The U.S. Economy Sucks, Right Guys?
3 Comments Published by Billy Joe Mills on Friday, June 29 at 5:24 PM.
Strangemaps.com has produced the map below which analogizes the size of each state's GDP to a foreign country. People, more often liberals, deride the economy without proper perspective, "US GDP is projected to be $13.22 trillion in 2007, according to this source. That’s almost as much as the economies of the next four (Japan, Germany, China, UK) combined." Check out the original post for more details and tons of commentary. Click on the image to get a bigger view.
As a side note, Strangemaps has recently posted a map illustrating New Jersey as seen through Bruce Springsteen's lyrics. Bruce is my favorite, when I saw him perform at "Comiskey Park" he played for about 4 hours without stopping. Some new artists play for an hour . . . if you're lucky.
As a side note, Strangemaps has recently posted a map illustrating New Jersey as seen through Bruce Springsteen's lyrics. Bruce is my favorite, when I saw him perform at "Comiskey Park" he played for about 4 hours without stopping. Some new artists play for an hour . . . if you're lucky.
Labels: Billy Joe Mills, economics, music
Wow. Illinois economy > New York economy.
Uhhh Brazil > Mexico
http://siteresources.worldbank.org/
DATASTATISTICS/Resources/GDP.pdf
I don't think Billy went far enough with this post. Not only does America have the world's largest economy, our economy has continually grown at an above average pace of around 3%. We can see the importance of this if we compare the growth rates of the G8 countries, which are the world's "major developed economies" meaning that they have a high GDP per person and a significant population(except Russia).
G8 GDP real growth rate(2005 data):
Russia: 6.4%
U.S.: 3.5%
Canada: 2.9%
Japan: 2.7%
United Kingdom: 1.8%
France: 1.4%
Germany: 0.9%
Italy: 0.1%
Excluding Russia (which is buoyed by high commodities prices and which has a lower per capita income than Libya), we see that not only is the United States the world's largest economy, it is also the fastest growing major developed economy. Over time this could have a serious effect. For example, if the U.S. and France maintain their current rates of growth (and ignoring population effects), then
this:
2005 GDP per capita:
U.S.: $41,800
France: $29,900
becomes this in 2015:
U.S.: $56,430 (3.5% GDP growth)
France: $34,385 (1.5% GDP growth)
In other words, the United States could become a "super"-industrialized country.
Your link gives total GDP information but doesn't seem to give annual growth information. From the site I linked the other day (real GDP information):
World average annual growth since '70: 3.2%; from '96 to '05: 3.09%
Country / Avg Since '70 / Avg '96-'05
U.S. / 3.07 / 3.40
Russia / 1.64 / 3.96
Canada / 3.30 / 3.56
Japan / 3.25 / 1.36
United Kingdom / 2.40 / 2.69
France / 2.57 / 2.26
Germany / 2.11 / 1.47
Italy / 2.34 / 1.33
The same conclusion holds. The United States economy kicks the ass of the more socialized european economies. And this despite 2001 and 2002 where growth reflected the fallout of the 9-11 attacks and the tech bubble. But don't forget that your projection is dependent upon the elections between now and then ;)