Obamacare Spending Is Consuming the Economy

While GDP barely improved, Obamacare spending has exploded. As I mentioned recently, mainstream news outlets are admitting that the economy is grinding to a halt. A Washington Post article revealed that the economy only grew a fifth of a percentage point in the last quarter. The gross domestic product grew between January and March at an annualized rate of 0.2 percent, the U.S. Commerce Department said, adding to the picture of an economy braking sharply after accelerating for much of last year. Read more […]

Why You Should Learn What is Wrong with the GDP Measure

Most of us run down a road paved by others, not realizing it’s not the only possible path—and, in fact, that it may be a path for the road-designers to achieve their goals, while preventing you from ever reaching yours. This is a wonderfully educational and reasonably brief look at the history of “GDP” (Gross Domestic Product) and its roots in a terrible set of economic theories that justify government intervention in the economy—a top-down, elite-driven (and elite-benefiting!) system designed Read more […]

Chinese Mountain-leveling Cities Show the Communists are Super-Keynsians!

It is now a proverb that Keynes believed you could stimulate the economy by paying someone to dig a hole and paying someone else to fill it up again. That should sound strange to many people, though when they’ve heard Paul Krugman extol a fake alien invasion or a hurricane as keys to helping the economy, Keynes seems relatively restrained. Well, the Chinese ruling class has apparently replaced Karl Marx with John Maynard Keynes. The Chinese government is almost literally following the cliché Read more […]

Using Prostitutes and Drug Dealers to Boost GDP

As you may have heard in the news yesterday, the economy actually contracted in the first quarter. Of course, we are given many assurances that this is nothing to worry about. It only happened, we are told, because of all that cold weather. (So, if cold weather is such a strain on the economy, global warming should be an economic boost, right?) We are promised that the economy has started growing again. The truth is that the GDP growth doesn’t really mean a growing economy. The numbers are meaningless. Read more […]

Obamacare-Induced Spending Shows How the GDP Measure Means Nothing

Megan McArdle wasn’t writing about how the Gross Domestic Product is a scam that measures almost nothing and is just used for propaganda purposes with no science behind it. I assume she would disagree with that assessment. She’s mastered the gobbledygook discipline of modern economics more than I ever will, so I guess she will speak with authority. But what she says about Obamacare expenditures is really amazing: The good news about health-care expenditures is that they’re propping up Read more […]

The Obamacare Storm And The Meaningless GDP Measure Of An Impoverished Economy

You may have noticed how “Gross Domestic Product” is talked about constantly. High GDP means economic growth. Shrinking GDP means recession. Yet you also may have noticed how economists constantly stress over consumer spending. They want to see more of it, and when they do, they claim the economy is growing. Well, despite all the flaws in making discretionary consumer spending so important (because it leads to the insanity of saying it is good for the American economy if most Americans Read more […]