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Re: Recession Deepens: biggest unemployment jump in 22 years.
Quote:
Originally Posted by iamwhatiseem
Someone said this once...can't remember who, but it is true..."GDP data is figured on adding machines that have a plus key - but no minus key"
GDP is not, nor has ever been a good indicator of a current economy...it is like relying on an art critic that insist on judging the work from a photograph that was taken 100 yards away.
Better indicators are "bellwether" industries, small business spending, employment data etc.
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Or rather, when it says what you want it to say, its a good indicator. When it doesnt say what you want it to say, invent some new indiciator, like the poverty index.
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"To take from one, because it is thought his own industry and that of his father has acquired too much, in order to spare to others who (or whose fathers) have not exercised equal industry and skill, is to violate arbitrarily the first principle of association, "to guarantee to everyone a free exercise of his industry and the fruits acquired by it."
-Thomas Jefferson
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