The Laughable Nature of GDP Growth by Richard Daughty

The Laughable Nature of GDP Growth by Richard Daughty
At work the other day, I was actually considering either doing some actual work or taking the afternoon off, after, of course, I finished reading the government’s Bureau of Economic Analysis release of the news that “Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 3.2 percent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter)” and that last quarter of 2009, “real GDP increased 5.6 percent.”