December 4, 2014

China Overtakes U.S. as Number One Economy

Barack Obama said he would fundamentally change America, and he is – not just militarily, but economically. New data reveal that China, a close Russian ally that has done its own fair share of saber rattling, finally overtook the United States as the world’s top economic powerhouse. This marks the first time America has relinquished this ranking since Ulysses S. Grant occupied the Oval Office. According to MarketWatch, “The International Monetary Fund recently released the latest numbers for the world economy. And when you measure national economic output in ‘real’ terms of goods and services, China will this year produce $17.6 trillion – compared with $17.4 trillion for the U.S.A. As recently as 2000, we produced nearly three times as much as the Chinese. To put the numbers slightly differently, China now accounts for 16.5% of the global economy when measured in real purchasing-power terms, compared with 16.3% for the U.S.” Obama’s all-out attack on American exceptionalism has us increasingly looking up at our adversaries. Most sobering of all, the U.S. could easily recapture this title – if only Obama would loosen the regulatory shackles. More…

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