America is doing economics all wrong
A short while ago, our Northern Nevada Development Authority leader Rob Hooper classified those born between 1980 and 2000 as Millennials who seem to favor creativity over the dollar, when talking about small business entrepreneurs. I would ask Mr. Hooper, what else is left in a government-controlled service-oriented economy?
More recently, Mr. Hooper stated in Viewpoint Magazine that small businesses account for 46 percent of our Gross Domestic Product. I would remind him that the small GDP service related businesses ware already a part of the GDP percentage, which has been in the 2.5-3 percent range over the last four decades (Federal Reserve Bank, St. Louis, Missouri). The service industry itself, small or otherwise, relies totally on economy prosperity.
Next, we have the Federal Reserve playing games with the rate of inflation and the nominal GDP in order to present a lower inflation rate. During the past 40 years the Real GDP cost of living increase was pegged at 190 percent.
In the meantime, Congress continues to raise the national debt in a continuing effort to support their failing economic policies. Economics is the science of production and the distribution of goods and services, not the destruction of same (Webster).
Ron Wood
Carson City
