[quote=temeculaguy]Macro Economics 101, try to ignore the rhetoric and look at the big picture because there are a lot of myths out there. Here are some facts:
1. The U.S. is the largest economy in the world, it’s 2010 Nominal GDP was 14.7 trillion, representing 25% of the global GDP (with 4.5% of the population).
2. The U.S. purchasing power is the largest in the world, representing 20% of the global purchasing power (with 4.5% of the population).
3. It has the 6th highest output per capita (the first five are small countries with populations of less than Los Angeles and half are smaller than San Diego)
4. The U.S. is the world’s largest manufacturer, representing 19% of the worlds manufacturing (with 4.5% of the population).
5. 1/3 of the worlds millionaire and 1/3 of the world’s billionaires. The largest stock exchange, the largest gold reserves and 60% of the world’s reserves are in the dollar, it’s nearest competitor (the euro) has 24%. 139 of the 500 largest companies in the world are American, that’s just under a third. (with 4.5% of the population)
6. More foreign money is invested in the U.S. by far at 2.2 trillion, double the second largest, but this will shock you, Americans own more of the rest of the world than anyone, 3.3 trillion. So it might look like like other countries own our stuff, but we own theirs, and more of it.
So step back a bit before thinking that all we make are stocks and ponzi schemes just because someone says so or because certain industries have been downsized. WE ARE 4.5% OF THE WORLD”S POPULATION!!!!! What numbers will make you happy? Should we manufacturer or own half of all things? 75%? We are the New York Yankees times 10, we have everyone else’s best pitchers and you are angry because we don’t also have everyone else’s 2nd best and 3rd best. So we’ve fallen on some rough times, so has everyone else, but we have an invincible formula. On the other threads about schools, they are dominated by educated Asians who are….drumroll please…who are now Americans! That’s the beauty of it, we don’t get behind, because people around the globe who are smart or rich consistently do one thing, the become Americans. Guess how long we’ve held the number one spot as the world’s largest economy, every freaking day since 1870!!!!
Have a glass of wine and relax, the other 95% of the humans get to eat when we let them and have the standard of living we permit, do we really need to push for more control, wealth and power? Do we have to have everybody else’s lunch before we stop and eat our own?[/quote]
Note what happened the last time we saw something like this.
I’m concerned not about aggregate wealth in this country, as there is no doubt there are some exceptionally wealthy people here. The important questions are: how was this wealth “earned,” how is it allocated, and why? What are the long-term consequences if this trajectory is allowed to continue?
We need to fix what’s wrong in our country first, then we can worry about what’s wrong in other countries. We have a lot of work ahead of us.
