In addition, the gdp is a terrible measure of US productivity. It was created during an industrial economy, and doesn’t recognize the value of, for example, data, software, IP, etc.
Not suited to the Information Age.
Still, that’s no excuse for the govt running up the national debt so politians can buy votes.
The GDP can be said to be obsolete in a) how it deals with depreciation and b) how it deals with investment, in the alternate way of figuring GDP.
However, sales of software is still captured in consumption and services, so I doubt the difference is significant.
Data, software and IP are still paid for. Some people may insist that there is some unaccounted for value in this, but does it matter if it isnt turning into $? Maybe value is being created that will turn into $ in the future. I say it should be counted when it does actually turn into $.
Many drugs have no market value.
They are too expensive for personal purchase and governments must buy them or force “insurers” to do so.