We’re Number Two: Americans Believe China Is Taking Over

Nearly one-third think China has already unseated the U.S. as the world's economic power

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Lucas Jackson / Reuters

The flags of the United States and China hang outside of the New York Stock Exchange March 30, 2011.

The U.S. has been the world’s biggest national economy since 1871, but more than half of Americans have slapped an expiration date on its global reign according to a poll reported on in the Wall Street Journal.

The poll, conducted by financial website The Street, found that only 43% of Americans believed the U.S. would be the world’s “dominant economic power” five to seven years out and nearly a third have already ceded the title to China.

Their opinions may fly in the face of economic reality — the U.S. has nearly twice the GDP of China — but the poll does show how years of sluggish economic growth can alter perceptions.

[WSJ]

12 comments
valentine.godoflove
valentine.godoflove

IN CAPS FOR THE BENEFIT OF THE ELDERLY.....PROTECT THE WEAK AGAINST TYRANTS....KNIGHT TEMPLARS

IN THE 1100's......CHINA .....THE SUNG DYNASTY......THE JJIN....THE TANGUTS, ETC......WERE LIKE AMERICA TODAY.....NO WAR IN OUR SHORES SINCE THE CIVIL WAR.....PROSPERITY .....AND FOR ALONG TIME.......THE CITIZENS BECOME WEAK.....BECAUSE OF THE PROLONGED PEACE.....

BECAUSE OF OUR WEAKNESS........CAUSED BY THE POLICIES OF ONE WHO HATES AND WANTS TO DESTROY AMERICA, THE LAST GREAT COLONIAL POWER......OUR SARACEN LEFTWING, EXTREMEIST, ENVIRONMENTAL WACKO OBAMA AND HIS DEMOCRAT COHORTS.......ARE GIVING THE ENEMIES OF THE UNITED STATES.......THE MEANS TO AVENGE THEMSELVES AGAINST AMERICA !!

THAT IS WHY.....CHINA....THE SOVIETS.....THE AFGHANS.....ARAB ARMIES.....AND OTHER ENEMIES ARE BANDING TOGETHER TO BRING AMERICA DOWN.

WAIT TILL YOU SEE CHINESE OR SVOVIET OR OTHER FOREIGN SOLDIERS .....TAKE THE WAR INTO AMERICA.....RAPING YOU, YOUR  SONS AND DAUGHTERS......, PILLAGING.....LOOTING......BECAUSE OF THE SARACEN OBAMA AND THE DEMOCRATS.....OF TODAY !!

HOW DO YOU PREVENT THIS?......ORGANIZE......UNITE........BAND TOGETHER.....IN THE NAME OF GOD......COUNTRY.....AND THE CONSTITUTION.......

.ONE NATION.......UNDER GOD......ONE PEOPLE !!!......A M E R I C A N S !!!!

WHO IS WITH ME????

VALENTINE.....MILITARY HISTORIAN, WORLD HISTORIAN, POLITICAL HISTORIAN.....COMEDIAN....LOL


StanleyKerns
StanleyKerns

Here is the problem with that--the rich, wanting for nothing, invest--and due to the relatively new practice of outsourcing that money leaves out economy never to return--the laborers in China, Korea, and India buy nothing made in America--Were we to (over a period of about ten years) ratchet in a tax on outsourcing--stoping when outsourcing reached the level of 1990 we would put about 20 million Americans to work, they would pay taxes, our economy would boom--and--(most important) we would stop stimulating third world economies to compete with us for very limited fuel resources--third world countries have no concept of protecting the environment--in many cities in China you can't see to the end of the block-- the bottom line worshiping MBA's seeking quick profits have really sold us down the drain on this one--even if you drive the cos of production to zero it is useless unless somebody has some money to buy the stuff.

Stan

duduong
duduong

The poll result is surprisingly close to reality this time. The US GDP is twice as big as China's only in nominal terms. Because the same merchandises and services typically cost much less in China, Chinese GDP was already 77% of the US in PPP (Purchasing Price Parity) in 2012, according IMF. If we assume a 5.5% annual difference (e.g. 8% vs 2.5%), China would surpass the US in 2017. If the difference is 4.5% (e.g. 7.5% vs 3%), the cross-over would be delayed by one year to 2018.

But the GDP is not the whole story. Chinese consumption has been ramped up under the new leadership. Its trade surplus is now down to 2% of GDP, or less than 1/3 of Germany and South Korea. China is already the world's largest exporting country. In 3-4 years, it will surpass the US as the largest importer as well, which will gives it a lot of clout in attracting other nations into its economic orbit.

TePuWin
TePuWin

This is just American public opinion. But it shows the Jingoistic deprecation of China has an underlying understanding that an advancing new reality is coming soon. Dominance in terms of weapons is one view that used to be very importan, while gunboat diplomacy created the British Empire. However, dominance in economic power is a more effective lever. China under guidance from Deng Xiaoping has practiced Master Kong's tenets to grow in logical steps. First a person must disciple his own body [person], next harmonize his family, then only can he venture to bring peace to all under heaven. For 34 years they have been at step 1, disciplinary internal improvements. This will continue for quite a few decades because per capita, there are still many poors. Over 600 millions have been lifted from poverty with about 100 million still in abject situations. ____________________ What is good is that the self discipline has given Chinese leaders a lot of funds to apply to new action plans. A massive restructuring to push science and technology has already gone forward and some initial fruits have returned.   China will still concentrate on bring better conditions to their own people and not imitate America to become aggressive militarily.  She only has to be strong enough to push back America in case the recent PIVOT encircling plan snowballs into tragic war.  ________________Whether America will turn negative and keep dwindling while striking out at others is a big question. The blame game targets the developing countries for "taking American jobs" instead of recognizing that the power blocks have stagnated cooperation into Unions, Military, Rightwing, Leftwing, Neocons, Globalizers, Churches. etc.  Blame yourselves, ctitizens of USA.  ---------------------------------------------------This reminds me of the Decline and Fall of the Ming Dynasty [1368-1644].  The founding father Zhu Yuanzhang, Emperor Hong Wu, started in the uprisings against the Mongol rulers of the Yuan Dynasty and drove the Mongols out. He was from poor peasant stock and so made sure of land reform to allow peasants generally to have land. This stimulated wealth creation and great tax revenues so that by the time of his 4th son, the 3rd Emperor Yong Le, named Zhu Di, there was the vast wealth available to open up trade with the rest of the world. That was when the current Beijing Imperial Palace was built, about 7 million sq ft [700,000 sq m] and he was able to send Admiral Zheng He with a fleet of 72 ships, 20,000 soldiers laden with gifts and goods all over the far east to the coast of Africa [and perhaps to America as well] 7 decades before Columbus. But after the death of Zhu Di, the Eunuchs 100,000 strong took so much power that they controlled the government machinery in a constant struggle with the bureaucrats, the nobles, and the scholars. A house divided weakened the nation so that a series of emperors were ineffective. In the north, the Manchus under vigorous leadership grew to eventually take over. [100,000 Manchus taking over 60 million Hans].----------------------- The minority of hardline Jingoists in America is a big minority. Up to the time of Reagan they slowly built up enough power and coherence to take over. The zenith of it was Dubya who stole the Presidency and the "reactionary forces", Jingos, wasted so much money in wars and financial corruption that it has sapped the strength of America. The huge and expanding debt itself is already hard to digest. But the continued scorch-earth fight the hardened right, Jingos, is a particular impediment as in the Ming Dynasty. The perpetual war footing of the Military-Industrial-Spy Complex seems to be more than part of the right and is a dead-weight to any attempt to do anything positive, or long-visioned. That is the rub and it is dangerous for the world.  An armed force group knows only one approach, aggression and not compromise.  America spends so much on this sector that it saps the strength of other needs, such as education, research and development, healthcare, job-creation and trade.  The hardened right will want the heavy armed forces budget to be strengthened while complaining of the lack of jobs and futures.  That is another rub, a mindless vicious circle.  Cry America, cry.

mary.waterton
mary.waterton

We used to be a democratic republic with a capitalist economy. Yes, the rich were filthy stinking rich, the poorest of the poor in our nation still have more than the poorest of the poor in any other nation. That's a testimony to how well it worked.

But then we decided to replace our winning formula with atheism, socialism, high taxes, excessive (dare I say stupid) environmental regulation, endless deficit spending, money printing, and now Obamacare. Lo and behold, our jobs left and moved to Communist China. Go figure.

Maybe Americans will wake up, wise up and repent after our economy implodes and many are starving in earnest for the first time since Great Depression #1. The worst is not behind ... it lies up ahead.

C_Ryback
C_Ryback

"Hope! Change! I've never held a real job!"


What a great leader. Not.

klp_pdc@yahoo.com
klp_pdc@yahoo.com

@mary.waterton This is inevitable. Globalization is irreversible. It is helping poor people to raise their standards of living. America is not becoming poor. Just that other countries are becoming rich. There is no reason to be sad about this. Indeed Americans should celebrate this diminishing wealth disparity among countries. America does not have the god given right to be number 1 in everything forever. Work hard, get a college degree, there are plenty of jobs for Americans. America is still the number one economy in terms of encouragement for entrepreneurship and innovation.

tom.litton
tom.litton

@mary.waterton So your theory is that the US became so socialist that all the companies shipped their jobs to a communist country?

I think you may want to rethink that logic...

GlennRobb
GlennRobb

@mary.waterton The jobs didn't leave and go to Communist China.  They were sent there by the "filthy stinking rich" you referred to, who are a lot richer.  And BTW, have you noticed that US multinationals who took the jobs overseas are also parking trillions of dollars offshore instead of circulating them in the US?  And while you stand around blaming Obama for trying to give people affordable healthcare, you ignore the people and companies that are that are lining their own pockets while dismantling the middle class.  and oh by the way, excessive (dare I say stupid) ignorance of environmental issues is not a good long term strategy locally or globally.  

RickSiu
RickSiu

To: Mary,  If USA is so socialistic why is it that the corporations/companies have moved so many jobs (manufacturing/service) to India, China, Phillipines,...?   Socialist nations do not outsource their jobs overseas.  Greedy US companies and I have worked for one of them have moved thousands of jobs to these foreign lands.  It seems to me you did not worked for Fortune 500 or 1000 company.