General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsANOTHER WIN for President Joe: US Economic Growth Rate surpasses China, 1st time since 1976! 🔥
Link to tweet
How do ya like these free economy apples, Mr. Authoritarian Li Keqiang?
#GOTV2022
US Growth Seen Outpacing Chinas for First Time Since 1976
ByTom Hancock and Chris Anstey
May 20, 2022, 2:00 AM EDT
Bloomberg Economics sees China slowing to 2% on Covid curbs
Such a growth rate would be weakest since Cultural Revolution
China's per-capita GDP remains well below US, showcasing growth potential
Source: International Monetary Fund World Economic Outlook database April 2022
Note: per-capita GDP in current-dollar terms.
President Joe Biden, who is urging congressional lawmakers to pass a package of legislation aimed at strengthening US competitiveness against China, would be sure to seize on such a relative growth outcome. He has framed his economic agenda in part around demonstrating whether democracies can stand up to Xis authoritarian model.
tritsofme
(17,394 posts)If economic growth slows in China, let alone a dip into recession, it would be horrible for the global economy.
True Dough
(17,314 posts)It's like China is shooting itself in the foot and America is doing better, but we all still suffer from China shooting itself in the foot!
Shermann
(7,423 posts)uponit7771
(90,348 posts)Can I blame our weekend heat wave on him to
progree
(10,911 posts)That's based on the first estimate. The second estimate comes out Thursday. The 3rd and final estimate comes out in late June.
Tommymac
(7,263 posts)That is the thrust of the tweet and the Bloomberg article.
Thanks for sharing the link on the numbers too.
progree
(10,911 posts)a 2nd negative U.S. GDP quarter in the media. We shall see.
As for the U.S. being ahead, in the most meaningful sense of the word, it's long long been the case -- China's GDP is 2nd to the U.S. despite having 4.2 times the population, so their GDP per capita is far below the U.S.
Their percentage growth rate has been higher for decades as they utilized mostly 1st World-developed technology to turn their country from a 4th world economy to perhaps at best a 2nd world economy on a living standards basis.
Buckeyeblue
(5,499 posts)It's a different type of inflation. Because of covid and disrupted supply lines. We should keep interest rates low and encourage spending. Both at the individual and government level. Eventually prices will come down.
onenote
(42,739 posts)C Moon
(12,221 posts)Oh. It's a tweet, but maybe it's in the news somewhere!
former9thward
(32,064 posts)Not actual numbers. Not eligible for LBN.
David__77
(23,457 posts)Things to consider.
RussBLib
(9,030 posts)...which can turn out to be quite wrong.
I'd rather we wait to crow about this until we turn our own GDP around. Negative GDP in Q1 of 22 is nothing to crow about, that's for sure.
Somebody tell the markets!!
former9thward
(32,064 posts)China had positive growth. I don't see how the U.S. is surpassing China. For the rest of the year maybe we should wait until actual numbers are reported.
Polybius
(15,465 posts)Inflation, stocks, and gas prices are what people care about.
progree
(10,911 posts)with supply chain issues and its ripple effects.
Tommymac
(7,263 posts)This is a site meant to promote GOTV and getting Democrats elected.
WTF do I want to post negative stuff - I'll leave that to others here. I'm a GOTV cheerleader, always have been.
That is why I posted this, and why I will continue to post any good news that Democrats can crow about.
Yes - it is a tweet, and yes the Blooomberg article is part projection, but it is still putting a Positive spin on the President's policies, instead of the godawful coverage he is receiving in the M$M.
I'll continue to cheer about Democrats, don't like it, don't read my OP's.
#GOTV2022
Polybius
(15,465 posts)Inflation and gas prices are horrible. You are free to cheer those too if you like.
Tommymac
(7,263 posts)I will not be replying to you again - I don't need the negativity in my life, in my world, or in MY COUNTRY.
Have a nice day.
Polybius
(15,465 posts)I don't.