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Welcome to the 4th part of Noble Gold’s National Debt Series. In this series of videos, let’s understand some of the concepts that are affecting the value of our money.
We have so far learned how and why the US needs to borrow money. Let’s talk about how we can repay our debts. There are two parts. Our GDP and tax revenue.
Let’s talk about GDP first.
Gross Domestic Product or GDP is the total market value of all final goods and services produced in a country in a given year. Therefore, if you want to know what our GDP is, we need to add all of our spending that takes place in the economy.
There are different ways of computing this. One is the expenditure method. We add all of the following:
personal consumption of durable goods,
personal consumption of nondurable goods
services;
gross private investment, which includes fixed investments and inventories;
plus government consumption and gross investment, which public-sector expenditures for services such as education and transportation, less transfer payments for services such as Social Security;
plus net exports, which are simply the country’s exports minus its imports.
I know what you are thinking. What are those?! This leads me to my next point. GDP is hard to measure accurately. Some economists have simplified this by comparing interest expense paid on the national debt to the expenditures made for specific governmental services such as education, defense, and transportation.
In other words – how much did we pay for government services compared to the interest we paid on our debt.
That’s easier to get our heads around.
However, computing our GDP is still a very flawed process. Many economists say that some of our expenses are not incorporated. These expenditures include household maintenance costs such as food preparation or house cleaning.
Also, outsourcing of personal services posts a problem. Economists claim that many of our household expenses are being outsourced. We outsource our house cleaning, gardening, certain repairs, and others. This natural change in lifestyle makes it almost impossible to come up with accurate historical trends. We also cannot compare our GDP to other countries from the third world because first world countries might be outsourcing more.
That’s not all. GDP also ignores negative effects of businesses such as environmental pollution, violation of labor laws, change of working conditions, and others. How do we compute the cost of these damages and how do we figure that into the GDP?
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