dudejcb wrote:Our economy still dwarfs all others.
Isn't purchasing power the right way to measure economic output? Yes, it is difficult to calculate accurately, so there is a lot of uncertainty but not so much to argue we dwarf them.dudejcb wrote:Rather this statistic is about the relative purchasing power of the population.
The estimates of the real cost of living, known as purchasing power parity or PPPs, are recognised as the best way to compare the size of economies rather than using volatile exchange rates, which rarely reflect the true cost of goods and services: on this measure the IMF put US GDP in 2012 at $16.2tn, and China’s at $8.2tn.
In 2005, the ICP thought China’s economy was less than half the size of the US, accounting for only 43 per cent of America’s total. Because of the new methodology – and the fact that China’s economy has grown much more quickly – the research placed China’s GDP at 87 per cent of the US in 2011.
dudejcb wrote:and is symptomatic of conservatives' rush to judgement at the slightest hint of an opportunity to bash this administration.
SpinnerMan wrote:This is a silly inevitable milestone.
don novicki wrote:You can thank NAFTA and Bill Clinton for starting this downward spiral................."THAT GIANT SUCKING SOUND" as H Ross once said, but no one wanted to listen to him.........