint will be the controlling force making sure no one can fail.
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