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The "missing" economy

Because I'm busy setting up our new venture (Simpleesell) I'm taking note of the world of eBay. I came across this interesting snippet:

AP Wire | 09/10/2004 | Cheney: Economic statistics overlook money from eBay trading

Indicators measure the nation's unemployment rate, consumer spending and other economic milestones, but Vice President Dick Cheney says it misses the hundreds of thousands who make money selling on eBay.
"That's a source that didn't even exist 10 years ago," Cheney told an audience in Cincinnati on Thursday. "Four hundred thousand people make some money trading on eBay."

Which seemed a good point - as so often officialdom lags behind the real world. But what was astounding was the response from the otherside.

Democratic vice presidential candidate John Edwards responded that Cheney's comments show how "out of touch" he and President Bush are with the economy.
"If we only included bake sales and how much money kids make at lemonade stands, this economy would really be cooking," Edwards said in a statement.

Sorry - to me that looks like stuffed shirt lawyer Edwards is the one that is out of touch...

Comments

What Edwards also needs to understand is that bake sales and kiddies lemonade stands do show up in GDP: as part of the consumption statistics.

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