Jan 16 2009
American Economic Magic is Going Strong
To those who back the notion that America is in decline; to those who entertain the idea that America no longer provides the propulsion that drives the world’s economies, I say, LOOK at the FACTS!
America’s Gross Domestic Product is double that of the second largest economy–China–while the American workforce is one-fifth the size of China’s. The per capita income in the U.S. is $44,244, versus $2,069 in China.
If all 27 economies of the European Union put their economies into a single “chart,” they can produce numbers akin to those of the USA, but still, the USA workforce is 30 percent smaller than that of the European Union nations.
Seventeen of the fifty largest companies in the World are American, including the biggest in: aerospace (Boeing), petroleum (ExxonMobile), technology hardware (Hewlett-Packard), software (IBM), retail (Wal-Mart), biotech (Pfizer), capital goods (Caterpillar), media (Time Warner), and telecommunications (AT&T). Let’s look at Wal-Mart: Global sales in 2007 of $344 BILLION! That is more than the Gross Domestic Product of all but 31 nations! Wal-Mart has 2,700 stores OUTSIDE the U.S.A!
The United States remains the most productive and innovative nation in the world. The USA accounts for over a third of all international patent filings. (Japan is second with 17.8%.) Foreign leaders send their own children and their intellectual elite to American universities.
But what about debt? Yes, America has a huge public debt, with more coming during the current economic recession with the various “bailout” and “economic stimulus” packages. Yet, current public debt represents but 38 percent of America’s Gross Domestic Product. Compare this to Japan, with debt that is currently 194 percent of GDP, or Germany’s, at 65 percent.
The current recession is deep, no doubt, no argument. The ripple effect goes around the globe. It will, in all probability, continue for the next 18 months. But we have been here before, and we will recover.
The World’s economies depend upon, and look toward, America, to lead us back.
GDP and other comparative numerical information based on 2007 statistical reports.
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Don’t forget to take into account the fact that the United States government owes china over half a trillion dollars (and growing).
Oh yes, economic stimulus plans. ::roll eyes:: Has anyone ever heard the saying, “You can’t borrow your way out of debt”? I sure wish politicians would pay attention! All of this money that they’re spending to “jumpstart the economy” (like it’s a broken down car or something) has to come from somewhere. Either they raise taxes (which will hurt the economy even more) or they print more money (which causes inflation which also hurts the economy).
This kind of thing makes me want to bang my head against a wall.
Sorry, I know that’s off-topic (kinda) from your post, but every time I read about the economic stimulus plans making the rounds in DC, it makes me a little crazy. :-}
Hava
http://nonfictionlover.today.com
I haven’t even read the post yet but the header is so encouraging! Hating my own country is an awful thing, hearing the good news is way more helpful.