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Two recent punchy comments in the Financial Times/September 5 2018:|
Yep, blame China for the following? Bad, bad, bad Chinese.....good, good, good America especially the financial and political elite who enrich themselves at the expense of the laboring throng of Americans. It's all China's fault. Who else could you blame? Can you think of anybody else? Think hard!
The wealth share of the top 1 percent of families climbed from 36.3 percent in 2013 to 38.6 percent in 2016 and it now greater than the that of the bottom 90% (Federal Reserve report 9-27-17) Yep, China is the culprit
57% of Americans have less than $1,000 in their savings accounts. 39% have no savings at all. 72 % of young millennials (18-24) and 61 percent (25-34) of older millennials don’t have enough money to cover six months of living expenses. 46% of young millennials (18-24) have 0 saved. 41% of older millennials (25-34) have 0 saved. 38 % of younger Gen Xers (ages 35 to 44) have $0 saved, (GO BankingRates survey 2017) Blame China
The US infrastructure is rated D+ by the American Society of Civil Engineers. Bad China
Nearly 41 million people in the U.S. live in poverty. That's second-highest rate of poverty among rich countries, as measured by the percentage of people earning less than half the national median income (Census Bureau) Definitely the fault of China
The number of overdose death involving opioids has quadrupled since 1999. 20.5 million Americans has a substance used disorder ( American Society of Addiction Medicine). China, of course
One of the biggest cross-national tests is the Program for International Student Assessment (PISA) (PISA), which every three years measures reading ability, math and science literacy and other key skills among 15-year-olds in dozens of developed and developing countries. The most recent Progream for Internation Student Assessment-PISA- results, from 2015, placed the U.S. 38th out of 71 countries in math and 24th in science. Among the 35 members of the Organization for Economic Cooperation and Development, which sponsors the PISA initiative, the U.S. ranked 30th in math and 19th in science. Darn Chinese
A survey of members of the American Association for the Advancement of Science found that just 16% called K-12 education in science, technology, engineering and mathematics (known as STEM) education the best or above average; 46%, in contrast, said K-12 STEM in the U.S. was below average. China, obviously
The US has a homeless population of over 550,000. Who else but China
The US life expectancy is 41st from the top and its infant mortality rate is 55 from the lowest. Life expectancy is actually dropping. (CIA statistics) That big country in Asia
Near 4 in 10 U.S. adults 40%$ have a body mass index classifying them as obese (Centers for Disease Control and Prevention). Right, China
Compared to 22 other high-income nations, the United States' gun-related murder rate is 25 times higher. Even though it has half the population of the other 22 nations combined, the United States accounted for 82 percent of all gun deaths. The United States also accounted for 90 percent of all women killed by guns, the study found. Ninety-one percent of children under 14 who died by gun violence were in the United States. And 92 percent of young people between ages 15 and 24 killed by guns were in the United States. ( The American Journal of Medicine)La China sans doute
The Commonwealth Fund’s report found the U.S. medical system performed the worst among 11 similar countries, while spending more. The United States fared especially badly on measures of affordability, access, health outcomes, and equality between the rich and poor. Who else but ...
Adjusted net pension liabilities for the 50 states spiked in fiscal year 2017, increasing to $1.6 trillion because of poor investment returns for fiscal year 2016, said a report from Moody's Investors Service. ( May be somewhat better in 2018 but far from adequate). La Cina
By the first quarter of 2018, consumer debt was at an all-time high of $13.2 trillion. Student loans are now the second-largest category of household debt in America, topping $1.4 trillion (176 percent increase in student loan debt in the decade through 2017). Китай
The federal government’s annual budget deficit is set to widen significantly in the next few years, and is expected to top $1 trillion in 2020 despite healthy economic growth, according to new projections fron the Congressional Budget Office. The national debt, which has exceeded $21 trillion, will soar to more than $33 trillion in 2028, according to the budget office. By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis. 中國
Peter Navarro tipped his hand in academic paper, The Economics of the “China Price”: “an important question for both would-be competitors and world policy-makers weighing up various protectionist measures is this: How has China been able to emerge as the world’s “factory floor? The answer lies in the eight major ‘economic drivers’ of the China price: Low wages, Counterfeiting and piracy, Minimal worker health and safety regulations, Lax environmental regulations and enforcement, Export industry subsidies, A highly efficient “industrial network clustering”, The catalytic role of foreign direct investment (FDI), An undervalued currency.
Since his analysis informs America’s China policy, it deserves closer scrutiny:
Low wages? Adjusted for productivity, benefits, etc., Chinese workers cost their employers as much as their American cousins and their wages are doubling every decade.
Counterfeiting and piracy? Though thoroughly promoted by our media, there is no evidence to support it and bountiful evidence to the contrary: China is the world leader in STEM basic research, development and deployment. Not only does it have little motivation to steal IP but court records–in the US, at TRIPS and in China – provide no support for the idea.
Minimal worker health and safety regulations? On a regulatory basis, China is comfortably ahead of the US.
Lax environmental regulations and enforcement? China’s regulations are now as strong as the US, its enforcement will overtake the US within two years and, if that sounds unlikely, compare the number of jailed environmental criminals in the two countries today.
Export industry subsidies? All countries subsidize their exports but China has never strayed beyond the bounds of its WTO limitations.
A highly efficient “industrial network clustering”? This is valid–and something we’re unable to match.
The catalytic role of foreign direct investment (FDI)? according to A.T. Kearney’s FDI index, The United States and China attract about the same foreign direct investment. The US benefits less than China, which receives more technology with the money but otherwise it’s a wash.An undervalued currency?China’s currency has been fairly valued against a weighted basket of its trading partners’ currencies for years. The dollar fluctuates far more than the basket value, that’s all.