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most of the people, including me, who would put numbers together or try to explain it, are full of shit.
So, you have to learn a little about economics yourself, so you can be full of shit too. But, at least then you know where it came from.
Everyone fudges the numbers and picks definitions they like to prove a point. Economics is called the "dismal science" for a reason.
Slightly more seriously, and confusingly... yes, borrowed money does affect the GDP and growth figures. But, so do the increased gas prices, inventory restoration, productivity increases, tax rebates, mortgage rates, mutual fund profittaking, and a whole bunch of other things.
Most of the Federal debt is going to pay for retiring old Federal notes, with their interest, and some of it is paying for current deficits. So, the massive debt really isn't buying much new that wouldn't be bought anyway. Except for Shrub's wars, which seem to be paid for by reducing other Federal services.
Private debt, like maxing out credit cards and home equity loans, probably has more to do with growth than public debt. There's a few billion there that goes to buy stuff. And, the exceptional quarter we had last year was due almost entirely to the 90 billion in tax rebate/bribe checks that went out. Commercial debt gets really hairy to explain in terms of GDP and I'm not going there for now. Suffice it to say that without debt, business would come to a complete standstill.
The simplest definition of GDP is the total of goods and products sold domestically. What's happening now is that we are able to sell more goods and services at high prices with fewer people involved, and many working are making less money. That's increased productivity, and would normally be considered a good thing, except that too many people are out of work, and too many more aren't being paid as much as they are worth.
It's a really scary situation, and don't believe anyone who has a simple answer.
My personal belief is that we are at a crossroad where the world economy is undergoing a huge adjustment. The US has been consuming about 25% of the world's resources for at least the past half century, and Europe, Japan and a few other countries have hogged much of the rest, although not quite as much as we have.
There are over 3 billion Indians and Chinese who are fast catching up to western consumption rates, and we are about to see interesting times as they compete for resources along with our jobs.
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