Been there, done that

Marketwatch (slightly edited):

It’s official: America is now No. 2…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 terms of purchasing-power parity (PPP)

PPP? Where have we seen that before? Ah yes, we considered it at length a decade ago. (China has grown spectacularly in the last decade of course, but PPP is a little exaggerated compared to other measures.)

PS: doesn’t the reporter seem kind of happy about the story and headline?

One Response to “Been there, done that”

  1. Neil Says:

    It does seem odd, doesn’t it, that the U.S. elites would trumpet so loudly, even boastfully that America is on its way down? Wouldn’t it be in their self-interest to put a happy face on the results of their policies, claiming that we’re as strong as ever?

    It comes back to the nagging question that’s been floating around for the last six years; Do they think the public doesn’t care anymore, or do they believe they no longer need the public?

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