this post was submitted on 07 Feb 2024
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Isn't this country like severely in a massive amount of fucking debt??
Yes, but a country being in debt does not translate to a negative GDP
Ahhh, I see. I know as much about economics as these idiots know about, well anything. Thanks!
No worries.
In very simple terms (explained by someone who also doesn't have an amazing grasp on macroeconomics), a country's GDP is the value of everything they produced for a given time period. So a country can owe a shit ton of money to other countries and will pretty much always have a positive GDP. When people say there was a negative GDP they probably mean it went down from last year.
Which means these people's "logic" essentially grants them infinite money. The US economy could be in shambles, GDP decreasing every year, but they would somehow always be entitled to tens of thousands of dollars.