Question about GDP
Hey all, I’m new to the forums, I’m an active poster over on the KunstlerCast forums (big fan of James Howard Kunstler as well as Chris Martenson). Found out about the crash course through there, very glad I did.
In the crash course, CM discusses how our debt to GDP ratio is highly skewed as a result of hedonics, inflation, etc to make it appear much more favorable than it actually is. I hear economists and the like talk about how (I paraphrase), "Japan has been operating on a 190% debt-to-GDP ratio for over a decade, so the fact that we’re at 85% isn’t as frightening as it sounds…"
Considering that we’re probably closer to 500% when you reverse all of the adjustments, does anybody know if other countries do the same adjustments on their reported GDP and debt? If so, would that mean Japan is somewhere in the 1000% range? Likewise, if other countries do not hedonically adjust their GDP, that would mean that several other countries with lower GDPs would have the same or better standards of living than the US, right?
Welcome to the forum, noodles. I, too, found out about this site through Jim K’s podcast.
I do not know the answer to your question, but I wonder if you could find out over on shadowstats.com. If they have the real numbers on the US, would that site also have the real numbers on other countries? Or is that just too much to keep up with…..