Sure your economy is growing, but it's grgowing at a slower rate than other places
The US economy has been growing faster than the economies of Canada, France, Germany, The United Kingdom, and Italy.
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 02:42:54 PM EST
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Those countries are all irrelevant. GDP growth in the US is comparable to the GDP growth in the EU (which everyone notes has been stagnating), and nothing compared to India or China. Also, from a cursory look, it seems that only twice in the last two years (Q3-2005 and Q1-2006) did GDP growth in the US outstrip inflation.
see here (inflation), and here (GDP growth).
If you want to compare apples and apples.. US to EU.
If anything this new Century is going to belong to China, India and Brazil. Golman Sachs argues for including Russia, but I'm not so certain. They've been showing signs of using wealth as the US does (like a stick) but have suceeded mainly in driving countries away from them and towards other regional powers (Russia is no longer a superpower, rather they are a regional power in three regions due to their unique geography).
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 03:25:34 PM EST
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Those countries are all irrelevant
Those countries represent the largest economies in the world. They are in no way "irrelevant."
GDP growth in the US is comparable to the GDP growth in the EU
GDP growth in the US has been, over the past few years, about double the rate in France and three times the rate in Italy and Germany. US GDP growth has not been stagnating - on the contrary, it's been quite robust.
...from a cursory look, it seems that only twice in the last two years (Q3-2005 and Q1-2006) did GDP growth in the US outstrip inflation
That's quite a cursory glance indeed. US GDP growth outpaced inflation by 1 full percentage point in 2005 and by two percentage points in 2004.
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 05:20:24 PM EST
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One of those countries (Canada) has 1/10th your population, the other three are member states of the European Union.. but sure.. GDP is better than France or Italy.. stay on message, stay on message... WE ARE THE LARGEST ECONOMY IN THE WORLD.. stay on message..
Here's what your own government has to say (from the EU link in my previous post): "The 25-nation European Union (EU), with 460 million residents, is the world's largest economic area."
1 full percentage point... so.. you're super proud of having a 1%? Let's see what your own governmment has to say, here
GDP - real growth rate: 3.4% (2006 est.)
Inflation rate (consumer prices): 3.7% (2006 est.)
that's looking like a -0.3% actual growth. (not in 2003 or 2004.. but hey.. shouldn't we be looking at last year?)
Now how about France
GDP - real growth rate: 2.3% (2006 est.)
Inflation rate (consumer prices): 2% (2006 est.)
Oh.. This France country that you were talking about having a faster growing economy then.. it's obviously not the one in Europe.
At least you can still say you're beating Italy. they have a -0.7%.. Germany has a +0.5% and Canada has a +0.8%..
But as I said.. those countries are irrelevant. compare to the EU.. 2% inflation vs 2.3% GDP growth.. well shiiiit.. would ya look at that.. the US blows. deal with it.
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Real vs. nominal
Sun Jan 28, 2007 at 05:33:21 PM EST
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Real growth rates are adjusted for inflation.
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 05:42:01 PM EST
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One of those countries (Canada) has 1/10th your population, the other three are member states of the European Union.. but sure.. GDP is better than France or Italy.. stay on message, stay on message... WE ARE THE LARGEST ECONOMY IN THE WORLD.. stay on message..
The message was about GDP
growth. You missed that bit. US GDP
growth was better than France's or Germany's or Italy's. The size of the population or the size of the economy has nothing to do with it at all.
that's looking like a -0.3% actual growth. (not in 2003 or 2004.. but hey.. shouldn't we be looking at last year?)
My mistake. I take back what I wrote about the GDP growth being a point ahead of inflation. The figures I was looking at were
real GDP growth. But, then, so are the numbers in your linked sources. That 3.4% rate for 2006 is on top of the increase in GDP caused by inflation.
Since the balance of your comment is based on that same mistake, we can dispense with it altogether, right?
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 06:25:41 PM EST
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Since the balance of your comment is based on that same mistake, we can dispense with it altogether, right?
Yup, we can go back to comparing the US to it's actual competition.. the EU, China and India.
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 07:39:17 PM EST
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Yup, we can go back to comparing the US to it's actual competition.. the EU, China and India
Sure. First go and read the Goldman Sachs paper. It says that
if China does everything right and nothing wrong (vis a vis economic policies and government spending) then their GDP might pass US GDP in 2039. It'll still be better living in the US, of course (or in any of the other G6 nations), because
per capita GDP in the US will be three times higher than in China.
More importantly, in order for China to enjoy the vast growth that the BRIC paper sees as possible, it will have to significantly reform its governmental institutions and make its economy more open. So a prosperous China in 2040 would not be the same oppressive and unjust China we know today.
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Re: playing Mark Twain to the story's Cassandra
Sun Jan 28, 2007 at 10:11:38 PM EST
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Zyx.. are you being deliberately obtuse? I admit I was in error regarding the GDP (wasn't paying enough attention) but you still haven't addressed the point I originally made. The US is No.2 to the EU and several countries will be surpassing you before the midpoint of the century, China and India. Both have massive populations and are just now becoming preferred targets for foreign investment. Both will have some extra problems that the US will not have to face (AIDS pandemic and educating a mainly rural population). But it doesn't matter. The US has traditionaly relied on productivity boosts for the bulk of it's growth, usually through technology, but with the technology base you already have, any gains are smaller.. China and India have been converting from 1960's (in the more civilized areas) to near-current technology. In order to compete with them, the US has to let them do the manufacturing.. so you're going to bankroll their rise to preeminence. At some point the scales will balance out (when wages in China and India start reflecting their economic might) and everyone will turn to the Middle East (with it's 30%+ unemployment rate and the end of the Oil Age on the horizon) and Africa (provided something has been done about AIDS, but since India/China are going to have to deal with their own issues with the disease they would have a bit more experience to offer and would probably have an easier time setting up shop there.. nevermind that they already are starting to do business there).
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Re: playing Mark Twain to the story's Cassandra
Mon Jan 29, 2007 at 04:18:30 PM EST
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Zyx.. are you being deliberately obtuse?
Have you read the BRIC paper yet?
In order to compete with [China], the US has to let them do the manufacturing...
Before I address the rest of your comment, let me ask you something: who manufactures more, the US or China?
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 03:25:36 AM EST
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No, I can't seem to find it, but I've been following the four countries progress for a few years now.. Brazil looks like it won't live up to the hype for awhile, Russia is under political clouds, but China and India are moving along fine and it's going to start changing even more. Foreign investment is shifting, US currency isn't what it was, and let's face it.. a lot of countries are more likely to do more business with them then you due to political concers.. nevermind proximity.
China exports more, but has a much smaller domestic market. That will grow however, just look at their fridge ownership rate in the last 5 years.
Now address the one point I actually care about. US vs EU. You've been avoiding it.
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 08:05:25 AM EST
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Now address the one point I actually care about. US vs EU. You've been avoiding it
Let's see...you began this by saying that the US economy is growing slower than some other economies. I responded by pointing out that the US economy has been growing quite a lot better than the big EU economies. You then claimed that "GDP growth in the US is comparable to the GDP growth in the EU (which everyone notes has been stagnating)" and I demonstrated that was wrong.
And then you brought up India and China.
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 01:52:39 PM EST
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You're ahead one full percentage point over EU growth, but you're the ones playing catchup. India and China are playing catchup to the US, coming from much farther behind, but at a much faster rate. By the time the US catches the EU, China will have caught the US. (if you decide to make any calculations, remember to include public debt into account.. US is stiting at 64% of GDP and rising, China has 22%). If you want to stick to just the last couple of years, fine, the US hasn't been doing so bad, better than the EU.. but if you want to look at it long term... well that's when US policies start falling apart. Underfunding of education will lead to a society that only knows how to serve fries to each other. Public debt will eat up more and more of the budget, nevermind dependencies on foreign energy sources which will hold you captive to the military establishment. The US will be forced to try to become an empire, and it will fail.
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 09:18:59 PM EST
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You're ahead one full percentage point over EU growth, but you're the ones playing catchup
In what sense if the US "playing catchup" with the EU?
If you want to stick to just the last couple of years, fine, the US hasn't been doing so bad, better than the EU
How about look at the last 50 years?
Underfunding of education will lead to a society that only knows how to serve fries to each other
The US is not underfunding education by any reasonable measure.
The US will be forced to try to become an empire, and it will fail
What, do you have a crystal ball?
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 09:23:27 PM EST
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In what sense if the US "playing catchup" with the EU?
In the sense that they have more people and a larger GDP then you.
How about look at the last 50 years?
Oh sure, cherrypick a date 2 years after the entire region was destroyed by war..
The US is not underfunding education by any reasonable measure.
Leaving lotsa children behind.
What, do you have a crystal ball?
I got two.
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Re: playing Mark Twain to the story's Cassandra
Tue Jan 30, 2007 at 09:27:38 PM EST
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How about look at the last 50 years?
Oh sure, cherrypick a date 2 years after the entire region was destroyed by war..
Who knew that Europe was destroyed by war in 1955?
Illegitimi non carborundum.
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Re: playing Mark Twain to the story's Cassandra
Wed Jan 31, 2007 at 01:40:22 AM EST
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Is it 2007 already? Damn I gotta get back in my Time Masheen..
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