GDP grew a whopping .1%! Well what do you expect when you take a nation that was once the central hub in the world for manufacturing and turn it into a servicer nation?! Thanks to high taxes, outrageous regulations, union pressure etc from the DC destroyers how does anyone expect a company to survive in the US? It is no wonder China will surpass the US as the worlds economic leader they welcome businesses coming to them. It does come with a price as we have learned over the years that they are employing slave labor, but you have to ask would that have happened if govt was kinder to businesses in the US?
If so many businesses were not forced out of the US seeking cheaper production costs would China be the economic super power it is poised to become? Fact is if we remove the slave labor factor out of the equation American businesses still face a mountain of costs to produce a product that you will not find in a foreign competitor. You can thank the democrats and republicans for creating this anti-capitalism environment.
What kind of free nation are we when businesses are forced to go overseas to produce a widget? Our dying economy is just one more reason why so many of us are in favor of small govt, against this political machine where the people who get to work long-term are politicians! You want to bring jobs back to the US? You want to see the US economy come roaring back? Throw everyone in DC out and elect pro-business/ capitalism leaders who understand a free market system is the solution to many of our economic and social issues!
China poised to pass US as world’s leading economic power this year
By Chris Giles | Financial Times
Central Shanghai: China is likely to be the world's richest country by next year
The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies.
The US has been the global leader since overtaking the UK in 1872. Most economists previously thought China would pull ahead in 2019.
The figures, compiled by the International Comparison Program hosted by the World Bank, are the most authoritative estimates of what money can buy in different countries and are used by most public and private sector organisations, such as the International Monetary Fund. This is the first time they have been updated since 2005.
After extensive research on the prices of goods and services, the ICP concluded that money goes further in poorer countries than it previously thought, prompting it to increase the relative size of emerging market economies...more