Monday, November 21, 2011
The Austerity Argument: Real GDP Growth vs. False GDP Growth
(a) the argument regarding "austerity" leading to lower GDP growth relies on the implicit assumption that the previous false GDP growth number, created through endless government deficit spending, was in fact a real growth number, yet in fact the GDP growth number was false,
(b) the false GDP number is then used as a base measurement,
(d) austerity merely returns one to a real GDP growth number and/or a real GDP growth number base,
(e) the movement from false to real is depicted as "lower growth" when in fact it is a movement from false growth to real growth.