It’s official: America is now No. 2

[LibCampFireClub 635]

Will the US ever bounce back? Not likely.

It’s official: America is now No. 2

Hang on to your hats, America.

And throw away that big, fat styrofoam finger while you’re about it.

There’s no easy way to say this, so I’ll just say it: We’re no longer No. 1. Today, we’re No. 2. Yes, it’s official. The Chinese economy just overtook the United States economy to become the largest in the world. For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet.

It just happened — and almost nobody noticed.

The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in “real” terms of goods and services, China will this year produce $17.6 trillion — compared with $17.4 trillion for the U.S.A.

As recently as 2000, we produced nearly three times as much as the Chinese.

To put the numbers slightly differently, China now accounts for 16.5% of the global economy when measured in real purchasing-power terms, compared with 16.3% for the U.S.

This latest economic earthquake follows the development last year when China surpassed the U.S. for the first time in terms of global trade.

I reported on this looming development over two years ago, but the moment came sooner than I or anyone else had predicted. China’s recent decision to bring gross domestic product calculations in line with international standards has revealed activity that had previously gone uncounted.

http://www.marketwatch.com/story/its-official-america-is-now-no-2-2014-12-04

Edited December 4, 2014 by ExExpat

[Mr. Big Dog 10,747]

China has more than four times the population of the US and is now slightly ahead in overall economic output. I gotta ask: What's the big deal? Wake me up when China surpasses our economic output on a per capita basis. Truth be told, it'll be impossible to wake me up then since the odds of that happening in my lifetime are somewhere between slim and none - leaning very strongly towards none.

[Karee 4,189]

China has more than four times the population of the US and is now slightly ahead in overall economic output. I gotta ask: What's the big deal? Wake me up when China surpasses our economic output on a per capita basis. Truth be told, it'll be impossible to wake me up then since the odds of that happening in my lifetime are somewhere between slim and none - leaning very strongly towards none.

Not only that, it's an economy that is built on one basic thing. Exports. Soon some other country will be doing it cheaper than China. Then what? IMO China is not a real competitor to the U.S. in the short term. It is countries like India, Brazil, Russia (If Putin doesn't screw that up, which it looks like he's trying hard), Eastern Europe, etc. that are real competitors to the U.S.

[LibCampFireClub 635]

Complacency, over-regulation, failing education, divided society, and a failing infrastructure are just a few of the symptoms of a dying America. China is absolutely kickingASS with the largest high speed rail network in the world. I don't welcome this news, but it's not really news. It took years to make the mess we now have on our hands.

This is an excellent website that shows part of what's happening:

America’s Failing Infrastructure

http://www.globalresearch.ca/americas-failing-infrastructure/5358613

[LibCampFireClub 635]

I lived and worked in China for six years and traveled to almost every province. Life is improving in all corners of their country at light speed. It's unbelievable to watch, but also the worst pollution on earth.

China's Xi: China economic growth to be sustainable, balanced - Xinhua

(Reuters) - Chinese President Xi Jinping said on Saturday China's economy will maintain strong, sustainable and balanced growth, state media reported.

Xi also said China will provide more demand and investment opportunities for the global economy as it undergoes structural reforms that foster opportunities for growth, according to the official Xinhua news agency.

China's economy grew in the third quarter at its slowest pace since the global financial crisis, sparking concern that the world's second largest economy is faltering as the government tries to make it more driven by domestic consumption and less by exports and investment.

Xi made the comments while at a two-day meeting of the G20 in Brisbane, Australia.

Using his latest catchphrase, Xi said China's economy has entered a "new normal", there is plenty of growth momentum and development prospects are bright, Xinhua reported.

China will also adopt the International Monetary Fund's (IMF) Special Data Dissemination Standards, Xi announced.

These standards are applied to the release of economic and financial data, aimed at increasing transparency and openness in order to guide countries "that have, or that might seek, access to international capital markets in the provision of their economic and financial data to the public," according to the IMF website.

China's provinces and regions frequently report economic growth much larger than national levels, causing doubts about the way data is compiled in China.

China's government has vowed to tackle false reporting of economic data at the local level, but the sheer size of the country and the large number of local authorities makes this a daunting task.

http://www.reuters.com/article/2014/11/15/us-china-economy-idUSKCN0IZ0LR20141115

Edited December 4, 2014 by ExExpat

[Karee 4,189]

Complacency, over-regulation, failing education, divided society, and a failing infrastructure are just a few of the symptoms of a dying America. China is absolutely kickingASS with the largest high speed rail network in the world. I don't welcome this news, but it's not really news. It took years to make the mess we now have on our hands.

This is an excellent website that shows part of what's happening:

The U.S. has it's economic/regulatory issues, no doubt. But they are nothing compared to the issues China has with corruption, lack of regulation (not all regulation is bad. I like my water without Dioxin), lack of a fair market. on and on and on. As MBD pointed out, look at GDP per person. That's what really counts.

If you have a billion people making cr@p wages with limited freedoms, I'd hardly call that a success.

Edit: cr@p is a bad word now. I think I see that word used pretty frequently on the Disney channel. It appears the religious nuts have completed their takeover of VJ.

Edited December 4, 2014 by Karee

[Mr. Big Dog 10,747]

The U.S. has it's economic/regulatory issues, no doubt. But they are nothing compared to the issues China has with corruption, lack of regulation (not all regulation is bad. I like my water without Dioxin), lack of a fair market. on and on and on. As MBD pointed out, look at GDP per person. That's what really counts.

If you have a billion people making ####### wages with limited freedoms, I'd hardly call that a success.

That sums it up.

[JohnR! 5,495]

I find myself agreeing with you much too often, lately. I don't know how I feel about that....

The U.S. has it's economic/regulatory issues, no doubt. But they are nothing compared to the issues China has with corruption, lack of regulation (not all regulation is bad. I like my water without Dioxin), lack of a fair market. on and on and on. As MBD pointed out, look at GDP per person. That's what really counts.

If you have a billion people making cr@p wages with limited freedoms, I'd hardly call that a success.

Edit: cr@p is a bad word now. I think I see that word used pretty frequently on the Disney channel. It appears the religious nuts have completed their takeover of VJ.

[Karee 4,189]

I find myself agreeing with you much too often, lately. I don't know how I feel about that....

I think that makes me more uncomfortable than it does you. Trust me.

[LibCampFireClub 635]

The U.S. has it's economic/regulatory issues, no doubt. But they are nothing compared to the issues China has with corruption, lack of regulation (not all regulation is bad. I like my water without Dioxin), lack of a fair market. on and on and on. As MBD pointed out, look at GDP per person. That's what really counts.

If you have a billion people making ####### wages with limited freedoms, I'd hardly call that a success.

I agree that China has serious issues with not only corruption, but with third-world healthcare. They also have serious issues with pollution and sanitation. I wish there were a way to measure the overall strength of a society. Most of the people of China don't trust their government. Why would they? They get cheated and lied to at every turn. But, today, America is proving just as untrustworthy. China's justice system is swift and often unfair. But, in the end, life is improving for most everyone. The youth of China has parents who starved and lived during the cultural revolution of post WWII Mao. After his death, Deng Xiao Ping announced that it's glorious for Chinese to become rich. Everything changed. Now, a people who once starved, are buying cars, houses, and modern conveniences. This all began happening about the time Nixon first visited.

Edited December 4, 2014 by ExExpat

[JohnR! 5,495]

I find that hard to believe... You will have to trust me on this one..

I think that makes me more uncomfortable than it does you. Trust me.

[Teddy B 17,251]

I find that hard to believe... You will have to trust me on this one..

[Janelle2002 3,865]

I agree that China has serious issues with not only corruption, but with third-world healthcare. They also have serious issues with pollution and sanitation. I wish there were a way to measure the overall strength of a society. Most of the people of China don't trust their government. Why would they? They get cheated and lied to at every turn. But, today, America is proving just as untrustworthy. China's justice system is swift and often unfair. But, in the end, life is improving for most everyone. The youth of China has parents who starved and lived during the cultural revolution of post WWII Mao. After his death, Deng Xiao Ping announced that it's glorious for Chinese to become rich. Everything changed. Now, a people who once starved, are buying cars, houses, and modern conveniences. This all began happening about the time Nixon first visited.

When China gives it's citizens equal rights and stop killing and oppressing the Tibetans and reduce it mass population of poor people give me a ring. And I don't mean build a wall so when people visit for the Olympics they don't see the masses of poor people there, I mean actually help their poor people and give them more than 2 cents a day.

[Trumplestiltskin 5,791]

Its not a big deal. The third world would always have caught up with the first. Maybe we should all get used to the idea that the USA isn't the most important country in the world.

[LibCampFireClub 635]

When China gives it's citizens equal rights and stop killing and oppressing the Tibetans and reduce it mass population of poor people give me a ring. And I don't mean build a wall so when people visit for the Olympics they don't see the masses of poor people there, I mean actually help their poor people and give them more than 2 cents a day.

Obviously you've never been to China. But, I will give you credit for carrying the water for your Hollywood libs who sing your song, but also have never been there.