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the gap between China and US GDP will jump from $5.3 Trillion in 2021 to an estimated $8.3 Trillion in 2022

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China's Economy Won't Overtake the U.S., Some Now Predict



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Printing money and shooting up inflation to inflate your so called GDP only gives you this

‘I’m selling my blood’: millions in US can’t make ends meet with two jobs​

More Americans have been working two or more jobs over the past few decades, census data shows
Sat 5 Nov 2022 09.00 GMT

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People speak with recruiters at a job fair in Los Angeles. Photograph: Étienne Laurent/EPA


Millions of Americans are currently working two or more jobs in order to make ends meet, as global inflation and corporations jacking up prices have sent prices of food, gas, housing, health insurance and other necessities soaring in the past year.

Cashe Lewis, 31, of Denver, Colorado works two jobs and is currently trying to find a third job to cover the recent $200 monthly rent increase to her apartment. She works days as a barista at Starbucks, but claims it’s been difficult to get enough hours even with taking extra shifts whenever she can due to scheduling cuts as part of the crackdown on union organizing by management.

At night she works at a convenience store because the hours are reliable, and works six days a week, often 16 hours a day.

“I’m exhausted all the time,” said Lewis. “On the one day I have off a week, I donate plasma for extra money. I’m literally selling my blood to eat because I have no choice.”

Her partner suffers from epilepsy and can’t work full-time hours because of it. Even with insurance, their medication is expensive and she spends about half of a two-week paycheck at Starbucks to cover the health insurance premiums.

Over the past five years, she has struggled with homelessness, and was previously fired from her job for sleeping in her car behind her place of employment.

“All of my friends and family work multiple jobs as well, just trying to keep our heads above water. Nothing is affordable and the roadblocks set up to keep people in the cycle of poverty benefit the most wealthy members of our society,” added Lewis. “We aren’t living, we’re barely surviving and we have no choice but to keep doing it.”

More Americans have been working two or more jobs over the past few decades, according to data from the US census, with women more likely than men to have multiple jobs and multiple jobholders most prevalent among low-wage workers.

Laura Richwine of Omaha, Nebraska, works two jobs, one in fraud prevention and the other doing administrative work, and had previously been working three jobs to keep up with hefty medical bills she’s been facing since being hit by a car in 2014.

“It’s rough and I barely have any energy to keep up with much else,” said Richwine. “I’ve got a bachelor’s degree and have been working for over 10 years, but up until this year I had never had a job that paid more than $15 an hour. Many places around me still only offer Nebraska minimum wage, which is $9 an hour. You can hardly even buy food with that amount.”


Based on data from the Bureau of Labor Statistics, more than 400,000 Americans work two full-time jobs. In September 2022, 4.9% of all the more than 164 million US workers held two or more job positions, over 7.7 million workers.

Though US census data estimates these rates and numbers to be much higher, at 7.8% in the most recent year where data is available, 2018, about 13 million workers, while BLS data at the time estimated 5.0% of the workforce holding multiple jobs.

Both data sets are considered an underestimate of the number of multiple jobholders in the US labor market due to constrictions on what is defined as a multiple jobholder and the lack of data on self-employment, such as gig workers.

An annual survey sponsored by the Federal Reserve Board estimated an even higher number of workers in multiple jobs, at 16.4% in 2019, about 26.5 million workers.

Many of these workers holding multiple jobs are doing so to try to make ends meet and often working longer than 40 hours a week.

Robert Weaver of Lawrence, Kansas, currently works two jobs as a theater technician and delivery driver, 30 to 35 hours a week at his primary job and about 20 at his second job.

He explained that he works two jobs because he cannot find a single, full-time position in his area that matches with his college degree. Most of his disposable income goes toward paying off credit cards, taxes, surprise bills like car repairs, and medical expenses.

“There isn’t enough money to be able to afford a home or even rent from just one job on your own,” said Weaver. “Everyone is in debt and it’s looking like we will never pay it off, ever.”

Liora Engel, 37, of Vermont, took on two additional jobs, working at a deli and another at a convenience store, earlier this year on top of her full-time job in media, to try to boost her income and cover expenses while going through a divorce.

After working 70-hour weeks, she left her full-time job due to burnout, but still works two jobs while trying to get a side hustle off the ground and limiting her work hours to no more than 50 hours a week.

“It’s kind of like, how much of your soul are you willing to sell in order to be financially independent or to make sure that you can pay your bills?” said Engel.

 
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OP is obviously too ignorant to understand Quantitative Tightening and the actual crisis that the US is experiencing which is causing the USD to strengthen.
 
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- Inflation slowing down more than expected
- Dow Jones up more than 1000 points
- Russian occupiers withdrawing from Ukraine's Kherson

US in this ho

 
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China Overtakes the USA in both GDP and Life Expectancy Terms​

17 September 2022

By and large increasing wealth brings increased longevity in its train, for individuals and for countries. Consequently, the long established rapid growth of Chinese GDP has for many years been paralleled by rapid growth in life expectancy in China.

On the other hand, World Economics data shows US GDP growth has underperformed Chinese GDP growth for many years, and United Nations data shows that for six out of the last 7 years life expectancy has actually fallen in America, unlike the steadily increasing life spans being recorded in most developed countries (and despite the fact that Americans spend over 50% more on health care per capita than most other countries).

As a result China has now overtaken the USA in both GDP and life expectancy terms.

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China has overtaken US - Koon Yew Yin

Publish date: Fri, 16 Sep 2022, 05:50 PM

After seeing the title of my article, many of you do not believe me because you have not heard it from any of the western media. If you Google “China has overtaken US, you will see these 2 images as shown below.

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According to IMF’s World Economic Output 2020 released recently, China has overtaken US to become the world’s largest economy. The world is waking up to a new reality post the devastating pandemic that brought everything to a grinding halt. One of them is the rise of China as the undisputed new economic superpower.

The average annual GDP growth rate for China is about 10% and the average annual GDP growth rate for US is about 2% in the last 40 years as shown on the 2 charts below.

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An Economic Miracle​

China commenced its transition to a global powerhouse in 1978, as Deng Xiaoping ushered in sweeping economic reforms. In the three decades from 1980 to 2010, China achieved GDP growth averaging 10%, in the process lifting half of its 1.3 billion population out of poverty. The Chinese economy grew five-fold in dollar terms from 2003 to 2013, and at $9.2 trillion. China has lifted more than 500 million people out of poverty in the last 40 years. China is the largest producer of goods and services in the world and wants to find friendly countries to cooperate for mutual benefit.

China Belt and Road initiative (BRI)​

There are 197 countries in the world. Since March 2022, 147 countries have joined the Belt and Road Initiative (BRI) by signing a Memorandum of Understanding (MoU) with China.

The countries of the Belt and Road Initiative (BRI) are spread across all continents:

  • 43 countries are in Sub-Saharan Africa
  • 35 BRI countries are in Europe & Central Asia (including 18 countries of the European Union (EU) that are part of the BRI)
  • 25 BRI countries are in East Asia & pacific
  • 20 BRI countries are in Latin America & Caribbean
  • 18 BRI countries in Middle East & North Africa
  • 6 countries are in South East Asia

BRICS​

The BRICS alliance that we know today consists of Brazil, Russia, India, China and South Africa – five major emerging economies with over three billion people that account for over 40% of the world's population and just over a quarter of the global GDP.

Shanghai Cooperation Organization (SCO)​

The Shanghai Cooperation Organisation (SCO) is a permanent intergovernmental international organisation.

The main goals of the SCO are strengthening mutual confidence and good-neighbourly relations among the member countries; promoting effective cooperation in politics, trade and economy, science and technology, culture as well as education, energy, transportation, tourism, environmental protection and other fields; making joint efforts to maintain and ensure peace, security and stability in the region, moving towards the establishment of a new, democratic, just and rational political and economic international order.

The SCO currently comprises eight Member States (China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan), four Observer States interested in acceding to full membership (Afghanistan, Belarus, Iran, and Mongolia) and six “Dialogue Partners” (Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka.

As I mentioned above, China wants to develop friendship and cooperation with as many countries as possible for mutual benefit. Moreover, all these countries want to take the advantages of using their own currencies to trade among themselves. As a result, the US will lose its advantage of printing more money. Inflation in US is highest in the last 40 years:

USA is so much different from China. After the 2nd world war, US has bombed 33 countries as listed below:


1. China 1950- 1953

2. Korea 1950 - 1953

3. Guatemala 1954

4. Indonesia 1958

5. Cuba 1959 -1961

6. Guatemala 1960

7. Congo 1964

8. Vietnam 1961- 1973

9. Laos 1964- 1973

10. Guatemala 1967-69

11. Cambodia 1969-70

12. Grenada 1983

13. Lebanon 1983, 1984

14. Libya 1986

15. El Salvador 1980s

16. Nicaragua 1980s

17. Iran 1987

18. Panama 1989

19. Iraq 1991

20. Kuwait 1991

21. Somalia 1993

22. Bosnia 1994, 1995

23. Sudan 1998

24. Afghanistan 1998

25. Yugoslavia 1999

26. Yemen 2002

27. Iraq 1991-2003

28. Iraq 2003-present

29. Afghanistan 2001-present

30. Pakistan 2007-present

31. Somalia 2007-8, 2011

32. Yemen 2009, 2011

33. Libya 201

US has 750 foreign military bases; they are spread across 80 nations! After the U.S is the UK, but they only have 145 bases. Russia has about 3 dozen bases, and China just five. This implies that the U.S has three times as many bases as all other countries combined. As a result, average annual GDP growth rate is only about 2% while China has an average of 10%.

US military budget is US$ 773 billion.

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Real Sector GDP VS Total GDP

US vs. China: Measuring Real Economic Power​

Published: Monday, December 6, 2021

Gross Domestic Product (GDP) is a basic measure of the overall size of a country's economy and is often used to compare different countries' economic power. But what exactly is compared when someone says that the GDP of country A is larger than the GDP of country B?

The System of National Accounts (SNA) of the United Nations defines GDP as a monetary value of final goods and services — that is, what end users actually purchase — produced in a country, along with some non-market "production" such as defense or education services provided by governments, during a specific period of time (say a quarter or a year).

As the UN definition of GDP implies, the whole economy can be divided into two major sectors: the so-called real sector, which includes production of goods and real assets, and the services sector, which includes production of services, everything from banking to education to healthcare.

This dashboard uses U.N. data to analyze the economic powers of countries measured solely by the ability of the economy to produce goods and real assets like infrastructure, dwellings and nonresidential buildings, and machinery and equipment. We estimate GDP produced in the real sector of an economy as a sum of value added in four broad economic activity groups: Agriculture, Industry, Construction, and Transportation and Communications.

Why the focus on the real sector? The strength of the real sector reflects two of the basic characteristics of an economy that determine its ability to successfully compete in a world of rising tensions between major powers: self-sufficiency and military power. The third basic economic factor affecting a country's competitiveness — the availability of resources — is not considered here.

  • Using real sector GDP in cross-country comparison of economic power significantly changes the view of the global economic landscape. The U.S. economy, which is the world's largest economy when measured by total GDP at current US dollars, is more than $500 billion smaller than China's when measured by real sector GDP.
  • In 2019*, the ten largest economies in terms of real sector GDP included Russia, Korea and Indonesia. In the ranking by total GDP, these countries are lower down the list, and Italy, Brazil, and Canada round out the top ten.
Note: 2019 is currently the latest available year in the U.N. National Accounts Main Aggregates Database

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I'm more interested in when Xi will lift his idiotic Zero COVID policy at this point.
 
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Who the hell told you lifting the zero covid policy will help ecnomy? At least I didn't see that happened in US, Europe, Japan, S.Korea
I'm sure even your little pink brain can understand the kind of disruption random lockdowns can impose on the private sector. Why would you hire or invest when you can get shut down without notice?

Unless you've never held a job or managed an operation in your life.

This policy is getting more stupid and meaningless by each passing day.
Because Xi the dictator is determined to claim this as his great success, and he's willing to drag the country down to keep up the image. He can't tolerate dissent, so he got rid of anyone that stood in his way. Now he is surrounded by yes men telling him what he wants to hear. He probably thinks he's brilliant even now.

My wife's elementary school teacher said she hasn't received her retirement pension for a months now, and that's in Wuhan. At this rate, Xi is going to drive China off a cliff.
 
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I'm sure even your little pink brain can understand the kind of disruption random lockdowns can impose on the private sector.

Unless you've never held a job or managed an operation in your life.
Everyone knows lockdown can affect economy. Doesn't the virus affect economy too? The reality is those countries that pretend believing virus doesn't exist are importing more goods from China. I don't care about GDP number. It's meaningless. Only the trade surplus and deficit matter for a country.
 
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