If there’s one thing Americans on all political stripes seem to agree on, it’s that the economy is in shambles. Donald Trump, who viewed trade as a scam and his country as in decline, came into office promising to make America great again. President Joe Biden is spending 2,000 billion dollars (1,822 billion euros) to reform the economy, in the hope of transforming it advantageously. Americans are worried. They are almost four fifths to declare to the pollsters that the situation of their children will be worse than theirs. This is the highest figure since the first survey in 1990, when only around two-fifths were so pessimistic. The last time such a large proportion of Americans thought the economy was in such bad shape was during the global financial crisis of 2008.
A breathtaking economic success
However, this anxiety masks an astonishing success, that of a lasting but underestimated outperformance. America remains the richest, most productive and most innovative major economy in the world. On an impressive number of criteria, she leaves her peers to bite the dust further and further behind her.
“The dominance of the United States over the world is striking. They now represent 58% of the G7’s GDP, compared to 40% in 1990. If purchasing power is taken into account, only the oil-rich countries and financial centers enjoy a higher income per person”
Let’s start with the usual measure of economic success: GDP. In 1990, America accounted for a quarter of world production, at market exchange rates. Thirty years later, this share remains practically unchanged, even if China has gained in economic power. The dominance of the United States over the rich world is striking. They now represent 58% of the G7’s GDP, compared to 40% in 1990. If purchasing power is taken into account, only the oil-rich countries and financial centers enjoy a higher income per person. Average earnings […]
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2023-04-20 07:50:34
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