Under Dems’ Policies, America Is Falling and China Is Rising
Under Dems’ Policies, America Is Falling and China Is Rising
Global Competitiveness Ranking Shows U.S. Falling for Fourth Straight Year While China Rises to Head of Emerging Economies
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A recent ranking of global economic competitiveness shows the U.S. sliding down for the fourth consecutive year while China rockets up to lead the world’s emerging economies.
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It’s the latest reminder of how America is falling behind under Democrats’ failed economic policies that have ballooned the national debt and threatened our economic growth.
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Democrat spending sprees will put our future economic growth at risk, and working families are already feeling the painful consequences of the Democrats’ failed agenda.
A recent ranking of global economic competitiveness shows the U.S. sliding down for the fourth consecutive year while China rockets up to lead the world’s emerging economies:
“SURVEY FIND US COMPETITIVE RANKING DOWN AGAIN”: (Pan Pylas, “Survey Finds US Competitive Ranking Down Again,” Associated Press, 9/5/2012)
U.S. AT 7th PLACE, FOURTH CONSECUTIVE DECLINE IN RANKINGS: “The United States’ ability to compete on the global stage has fallen for the fourth year running as confidence in the country’s politicians continues to decline, an annual survey from the World Economic Forum found Wednesday.” (Pan Pylas, “Survey Finds US Competitive Ranking Down Again,” Associated Press, 9/5/2012)
CHINA RISES, LEADS EMERGING ECONOMIES: “Elsewhere, the Forum found that leading emerging economies are displaying different performances. China, at 29th place, has risen in the rankings and leads the group, while Brazil has moved up to 48th.” (Pan Pylas, “Survey Finds US Competitive Ranking Down Again,” Associated Press, 9/5/2012)
It’s the latest reminder of how America is falling behind under Democrats’ failed economic policies that have ballooned the national debt and threatened our economic growth:
OBAMA, TWO WEEKS AGO: “FIVE TRILLION DOLLARS IS A LOT OF MONEY, EVEN IN WASHINGTON”: (President Barack Obama, Remarks At A Campaign Event, Dubuque, IA, 8/15/12)
$5.42 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 9/17/2012)
NATIONAL DEBT CURRENTLY STANDS AT $16.05 TRILLION; SIZE OF NATION’S ECONOMY AT $15.61 TRILLION: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 9/17/2012; Bureau of Economic Analysis, Accessed 8/30/2012)
POLITIFACT SAID LAST YEAR THAT OBAMA WAS THE “UNDISPUTED DEBT KING OF THE LAST FIVE PRESIDENTS”: “Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling mount to the debt.” (Louis Jacobson, “Nancy Pelosi Posts Questionable Chart on Debt Accumulation by Barack Obama, Predecessors,” Politifact, 5/19/2011)
THREE YEARS AND TWO MONTHS OF OBAMA IS MORE DEBT THAN EIGHT YEARS OF PREDECESSOR: “The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency. The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.” (Mark Knoller, “National Debt Has Increased More Under Obama than Under Bush,” CBS News, 3/19/2012)
OBAMA RECORD “THE MOST RAPID INCREASE IN THE DEBT UNDER ANY U.S. PRESIDENT”: (Mark Knoller, “National debt has increased $4 trillion under Obama,” CBS News’ Political Hotsheet Blog, 8/22/2011)
DEMOCRATS’ AGENDA OF MORE DEBT WILL HURT ECONOMIC GROWTH:
CBO: OBAMA BUDGET WILL “HURT THE ECONOMY IN THE LONG TERM”: (Erik Wasson, “CBO Estimates Obama’s 2013 Budget Would Hit Economic Growth,” The Hill, 4/20/2012)
STUDY: ECONOMIC GROWTH TAKES 25% HIT FROM DEBT LEVELS AT MORE THAN 90 PERCENT OF ECONOMY: (Rich Miller, “Reinharts, Rogoff See Huge Output Losses From High Debt,” Bloomberg Businessweek, 4/30/2012)
GOLDMAN SACHS RESEARCH: STIMULUS SPENDING “WILL EVENTUALLY LEAD TO A DRAG,” HIGHER DEBT LEVELS TAKE ECONOMIC TOLL: “The eventual effect of sustained fiscal imbalance is slower growth and greater risk of a fiscal crisis. Our estimates suggest that a 10-point increase in the debt/GDP ratio lowers growth four years later by 0.2 percentage point, and increases the probability of a debt crisis by 2.5% in the aftermath of a financial crisis like the recent one. (See No Rush for the Exit,” Global Economics Paper, No. 200, June 30, 2010 and “When One Crisis Leads to Another,” US Economics Analyst, 11/04, Jan. 28, 2011.) To avoid this, lawmakers must begin to identify deficit reduction strategies.
“Ultimately, what goes up must come down. In the case of the federal budget, this means that a deficit-financed boost to growth will eventually lead to a drag. While policymakers can try to smooth the transition by phasing in cuts and incorporating multi-year fiscal commitments, achieving a sustainable fiscal policy will inevitably be a painful but necessary process.” (Jan Hatzius and Alec Phillips, “Fiscal Restraint: A Question of When, Not If,” Goldman Sachs Global ECS U.S. Research, 3/2/2011)
MAJOR ECONOMIC STUDY LINKS GOVERNMENT DEBT TO SLOWER ECONOMIC GROWTH: “Our main finding is that across both advanced countries and emerging markets, high debt/GDP levels (90 percent and above) are associated with notably lower growth outcomes… Seldom do countries simply ‘grow’ their way out of deep debt.” (Carmen M. Reinhart and Kenneth S. Rogoff, “Growth in a Time of Debt,” American Economic Review Papers and Proceedings, 12/31/2009)
Democrat spending sprees will put our future economic growth at risk, and working families are already feeling the painful consequences of the Democrats’ failed agenda:
A HORRIFIC JOB MARKET, FALLING INCOMES AND HOMES IN FORECLOSURE:
“NOWHERE TO HIDE IN A REPORT THAT PAINTED A PICTURE OF AN ANEMIC ECONOMIC RECOVERY”:(Ben White, “Jobs Report Challenges Obama’s Economic Message,” Politico, 9/7/2012)
ECONOMIST: “IT’S HARD TO FIND ANY REDEEMING ASPECTS TO THIS JOBS REPORT. … THE ECONOMY APPEARS TO REMAIN STUCK IN THE MUD.” (James Pethokoukis, “Oh My, JP Morgan Economist Just Absolutely Destroys the August Jobs Report,” The American Enterprise Institute, 9/7/2012)
AP: “BLEAK REPORT” SHOWS ONLY 96,000 JOBS CREATED IN AUGUST: (Julie Pace and Donna Cassata, “Convention Over, Obama Hit With Weak Job Report,” Associated Press, 9/7/2012)
368,000 AMERICANS GAVE UP LOOKING FOR WORK IN THE OBAMA ECONOMY: (Jeff Cox, “New Jobs at 96,000, Missing Expectations; Rate Hits 8.1%,” CNBC, 9/7/2012)
23 MILLION UNEMPLOYED, UNDEREMPLOYED AND DISCOURAGED WORKERS: (“The Employment Situation—August 2012,” Bureau of Labor Statistics, 9/7/2012)
UNEMPLOYMENT HAS ONLY BEEN ABOVE 8% FOR 43 STRAIGHT MONTHS UNDER OBAMA, MORE THAN 11 PREVIOUS PRESIDENTS COMBINED: (Bureau of Labor Statistics, 9/7/2012)
UNEMPLOYMENT TO “REMAIN ELEVATED FOR ANOTHER FIVE TO SIX YEARS”: “Federal Reserve officials agreed at a meeting in June that unemployment would remain elevated for another five to six years, but most did not regard that as a reason for the Fed to expand its efforts to stimulate growth, according to an official account published Wednesday.” (Binyamin Appelbaum, “Fed is Torn on Tipping Point for Action,” The New York Times, 7/11/2012)
“HALF OF HOMEOWNERS UNDER 40 ARE UNDERWATER”:(Ann Carrns, “Half of Homeowners Under 40 are Underwater,” The New York Times, 8/23/2012)
STUDY: U.S. INCOMES FELL MORE AFTER STIMULUS THAN DURING RECESSION: (Jeff Kearn, “U.S. Incomes Fell More in Recovery, Sentier Says,” Bloomberg, 8/23/2012)
POVERTY LEVELS REMAIN SKY HIGH:
“US POVERTY RATE 15 PERCENT; RECORD NUMBERS PERSIST”: (Hope Yen, “US Poverty Rate 15 Percent; Record Numbers Persist,” Associated Press, 9/12/2012)
46.2 MILLION PEOPLE BELOW THE POVERTY LINE IN 2011, “THE HIGHEST IN MORE THAN HALF A CENTURY”: (Hope Yen, “US Poverty Rate 15 Percent; Record Numbers Persist,” Associated Press, 9/12/2012)
PEW: “A RECOVERY NO BETTER THAN THE RECCESION”: (Rakesh Kochar, “A Recovery No Better Than the Recession,” Pew Research Center, 9/12/2012)
“US POVERTY ON TRACK TO RISE TO HIGHEST SINCE 1960s”: (Hope Yen, “US Poverty on Track to Rise to Highest Since 1960s,” Associated Press, 7/23/2012)
“US CHILDREN, FAMILIES STRUGGLING AFTER RECESSION”:(Susan Heavey, “US Children, Families Struggling After Recession,” Reuters, 7/25/2012)
46.7 MILLION AMERICANS ON FOOD STAMPS, UP FROM 32 MILLION IN JAN. 2009 WHEN OBAMA TOOK OFFICE: (“Supplemental Nutrition Assistance Program,” U.S. Department of Agriculture, 8/30/2012)
Under Dems’ Policies, America Is Falling and China Is Rising http://ow.ly/dMwhc