. . . but for how long?
Interesting column in The Daily on the nature of our competition with India and China.
We are still miles apart and there are structural differences that will make it very hard for them to ever catch us. Here is one of the more telling excerpts:
“Despite all the recent hoopla about China becoming the world’s second-biggest economy and India hoping to follow suit, the reality is that the per-capita GDP — even measured by purchasing power parity — in both is pathetic. America’s is about $47,000, China’s $7,500 and India’s $3,290.
Worse, both still harbor medieval levels of poverty, with 300 million people in each living on less than $1.25 a day. India’s IT boom gets big press, but it — along with all the tertiary industries it has spawned — employs 2.3 million people, or 0.2 percent of the population.”
If we don’t soon get our house in order and slay our debt monster, we’ll soon share some of their structural deficits.