A new report comparing global economies generated some eye-catching headlines like “China to overtake US economy” this week, but that doesn’t mean the United States is through.
“China’s been coming on strong for quite some time. U.S. businesses, as well as world businesses, are aware of that,” said former Federal Reserve Governor Randy Kroszner. “But I don’t think that, even if we pass this particular benchmark, it’s a tipping point. That doesn’t mean the United States can’t still maintain its strength.”
For example, the average Chinese worker makes just $6,000 a year, compared to $72,000 for the average American, and that won’t change anytime soon.
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