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US Economic Decline Has Been Greatly Exaggerated
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US Economic Decline Has Been Greatly Exaggerated

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
A focus on GDP and national accounts gives a misleading picture of US economic power. In the age of globalization, production can be based in countries like China while most of the profits flow back to American firms,
The article from Jacobin, published in February 2025, discusses the perceived economic decline of the United States in comparison to China's rising economic power. It highlights several key points: the shift of global economic influence from the West to the East, particularly towards China, due to its aggressive industrial policies, technological advancements, and significant investments in infrastructure and education. The piece critiques the U.S. for its corporate-driven economic model, which has led to increased inequality, a focus on short-term profits over long-term growth, and a decline in manufacturing capabilities. It argues that while the U.S. has been distracted by financialization and speculative bubbles, China has been methodically building a robust, state-supported industrial base. The article also touches on the political implications, suggesting that the U.S.'s economic strategies have not only failed to keep pace with China but have also contributed to domestic issues like wage stagnation, job losses, and a widening wealth gap, potentially leading to a loss of global economic leadership.

Read the Full jacobin Article at:
[ https://jacobin.com/2025/02/us-economic-decline-corporations-china ]