The IMF is now predicting that China will pass the US, as the world’s number one economic power, within five years. That should come as a big shock, seeing that most experts were predicting it to happen in about 20 years. The US has definitely slowed as the world’s true number one, thats for sure. The problems facing the US are well-known, it has fallen off as a manufacturing power, sending jobs to third world countries and also to China.
While outsourcing jobs does not necessarily hurt the GDP, it does negatively impact employment rates. At the same time, the employment situation in China has boomed due to influx of jobs from other countries. It’s sad to know that the US will not be the dominant economic force in the near future. The real trouble for Americans is more likely themselves. I don’t know of any large groups of people that will take massive pay cuts and work longer hours in worse conditions just to help the US stay ahead China.
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