In what amounts to the top economic story of the year (or decade, or century), U.S. print and broadcast media were silent as the U.S. slipped to No. 2 spot in world economy while China edged ahead as the global leader, notes Grumpy Editor.
Under the headline, It’s official: America is now No. 2, MarketWatch columnist Brett Arends on Thursday pointed out: “It just happened --- and almost nobody noticed.”
He’s right. Most editors, focusing on other attention-getting stories in recent days, overlooked the economic development that puts the U.S. in second place for the first time since 1872. That’s when the U.S. overtook Great Britain.
International Monetary Fund figures showed the Chinese economy this year is worth $17.6 trillion, compared to the U.S.’s $17.4 trillion, wrote Arends. “As recently as 2000, the U.S. produced nearly three times as much as the Chinese,” he added.
Boosted by rapid industrialization, including manufacturing a wide range of products for U.S. businesses, China’s wealth accelerated in recent years and is expected to extend its lead with the IMF estimating China’s economy will rise to about $26.98 trillion by 2019, 20 percent above the U.S. level.
Arends, in his MarketWatch piece, noted “China now accounts for 16.5 percent of the global economy when measured in real purchasing-power terms, compared with 16.3 percent for the U.S.” He added, “This latest economic earthquake follows the development last year when China surpassed the U.S. for the first time in terms of global trade.”
Actually, a red flag was hoisted on this development by Bloomberg News a little over seven months ago with: “China is poised to overtake the U.S. as the world’s biggest economy earlier than expected, possibly as soon as this year, using calculations that take purchasing power into account.”
First with the news, however, was London’s Daily Mail. It reported the same information and statistics on Oct. 6 under the headline: “America usurped: China becomes world’s largest economy --- putting USA in second place for the first time in 142 years.”
FYI, IN CASE YOU MISSED THESE…
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