The economic statistic of the decade

I couldn't quickly find a graph on Google, but actually the economic statistic of the decade is the rise of Chinese GDP per capita.

The US credit bubble of 04-10 is a blip compared to the rise of Asia, hundreds of millions, soon billions of people rising out of peasant poverty and into the global middle class. It's as historic as the Industrial Revolution or the Green Revolution, and so big we seldom notice it.

But it really is the defining economic fact of our era.

the government is trying to stimulate aggregate demand by pumping credit into the system. they're just fueling savings (the negative household spending you see). so why not fund this demand to build up savings with a direct tax cut for the middle class instead of &^%ing bailouts for %^&heads? lots of economists are calling for a payroll tax break to both fund savings AND create jobs (since wages tend to be sticky companies could soak up some of the excess and fund job creation).