Not really looking at GDP. China owns the United States by owning our debt. So how can we possibly be richer than they are?
GDP sure seems to me like an adequate measure of national wealth. You’re also blowing our debt owned by China way out of proportion. As of 11/08, China only owns 22% of our debt, or $682 billion. How is 682 > 14,330???
Anyway, not saying our system is the best system possible, but it is better than the systems that are centrally controlled by an agency without competition. (Whether that is a government, a company or another single controlling agency)
GDP is a good measure, but doesn’t capture the essence of the broad spectrum of problems of our economy. Jen is right, in a sense. China does not have crushing liabilities to deal with, like we do. China is not running up $400 billion trade deficits, like we have. China is not bogged down in two wars, as we are.
If we sold every asset in this country right now, we would not have the money to meet our S.S. and Medicare/Medical obligations. China is worried about GDP SLOWING to 5%. We are already experiencing NEGATIVE 6% GDP. Just think of it this way: who has the money to buy our debt these days?