America is now number two in the world in economic size. China is number one.
MarketWatch reports: “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.”
Make no mistake. This is a big deal, people.
It’s a big deal because the U.S. has been the biggest economic fish in the pond since President Ulysses S. Grant held office. And it’s a big deal because, while most economists expected China to eventually top the charts, it wasn’t supposed to be singing this tune until 2050.
We here in the U.S. could very well be good sports and praise China for its growth. But if we do, we expect China to own up and thank President Barack Obama for the significant part he played in the new pecking order.
After all, U.S. growth rate has been abysmal under this administration. Forget the dolled-up press releases the government doles out on the subject. It hasn’t been honest with the American people about anything else these past six years. Why should it tell the truth on this matter?
Consider this instead.
· On January 1, 2014, USA Today reported that many Americans felt like the Great Recession never ended. The Wall Street Journal confirmed two weeks later that half of this nation’s counties really hadn’t recovered yet.
· In May, The Washington Post ran an article titled, “U.S. businesses are being destroyed faster than they’re being created.”
· The following month, CNS News added, “The percentage of American civilians 16 or older who do not have a job and are not actively seeking one remained at a 36-year high in May, according to the Bureau of Labor Statistics.” Lovely, right?
· In August, Breitbart noted how “U.S. jobs pay an average 23% less today than they did before the 2007 recession, according to a new report released on Monday by the United States Conference of Mayors.”
Need I go on?
This nation isn’t recovering. It’s slumping in defeat. So yes, good job to China for successfully claiming the title of World’s Largest Economy.
Just keep in mind that it couldn’t have done it without America, and President Obama especially.