Putting that genie back into the bottle is a battle against history that the United States is not likely to win.ĭenial and self-delusion about the changing world economy have led to major strategic mistakes. The empire and the economy have shrunk in size, power, and influence considerably since then. The American empire (like its foundation, American capitalism) is not the dominating global force it once was right after World War II. China is outgrowing the rest of the world in research and development expenditures. The BRICS coalition (China and its allies) now has a significantly larger global economic footprint (higher total GDP) than the G7 (the United States and its allies). GDP growth rate in 2023, meanwhile, vacillate around 1 to 2 percent.Ĭhina-bashing has intensified into denial and self-delusion-it is akin to pretending that the United States did not lose wars in Vietnam, Afghanistan, Iraq, and more. China now estimates that its 2023 GDP growth will be 5 to 5.5 percent. Financial media outlets stress how China’s GDP growth rate is lower than it used to be. China’s inflation rate is 0.7 percent year-on-year. inflation saying it is a global problem and inflation is worse elsewhere in the world. White House economists have been trying to excuse persistent U.S. The Wall Street Journal reports that the “Chinese spy” balloon that President Joe Biden shot down with immense patriotic fanfare in February 2023 did not in fact transmit pictures or anything else to China. The contradictions of China-bashing in the United States begin with how often it is flat-out untrue. Share on WhatsApp Share on Facebook Share on Twitter Share on Telegram Share on Reddit Share on Email
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