10 Reasons Why America Will Continue To Dominate The Global Economy For Years

Business Insider ^ | 6-22-2013 | Steven Perlberg

[blam]

10 Reasons Why America Will Continue To Dominate The Global Economy For Years

Steven Perlberg
Jun. 22, 2013, 7:08 AM

Flickr / Tambako the Jaguar

The U.S. economy is in recovery mode right now.

Sure, investors have been spooked by Fed taper talks, the Bank of Japan's unprecedented economic experiment, persistent jitters out of Europe, and concerns of a credit crisis in China.

But by in large, investors should be pleased with the way things are going domestically, according to a new report from Joseph Quinlan, Chief Market Strategist for U.S. Trust.

We walk you through U.S. Trust's 10 theses that show "what's right with America."

1) The U.S. economy is the largest and most productive in the world - The U.S. accounts for one-fifth of global GDP with only 4.5% of the world's population. America's economy is nearly twice the size of China's in nominal dollars. Plus, the U.S. is one of just a few developed countries with real GDP higher than it was before the crisis, according to the report.

U.S. Trust

2) The U.S. leads the world in manufactured goods - Nominal manufacturing output totaled $1.9 trillion in 2012, a rise of 27% from 2009. Employment in the sector has increased by 500,000 workers since 2010, according to U.S. Trust.

U.S. Trust

3) The U.S. is among the largest exporters of goods and services - Exports since the recession have taken off. In 2012, total exports totaled $2.2 trillion, nearly a 40% rise from 2009 levels, according to the report.

U.S. Trust

(snip)

[Toddsterpatriot]

$42 trillion to $70 trillion, over the last 10 years. Not very stagnant......

[Cringing Negativism Network]

I dunno...

I went shopping, just now.

Walmart seems to have been completely stocked, in Beijing.

[dfwgator]

Our country no longer has the character in her people to dominate anything.

[Toddsterpatriot]

Quick, double the price of oil.

The "everything sold in WalMart is from China" feeling of yours has been debunked. Many times.

[Cringing Negativism Network]

Oh baloney.

But only increase the price of imported oil.

And imported goods.

Everything made, or mined in America, no tax...

:)

[Toddsterpatriot]

But only increase the price of imported oil.

Excellent! How much will I be able to sell my American oil for?

Triple? Quadruple? Sweet!

[ROCKLOBSTER]

Things will continue to spiral downward until America repents.

Well, either that or repeal the income tax and corporate tax. I'll bet all the folks that are likely to repent already have.

[Cringing Negativism Network]

How about focusing the income taxes and corporate taxes, on companies and people who sell imports.

If you sell domestic stuff, no taxes.

[ROCKLOBSTER]

What’s wrong with imports...unless the importing country imposes a tariff on our goods, I wouldn’t support that. However if they do....nail em.

I do think domestic fuels production should be given massive tax incentives. Maybe a tax only on exported product. Ska-rew the “global oil market”.

[expat_panama]

I'm not what we'd call a 'globalist' to the point that how folks in other countries live matters more than how we live.

I dunno...  I went shopping, just now.  Walmart seems to have been completely stocked, in Beijing.

Not completely,   Wal-Mart sells more stuff (Wal-Mart total revenue: $447B) than the total of all of China's imports to the US (total imports from China = $425.6B) and also no sane person here is going to say that all of China's US imports go though Wal-Mart.

Ah, maybe you weren't being serious; if so please forgive me for taking you seriously.

[Cringing Negativism Network]

I’ll attempt to address this, with two points:

The first is: Walmart charges more for the goods, than they pay for them.

(duh)

The second is, I am not saying Walmart imports everything.

But I’m saying if you go in Walmart and pick up any manufactured good.

Anywhere.

Anything.

It is likely imported from China.

I think that is a big problem.

America as a nation has sold our soul. It is time to fight for our soul, and bring back American industry.

I’m not sure (at least not sure enough to publicly take a position for any particular method) of how exactly we need to charge imports to even things out.

But we have sent so much American industry to China now, that is currently exceeds America’s exports.

China is now in the lead.

That is my point. We need to stop giving away American industry, and bring it back.