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America In Decline January 10. 2011
Economists say it's curtains for U.S. economic dominance in the world (Barack Obama) An article published by Reuters, cited the new general view among economists that the end of U.S. economic dominance in the world has arrived. They've also concluded, the damage the U.S. economy has sustained is "permanent." Previously, the Judiciary Report warned of the potential permanency of the financial damage (See: Bush’s Blunders , The Bush Name A Byword In World History and The Move To Remove Obama). The Judiciary Report is of the belief, a financially astute head of state with an extraordinary mind for numbers could bring the economy back, but both Bush, who caused the problem and Obama, who exacerbated it, do not fit the description. China's rise to the top has been a remarkable one, rooted in hard work and the utilization of their large population to mass produce many products. Fair play to them. When a government devotes its resources to engaging in productive trade and innovation, much can be accomplished. This is where America went astray, squarely thanks to former President George W. Bush. The United States was the world's top exporter of goods, with the "Made in America" tag prominently on products shipped and sold all over the globe. It was America's Levis, Haines, Coke and Pepsi era, when the economy was booming and the global marketplace dominated by U.S. products. It was fair play. However, this advantage was lost during the Bush years, as he devoted the nation's time and resources to a war he lied to the country and the world about and squandered $1 trillion to prove a point on, which was lost on everyone. It is a historic lesson for every nation and all future generations. RELATED ARTICLES What Is Obama Going To Do About The Deficit Obama's $1 Trillion Bill Passes In Congress Congress Presses Pause On Obama's New $1 Trillion Bill Obama Pushes Congress To Pass $1.1 Trillion In New Spending Bernake Defends Reckless Spending U.S. Jobs Lost Not To Be Replaced Until 2020 Joe Biden: We Can't Replace The 8 Million Jobs Lost GDP Data Shows The Recovery Failed U.S. Unemployment Continues To Rise The Benefits Of Government Cost Cutting STORY SOURCE Economists foretell of U.S. decline, China's ascension Sun Jan 9, 2011 12:32pm EST - ...The United States will need to come to terms with the fact that its prevalence in the world is fated to come to an end, Jorgenson said. This will be difficult for many Americans to swallow and the United States should brace for social unrest amid blame over who was responsible for squandering global primacy, he said. MIT's Simon Johnson put it more bluntly, saying the damage from the financial crisis and its aftermath have dealt U.S. prominence a permanent blow. "The age of American predominance is over," he told a panel. "The (Chinese) Yuan will be the world's reserve currency within two decades."...In the long run, the United States must face up to inevitably being overtaken by China as the world's largest economy. And it may have missed a chance to rein in its largest financial institutions, many of whom remain too big to fail and are getting bigger. |
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