One word:
“Denial”.
China is REPLACING America economically, and we’re subjected to clueless, sleepwalking bluster like this.
How completely. Absurd.
How did you read the article and respond in less than 2.5 minutes?
Did you read the article?
1980s: "The Japanese are taking our JAHBS!!!"
1990s: "The Mexicans are taking our JAHBS!!!"
2000s: "The Chinese are taking our JAHBS!!!"
BTW: Don't the wannabe proletarians realize that industrial employment as a share of total employment has DROPPED WORLDWIDE, even in China?
You sure live up to your screen name.
Having visited China, it is far from being absurd. China is still very much a third world country. Hell, more than 40 million people don’t even have access to electricity.
And of course you are an expert on both countries economies, and have all the data etc. to prove your point.
It is not.
“China is REPLACING America economically, and we’re subjected to clueless, sleepwalking bluster like this.”
Yes, factual statistics are clueless, sleepwalking bluster.
I will disagree with the author on the value of exchange rate (market) comparisons, though, particularly for a country like China which is so heavily dependent on trade. Few economists would have called China the world’s largest economy had they surpassed us by PPP valuations in 2012, though I’m sure plenty of “progressives” and anti-Americans would have seized on it.
At the same time a variety of non-automatable or inherently polluting industries have been exported.
China has been getting more than its fair share of such industries.
We've been keeping the good stuff.
Last year's American productivity improvement was 4.9%. Unemployment is at record lows. At the same time private individuals have imported up to 35 million near-slaves to assist them in their daily ablutions, night time habits, and lawn maintenance.
We are literally wallowing in wealth and don't know how to handle it.
Sure... That's why just our GDP growth in the last 6 is more than TWICE the official exchange rate GDP of China, or THREE times the total exports of China.
Sources:
The increase in our economy alone in the last 6 years is larger than the Chinese economy. We export more than they do. We have an economy that's much larger than China's, and is maintaining that lead.
Never mind the facts, it's all GLOOM AND DOOM!