GDP is a near useless statistic. It does nothing to measure the standard of living, while it rewards bubble economies built upon government induced credit binges.
Perhaps something like the misery index would be better, which fittingly shows the US in a depression.
China’s people will soon join the US in misery once their credit bubble bursts and the Chinese government will topple along with their economy.
One needn’t disagree with your general point to note that China *is* gaining on us economically. That said (and in my view), the USA needs to de-lever substantially before we can be very sanguine about our economic prospects. And since the “data” we have about China is so suspect, making forecasts there at all is highly problematic (although I tend to agree with you that China’s alleged success is overblown).
Source: Slate
Above the Market 
GDP is a near useless statistic. It does nothing to measure the standard of living, while it rewards bubble economies built upon government induced credit binges.
Perhaps something like the misery index would be better, which fittingly shows the US in a depression.
China’s people will soon join the US in misery once their credit bubble bursts and the Chinese government will topple along with their economy.
One needn’t disagree with your general point to note that China *is* gaining on us economically. That said (and in my view), the USA needs to de-lever substantially before we can be very sanguine about our economic prospects. And since the “data” we have about China is so suspect, making forecasts there at all is highly problematic (although I tend to agree with you that China’s alleged success is overblown).
Thanks for reading and commenting.