What we have done is traded jobs for profit. The jobs have moved to China. The capability erodes in the U.S. and grows in China. That’s very destructive. That is a big reason why the U.S. is becoming more and more polarized between a small, very rich class and an eroding middle class. The people who get the profits are very different from the people who lost the wages.”
The source of this is the following:
[April 25, 2011] *IMF bombshell: Age of America nears end. China’s economy will surpass the U.S. in 2016,* By Brett Arends, *MarketWatch*
ADDENDUM [May 10, 2011]
What that could mean to the value of the dollar. Link to this site; however, note that this author has an interest in reading the importance of silver.
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China’s economy will overtake the U.S. economy in 2016, according to estimates published today by the International Monetary Fund (IMF), informs chinadaily.com.
IMF forecast, which is based on “purchasing power parity”, shows that China’s GDP will increase from 11,200 billion Dollars in 2011 to 19,000 billion Dollars in 2016, while the U.S. economy will increase from 15,200 billion Dollars to 18,800 billion Dollars.
China's economy will overtake the American by 2016?
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