May 1, 2014
Bogus World Bank Report Says China Economy Larger Than U.S.
According to a World Bank report released Wednesday, the United States is on the cusp of losing its economic global supremacy for the first time since it took the crown from the United Kingdom in 1872. But after their last report in 2005 found that China’s economy was only 43% as large as the U.S., criticism forced the World Bank to politically correct their statistical data. The new World Bank analysis magically revealed that China’s economy had grown to 87% of the size of the U.S. by 2011 and will be larger than the U.S. this year. American’s should ignore today’s bogus headline; China’s $8.2 trillion gross domestic product (GDP) in 2012 was only 51% of the size of America’s $16.2 GDP. It will be a long time before China takes away America’s economic crown. The report from the World Bank’s International Comparison Program (ICP) uses what economists refer to as “purchasing power parity” to...(Read Full Article)