Like all very large numbers, it is difficult for the average person to gauge the significance of the number. Examples are a $19 trillion national debt and an $18 trillion Gross National Product (GNP – or GDP, although they are not equivalent numbers).
Mark J. Perry is concurrently a scholar at American Enterprise Institute, a nonpartisan public policy research institute, and a professor of economics and finance at the University of Michigan’s Flint campus (don’t drink the water, professor!). He has compiled an interesting graph (in this instance, a map). My readers know that I like graphs as they can almost instantly convey a complicated notion.
Dr. Perry’s graph matches economic output in US states to foreign countries with comparable nominal GDPs using US State GDP data and GDP by country from the International Monetary Fund.
Many of my readers were discerning adults when the following notions populated the “main stream media,” movies, and television sitcoms. The first myth was that the Soviet Union would dominate the U.S. militarily (Sputnik was the “proof”). The second myth was that the Japanese would dominate the U.S. economically. (Joke of the time: Do they celebrate Christmas in Japan? No, but I hear they are buying it!)
There is no “Soviet Union” on the present-day map of the world (although Putin is trying to reestablish its former sphere of influence) and the Japanese stock market has fallen to levels it last traded at in May of 1986.
Hmm! The prognosticators were wrong yet again.
Until a year ago, the conventional wisdom that Brazil, Russia, India and China — the BRIC countries — were set to dominate the United States was just as compelling.
Here’s a suggestion. Why don’t we just roll up our sleeves and compete, as we have always done and almost always successfully. And, VOTE REPUBLICAN if you have any desire to see the US economy continue to grow.