Skip to comments.Is America giving up?: Wharton professor
Posted on 04/17/2014 7:49:29 AM PDT by Red in Blue PA
In real terms, the U.S. economy expanded by a total of $290 billion dollars in 2013. With some minor adjustments, that's essentially the amount of extra income created by the nation as a whole. It also represents the increase in the purchasing power of its residents.
By comparison, China's economy added over $800 billion dollars to its citizens spending power during 2013 alone. That's an extra $800 billion that is now available for Chinese households to purchase new products and services or to save and help fund new ideas and technologies. At this rate, China is expected to overtake the U.S. as the largest marketplace in the world by the end of the decade.
This is not just about statistics. It is about our quality of life and how long we will live. It is about where our children will want to live and who will be our neighbors in the future.
While entrepreneurs in the U.S. are focused on "disrupting" established products and industries, working in China raises no such concerns. With so much extra income being generated every year, there is plenty of space for the new and latest.
With prospects for success - and its sizable rewards - so much greater in China, our ability to attract and retain the best and brightest will be seriously tested. Although Americans may not be moving anytime soon, fewer young and talented Asians are now interested in pursuing their careers in the U.S.
(Excerpt) Read more at finance.yahoo.com ...
where does this particular genius think the best and the brightest are going to head? China?
It might be that producers are giving up. Or it just might be that producers are outnumbered to the tune of 86 million producers versus 143 million users. Take your pick.
In any case, this won’t continue for much longer. At some point, somebody gonna aks “who flyin da plane?”
China grew in nominal dollars almost 3 times as much as we did in 2013.....but they also have 2 times as many people! Amazing that this point was not addressed.
2 times as many people should read almost 3 times as many people. Fat Finger Thursday.
America needs to compete.
Both political parties have sold out to China.
We need American jobs. Hire Americans.
Bring back jobs to America.
China is producing *STUFF*. We are not. We are a serviced-based economy and, eventually, you run out of customers for your coffee shop.
As my husband says, “We’ve become nothing more than a self-licking ice cream cone.”
Chinese government production statistics = world’s best-cooked books.
The Richest Man in Asia is Selling Everything in China
I think we are going to give Barry and his buddies some of their prized unemployment soon.
I’ve given up. The 86/143 number is just part of it. A totally corrupt, unshakably communist media is part of it. And kids 30 and below who just don’t care, and never cared enough that they can give up is the finishing touch.
its pretty simple - here in America, we encourage only some people to be productive. The majority are encouraged by many and various government policies NOT to be productive.
We have given up real labor that ‘creates value’ for the tales of ‘work smarter, not harder’ or ‘Value capture’ and sent kids to institutions of higher learning for useless degrees like ‘Women’s Studies’. They come out thinking they deserve a high paying job. The term ‘Earned Success’ means nothing.
The ‘Have-nots’ will have to become the ‘do somethings’.
OK, but specifically, *what* jobs?
We just cannot compete with China in the cheap labor dept. Our people wouldn’t tolerate that.
We need jobs that make fast, serious money.
How about energy? (I’m talking oil, coal, and natural gas)
We’ve got undeveloped precious metal deposits in the Rockys.
We’ve always led in drug development and medical advancements. Stop subsidizing the overseas socialist programs. (They pay what we pay.)
Sell off ALL of the gov’t land to private investors. (NOT foreign investors) Allow human innovation to thrive.
Reform the tax code to something so simple and fair that we can’t help but thrive. (Herman Cain’s 9-9-9 Plan would do it... without all the subsidies and BS he tried to toss in at the end to get public backing)
Yes. I believe that it really would be that easy to create a massive boom in this country within just one year. Just by passing tax code reform, businesses would be encouraged to expand ASAP. Opening up oil and mining (without the EPA to screw it up) would create great paying jobs within 18 months.
Oh! And get our boys into trade schools. Stop funding kids who don’t have the grades or talent to make it in college. We need plumbers, welders, pipe fitters, electricians, and truck drivers and we should encourage them to do it.
*** China is producing *STUFF*. We are not. We are a serviced-based economy and, eventually, you run out of customers for your coffee shop.
As my husband says, Weve become nothing more than a self-licking ice cream cone. ***
“Alfonso Nunez de Castro in 1675: Let London manufacture those fine fabrics of hers to her heart’s content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody. A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth.”
I’ll take another turn at the “I told you so” booth. I was here during the “free traitor” wars. I was often invited to go back to the DU when I pointed out that American production moving offshore was a bad thing, and would lead to Americans voting for Marxists.
Unfortunately, my prize for being right is we all lose.
I’m sorry I used to be a “free trader”.
Even worked in China.
I am now a complete turnaround. America needs jobs.
All jobs. Bring jobs back to America.
Use tariffs if needed, but bring them back.