China poised to pass US as world’s leading economic power this year
By Chris Giles, Economics Editor
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The US is on the brink of losing its status as the world’s largest economy, and is likely to slip behind China this year, sooner than widely anticipated, according to the world’s leading statistical agencies.
The US has been the global leader since overtaking the UK in 1872. Most economists previously thought China would pull ahead in 2019.
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This is what you get when you raise a country on an “everyone wins”/”let’s not hurt anyone’s feelings”/”having fun is more important than winning”/”Common Core Curriculum”/”Political Correctness” agenda.
We’d rather tax our middle class to death to invest in over-the-top pensions and free healthcare for our municipal retirees in Florida and North Carolina than investing in infrastructure, and tax breaks for R&D and growth industries that employ working age people. The Keystone XL pipeline gets blocked “indefinitely”, we manage to upset all of our key trading partners in the same month, and China now looks at us in the rearview mirror. Is it any wonder when all anyone cares about is “What’s in it for me ?” The sense of entitelment is killing our competiveness. Here’s a basic question that all govt policy should be designed with in mind: “How can we can we build a more competitive economy ?”