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How can China be killin' US when they haven't catch up to us yet? And they may never ever catch up.
Those manufactoring jobs are low-wage and moderate skill. US is transitioning into a high-wage, high-skill jobs economy. China (and everyone else) wishes they are in our position. So no, China is not killin' US, it's US who is killin' the rest of the world (for both good and bad).
In fact, the next phrase in China's economic cycle is to become more like us - more innovation, less manufacturing. This is a tall task and while I think they can do it, there is no guarantee. So no, China is not killin' us, they're not even playing at the same level as we do.
US GDP (2015 Q2): 17.84 trillion USD
US population (2015 Q2): 321 million
Per capita US GDP: ~55,500 USD
China GDP (2015 Q1): 11.2 trillion USD
China population (2015 Q2): 1.35 billion
Per capita China GDP: ~8,300 USD
Per capita China GDP adjusted for purchasing power parity: ~13,800 USD
China isn't killing us. Total US GDP and GDP per capita has increased steadily since 2009. If China's killing us, it's doing a very poor job.
No China is not killing us. But its changing the socio-economic fabric of the US in terms if the kinds of things we buy and consume and the kind of jobs we hope to have.
In nominal terms, China will soon exceed the US in terms of GDP, In "real" term it already has.
In nominal terms, China will soon exceed the US in terms of GDP, In "real" term it already has.
"Real" terms? PPP deals only and yet poorly with goods that are comparably involved in international trade. It cannot explain the economic relationship between a haircut in New York and a haircut in Beijing. It cannot (and does not even try to) unravel and explain the effects and implications of any capital account flows and relationships at all. The best that PPP theory can hope to accomplish is to suggest tendencies that may inform and guide actual exchange rate movements in the long run. In the short run -- where we all live -- it is and would be expected to be the case that actual and PPP-implied exchange rates would rarely be anything like each other. Either currency traders are all stupid here, or PPP theory yet has some kinks that need to be worked out, the best guess being that they actually can't be.
No, the American consumer is killing the USA, all they need to do is quit buying chinese products, but nope, everybody wants cheap cheap CHEAP stuff
Why on earth would anyone want to pay MORE for an available and equivalent good than what the market says you have to? To do so would basically be subsidizing inefficient production.
Why on earth would anyone want to pay MORE for an available and equivalent good than what the market says you have to? To do so would basically be subsidizing inefficient production.
but when that argument is use to talk about salary rates, they get upset because they want to be paid more for inefficient production of labor lol
I am amazed at the low cost of many products. Clothing costs less - and is of better quality - than it did 30 or 40 years ago. I benefit daily because of the lower costs. So what did we give up? Many of the jobs "lost" were low skilled, low paid jobs. Do you really want to make a living trying to do one of those jobs? Nationally unemployment is very low and is extremely low for anyone with college level or equivalent skills.
People come to this forum on a regular basis to complain about the economy. They come to complain but hardly anyone wants to hear the options. An army of baby boomers is reaching retirement age and there are going to be a lot of critical manpower shortages. This is not something that will happen in the distant future but is starting to happen now. Rather than fret and complain, invest some time finding a career path that you want and will be rewarding. Don't pick a low skilled, low paid job or one that is likely to become obsolete.
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