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Nearly one-third think China has already unseated the U.S. as the world's economic power
The U.S. has been the world’s biggest national economy since 1871, but more than half of Americans have slapped an expiration date on its global reign according to a poll reported on in the Wall Street Journal.
The poll, conducted by financial website The Street, found that only 43% of Americans believed the U.S. would be the world’s “dominant economic power” five to seven years out and nearly a third have already ceded the title to China.
Their opinions may fly in the face of economic reality — the U.S. has nearly twice the GDP of China — but the poll does show how years of sluggish economic growth can alter perceptions.
http://business.time.com/2013/11/04/were-number-two-americans-believe-china-is-taking-over/
More Than a Quarter of Americans Think China is No. 1
Global GDP numbers tell a clear story: The U.S. is the world’s number one economy. By a wide margin. U.S. GDP is about twice China’s. When measured on a per-person basis, the U.S. has an 8-to-1 edge over China.
But a lot of Americans don’t see it that way. The latest piece of evidence comes from the financial website, The Street, which polled 1,005 Americans and asked them which country is “world’s dominant economic power.” Twenty-eight percent of those polled chose China, while 59% chose the U.S.
Looking ahead five to seven years, those polled were a lot less confident in the U.S. position. By 2018 to 2020, 36% said China would be number one, compared to 43% for the U.S.
The more money the respondents made, the less likely they were to think the U.S. would remain the dominant economic power. Forty-three percent of those earning more than $50,000 said China would move into the top position by 2018 to 2020, compared to 37% who chose the U.S. Of those making less than $25,000, 52% figured the U.S. would remain the top dog, while 28% chose China.
Those 18 to 24 years old were also skeptical of the U.S. By a 35% to 34% margin, American youths thought U.S. would remain ahead of China. By contrast half of those over 65 years old chose the U.S. to keep its top slot, while 31% chose China.
The results were based on a Roper telephone poll conducted by GfK North America between Sept. 27 and Sept. 29, The Street said, with margin of error of three percentage points.
What to make of all this? Joe Deaux, The Street’s economic analyst, put a positive spin on it. “Despite the slow economic recovery of the five years since the financial crisis, most people in the United States still regard the nation as the world’s dominant economic power,” he said. “However, confidence that the U.S. will retain that status five to seven years out wavers.”
In some ways, The Street’s poll was more optimistic, from a U.S. point of view, than one done by the Pew Research Center in March. According to that poll, 44% of Americans now considered China the world’s leading economic power, compared to 39% who chose the U.S.
http://blogs.wsj.com/chinarealtime/2013/11/04/americans-say-america-is-still-no-1-for-now/?mod=e2tw
The U.S. has been the world’s biggest national economy since 1871, but more than half of Americans have slapped an expiration date on its global reign according to a poll reported on in the Wall Street Journal.
The poll, conducted by financial website The Street, found that only 43% of Americans believed the U.S. would be the world’s “dominant economic power” five to seven years out and nearly a third have already ceded the title to China.
Their opinions may fly in the face of economic reality — the U.S. has nearly twice the GDP of China — but the poll does show how years of sluggish economic growth can alter perceptions.
http://business.time.com/2013/11/04/were-number-two-americans-believe-china-is-taking-over/
More Than a Quarter of Americans Think China is No. 1
Global GDP numbers tell a clear story: The U.S. is the world’s number one economy. By a wide margin. U.S. GDP is about twice China’s. When measured on a per-person basis, the U.S. has an 8-to-1 edge over China.
But a lot of Americans don’t see it that way. The latest piece of evidence comes from the financial website, The Street, which polled 1,005 Americans and asked them which country is “world’s dominant economic power.” Twenty-eight percent of those polled chose China, while 59% chose the U.S.
Looking ahead five to seven years, those polled were a lot less confident in the U.S. position. By 2018 to 2020, 36% said China would be number one, compared to 43% for the U.S.
The more money the respondents made, the less likely they were to think the U.S. would remain the dominant economic power. Forty-three percent of those earning more than $50,000 said China would move into the top position by 2018 to 2020, compared to 37% who chose the U.S. Of those making less than $25,000, 52% figured the U.S. would remain the top dog, while 28% chose China.
Those 18 to 24 years old were also skeptical of the U.S. By a 35% to 34% margin, American youths thought U.S. would remain ahead of China. By contrast half of those over 65 years old chose the U.S. to keep its top slot, while 31% chose China.
The results were based on a Roper telephone poll conducted by GfK North America between Sept. 27 and Sept. 29, The Street said, with margin of error of three percentage points.
What to make of all this? Joe Deaux, The Street’s economic analyst, put a positive spin on it. “Despite the slow economic recovery of the five years since the financial crisis, most people in the United States still regard the nation as the world’s dominant economic power,” he said. “However, confidence that the U.S. will retain that status five to seven years out wavers.”
In some ways, The Street’s poll was more optimistic, from a U.S. point of view, than one done by the Pew Research Center in March. According to that poll, 44% of Americans now considered China the world’s leading economic power, compared to 39% who chose the U.S.
http://blogs.wsj.com/chinarealtime/2013/11/04/americans-say-america-is-still-no-1-for-now/?mod=e2tw
