Fixing the GDP by Changing the Definition of GDP

Peter Schiff on Yahoo Finance Breakout (8/23/2013)
Listen to The Peter Schiff Show

[lastoftheromans]

The LearnLiberty ad about ending the Fed is the first time I've ever watched a full 4 minute commercial before getting to my YouTube video. And they say advertising doesn't work. It's never the medium; it's the message!

[maciejwarda]

Peter Schiff you are the thank you for the years of great

[jagmeetsingh]

It's an expensse. It's not an investment. If i pay $20 to someone to mow my lawn, is that an investment? No, it's not! Peter is right, this is just to inflate GDP numbers.

[julioequinones]

That last bit about the prof's is so true. I can atest to this personaly

[CommanderXED]

Add between 10 to 2000% to any figure the government gives you including GDP, Unemployment, Inflation, the cost of any government project, taxes, etc. The fact of the matter is that "THE TAXPAYERS MONEY" no longer means anything to our supposed representatives in the US government (and that includes both political parties and the executive, legislative, and judicial branches).

[G]

Agree with you for the most part, except for salaries. Training and using highly professional skilled workers is the best investment company can make in the long run. Companies and armies are alike, end of the day, you are only as good as the troops under your command. A small, highly skilled and motivated army with motivated equipment can pull of amazing feats.

[pooyasafaei]

And they change the definition of men and women, Recession, Inflation, Life and Freedom itself

[tallswede]

It makes no difference what your opinion on the subject is. Schiff is pointing out the fact that the government has changed the way they calculate the number. Investment used to be defined as increasing ability for future production, but they have redefined it to mean money that you spend to maintain current production.

[BstmKsander]

Unfortunately the demand would probably be too high, causing prices to be at a similair level as the other universities. Were he to create more than one university however, it starts to sound very interesting.

[c]

Once the dollars that are currently locked up in the stock market and other instruments are released into the economy at large, all hell will break loose. It';s like when a light bulb gets really bright, just before it blows.

[rusche]

No, you're wrong. According to GAAP, wages are NOT investment. Wages are an operating expense.

[noway]

I suggest Mises University (only 1 week a year, but they post their videos online) as well as Tom Woods' Liberty Classroom.

Both have a similar perspective to Peter Schiff, though neither quite has his style.

[chrishawkins]

By the new definition it might be - getting a screenplay is necessary 'investment' for making a film and how do you do that? Pay someone to write it.

[iammm]

The July housing make all those monthly pretty GDP a lie LOL.
Good job Peter

[ytgvfc]

Soon we can change the definition of unemployment so that everyone is employed - forever!

[dumpsterplayer]

if you only listened to people who agree 100% with you, would you listen to anybody?

[formassio]

We already have one. The Mises Institute.

[lowpross]

"Change" was promised, wasn't it? Lol

[DexterHaven]

Peter is glib, as Tom Cruise would say of Matt Lauer, but in a better way.

[afonsodeportugal]

This channel is so undersubscribed!...