"15 Mind-Blowing Facts Which Prove China Is Completely Crushing America"

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"15 Mind-Blowing Facts Which Prove China

 Is Completely Crushing America"

by Epic Economist

"As the Chinese economy continues to expand at an exponential rate, the era of American economic dominance is rapidly ending. According to the IMF's measure of purchasing power, the eastern superpower is already the world's largest economy. China also accounts for more total global trade than the U.S. does, and is the world's largest manufacturer. Experts estimate that the Chinese economy will surpass the U.S. economy before the end of this decade, and it will become three times bigger by 2040. Meanwhile, America is now headed to another recession, our standards of living are steadily falling and our major cities are crumbling at an alarming pace. If we continue down this path, the future of the next generation of Americans will be extremely bleak. Unfortunately, things are changing at a pace that is much faster than most people ever thought possible.

In one decade, the average household income in China has increased by over 400%. The Chinese economic boom has helped to raise living standards for the working class. From 2002 to 2012, China's average household income rose from $987 per year to $4,873, an increase of over 400%. By 2021, that figure was up to $10,200, more than double the 2012 average. Meanwhile, household income has flatlined in America, rising 41% from 2000 to 2020, according to Pew Research Data.

Even though China has a much bigger population than the U.S., it has fewer poor people than America. Globally, the World Bank poverty line is an income of $1.90 per day. By 2019, only 0.7% of the Chinese population were at or below the poverty level, meaning that about 9.9 million people lived in poverty out of a population of 1.35 billion. In comparison, in the U.S., 12.3% of the population falls below the national poverty line. That means over 39.7 million Americans are living in poverty.

In the last 15 years, America has lost more than a quarter of its high-tech manufacturing jobs to China as U.S.-based multinational companies placed a growing percentage of their research-and-development operations in the Eastern nation. Over that span alone, the number of high-tech manufacturing jobs in the United States has declined by 687,000, or 28 percent. Meanwhile, U.S. economic growth will slump this year and it will be even slower in 2023, according to a new study from the Organization for Economic Co-operation and Development. The OECD estimates that U.S. GDP growth will slow to 2.5 percent in 2022 and fall to just 1.2 percent in 2023. By contrast, the OECD report said China's GDP will grow 4.4 percent this year and 4.9 percent in 2023.

Everywhere you look, China is gaining dominance and America is in decline. The United States is going to have to put itself together if it wants to have any hope of competing with the Chinese in the future. At this point, we can only hope that our leaders start coming up with some solutions soon because we are running out of time. That's why today, we compiled some eye-popping stats that show just how rapidly the Chinese economy is overcoming ours."

- https://www.epiceconomist.com/