this post was submitted on 16 Oct 2025
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It's their own IOU they created and gave to themselves. It's like if you write IOU $300t and give it to yourself.
So does this make GDP go up $300T?
Economists don't want you to know this one weird trick!
Only if you qualify it as a service worth $300T lol. But really though I don't think it can even be classified as a transfer payment since the IOU is worthless to the issuer.
The joke about economists asking each other to eat dogshit does increase GDP if you qualify eating dogshit as a service. It's why the inclusion of services in GDP is very questionable because of how difficult it is to measure.
Another example would be healthcare, in the US Healthcare is measured in GDP at price you pay for the final service so you get a bloated GDP. In other countries with universal Healthcare it's not directly measured and the sector itself is measured at factor cost (wages, equipment etc).
Yet another one, bank charges eg overdraft fees are included in GDP as a service even though it's closer to a direct tax than a service.
So the GDP increased by $300t then?
Only if you qualify it as a service worth $300T lol. But really though I don't think it can even be classified as a transfer payment since the IOU is worthless to the issuer.
The joke about economists asking each other to eat dogshit does increase GDP if you qualify eating dogshit as a service. It's why the inclusion of services in GDP is very questionable because of how difficult it is to measure.
Another example would be healthcare, in the US Healthcare is measured in GDP at price you pay for the final service so you get a bloated GDP. In other countries with universal Healthcare it's not directly measured and the sector itself is measured at factor cost (wages, equipment etc).
Yet another one, bank charges eg overdraft fees are included in GDP as a service even though it's closer to a direct tax than a service.