The U.S. was the world’s number one economy prior to World War II, but it took off bigtime after the war and there has not been a day of my long life in which we were not number one—until now.
The International Monetary Fund recently released its calculations regarding the world’s economy and concluded that China is the number one economy, producing $17.6 trillion in terms of goods and services, as compared with the U.S. producing $17.4 trillion. It’s not an overwhelming gap, but it is a warning that our economy is going in the wrong direction and has been before and since the financial crisis of 2008.