I want to take this opportunity to highlight what is structurally wrong with the US. I hope that this bankruptcy will drive people to more realistic expectations than just inflated bullshit, and that Detroit can prosper through a restructuring of its economy. I do not profess to know much about Detroit, but I can tell you the following points about the US that should hopefully provide some food for thought:
US national debt is 17x larger than it was 30 years ago.
Total amount of debt in the country is 28x larger than 40 years ago.
Measuring GDP per capita - US is 14th in the world, it used to be 1st.
US' GDP accounted for 31.8% of global GDP in 2001, in 2011 it stood at 21.6%.
Since 2000, size of US national debt has grown by $11trn.
2000 - trade deficit with China was $83 billion. Last year - 315bn.
Official unemployment rate has been at 7.5%+ for 54 months in a row - longest stretch in US history.
Homeownership rate is at its lowest level in 18 years.
More than 1 million public school student in the US are homeless. The first time this has ever happened. That number represents a rise of 57% since 06/07.
Now some of these points aren't necessarily due to US weakening, but global growth elsewhere, but just wanted to provide you some statistics which really astounded me.
No comments:
Post a Comment