The fact that if Shadowstats' figures are correct, we didn't have a housing bubble and have been in a 30-year recession are far from anecdotes. As is Williams a

The fact that if Shadowstats' figures are correct, we didn't have a housing bubble and have been in a 30-year recession are far from anecdotes. As is Williams admission (referenced in the Aziz piece) that he doesnt actually calculate the figures using the old methodology but rather just adds an arbitrary factor to the CPI data. I 'believe' that GDP is higher and inflation is in check because I can buy a 60" LCD for $400, a hybrid car that gets 45mpg and will last 200k miles for $18k, I can get a 30-year mortgage for well under 4%, my cell phone is faster and more capable than a 5-year old laptop, I can get any physical good delivered to my door in 12 hours, doctors can perform miraculous procedures at podunk hospitals with fantastic success rates, and there are free courses available from the best schools on the planet in just about every subject. Do I have to work longer hours than my parents did for a similar quality of life? Perhaps, but it seems like that is far more likely due to globalization and the fact that there are billions of people participating in the global economy rather than some conspiracy. Do I think GDP is a perfect measure of growth or welfare? Not especially. I think median household income combined with hours worked is a better gauge but that doesn't mean the GDP stats are useless. I'll gladly read some Denninger but I'm not sure how you explain the massive global shift from abject poverty to something resembling a first-world existence without economic growth.