Rush Links to and Reads From Yours Truly’s NewsBusters Post About Bloomberg Howler That GDP ‘Is an Imperfect Measure’
In his post (and on-air narrative) which began being about Obama’s Jobs Council disbanding, Rush Limbaugh went to last night’s Bloomberg News editorial about how GDP “is an imperfect measure” while referencing this morning’s NewsBusters post (BizzyBlog mirror; bolds are mine):
Obama Ends Jobs Council Because the Economy is A-OK, Despite Shrinking GDP
… So we’re gonna shut down the jobs council, but we’re not gonna close Gitmo.
… There isn’t any pro-growth policy taking place. I sound like a broken record. I think it’s hilarious the jobs council shut down, ’cause we’re now supposed to accept, okay, well, this is the new norm. Mission accomplished.
Bloomberg News. Now that the gross domestic product is contracting, i.e., the economy’s shrinking, Bloomberg’s editors have decided that GDP is an imperfect measure of progress. Just ten hours after a government report showed that the economy went into contraction for the first time in three years during the fourth quarter last year, an item written by the editors at Bloomberg News appeared last night which basically said, you know, you people that focus on GDP are making a mistake. That’s an imperfect measure of economic activity and progress. We need to be looking at indicators — I kid you not — of social progress or human happiness. So in measuring economic output, in measuring economic activity, the GDP, ah, it’s old-fashioned, doesn’t work, never was all that accurate. You shouldn’t rely on that. Don’t pay any attention. It’s an imperfect measure of progress.
Instead, we should refocus and look at the indicators of social progress or human happiness. So it’s the usual case: When things go south, the problem is the way we measure it. When the news is bad, the problem is how the news is determined (laughing), not the actual news. So we’re gonna have to change the mechanism by which we measure the economy because it’s not showing the economy in a good enough light to reflect the magnificence of our esteemed leader, “Barack Hussein Obama! Mmm! Mmm! Mmm!”
Thanks to El Rushbo for picking it up.