Improving US Economic Data 10-24-24

Nominal GDP needs to be reported in total to be reported in lists that compare the US with other countries. But in the US we also need to report Private Sector Nominal GDP and Government Spending GDP. We need to reduce Government Spending GDP to prevent Inflation. We need to increase Private Sector Nominal GDP to reduce our Trade Deficit and grow the US Private Sector Economy. I don’t use “Real GDP”, because it doesn’t reflect what actually happened. Real GDP doesn’t include inflation and used a “Deflation Calculator” to lower the GDP from what it actually was. It should be called the “Deflated GDP”. 

The way I track US GDP is to take Government Spending which is at $6 trillion and Revenue at $4 trillion to identify $2 trillion in Federal overspending. I then add State, County and City spending at $ trillion. I get $10 trillion in total government spending  I subtract $10 trillion from the reported Nominal GDP. The nominal gross domestic product (GDP) of the United States in 2024 is estimated to be $28.78 trillion.  I subtract $10 trillion in Total Government Spending from the $28.78 trillion Nominal GDP to get the Private Sector GDP at $18.78.

For 2023, Google reports an inflation rate of 4.1% was calculated. During the observation period from 1960 to 2023, the average inflation rate was 3.8% per year. Overall, the price increase was 945.29%. An item that cost 100 dollars in 1960 costs 1,045.29 dollars at the beginning of 2024. This report may or may not be accurate.

 It fails to report if “inflation” is the flawed CPI that doesn’t include Food or Gasoline prices. It doesn’t list the “inflation” history by year. It is not credible. The CPI needs to be revised to include all price increases.

Google Search reports the US Illegal Migration numbers from 2021 to 2024 at 10 million according to Border Patrol numbers, but doesn’t add the airplane flights, Northern Border or entry by boat. Trump’s estimate that the real number of illegal entries is 21 million. I tend to agree with Trump.

Government Reports Data by Fiscal Year that begins 10/1 and ends 9/30. I prefer Government Data by Calendar Year. The data on Google Search often fails to disclose whether or not their data by year is Fiscal or Calendar.

The BLS Jobs Report needs to completely revamp their process to produce accurate numbers. The 818,000 overcount was the BLS version of the Afghan Withdrawal. The Stock Market should not use BLS data as their excuse to buy more stocks. The Stock Market has baked in US Inflation to date. The promise of “new technology” like AI assumes that AI will be implemented quickly and will increase productivity immediately. The fact is some AI improvements will take years to work out the technical and legal bugs.

Norb Leahy, Dunwoody GA Tea Party Leader