AM64
Well-Known Member
- Joined
- Feb 11, 2016
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Its far past time we stop using GDP as a measure of an economy. Our economy in America is based on services, social media/Big Tech, health care and govt expenditures. Meanwhile, we wonder why a country like Russia can shake off sanctions when produce raw materials and energy. And China may (or may not) have a smaller GDP than the US, but here again, they have a real economy that produces finished products that the world needs.
Some day people have to realize that you have to produce goods for sale to be viable. A service based economy cannot prosper. It's simply passing around a bucket of money, losing some to frictional losses, losing more to taxes. In the end the bucket of money empties out due to losses, and it all collapses because nobody is earning a real income by producing, growing, mining, etc real products.