“Robert Higgs has another must read in his ‘Etceteras …  Real Gross Domestic Private Product, 2000-2012’ in the most recent Independent Review. He provides good arguments on why government product should be (and perhaps almost was) excluded from income and product accounts. He then builds a measure of Real Gross Domestic Private Product for the Bush-Obama years.  Based on his calculations, he states, ‘Perhaps the most positive statement we can make about the private economy’s performance during this thirteen-year period is that it has been somewhat better than complete stagnation.'”

http://bastiat.mises.org/2013/06/the-bush-obama-great-stagnation/

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