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China vs. US: Who Is Richer?

With a self-reported 7% average growth in GDP, China has made it known to the world that it is fast becoming an economic powerhouse. But can it ever be as rich as the United States? That is yet to be seen, although, pundits are interested in how China has been able to transform its economy and lift many of its citizens out of poverty. It has inarguably changed itself from a nation that depended on foreign donors to the one that mints millionaires almost every month.

China United states
Image source: Wikimedia Commons

In a YouTube video produced by Citizens Against Government Waste, a fictitious and futuristic Chinese academic is addressing his students in 2030. His caustic appraisal of America’s slow-growing economy and China’s turbo-charged economic miracles causes some laughter and jeers among his enthusiastic students:

“America tried to tax and spend itself out of a great recession,” he sneers, adding, “Enormous so-called stimulus spending, massive changes to health care, government takeover of private industries, and crushing debt. Since China owns all of the U.S. debts, it now becomes America’s boss.”

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