Measuring Gross Domestic Product (GDP) is a daunting task, especially in an economy like the US which so large and has many moving parts.
This is a short primer on some of the shortcomings of measuring GDP and how it is not an accurate measure of "social welfare". Like all statistics on the economy, you have to drill down deeper into the data to really get a sense of what is happening in the economy. (Listen or read the transcript below)
Why GDP Is Like GPA
October 28, 2011 - MICHELE NORRIS, host: By one measure, the U.S. economy has completely recovered from the last recession. GDP, the nation's gross domestic product, is the sum total of everything the U.S. produces, and it's now back to where it was before the financial crisis. Of course, the country has more people now and millions of them are unemployed.
And as NPR's Robert Smith reports, GDP is not a perfect number.
Sunday, October 30, 2011
Tuesday, October 18, 2011
"Don't Cry for Dallas/Ft Worth, Argentina"---See how US cities stack up in production of goods and services relative to whole countries...
The US economy is STILL a GDP producing monster, even in the midst of a recession/near-recession. Below is a comparison of US cities dollar value of production of goods and services with a country that has a similar dollar value of production (GDP).
Dallas/Ft Worth is ranked number 6 in the US. If it was its own separate country it would have the GDP of Argentina. Argentina is the 28th largest economy in the world! Go HERE to see how the other metropolitan areas/country equivalents rank...
Dallas/Ft Worth is ranked number 6 in the US. If it was its own separate country it would have the GDP of Argentina. Argentina is the 28th largest economy in the world! Go HERE to see how the other metropolitan areas/country equivalents rank...
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| Carpe Diem |
Monday, October 17, 2011
OWS protesters really smoked all the grass in the park...No, really they did. Read about it here...
Not literally, but it has been obliterated..."OWS" protesters have killed newly sodded grassy areas that were funded with Federal stimulus dollars...
I wonder if any of them are going to volunteer to pay for their damage or organize to help clean up and restore the park...Rhetorical question---no answer required...
'Occupiers' killing stimulus-funded sod in D.C.
""The Occupy D.C. protests, as Conn noted the other day, continue to violate federal law by camping out on National Park Service Land. Law enforcement officials from the alphabet soup of agencies that police D.C. are letting them get away with it.
You could say they haven't harmed anyone here downtown, except that they have. In McPherson Square, where some two or three dozen of them have been camping out for the last week, they have already ruined a few newly sodded sections of the park. The re-sodding of the park was completed this year as part of a $419,000 stimulus project to refurbish the square. The park, which is across from the Examiner Building in downtown D.C., was shut down for months during the project.
You could say they're stimulating the economy, because now taxpayers will have to cough up a few thousand more to fix the damage.
What you see in the accompanying photos are portions of the park where tents have been removed recently. In a few spots, the grass is only mostly dead, but in others it's dead and gone, and the new sod has given way to mud. The areas where the Occupiers have their tents pitched right now will be all mud before the end of this week, if they aren't already.""
I wonder if any of them are going to volunteer to pay for their damage or organize to help clean up and restore the park...Rhetorical question---no answer required...
'Occupiers' killing stimulus-funded sod in D.C.
""The Occupy D.C. protests, as Conn noted the other day, continue to violate federal law by camping out on National Park Service Land. Law enforcement officials from the alphabet soup of agencies that police D.C. are letting them get away with it.
You could say they haven't harmed anyone here downtown, except that they have. In McPherson Square, where some two or three dozen of them have been camping out for the last week, they have already ruined a few newly sodded sections of the park. The re-sodding of the park was completed this year as part of a $419,000 stimulus project to refurbish the square. The park, which is across from the Examiner Building in downtown D.C., was shut down for months during the project.
You could say they're stimulating the economy, because now taxpayers will have to cough up a few thousand more to fix the damage.
What you see in the accompanying photos are portions of the park where tents have been removed recently. In a few spots, the grass is only mostly dead, but in others it's dead and gone, and the new sod has given way to mud. The areas where the Occupiers have their tents pitched right now will be all mud before the end of this week, if they aren't already.""
Sunday, October 16, 2011
Steve Jobs career in numbers---Nice one-stop graphic for Everything Steve Jobs...
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| Source: The Big Picture |
Saturday, October 15, 2011
Nice population pyramid charts to remind us of the ticking fiscal timebomb awaiting the next generation. THIS is what the OWC's SHOULD be protesting...Go South protesters-- towards Capitol Hill...
Click on the video below to see the age-demographic change occurring in the US. This is ground zero for a potential busted national budget in the coming decades. Notice the shape of the pyramid in 1981, specifically the proportion of young working age adults to the retired population (65 and older). It is a distinct triangle with a wide base and narrow top. There are far more younger workers paying social security taxes and medicare taxes relative to the recipients, 65 and older. This is ok---this entitlement program is solvent.
As the decades pass, notice how the pyramid shape becomes more like a pear. This is not so good. The proportion of workers to retirees becomes more equal. However, what does not become more equal is the tax revenue-to-tax expenditure ratio--expenditures will drastically increase relative to the tax revenues (at current payroll tax rates). Retirees are living longer, there are more of them and their health care needs (read that "costs") will only increase. This is not ok---this will make these two retiree entitlement programs INSOLVENT, unless serious reform takes place--now. Well, now is almost too late. Should have been done 15-20 years ago.
Each of the graphs are below as well (Source for the Graphs HERE)
As the decades pass, notice how the pyramid shape becomes more like a pear. This is not so good. The proportion of workers to retirees becomes more equal. However, what does not become more equal is the tax revenue-to-tax expenditure ratio--expenditures will drastically increase relative to the tax revenues (at current payroll tax rates). Retirees are living longer, there are more of them and their health care needs (read that "costs") will only increase. This is not ok---this will make these two retiree entitlement programs INSOLVENT, unless serious reform takes place--now. Well, now is almost too late. Should have been done 15-20 years ago.
Each of the graphs are below as well (Source for the Graphs HERE)
Tuesday, October 11, 2011
Nice article on "Rent-Seeking"---"The Rest of the Story" behind why Banks are now charging YOU fees for using your Debit Card...
I linked the article/opinion piece below in my previous post with the Venn diagram showing the over-arching common bond that the TEA party and the Wall Street protest movement have in common. I am linking it again because it reveals "the rest of the story" behind the recent imposition of bank fees on debit card use. I was not aware of this backstory, but probably should have known there was more to it.
It illustrates the relationship between corporations and the interest groups they fund to get politicians to enact legislation favorable to them. It also highlights the dirty business of former aides to longtime politicians who quit and become highly paid lobbyists. This gives them an inside track to influence their former bosses in Congress/The Senate.
Read it and I am guessing your reaction will be something to the effect: "Oh, C'mon! That is just NOT right!!"...
Thank Wal-Mart for your new bank card fee
When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank.
Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change.
But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee.
It illustrates the relationship between corporations and the interest groups they fund to get politicians to enact legislation favorable to them. It also highlights the dirty business of former aides to longtime politicians who quit and become highly paid lobbyists. This gives them an inside track to influence their former bosses in Congress/The Senate.
Read it and I am guessing your reaction will be something to the effect: "Oh, C'mon! That is just NOT right!!"...
Thank Wal-Mart for your new bank card fee
When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank.
Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change.
But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee.
Venn diagram showing what Wall Street Protesters and TEA Party Protesters have in common...
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| Source:KPC Below is an opinion piece that captures the fears of both sides of the political spectrum---Corporate influence on politics and the politicians (and their former aides) who use their position/power to cater to those corporate interests. Read it and see how the system REALLY works... When Bank of America announced last week that it would charge $5 a month to customers who make purchases with their debit card, customers railed against the bank. Many conservatives and libertarians said the anger should be aimed at Congress and the Obama administration, which, through last year's Dodd-Frank financial regulation bill, effectively outlawed the old debit card business model, spurring Bank of America to make this change. But the real culprit is Walmart and the retail lobby, which used government to squeeze banks and fatten their own bottom line. Walmart won, banks lost, and now customers are stuck with a new monthly fee. |
Monday, October 3, 2011
Nice graphic on how much we spend educating each student in the US. My conclusion: We either spend too much, not enough, or it is just right. Confused? See why here...
Fact is, we know how much we SPEND on each student, but do we know how much is actually COSTS to educate each student? Fundamentally different questions.
According to the graph below, in 1995 spending per student was approx $8,600 and in 2010 it was approx. $11,600 per student. That is an increase of 35% ($11,600 minus $8,600 = $3,000. $3,000/$8,600 X 100 = 35%) in 15 years.
This is well above inflation during this period AND well above the percentage increase in the number of students from 1995 to 2010. In 1995 there were 44,840,481 students in US public schools and in 2010 there were 49,373,307 students. That is a 10% increase in the number of students since 1995 (Data from HERE).
A 35% increase in spending per student and a student population growth of only 10% in 15 years.
I really don't think we spend too little on primary and secondary education in the US. I just think collectively we make really bad decisions on how we allocate that money. Something about priorities being misplaced. But that is just me...
According to the graph below, in 1995 spending per student was approx $8,600 and in 2010 it was approx. $11,600 per student. That is an increase of 35% ($11,600 minus $8,600 = $3,000. $3,000/$8,600 X 100 = 35%) in 15 years.
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| Source: Carpe Diem |
A 35% increase in spending per student and a student population growth of only 10% in 15 years.
I really don't think we spend too little on primary and secondary education in the US. I just think collectively we make really bad decisions on how we allocate that money. Something about priorities being misplaced. But that is just me...
Sunday, October 2, 2011
Thursday, September 29, 2011
See this graphic video of an American Bald Eagle being killed by a GREEDY energy company...This is different.
The "greedy" energy company is own that owns and operates wind farms. Wind farms are very dangerous for the bird population (HT: Carpe Diem):
In contrast, 28 migratory birds (including ducks) allegedly died after landing by mistake in oil waste pits in western North Dakota between May 20 and June 11, and seven oil companies are being charged by the U.S. attorney for North Dakota for violating the 1918 Migratory Bird Treaty Act.
As Jack Dini wrote in the Canada Free Press: "When it comes to protecting America’s wildlife, environmental organizations and federal law enforcement officials have a double standard: one that’s enforced against oil, gas and electric utility sectors, and another that exempts wind and solar power from prosecution despite evidence of a multitude of violations."
""The graphic video above shows a magnificent eagle getting killed by a wind turbine. According to a 2009 estimate from the U.S. Fish and Wildlife Service (reported on the American Bird Conservancy website here), those bird fatalities happen more than 1,200 times every day (440,000 deaths annually and 50 deaths every single hour of the day on average). For the millions of documented wind-related bird fatalities that have taken place in recent years, how many wind companies have been prosecuted? None - they get a pass.
In contrast, 28 migratory birds (including ducks) allegedly died after landing by mistake in oil waste pits in western North Dakota between May 20 and June 11, and seven oil companies are being charged by the U.S. attorney for North Dakota for violating the 1918 Migratory Bird Treaty Act.
As Jack Dini wrote in the Canada Free Press: "When it comes to protecting America’s wildlife, environmental organizations and federal law enforcement officials have a double standard: one that’s enforced against oil, gas and electric utility sectors, and another that exempts wind and solar power from prosecution despite evidence of a multitude of violations."
Tuesday, September 27, 2011
The number of new Female MD's = the number of new Male MD's...That IS news, but NOT the real news---check out this graphic...
One giant step forward BUT we have not moved...Over time the number of female doctors has increased, and in the latest reporting year, has just about reached parity with male doctors.
However, I am interested in the overall trend of the number of MD's created overtime---It is essentially constant. What is up with that? Has the population stayed level? No. Has the need for medical doctors decreased? No, again. So, why is this the case? 5 extra credits points on the next test for the first person to get the correct answer...
However, I am interested in the overall trend of the number of MD's created overtime---It is essentially constant. What is up with that? Has the population stayed level? No. Has the need for medical doctors decreased? No, again. So, why is this the case? 5 extra credits points on the next test for the first person to get the correct answer...
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| Source: Matthew Iglesias |
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