GDP’s Going Down? That’s Good!

It’s our national mantra: GDP. Gross Domestic Product. No other figure rules our world more completely. We saw it again this week when the government released its latest revision of the first-quarter GDP numbers that showed the U.S. economy is contracting slightly. The only thing that’s now growing, it seems, is the fretting of pundits and economists over the new numbers. Their common cry: How do we get things moving again?

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The Lady Gaga Fix: How the U.S. Is Rethinking GDP for the 21st Century

This week the government released yet another revision of first-quarter economic growth showing that the U.S. economy grew a tad less than initially reported ‑- 2.4 percent rather than 2.5 percent. This revision was hardly consequential, but over the summer the Bureau of Economic Analysis will unveil a new way to calculate the overall output of the United States. And that revision will be dramatic.

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