If you believe the grave prediction in yesterday’s news from Market Watch the International Monetary Fund (IMF) has dropped a bombshell and date certain for the end of the Age of America.
For the first time, the international organization has set a date for the moment when the “Age of America” will end and the U.S. economy will be overtaken by that of China.
When? 2016! Merely five years from now.
According to the IMF forecast, which quietly posted the dire prediction on the Fund’s website just two weeks ago, whoever is elected US president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy.
Brett Arends of Market Watch writes:
The actual date when China surpasses the U.S. might come even earlier than the IMF predicts, or somewhat later. If the great Chinese juggernaut blows a tire, as a growing number fear it might, it could even delay things by several years. But the outcome is scarcely in doubt.
This is more than a statistical story. It is the end of the Age of America. As a bond strategist in Europe told me two weeks ago, “We are witnessing the end of America’s economic hegemony.”
IMFs prediction is based on trends however and anyone familiar with economics and business understands that trends are fluid, things change, unknown factors take place that arent’ predictable or written in stone.
Heritage Foundation’s Derek Scissors writes:
The IMF’s assumption that our economy will be weak indefinitely is all too reasonable. China might run its economy into the ground, but we are running our economy into the ground. Reasonable people can sharply disagree over what to do, but what’s killing U.S. leadership is obvious to the IMF and anyone looking at the global picture: our budget deficit.
Dr. Scissors does point out that a silver lining very well exists in the economic clouds:
If we do get our act together, we will stay far ahead of China where it counts most: in wealth, in employment, in technology, and so on. The United States is richer, has far more productive workers, and far more in the way of natural resources than China. The only way we stop being the global economic leader is if we blow it.
So according to Dr. Scissors the future lies not in predictions but in America’s ability to use its resources, both natural and human, to grab itself up by the boot straps and do what America has always done best – don’t quit but step up and reduce its debt and get its fiscal house in order. Allow the private sector to invest and produce and to grow jobs and the economy.
Average citizens must pay attention, they must call and write their representatives and demand that government stops the spending, stops the entitlements, stops the gross misappropriations of taxpayers dollars and begin to balance the budget.
The United States grew under a Constitutional government with respect for civil liberties and property rights. China has a system that ignores basic human rights and certainly rights of American citizens as provided as a birth right under our Constitution.
Take note – if the Age of America ends then the Age of China will look quite different. Ask yourself – is this what I want for my future, my children’s future, the future of a great Constitutional Republic? Take action, fight for your birth right, fight Obama and his Marxist ilk and prevent the end of America as we know it.
If the Age of America ends the world as we know it ends. Indeed!
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