China's Economy Has Surpassed America's

detectiveconan16

detectiveconan16

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For the first time in decades, the U.S. is no longer the largest economy in the world, and China has become number one, the International Monetary Fund says.

The IMF recently released the latest numbers for the world economy, stating that China will produce $17.6 trillion in terms of goods and services-- compared with $17.4 trillion for the U.S.

Just 14 years ago, the U.S. produced nearly three times as much as the Chinese, Dow Jones’ MarketWatch reported.
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http://www.foxnews.com/world/2014/12/06/china-surpasses-us-to-become-largest-world-economy/

Yup. That's right. China has become the world's largest economy. Almost two decades ago we were producing more than our frenemy in the East. Who do we blame? The Job Creators who decided it was a good idea to let everything be made by cheap labor? No! Obama of course.

 
That's a different calculation method than what's been used typically in the past, but yes China is big.

The U.S. needs to create "the next big thing" before the economy here will really recover back to old growth levels... and Facebook isn't it.

 
The next big thing is actually the most basic thing. I personally think the widening gap between the rich and the poor in this country is a big reason why China has overtaken this country.  Wages are stagnant or going down for a lot of people, and has been so in the past few decades, and meanwhile inflation keeps going. It's hard to justify lowering taxes for job creators, when they're already so low for the big corporations to begin with. The politicians keep trotting out the "small business owners" even though they know nothing about how much they depend on the average American to stay in business. And there are plenty of other factors as well, including a decreasing manufacturing base, globalization and etc. I think if America can get its sh- together and pool all the solutions, that can add up to a very big thing. But Congress is wasting our time patting themselves on the back, scratching their chums' back, and complaining about the President to do anything about it. Nothing has changed in the past few decades for them, and why should the next session be any different.

 
Well, we certainly have our problems here, but China has just as many or more. The one "advantage" they have is the central government which can dictate solutions to problems, but they have even bigger wage disparities and more poor than we have here in the U.S. if you read what little is available from unbiased sources. China is facing rising wages, etc., too, and in fact much of their labor-intensive manufacturing is being outsourced to even lower wage countries like Indonesia and Vietnam. Keep in mind, too, that much of the statistics that are released are put out by the government. They've been caught fudging before, and some find their numbers to not be in alignment with realities on the ground. Not hugely off, mind you, but "managing" any declines or shortfalls in some areas so that they appear more robust and stable across all sectors than they might actually be.

 
I'm no economist, but isn't this to be expected? China is a developing nation with over 4 times the population of the US. To me, it makes complete sense that their economy would eventually grow larger than ours.
 
The more ridiculous notion is that there must be a continual need for economy to expand and grow and that economy must keep growing..  That type of expectation is what causes collapse and the next collapse will be far worst.

Its unsustainable to expect things to continually grow

 
detectiveconan16 said:
The next big thing is actually the most basic thing. I personally think the widening gap between the rich and the poor in this country is a big reason why China has overtaken this country. Wages are stagnant or going down for a lot of people, and has been so in the past few decades, and meanwhile inflation keeps going. It's hard to justify lowering taxes for job creators, when they're already so low for the big corporations to begin with. The politicians keep trotting out the "small business owners" even though they know nothing about how much they depend on the average American to stay in business. And there are plenty of other factors as well, including a decreasing manufacturing base, globalization and etc. I think if America can get its sh- together and pool all the solutions, that can add up to a very big thing. But Congress is wasting our time patting themselves on the back, scratching their chums' back, and complaining about the President to do anything about it. Nothing has changed in the past few decades for them, and why should the next session be any different.
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Its not the job of the congress to grow the economy nor the government's itself.

soonersfan60 said:
Well, we certainly have our problems here, but China has just as many or more. The one "advantage" they have is the central government which can dictate solutions to problems, but they have even bigger wage disparities and more poor than we have here in the U.S. if you read what little is available from unbiased sources. China is facing rising wages, etc., too, and in fact much of their labor-intensive manufacturing is being outsourced to even lower wage countries like Indonesia and Vietnam. Keep in mind, too, that much of the statistics that are released are put out by the government. They've been caught fudging before, and some find their numbers to not be in alignment with realities on the ground. Not hugely off, mind you, but "managing" any declines or shortfalls in some areas so that they appear more robust and stable across all sectors than they might actually be.
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Central government is not an advantage. With the right people it might provide short term benefits but in reality it is not sustainable. Notice the levels of booms and busts have increased under central planning. Economy is organic, it is not a system which should be manipulated.

 
detectiveconan16 said:
I personally think the widening gap between the rich and the poor in this country is a big reason why China has overtaken this country.
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China has the same problem, but worse. Their poor people are truly poor and have nothing, where as ours just don't get to have HBO, Showtime, and Cinemax, they only get to pick two. The poor people here live a lot better lives than the poor there.

dohdough said:
It's because the government regulation allows them to. If there were no regulations, then GS would never be able to do that because a competitor would naturally come along and be able to under-sell them. -Libertarian Logic
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You are 100% right about that.

 
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