News that the U.S. gross domestic product rose at a 3.5 percent annualized rate in the third quarter briefly elicited some good cheer. But calculating the GDP is a peculiar trade, not well linked to our economic reality.

The alleged “total value of goods and services” says little about who is getting the benefit of such improvements. We know that some Wall Streeters (the ones who didn’t lose their jobs in the panic) stand to make vast bonuses yet again.

But for most of the rest of us, flat or cut wages, or no wages at all, are more likely. And just because we’ve bought more iTunes, or cars with federal Cash for Clunkers money, doesn’t necessarily mean that overall life is getting better. Indeed, it is still getting economically worse for most Americans, and probably will do so well into next year.

The GDP has long been ready for an overhaul.