Well said

Following up on Deficit Jim Flaherty's declaration that the "real economy" consists of asset valuations on paper rather than real people making real products while working at real jobs, Tom Korski slams the undue focus on GDP over more important factors:

In the weird math of GDP the most dysfunctional nations have the "best" growth rates. Angola is forecasting 13 per cent "growth" this year due mainly to police corruption and power blackouts that last two months. Other world-leading GDP rates are 12 per cent in Ethiopia (drought), 11 per cent in Rwanda (cholera) and 10 per cent in Niger (kidnapping). By comparison, placid Sweden is mired in recession and carefree Denmark has fallen off a GDP cliff (see CIA World Factbook: National Product Real Growth Rates).
...
People who are serious about economic statistics cite the GDP mainly for entertainment value. Before announcing an end to recessions they consult more meaningful data like employment (now down in Canada), loan defaults (up), value of goods in transit (down) and investment in machinery (way down).

Yet the GDP, the most dubious statistic, dominates news coverage. And the GDP says amid one of the most dreadful years in postwar Canada, things are looking up.

The recession is over because we are deeper in debt.

The recession is over because we are printing more money.

The recession is over because a man on TV said so.