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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Thursday, September 04, 2008

The Democrats And Starving Amercians....

Of course, I have heard from Democrats how horrible the economy is in the US. And of course, I have heard that I do not understand how bad it is since I do not live there. But I also think that Democrats tend to see anecdotal evidence, always seeking the worst, and do not look at broader economic statistics particularly when compared to other countries that may be experiencing similar situations....
Economic growth. U.S. output has expanded faster than in most advanced economies since 2000. The IMF reports that real U.S. gross domestic product (GDP) grew at an average annual rate of 2.2% over the period 2001-2008 (including its forecast for the current year). President Bush will leave to his successor an economy 19% larger than the one he inherited from President Clinton. This U.S. expansion compares with 14% by France, 13% by Japan and just 8% by Italy and Germany over the same period.

The latest ICP findings, published by the World Bank in its World Development Indicators 2008, also show that GDP per capita in the U.S. reached $41,813 (in purchasing power parity dollars) in 2005. This was a third higher than the United Kingdom's, 37% above Germany's and 38% more than Japan's.
So, what does this tell us? That economic performance has been pretty good relative to the performance of other nations. For some reason, Democrats think that electing a socialist will somehow help economic performance? Its really quite delusional.

I know that many Liberal Democrats are worrying huge about the Chinese creating economic havoc and outperforming the US. The US GDP was $13.8 trillion vs. China's $3.2 according to the World Bank. So, the US economy is 13.8/3.2=4.3 0r 4.3 times as big as China. If the growth potential of the US economy is 3.0%, then the Chinese economy needs to grow at 4.3*3.0=12.9 or 12.9% to generate and equivalent amount of GDP in nominal dollars as the US economy does. Economic performance of China has been impressive but it will be very difficult to foresee China's populace raising their standard of living to the US in the foreseeable future.

Furthermore, Growing economies are not a zero sum gain as some Democrats want you to think. All economies can grow and lives across the globe improved. Just look at the improvements that have been achieved over the past 1,000 years or even the past 100. And the most important thing to understand is that these improvements have come about not because of government intervention, programs or initiatives but from people. People working hard on their ideas on their own.

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