Comparing US State GDPs with countries.

[Lostplanet22]

FaRmLaNd said:

Lostplanet22 said:

FaRmLaNd said:

Very interesting. I think it just goes to show just how big the American economy is. With all the doom and gloom and the rise of China people often forget that the US economy is still by far the largest.

But the doom and gloom had nothing to do with being the largest economy...the doom was about the hit the economy got and how this would make the living standards of the average citizen worse....and that happened.. and the doom still exist;..  because nobody knows the future...

The economy may grow yearly 2-3% but will this also mean tha the living standard of the average citizen will increase? Joe does not care that the Economy is growing what Joe care about is that in the next five years he still has to stand or not in line at Old Sonoma Road for some food stamps because his full time job does not earn enough;.

 

If the economy will grow more jobs will eventually be created and "Joe" is more likely to get a job. Having economic growth doesn't neccesarily flow on to workers and economic disparity is of course a problem, but its certainly better to have a growing economy then one thats stagnant or shrinking.

Oh but 'Joe' already has an job in my example... Unemployed people in line for food stamps;..well that would we considering normal don't we?   The problem is that a bunch of could choose between getting fired or work for less like Joe...who has a full time job but still has to stand in line for food stamps..; but yes ofcourse it is obvious that an growing economy is better..

Only one thing to add is that China is also now very dependent of the USA.. If the $ collapse this will cost a lot of money for the Chinese government who owns a lot of USA's debt...