Posted on 12/06/2014 9:48:07 AM PST by Star Traveler
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.
(Excerpt) Read more at foxnews.com ...
This is the latest fake statistic. It’s based on purported purchasing power adjustments.
the difference is....the people own sh...
China can grow a big economy with 300 million people in slave labor and and another billion selling handfuls of rice to each other.
But, that economy is not stronger than the US economy.
“Seasonally adjusted???”
China’s population is 1.6 billion workers/consumers while the US has only 300 million (100 million not working or consuming).
There is a ratio there somewhere;)
Largest or biggest?
Well the USA now produces a lot of work permits for illegals and global warming reports : that’s a lot of paper being produced . lol
Oh those 100 million are consuming
Another difference between China and USA...
Able bodied Chinese in the working age range get no welfare. They either work or starve. In USA, anyone can get food stamps and subsidized Obamacare regardless of age or health if their income is low.
Because our economy is still 70% larger, despite Obama. Even using China's fake stats.
We should undermine China by providing support to the 57 distinct ethnic minorities who want their independence.
That would knock the Chinese confederacy down to only 500 million or so citizens and have a devastating, long lasting, impact on their economy.
A simple 5% tariff would reduce our tax burden and remove the labor advantage of the ChiComs. Reduce income taxes with offsetting tariff income. Win-Win.
Show me even one person not consuming!
But we know that the size of a country’s population doesn’t determine the amount of its GDP. Otherwise, China would have had the highest GDP even when it was under Communist rule, since it was the world’s most populous country at that time.
The highest GDP countries are those with the most market-oriented economies. Japan and Germany, with their comparatively small populations relative to China, India, Indonesia, and Bangladesh, have much higher GDPs relative to the GDPs of those countries.
In fact, if the GDP of the United States of Europe, otherwise known as the European Union, is compared to the GDP of the United States of America, Europe comes out on top in the GDP rankings.
What’s crucial to every country’s economic strength and the prosperity of its people is the relative GROWTH of its GDP.
China under its post-Communist, free-market principles has been a beacon of light, a city on a hill, in terms of its economic rate of growth. On the other hand, the USA, under its increasingly Socialist, weakening free-market principles has been in such a state of decline that China has been able to surpass it in GDP in hardly more than two decades.
Yeah Yeah.. AND DEMOCRACY IS NOT Mob Rule by Mobsters..
I’ve heard it all before..
AND Abortion is NOT MURDERING Babies..
What China needs is some decent BATHROOMS.. a decent language easy to learn and the truth about COMMUNISM..
Asking for the truth about MAO and his psychopathic murder of MILLIONS would be a bit much.. but desirable..
Way to go, Obama! You insufferable pr!ck.
Unfortunately, the Chicoms would yank all US T Bonds, and the whole thing would unravel. Not an outcome we would hope for.
It’s all coming down one of these fine days no matter what.
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