Editor’s note: John Ransom remains, for the time being, on vacation. Our loveable Townhall Finance Editor will return with mildly intriguing articles as soon as his vacation comes to a close. In the meantime, enjoy the below “Best of” article (so named for the sake of brevity) or check out our other top-notch contributors such as Daniel J Mitchell, Mike Shedlock, or – if you can bear it – feel free to read my commentary. Thanks for reading!
- Michael Schaus, Associate Editor for Townhall Finance
It was just two years ago that international, big-state economists were telling us that China would surpass the United States in GDP by 2016.
Economic, financial and progressive talking heads- whose hind parts are where their head parts ought to be- were then saying that China was to become the dominant economic player in the world by 2016.
That claim rested on the strength of an IMF report projecting GDP growth for China surpassing the US in GDP by 2016, just two years from now, by the specious use of purchasing power parity. Purchasing power parity is a math fiction that allows economists to count a 450 square foot , 7 bedroom apartment in Zhucheng as the economic equivalent of a 1,100 square foot 2 bedroom apartment in Lone Tree.
Armed with math like that progressives claimed that the IMF report showed that China was a much better economic model to follow.
Back then, liberals were hailing China’s top-down economic management and acumen; marveling at the endless supply of people and sucking up to Commies like they were the reigning champions on the worldwide smash hit The World Has Talent.
“Perfect order and global governance are not realistic expectations,” George Soros told a group of sycophants at the Paris Club, in, er, Paris, France. “However, it is a sad fact that Western democracies provide less successful leadership than China.”
It’s hard to believe I know, but even the President of the United States, Barack H. “Look-at-Me” Obama, was elbowed out of the spotlight by China.
It got so bad that the liberal savior was wishing out loud that he were president of China in Beijing, as opposed to being president of the most vibrant republic the world has ever seen.
The New York Times reported: “Obama has told people that it would be so much easier to be the president of China.” He was rightly savaged for that incredibly stupid, misguided and ill-informed comment leaked by incredibly stupid, misguided and ill-informed White House staffers to an incredibly stupid, misguided and ill-informed newspaper.
But something dreadful has happened to the command-and-control state since then.