FORTUNE`s lie by omission- Obama/Soetoro rigged, er, revised, GDP numbers to include “ intangibles” such as films, books,R&D, magazines and iTunes songs !
VOILA ! GDP goes up, economy is roaring, Obama/Soetoro`s neo-marxist economics is genius:
FINANCIAL TIMES:
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The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development.
Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output.
Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis, told the Financial Times that the update was the biggest since computer software was added to the accounts in 1999.
“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” said Mr Moulton.
At present, R&D counts as a cost of doing business, so the final output of Apple iPads is included in GDP but the research done to create them is not. R&D will now count as an investment, adding a bit more than 2 per cent to the measured size of the economy.” “
Apple products are made in China , so remove the new definition of GDP, remove the Trillions being printed by the Fed, the borrowing of the Treasury and most likely the REAL GDP is in negative territory.
“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” said Mr Moulton
They added all this stuff to all periods. The increase was not due to the inclusion in just the current period. Methodologies are revised all the time and ripple through the entire time series. Very common.