I want to look at the official GDP stats of the last 10 years and show the breakdown of private/government components of GDP. I went to the FRED website and took Government Consumption Expenditures plus Government Investment to be “Government GDP,” then took the difference between total GDP and that number, to be “Private GDP.” Then I adjusted these nominal figures by the GDP deflator to put them in real (2009) dollars.
Does anybody have a problem with this procedure? I don’t want to write up a big post and make a YouTube video on the results if people are going to claim that’s not the right way to do it. (If you’re curious why I don’t just grab the BEA’s official “Private GDP” series, it’s because I don’t think they exist. They have “Gross Private Domestic Investment” but I don’t think they have “Gross Private Domestic Consumption,” but I’d be happy to be corrected.)