Thread - Hyper

Absolutely spot on 🎯 💯 However before we even discuss how dumb publishing GDP data on the blockchain is, it's also important to note that GDP is a fundamentally flawed and misleading metric. When the government borrows billions for wasteful projects, GDP rises. When a hurricane destroys a city and rebuilding begins, GDP rises again. In short, GDP is not a measure of wealth or well-being, but a Keynesian accounting trick born out of the political needs of the 1930s and 1940s, and it continues to serve as a convenient justification for more government expansion. View quoted note → View Article →

Replies (3)

Kip Ashlynn 3 months ago

For the US, wars are very profitable. The renewed Russian aggression against Ukraine was a big part of increasing exports enough so that the GDP looked positive during the Biden term. It's such a misleading metric and laypersons don't even understand how much manipulation there is.

Kudzai Kutukwa 🛡️ 3 months ago

↩ replying to Kip Ashlynn

That's so true. It's the same playbook FDR used with the New Deal and subsequently WW2, which eventually boosted gvt spending (and GDP with it). This is one of the reasons FDR is hailed as a hero in mainstream circles.

Kip Ashlynn 3 months ago

↩ replying to Kudzai Kutukwa

Absolutely. We've not had a decade in our existence without war, something like 95% of the time since US started we've been warring somewhere or another. There's a reason the military industrial complex thrives 🙄