Understanding why the US Economy drives the world economy

[BackInTheGame78]

People don't really understand why the US is such a driver of the world economy, but it becomes a lot simpler when you look at it simply from the standpoint of individual states.

If we took individual states, and ranked them in terms of where they fit in the world economies:

- California: ~$4.4 trillion — would rank #4 in the world, just behind Japan.

- Texas: ~$2.4 trillion — would rank #8, just behind France.

- New York: ~$2.1 trillion — would rank #9, close to Canada.

- Florida: ~$1.3 trillion — would be around #15, near Spain or Mexico.

- Illinois: ~$1.0 trillion — around #20, just below the Netherlands.

- Pennsylvania: ~$950 billion — around #22, similar to Saudi Arabia.

- Ohio: ~$900 billion — around #23–24, close to Switzerland.

- Georgia: ~$850 billion — could be around #25, depending on how other economies shift.

So why does the world go mostly as the US goes in terms of economy?

Because the US has 8 states that would be in the top 25 economies in the world on their own, in comparison to other countries, including 3 in the top 10.

Having all of this concentrated economic power in a single country gives the US advantages that no other country even comes close to having and is why the world economy goes as the US economy goes.

 

[sevbucmash]

A lot of this economy is inflated. For example:

Food is a lot more expensive, to the tune of $150 per shopping cart per week. Elsewhere, that same shopping cart would cost $25.

Removing a toilet clog cost $600. Elsewhere in the world, it cost $10.


Numbers really don't mean sh*t, because money buys a less.

 

[Gamisch]

Yadiya.

Tents with homeless people around the corner of that Washington building. Tents in ROWS in the streets.

Deportation to 3rd world shytehole jails

Minimum wage 7,25 (!!!!)

Top 1 % has more than the bottom 30 .

Mass layoffs everywhere

Lobbying is allowed thus corporations rule the country

To allude: guns are still allowed even tho mass shootings happen so often it doesn't even gets reported anymore.

Medical issue= going bankruptcy

Just to name a few things. Nothing to be proud about imHo

 

[BaronOfHair]

Having all of this concentrated economic power in a single country gives the US advantages that no other country even comes close to having...

And leads us towards frequent military adventurism and covert action aimed at undermining/overthrowing democratically elected governments. An absence of consequences is hazardous to everyone's health, OUR OWN included

 

[BillyPilgrim]

Don't forget about being the reserve currency OP. But not to optimistic for California or Illinois though lol. I'd take Japan and the Netherlands over those 2 states 8 days a week.

 

[BackInTheGame78]

A lot of this economy is inflated. For example:

Food is a lot more expensive, to the tune of $150 per shopping cart per week. Elsewhere, that same shopping cart would cost $25.

Removing a toilet clog cost $600. Elsewhere in the world, it cost $10.


Numbers really don't mean sh*t, because money buys a less.

That's because 70% of other countries average monthly wages are less than a car payment here.

Money buys less but there is a hell of a lot more of it considering our wages here are also amongst the highest in the world.

Your ignorance and seeming hatred of the US is comical. Yet you live here because you were tired of living in a 3rd world sh!t hole where supermarket shelves are routinely barren.

 

[Scaramouche]

Hi Billy,
Yeah you are on the money with Holland....That tiny little Country 224miles long by 160 miles wide exports more produce than Australia with 3 million square miles!....It's pleasing to see OP proudly waving your Flag despite your Countries many faults we love you still.

 

[BillyPilgrim]

Hi Billy,
Yeah you are on the money with Holland....That tiny little Country 224miles long by 160 miles wide exports more produce than Australia with 3 million square miles!....It's pleasing to see OP proudly waving your Flag despite your many faults we love you still.

Well that's because they have @AmsterdamAssassin to fertilize the soil

 

[Scaramouche]

Hi Billy,
Poor Old Amsterdam,though he was inclined to be a bombastic old prvick he lent colour and authenticity to the site!

 

[BackInTheGame78]

Yadiya.

Tents with homeless people around the corner of that Washington building. Tents in ROWS in the streets.

Deportation to 3rd world shytehole jails

Minimum wage 7,25 (!!!!)

Top 1 % has more than the bottom 30 .

Mass layoffs everywhere

Lobbying is allowed thus corporations rule the country

To allude: guns are still allowed even tho mass shootings happen so often it doesn't even gets reported anymore.

Medical issue= going bankruptcy

Just to name a few things. Nothing to be proud about imHo

That minimum wage is at the Federal Level. Most states have much higher minimum wages than that, including California at $20 per hour. You'd be hard pressed to find anyone to hire under $15 for most jobs and many start out higher than that.

Some of the poorer states might still have lower wages, but again, people have choices and if they make the decision to try and make a career out of a minimum wage job that are typically the jobs kids in high school get starting out, then it's kind of on them.

Unemployment is around 4%, among the lowest in the world. I think you are drinking way too much Kool aid with much of that.

We are the richest, most powerful country in the world today, and we will be the richest most powerful country in 50 years, 100 years and for the foreseeable future.

 

[BillyPilgrim]

That's because 70% of other countries average monthly wages are less than a car payment here.

Money buys less but there is a hell of a lot more of it considering our wages here are also amongst the highest in the world.

Your ignorance and seeming hatred of the US is comical. Yet you live here because you were tired of living in a 3rd world sh!t hole where supermarket shelves are routinely barren.

If the dollar gets weaker (and it will if other countries start using dollars less for international commerce) those U.S. state gdp rankings will go down since they are calculated using exchange rates. Also, the drop in education quality in the US compared to other countries doesn't portend well for the future.

 

[BillyPilgrim]

Hi Billy,
Poor Old Amsterdam,though he was inclined to be a bombastic old prvick he lent colour and authenticity to the site!

Bombastic authenticity, there is no better kind.

 

[BackInTheGame78]

If the dollar gets weaker (and it will if other countries start using dollars less for international commerce) those U.S. state gdp rankings will go down. Also, the drop in education quality in the US compared to other countries doesn't portend well for the future.

The dollar getting weaker is not always a bad thing. It can act as a stimulus to the US economy in some ways by helping exporters, encouraging foreign investment and reducing trade deficits.

Now if the dollar got extremely weak then that would not be good, but the dollar being too strong is not a good thing either.

 

[BackInTheGame78]

If the dollar gets weaker (and it will if other countries start using dollars less for international commerce) those U.S. state gdp rankings will go down since they are calculated using exchange rates. Also, the drop in education quality in the US compared to other countries doesn't portend well for the future.

It's not that simple for countries to just "stop using it" as if they can snap their fingers and make the change.

It would take decades for countries to make any meaningful changes away from the dollar as the golabl reserve currency and there would be significant risks for them doing so.

 

[Vanderdonck]

OP is talking about the US as driver of the global economy, not its own wealth disparity or bad political choices.

US is a great place to start a business, innovate, and research new tech. It's very business-friendly, sometimes to a fault, but that's why it powers the global economy. It's also got a diverse landscape with a lot of natural resources.

IME it's bad for quality of life, health, and other metrics but mileage can vary and anyway that's the tradeoff. Other countries have stagnated wages but large safety nets, better consumer protection and better infrastructure investment. But you won't find the career opportunities you find in the US and in many cases being a functionary is all anyone aspires to.

 

[Scaramouche]

Hi Billy,
"Well that's because they have @AmsterdamAssassin to fertilize the soil" In that rich earth a finer dust enclosed LOL.

 

[Gamisch]

OP is talking about the US as driver of the global economy, not its own wealth disparity or bad political choices.

US is a great place to start a business, innovate, and research new tech. It's very business-friendly, sometimes to a fault, but that's why it powers the global economy. It's also got a diverse landscape with a lot of natural resources.

IME it's bad for quality of life, health, and other metrics but mileage can vary and anyway that's the tradeoff. Other countries have stagnated wages but large safety nets, better consumer protection and better infrastructure investment. But you won't find the career opportunities you find in the US and in many cases being a functionary is all anyone aspires to.

Same can be said about Argentina, Brazil, Nigeria, the Philippines and more countries like that...

 

[Vanderdonck]

Same can be said about Argentina, Brazil, Nigeria, the Philippines and more countries like that...

If I were an entrepreneur I'd go to the US before any of those countries. It's an expensive place to study though.

Doesn't Brazil for instance require employees to have 13 months salary, indemnification, paid lunch stipend, etc? I'm not against those things but that's a huge expense for hiring someone.

 

[jhonny9546]

where are those money coming from? (sectors of origins)

 

[Gamisch]

If I were an entrepreneur I'd go to the US before any of those countries. It's an expensive place to study though.

Doesn't Brazil for instance require employees to have 13 months salary, indemnification, paid lunch stipend, etc? I'm not against those things but that's a huge expense for hiring someone.

Those are basic things my brother. Things that should be mandatory in every country.

The old shtick about the US being a " great place for entrepreneurs " is one that's from the past. The 90's or something like that.

Again, the top 1 % has more than the bottom 30%. There are estimates about 24(!!!) % unemployment. Mass layoffs eveyday. If things were so great many more US citizens would be thriving.

I'm sorry, but the USA right now isn't even worthy of being considered a first world country. Much more like indeed Brasil, Argentina, Slovenia or Ghana. The difference between the haves and the have nots never been bigger.

And by the way, entrepreneurs in what sector?? I rather be in a place where there's a decent middle class and people have those basic rights you guys seem to detest so much.