I mean, more or less. When discussing GDP, you’re discussing things at such a massive scale that only the details of the details filter down. Like the speed of the Earth - obviously it matters, but no one living here is going to notice on their daily walk that the Earth has sped up or slowed down by 100 mph. It’s a tool (ideally) for discerning growth and potential courses of action for large-scale decision-makers, like the government.
But doesn’t GDP also take into consideration real estate and military spending, two things America very much spends dickloads of money on? In an ideal scenario, it would be an accurate measure, but because housing prices are so high and military spending is basically going infinite at this point in the US, you could argue it’s a worthless metric because of how inflated it can be.
I mean, more or less. When discussing GDP, you’re discussing things at such a massive scale that only the details of the details filter down. Like the speed of the Earth - obviously it matters, but no one living here is going to notice on their daily walk that the Earth has sped up or slowed down by 100 mph. It’s a tool (ideally) for discerning growth and potential courses of action for large-scale decision-makers, like the government.
But doesn’t GDP also take into consideration real estate and military spending, two things America very much spends dickloads of money on? In an ideal scenario, it would be an accurate measure, but because housing prices are so high and military spending is basically going infinite at this point in the US, you could argue it’s a worthless metric because of how inflated it can be.