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#1: China Replaces US This Year

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#16 COKid

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Posted 04 May 2014 - 14:37

Good. Hopefully this means that whenever a natural diasater strikes somewhere in the world, you guys won't be coming to us asking for a handout. Contact Beijing instead. :)




#17 boobless

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Posted 04 May 2014 - 15:28

You don't have to worry about that with the current administration as they are more worried about class warfare, climate, and welfare.I don't think there is one economist among them.


The current administration fights capitalism at every turn.

Yep, hence the stock market being at its highest level ever under this administration....wait.



#18 Lenny Bruce

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Posted 04 May 2014 - 15:40

I heard about this on NPR. There are some ways in which the U.S economy is better than China, and there are some ways in which the Chinese outrank the U.S.

For example, the Chinese outrank the U.S. in terms of purchasing power, which is basically a measure of how much one can buy with one unit of currency. You can buy less goods with 1 U.S. dollar, and possibly more goods with 1 Yen (or equivalent amount of currency).

However, China has a large population, so their GDP per capita is incredibly low, GDP per capita being the amount of GDP that each person in the country gets, considering that the GDP were to be divided evenly. For example, the U.S. GDP is around 16 trillion, and because there are 310 million people, we would divide 16 trillion/310 million, which gives us an amount that's close to 50,000 dollars. I don't know about China's GDP per capita, but it should be expected to be a lot lower than the U.S GDP per capita, due to the fact that there are more people.

 

In conclusion, the United States economy is more powerful than China's in some ways, but China is also more powerful than the U.S in some ways. It will be incredibly interesting to watch this develop through the next decade or so.



#19 guru

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Posted 04 May 2014 - 15:49

Until the US stock market loses significance, the size of the economy means basically nothing.   Regardless, we're seeing pretty clear side-effects of capitalism.

its just a matter of time till US markets loose their pre-eminence if debt and left wing economics shackle American economy. dont get me wrong, even then Us market will continue to be important  but kinda like Nikkie, Hangseng, DAX, FTSE just not THE market people go to raise capital.



#20 Hum

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Posted 04 May 2014 - 22:30

I welcome our new Asian overlords :o

#21 -T-

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Posted 04 May 2014 - 22:40

Gee Thanks Obama



#22 Jason Stillion

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Posted 04 May 2014 - 22:56

Ofc, it's not surprised as all.  More and more Chinese join work force to feed their family, while more and more American join welfare and foodstamp.

 

You do realize construction, done by the government, and it's the government artificially boosts there GDP, and they could be facing a disastrous encomium bubble.

Do a search on Chinese empty / abandoned cites. I love looking at Urban exploration pictures, Chinese abandoned completed, partially incomplete, and incomplete stuff come up a lot.

 

There's also "technically" Communist, but with there growing middle class, china is slipping in to socialism in different facets of there country and also have social welfare programs and subsidies for it's citizens.

 

I also feel tax breaks to companies that are multi-national, that float US tax breaks, and perks to outside the US are wasted of breaks with little job creation. 



#23 wrack

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Posted 05 May 2014 - 00:15

Not to mention India too coming in 3rd place topping Japan.

 

http://thediplomat.c...argest-economy/

http://www.huffingto..._n_5255825.html

 

Things are changing indeed.



#24 Mark

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Posted 05 May 2014 - 00:45

But what of the ghost cities that China is building? They're apparently building new cities that no one can afford to move into. Their construction market is booming but how long until this comes back to bite, and how hard?

 



#25 ShadowMajestic

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Posted 05 May 2014 - 01:00

They should count the EU as a single nation. US will be 3rd :/



#26 pack34

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Posted 05 May 2014 - 01:14

its just a matter of time till US markets loose their pre-eminence if debt and left wing economics shackle American economy. dont get me wrong, even then Us market will continue to be important  but kinda like Nikkie, Hangseng, DAX, FTSE just not THE market people go to raise capital.

 

Please... The economy is the way it is and China's economy is as strong as it is, BECAUSE of over capitalistic tendencies in the US. Way too much is being outsourced. That's where China is getting all of their business from. If you want to blame anyone, blame those who are cutting up companies, shipping middle class jobs away, and making bank off of it.



#27 guru

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Posted 05 May 2014 - 01:36

Please... The economy is the way it is and China's economy is as strong as it is, BECAUSE of over capitalistic tendencies in the US. Way too much is being outsourced. That's where China is getting all of their business from. If you want to blame anyone, blame those who are cutting up companies, shipping middle class jobs away, and making bank off of it.

its the otherway round, its the very capitalistic nature that helps US have an employment rate at 93% inspite a billion + people who were added to workforce in China and India for near nothing wages and no benefits. Software, Internet and coming ioT revolution has benefits US companies the most.

Manufacturing itself will go through an through an automation revolution, not to mention 3d printing.

 

Does US want to stick to to its capitalistic tendencies and venture into next revolution or "lead from behind" and expend all resources into desperately holding on to old jobs.



#28 pack34

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Posted 05 May 2014 - 02:21

its the otherway round, its the very capitalistic nature that helps US have an employment rate at 93% inspite a billion + people who were added to workforce in China and India for near nothing wages and no benefits. Software, Internet and coming ioT revolution has benefits US companies the most.

Manufacturing itself will go through an through an automation revolution, not to mention 3d printing.

 

Does US want to stick to to its capitalistic tendencies and venture into next revolution or "lead from behind" and expend all resources into desperately holding on to old jobs.

 

The over capitalistic tendencies are killing jobs and moving them away. Those jobs are still needed (hence still being used in China). 3D printing is a pipe dream that is only useful for extremely low volume or one-offs. It will not beat injection molds in price nor speed, stop kidding yourself.

 

An economy is built on the circulation of money. One person purchasing goods and services from another. Then that person does the same. If the bulk of lower wage jobs are removed and the top wages exponentially accumulating more wealth, the economy is going to crumble. Like it has, and is.

 

If nothing is changed and we continue on this course then we will continue to be passed up as a country. First goes the manufacturing jobs, then the intellectual jobs. It will not be long until we'll be seeing more and more of R&D being outsourced. This is already evident of the over reliance of H1Bs. We've already lost manufacturing and as soon as those R&D jobs slip through our fingers we have nothing left and we'll be relegated to a footnote in the history books.

 

Or we could just blame Obama and stick our heads in the sand.



#29 guru

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Posted 05 May 2014 - 15:44

The over capitalistic tendencies are killing jobs and moving them away. Those jobs are still needed (hence still being used in China). 3D printing is a pipe dream that is only useful for extremely low volume or one-offs. It will not beat injection molds in price nor speed, stop kidding yourself.

 

An economy is built on the circulation of money. One person purchasing goods and services from another. Then that person does the same. If the bulk of lower wage jobs are removed and the top wages exponentially accumulating more wealth, the economy is going to crumble. Like it has, and is.

 

If nothing is changed and we continue on this course then we will continue to be passed up as a country. First goes the manufacturing jobs, then the intellectual jobs. It will not be long until we'll be seeing more and more of R&D being outsourced. This is already evident of the over reliance of H1Bs. We've already lost manufacturing and as soon as those R&D jobs slip through our fingers we have nothing left and we'll be relegated to a footnote in the history books.

 

Or we could just blame Obama and stick our heads in the sand.

not sure if it was deliberate misread by you but where did i say 3d printing is going to replace manufacturing? 3d printing was 

 

US is not entitled to those manufacturing jobs. Chinese do an equal or better job for 10th of the wage. If an American company didnt manufacture in China, the company's national or international competitor would go to china and gain market-share. America excels in creating businesses from seemingly nothing. the big 3 tech companies today were started in garages, American culture had something in it that folks could start businesses with an ease that wasn't possible in any other country.The current trajectory however is away for that culture. Its not just Obama, the problem is oversimplification of economics these days, that focuses on shrinking pie instead of creating wealth. if wealth is not continuously created there will be only so much to circulate.   

 

Regulations are essential and required. too big to fail companies from banks to comcast should be broken up. sovereign wealth funds should be regulated and are fundamentally anticapitalistic in nature.  but no that wont happen,because govt is in bed with the oligarchs. 

 

edit:

read this on verge right after i posted my reply. Tom Wheeler former lobbyist for big cable companies was appointed as FCC chairman by Obama. in may last year. He now was to end net-neutrality to open a new revenue stream for big cable/ media companies.