China is rapidly overthrowing America on the global economic stage. Since the global financial crisis, the U.S. economy has decayed and declined while the Chinese economy has skyrocketed, recording what some define as “miracle economic growth” year after year. The eastern superpower has established itself as the key trading partner of most countries in the world. It has now a leading position in global supply chains. It produces more commodities and automobiles, and it exports more tech than the United States. It sends way more goods to America every year than America exports goods to China. In fact, our trade deficit with China has become the largest trade deficit that one nation has had with another nation in the history of the world.
On top of all that, China has now accumulated more than 1 trillion dollars of U.S. national debt in its reserves. We have been shipping high-tech jobs overseas at a blistering pace. Every single year, we lose more jobs, more businesses, and more of our national wealth to China. In America, a great disconnect between corporate earnings and worker wages has taken place over the past five decades. Just because big corporations in the U.S. are reporting record profits, that does not mean that they are going to provide good jobs for workers in the U.S.
Ever since China joined the World Trade Organization, it has become way too easy for big corporations to ship jobs to Chinese markets, where it is perfectly legal to pay workers extremely low wages. At the same time, as the number of manufacturing jobs declines in America, so does the middle-class. This also means that the number of Americans dependent on the government has been steadily increasing.
Unless systemic changes happen, the U.S. will be left with chronic structural underemployment and unemployment problems for decades to come. To make things worse, there are many pieces of evidence suggesting that the U.S. economy is about to experience another downturn. And the coming recession may be the leverage China needs to finally overthrow America on the global economic stage. In short, China is beating the living daylights out of us, and if we want to preserve our status of world’s wealthiest country, we must start stepping up our game right now.
In other words, if the global economy was a game, America would be losing very badly and China would have all the momentum. If you do not believe that China is wiping the floor with America in front of the rest of the world, keep tuned with us to discover some mind-blowing stats about the rise of the Chinese economy and the downfall of the U.S. economy in the global market.
For more info, find us on: https://www.epiceconomist.com/
And visit: http://theeconomiccollapseblog.com/
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