His legacy is sealed, worst than Jimmy Carter.
Posted on 12/06/2014 8:10:46 AM PST by Patriot777
For the first time in decades, the U.S. is no longer the largest economy in the world, and China has become number one, the International Monetary Fund says.
The IMF recently released the latest numbers for the world economy, stating that China will produce $17.6 trillion in terms of goods and services-- compared with $17.4 trillion for the U.S.
Just 14 years ago, the U.S. produced nearly three times as much as the Chinese, Dow Jones’ MarketWatch reported.
But each country reports its data in its own currency, according to the IMF website. In order to compare data, each country's statistics must be converted into a common currency. But there are several ways to manage that conversion and each can result in very different answers.
Another measure of an economy’s strength is its “purchasing power parity” or PPP—the rate at which the currency of one country would have to be converted into that of another country to buy the same amount of goods and services in each country.
China now accounts for 16.5% of the global economy when measured in real PPP terms, compared with 16.3% for the U.S.Prices aren't the same in each country, Business Insider suggests. The same shirt will cost you less in Shanghai than in San Francisco, so comparing countries without taking these factors into account is not always reliable.
Though the average Chinese citizen earns a lot less than the average American, simply converting a Chinese salary into dollars underestimates how much purchasing power that person, and therefore that country, might have.
So the IMF measures both GDP in market-exchange terms, and PPP terms. On the purchasing-power basis, China is overtaking the U.S. right now and becoming the world's biggest economy.
(Excerpt) Read more at foxnews.com ...
An economy built with American technology and domestic slave labor. IMHO
His legacy is sealed, worst than Jimmy Carter.
Obama is just the last in a line of Free Traitors.
Start with Nixon and Rockefeller, and work your way forward to the mighty efforts of the Bush family in building up Communist China: hundreds of millions of slaves willing to undercut U.S. workers, all they had to do was break down the trade barriers.
The Republican Banker class wanted it to break the Unions and the Democrat Grievance class wanted it to undermine the Evil White People.
The entire group of NWO Globalists are the real culprits and their latest little recruit Mr. BHO is just the current implementor of their evil.
The conclusion that China’s economy is so large ignores normal measures based on actual currency values and makes assumptions to come to the desired result.
China does have a large and growing economy, but its problems will become more apparent as its overbuilt empty new cities are exposed.
This is a huge story with massive implications. Wondering if the propagandist media is covering it all. It’s really an indictment of the anti-growth, re-distributionist policies that the Left has foisted upon America for decades.
This is a Republican and Democrat phenomenon. I've seen nothing in the status quo of both parties that would not have changed this at all.
It was the R's and D's who supported MFN status to China.
Well ya'll got your wish.
Bush pushed CAFTA; Clinton NAFTA. Don't pin all the blame on Obama when many of his immediate predecessors pushed these free trade agreements.
China didn’t use a stimulus plan they win Obama scratches a$$.
Another Obama Success Story!
Start with Nixon and Rockefeller, and work your way forward to the mighty efforts of the Bush family in building up Communist China: hundreds of millions of slaves willing to undercut U.S. workers, all they had to do was break down the trade barriers.
The Republican Banker class wanted it to break the Unions and the Democrat Grievance class wanted it to undermine the Evil White People.
The entire group of NWO Globalists are the real culprits and their latest little recruit Mr. BHO is just the current implementor of their evil.
I nominate this for Post of the Decade (POD)
Well - that’s where all of the manufacturing is at...not surprising...
The real answer is that that China has become freer while the U.S. has become more and more controlled and regulated. That is the lesson the is to ne learned and embraced. China had slave labor for a long, long time.
Freedom works. We need to follow the Chinese and become more capitalist. Works every time.
One can grow a big economy with 300 million people in slave labor and and another billion selling handfuls of rice to each other.
Yup
Re: “Well - that’s where all of the manufacturing is at...not surprising...”
I here I’ve been told manufacturing doesn’t matter.
Re”Obama is just the last in a line of Free Traitors.
Start with Nixon and Rockefeller, and work your way forward to the mighty efforts of the Bush family in building up Communist China: hundreds of millions of slaves willing to undercut U.S. workers, all they had to do was break down the trade barriers.
The Republican Banker class wanted it to break the Unions and the Democrat Grievance class wanted it to undermine the Evil White People.
The entire group of NWO Globalists are the real culprits and their latest little recruit Mr. BHO is just the current implementor of their evil.”
Bravo !
I love how Freepers can sum things up in a few sentences and never BS around and get right to the point, Bravo Regulator!
Thanks.
I recall in 1980 seeing one of the last Movietone reels.
It was all about how wonderful Free Trade with China was going to be since it was “a billion new customers...”.
That seemed silly to me at the time since they had no money. Customers without money are just Looky-Loos.
But I actually thought our leadership gave a crap about us, and I couldn’t conceive of people wanting to sell us out to the Communist Chinese, the Elephant in the Room of the Vietnam War.
Who would sell us out to the Evil that helped kill 58,000 Americans?
Sigh. How naive I was.
All of them. They’re just stooges for an internationalist gang, working day and night to ingratiate themselves and make their own lives easy.
The rest of us...they consider us rubes and orks, disposable production units.
They happily ripped apart the trade protections with incessant barrages of BS about how wonderful it would all be.
Is it? And do the Chinese buy anything from the U.S.?
Not if they can help it.
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