The post Proposed Department of Govt Efficiency Aims to Cut Regulations, Redefine GDP appeared on BitcoinEthereumNews.com.

DOGE aims to redefine economic health by focusing on Gross Output over traditional GDP.   B2B spending, critical to U.S. growth, is overlooked by GDP but captured in Gross Output.   Simplified regulations and DOGE focus could bolster private-sector growth and economic accuracy. As discussions about the U.S. federal budget intensify, some business leaders and economists are proposing changes to spending cuts and how economic health is measured. This follows the proposal for a new federal agency, the “Department of Government Efficiency” (DOGE), to streamline regulations and reduce costs for businesses. Indeed they do. But the Dept of Govt Efficiency (#DOGE) would need to move fast bc the Senate math is unfavorable to the GOP in 2026. If the DOGE team really plans to do something big so it has a chance of being durable & not reversed by the next president, it’d need to be fast. — Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) October 28, 2024 In addition to reducing the $6 trillion budget, advocates believe the agency should redefine economic metrics, shifting from Gross Domestic Product (GDP) to a more accurate measure of economic activity. Rethinking Economic Measurement: From GDP to Gross Output Traditional economic evaluations use GDP, which measures the total value of final goods and services produced in the U.S. However, critics argue that GDP ignores earlier stages of economic activity, like Business-to-Business (B2B) transactions, which drive business growth. Read also : Article 1: Elon Musk Introduces DOGE Mascot for U.S. Government Efficiency Dept Unlike GDP, Gross Output includes B2B transactions, highlighting the importance of intermediate goods and services to the U.S. economy. According to the Bureau of Economic Analysis (BEA), which has tracked Gross Output since 2014, B2B activity exceeds consumer spending. Source: Caitlin Long In nominal terms, business spending on B2B transactions and gross private investment reached almost…

---

Filed under: News - @ October 28, 2024 6:17 pm