The Fed has been talking about U6 since before Yellen took the chair. The Fed's entire dovish stance on interest rates was publicly predicated on low labor force participation being unaccounted-for slack.
The unemployment rate vs labor force participation has been a part of Presidential debates since 2012, and also figured in the 2010 Congressional elections.
If you want to know more about how U.S. government debt is accounted for, the various Federal Reserve websites are informative, if a bit dry.
The China growth rate is probably not far from the truth, but there is not much public data published to back it up. It's reasonable to be skeptical. I think there's reason to believe that their actual growth rate is higher in some years and lower in others, as an artifact of the difficulty in getting accurate numbers.
I'm curious about your comparison of China to the United States. It seems like a whataboutism argument, which isn't really to the point of the topic.
That's part of the problem. Journalists avoid a deep dive into the nitty gritty that might muddy the narrative. Of course economists discuss this and are more aware of it than any other group. But how stats are presented (marketed?) on the outside should be of concern to anyone caring about their own democratic system where this stuff sways millions of votes.
> seems like a whataboutism argument
It's tiring to see this said here. Quite sure it's not tolerated much lately as a singular/only response either. It is ingrained human nature to compare others, particularly those with similar traits. To shut down discussion with a single word is incredibly disingenuous and unhelpful to modern discourse.
Give me 10 mins and I can tell you 100 things the US does far better than China. I really doubt the same claims of whataboutism would be made in the opposite direction.
Don't let nationalism cloud your judgement friend. It's a big wide diverse world with a bunch of viewpoints.
Fair enough, it's a term that is only accurate if the arguer is employing deception. You were not. You genuinely didn't know about labor participation being a large part of the public discourse for the past 9 years.
The unemployment rate vs labor force participation has been a part of Presidential debates since 2012, and also figured in the 2010 Congressional elections.
If you want to know more about how U.S. government debt is accounted for, the various Federal Reserve websites are informative, if a bit dry.
The China growth rate is probably not far from the truth, but there is not much public data published to back it up. It's reasonable to be skeptical. I think there's reason to believe that their actual growth rate is higher in some years and lower in others, as an artifact of the difficulty in getting accurate numbers.
I'm curious about your comparison of China to the United States. It seems like a whataboutism argument, which isn't really to the point of the topic.