I don’t believe even that growth percentage—given how we undercount inflation.
Correct. The GDP reminds me of BMI when evaluating obesity. BMI does not factor in things like muscle weight, bone density, etc. It is a seriously flawed measurement. Likewise, so is GDP, when inflation and government spending is not factored in.
If I understand the system we OVERSTATE GDP by the same percentage as we UNDERSTATE inflation and inflation is absurdly understated. Anyone who believes the official inflation figures should be making plans to watch for the Easter Bunny soon and to greet the Great Pumpkin on Halloween night.