I wonder how many Americans will be spending their stimulus on a new television or a new phone, and how many will be using it for housing and food. Seems like the former, which is great news for the Chinese economy.
China is now forecasted to outpace US economy by 2028, 5 years earlier than previous forecasts, due to changes this past year.
There is no such thing as independent western media.
Western media censors by omission. And when they report on China, they only report on news that casts China negatively, in order to make the western world appear morally superior.
Their neighbors (taiwan, japan, korea) were lifted out of poverty even sooner, so I'm not sure whether this is indicative of anything. Your whole analogy reminds me of the how in a bull market it's pretty easy for any trader to make money, even though they might perform worse than an index fund or a monkey and a dartboard.
If you would put the same trust in economic stats reported by China vs Western gov’ts...well.
In total size. China's GDP per person won't reach the US until 2060, at the earliest.
In my uneducated opinion, theres lots of factors. However, economy/wealth is by and far the largest one, because almost everything else seems to have a price tag.
China has 4x the population the US does. The US won the cold war because it had a larger economy, partly because it had a larger population. That's not how any future conflict is going to shake out
“In other predictions the post brexit UK economy will grow at %4/year”
Person #1 is an adjunct instructor in the midwest, and is struggling with the low # of courses and the # high of students in each course, in addition to the additional workload that comes from doing everything online. Their income level is not as high in 2020 as before. They are an artist, and so try to take time (and buy materials) for their art, as they need some form of release.
Person #2 lives on the west coast (not a good part of the west coast), works in retail, doesn't have a car (in an area that requires one), and isn't in the best living situation. They have a full-time job they're doing well in, but it's not a high wage (it's below $15/hour, though more when they gets bonuses), so it's difficult to save up. They're smart, but it's difficult to maintain 150% motivation every. single. minute. of. the. day.
Person #3 lives in the midwest and is unemployed. After being furloughed, they left the food service job they were in: they were transferred to a remote location, likely because they were asking about why health insurance hadn't been resumed. The next job they found was a job selling insurance to businesses, a job that only pays when you make a "sale". Until then, your wages are zero. And it's a workplace that doesn't wear masks. A license to sell insurance is required, but the workplace (who is supposed to facilitate that) didn't lead them through the correct paperwork, so their ability to lean (and to sell) is limited. They are actively looking for a new job, ideally something that matches their degree.
There are three examples of the latter, just from me.
You could just as easily disparage paying rent by saying "it's great news for my landlord". Personally, I think Chinese industrialists and workers do more to earn the money.
The stimulating effect comes from spending it, no? I'm not worried about what my neighbors are spending the money on. We citizens and dollar-savers pay the bill through taxation/inflation, in a progressive manner. I don't see a moral hazard.
https://www.politifact.com/factchecks/2016/mar/14/donald-tru...
If you look at it closely, display panels are mostly manufactured in Asia. And a Chinese company (BOE) is the leader in the market:
https://www.statista.com/statistics/1124858/global-display-p....
But if it was sold in a US store, from a US wholesaler, transported across the US, designed by US engineers, etc, it still seems like it would stimulate the economy.
I was under the impression not much is truly manufactured here in the US any more. What are you going to buy, thousands of dollars worth of My Pillows?
I'm no economist, but my understanding is that paying down debt (universally considered a responsible use of money, as opposed to TV purchasing) is actually one of the least stimulating ways to spend money. You're effectively just hoping that the lender is going to spend the money on something stimulating instead of yourself.
From accounting the whole value of the widget, and not just added value from manufacturing processes if inputs are imported, effectively, already pre-assembled (this is how I believe all "Made in USA" TVs are made.)
Factoring in obscene IP value as a "material" component along with some bs called "goodwill."
The "realisation" of revenue across borders, and so on, and on, and on.
I'm sure some people financially unaffected by the pandemic are using their stimulus for gadgets, but most recipients are using stimulus money for bills, savings and essentials.[1][2][3]
As perspective, only 39% of Americans could pay for an unexpected $1,000 expense.
[1] https://www.nber.org/system/files/working_papers/w27693/w276... [2] https://www.forbes.com/advisor/personal-finance/survey-one-t... [3] https://www.forbes.com/advisor/personal-finance/heres-how-am...
Did you end up doing so?