Yes, it doesn't treat housing inflation as growth directly but it does indirectly by higher fees and bank interest, and because people have accumulated wealth in their house they have the "wealth effect" and can borrow money from it.
I wrote more about it here and why thats the reason birth rates are falling
Yes, it doesn't treat housing inflation as growth directly but it does indirectly by higher fees and bank interest, and because people have accumulated wealth in their house they have the "wealth effect" and can borrow money from it.
I wrote more about it here and why thats the reason birth rates are falling
https://richardjamescoward.substack.com/p/why-real-reason-birth-rates-are-falling
Trump captured this perfectly here:
https://x.com/i/trending/2014586447630930263
And here:
https://richardjamescoward.substack.com/p/why-gdp-is-bad-for-gdp
And here
https://richardjamescoward.substack.com/p/how-to-reverse-birth-rate-decline