China Just Passed U.S. as World's Largest Economy
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"For the first time since Ulysses S. Grant was president, America is not the leading economic power on the planet ... 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."
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We can no longer depend on manufacturing any longer, and it won't get any better — it can only escalate. Rep. Betty Sutton once said: "Thanks to the globalization of the economy, big corporations and corrupt governments can make stuff in countries where it is legal to pay slave labor wages and then ship their products into the United States for free."
Even American college graduates might only earn $20,000 a year now. In China engineers or new graduates in computer science might only earn 10,000 RMB a month. That is about $1,588.84 — or approximately $19,068 a year ($366.69 a week or $9.17 an hour with a 40-hour work week) — which is slightly more than what a McDonalds worker earns here in the United States.
An assembly line worker at Foxconn in China might earn $1 an hour, but in the long term Foxconn is considering moving to Vietnam in order to lower labor costs more, by replacing employees with robots at an automated facility in Taiwan.
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How can American workers ever again compete for middle-class wages in America, whether we have an advanced college degree or not, if jobs keep hemorrhaging overseas for cheaper wages? Are we to just surrender to the fact the middle-class will eventually and completely disappear in America?
Is America just supposed to accept it's long and steady decline and go gentle into that good night — especially now since China is #1? Or should Americans rage against the dying of the light?
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http://www.economicpopulist.org/content/china-just-passed-us-worlds-largest-economy-5624
