Don't Raise the Bridge, Lower the River

When all else fails, I used to tell myself in night clubs, lower your standards. The US government takes a similar view to measuring our low-growth recovery:

The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development.

Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output.


So I’m feeling 3% richer. How about you?



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