As we await the result of the US presidential election, here are some facts about the US economy within a world context.
Share of world GDP
In 1980, it looked like this:
The US had more than twice of the share of global GDP than Japan, and more than Japan, Germany and France combined. China’s share was less than 2% and virtually the same as India.
Now in 2019, pre-COVID, it looked like this:
The US still has the largest in constant dollar terms. Although the share has declined, the US share is larger than the rest of the G7 combined. But China has rocketed up to over 16%, leaving India in its tracks.
GDP per capita growth rate 1980-2020
The US real GDP per person growth rate has averaged less than 3% a year and has been slowing consistently, while China’s has averaged around three times as much.
Share of world manufacturing output
At the start of the 1980s, US manufacturing had more than 25% of world output, with Japan at 11% and Germany 7%. China was nowhere. By 2017, the US share had slipped to about 18%, with both Japan and Germany below 10%. China had rocketed to over 25%.
Share of world exports
The US share of world exports in 1980 was over 13% with Germany and Japan well behind. China had only 1% of world exports.
In 2019, China overtook the US with nearly an 11% share while the US share slipped to 10%
Life expectancy is an important measure of the quality of life. Back in 1980, the US was 21st in the world with life expectancy at birth of 73.6 years, behind most European countries and even Cuba.
By 2019, the US had dropped to 43 in the rankings with 78.5 years and China was catching up at 76.7 years.
Inequality of income and wealth
Of the G7 economies, the US has the most unequal distribution of both personal wealth and incomes.
The US spends three times as much on military expenditure than China and more than the rest of the world put together!
Carbon emissions per head
The US is the world leader in carbon emissions per person, followed by the energy and minerals exporters, Australia and Canada. China’s emissions per head are less than half that of the US.
Robots per capita
Korea leads the world in robot density with more than three times the number per 10,000 employees than the US. The US lags behind Germany, Japan and Sweden. China is catching up fast and will surpass the US next year.
The US has the highest homicide rate among the G7 economies, with nearly five times the average G7 rate and nine times the rate in China.
2 thoughts on “The US economy – some facts”
The US’s neoliberal free market system funded by private banksters will continue to under-perform compared to China’s “socialism with Chinese characteristics” ie, open markets with both private and public sectors funded by the national public bank.
The first system pits citizens – and the public and private sectors – against one-another, resulting in the partisanship, political dysfunction and disillusionment with government we are witnessing in the US election …and the democracies in general.
To certain numbers that looked at in absolute terms do not show the true potential of a country, for example, the number of Robots per capita. In addition to China having a very large number of workers in the industrial sector, as the industry comes at a very great acceleration, as the participation rate in world manufacturing production shows, it can be seen that in the last ten years, its industry has surpassed the North American.
There are three conclusions that can be drawn from these numbers.
1º) The Chinese industrial park is at least five or more years younger (and productive) than the North American.
2 °) That a country to put itself ahead of another country in terms of newer industrial park, must necessarily have a capacity to produce machine tools much more than another country.
3) If a country has the capacity to produce more new machine tools than another, even inertia it will continue for a short period to modernize its industry. (follows the 1st conclusion) creating a virtuous cycle.