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China is doing much better compared to the US.

by kkzz99 3y ago

cstejerean 3y ago
Not at the moment it isn't. It's looking quite precarious right now due to the deflation threat.
jmclnx 3y ago
Really. live in rural china and compare that life to rural US, you will not be singing that tune. China now has a lot of economic issues, also economists are now saying it will no longer overtake the US as the largest economy with in 10 years as originally forecast.
digitaltrees 3y ago
Based on what metric? Deflation is worse than inflation. Shrinking trade exports are deadly for an export based economy that doesn’t have a robust consumer base or service sector. China is now decoupling its service sector of law firms, accounting firms and consultants. Extrapolate those trends and you would expect China to be increasingly decoupling from the global trade network after decades of open integration and the growth/wealth that comes with it.
ketchupdebugger 3y ago
china is facing a 20% unemployment rate with its youth population. Thats even with heavy age discrimination at 35. Honestly its not better.
arcticbull 3y ago
Most recently their economy is showing significant slowdowns in growth. [1] [1] https://www.reuters.com/world/china/chinas-q2-gdp-growth-slows-08-qq-just-above-expectations-2023-07-17/ https://www.reuters.com/world/china/chinas-q2-gdp-growth-slo...
adrr 3y ago
20%+ unemployment for young workers and GDP growth is shrinking. Falling exports. Local municipalities on the verge of bankruptcy with over $9 trillion in debt? With deflation making that debt much worse. How is that better than the US? https://www.bloomberg.com/news/newsletters/2023-06-02/the-next-big-risk-for-china-s-economy-is-9-trillion-of-debt https://www.bloomberg.com/news/newsletters/2023-06-02/the-ne... https://fortune.com/2023/08/08/china-economy-youth-unemployment-statistics-misleading-lying-flat-fake-jobs/ https://fortune.com/2023/08/08/china-economy-youth-unemploym... https://www.wsj.com/articles/chinese-exports-fall-at-steepest-pace-since-february-2020-e930246b https://www.wsj.com/articles/chinese-exports-fall-at-steepes...
TurkishPoptart 3y ago
That is neither here nor there; this article is about American cost of living
dirtyid 3y ago
IIT denial. This is literally simple case of aggregate GDP projection of PRC ~5% > US ~2% that comments in this thread seem to be butt hurt over. PRC with deflation, export pressures, debt, deflation, youth unemployment IS STILL doing significantly better than US because they aren't the existential problems PRC collapcists make them out to be. PRC isn't an export dependant country at 20% export:GDP (dependant would be 40%+, PRC peak was 32%), while export dropping from historic highs (+1T in export value in last 4 years / +30%, more than 10 years prior to that) aka PRC underwent the largest pulse of globalization in recent history and export is dropping from absurd historic highs - and PRC retaining more % of exports relative to most, while not even relying on it. PRC national debt is ~75% of GDP vs US ~120%, total aggregate debt PRC ~270% vs US ~760%. It's significantly more managable problem than US, who let's not forget just printed 5 trillion to deficit spend way out of recession. There's good deflation and bad deflation. Arguable PRC is good deflation, because it's mostly cost of goods coming down due to excess supply from largest global manufacturer having excess inventory. Youth unemployment = 80%, AKA ~9M graduates getting employed. Many STEM/skilled/technical. That's a absurd amount of new jobs and talent to drive economy. Multiple times more than US. Broad unemployment also ~5%, so it's an issue that literally fixes it self, kids wait, either get jobs they want or end up working ones they don't. And PRC doing this while _DELIBERATELY_ slapping local govs, and three redlines on real-estate and broadly deleverage. Useful idiots misread PRC responsibly rebalancing economy as PRC economic collapse, and then pikachu face when PRC still grows at 2x US, because all of these are largely managable problems that PRC has economic headroom to manage and still grow at respectable pace.

China is doing much better compared to the US.

by kkzz99 3y ago

China is doing much better compared to the US.

cstejerean 3y ago

Not at the moment it isn't. It's looking quite precarious right now due to the deflation threat.

jmclnx 3y ago

Really. live in rural china and compare that life to rural US, you will not be singing that tune. China now has a lot of economic issues, also economists are now saying it will no longer overtake the US as the largest economy with in 10 years as originally forecast.

digitaltrees 3y ago

Based on what metric? Deflation is worse than inflation. Shrinking trade exports are deadly for an export based economy that doesn’t have a robust consumer base or service sector. China is now decoupling its service sector of law firms, accounting firms and consultants. Extrapolate those trends and you would expect China to be increasingly decoupling from the global trade network after decades of open integration and the growth/wealth that comes with it.

ketchupdebugger 3y ago

china is facing a 20% unemployment rate with its youth population. Thats even with heavy age discrimination at 35. Honestly its not better.

arcticbull 3y ago

Most recently their economy is showing significant slowdowns in growth. [1] [1] https://www.reuters.com/world/china/chinas-q2-gdp-growth-slows-08-qq-just-above-expectations-2023-07-17/ https://www.reuters.com/world/china/chinas-q2-gdp-growth-slo...

adrr 3y ago

20%+ unemployment for young workers and GDP growth is shrinking. Falling exports. Local municipalities on the verge of bankruptcy with over $9 trillion in debt? With deflation making that debt much worse. How is that better than the US? https://www.bloomberg.com/news/newsletters/2023-06-02/the-next-big-risk-for-china-s-economy-is-9-trillion-of-debt https://www.bloomberg.com/news/newsletters/2023-06-02/the-ne... https://fortune.com/2023/08/08/china-economy-youth-unemployment-statistics-misleading-lying-flat-fake-jobs/ https://fortune.com/2023/08/08/china-economy-youth-unemploym... https://www.wsj.com/articles/chinese-exports-fall-at-steepest-pace-since-february-2020-e930246b https://www.wsj.com/articles/chinese-exports-fall-at-steepes...

TurkishPoptart 3y ago

That is neither here nor there; this article is about American cost of living

dirtyid 3y ago

IIT denial. This is literally simple case of aggregate GDP projection of PRC ~5% > US ~2% that comments in this thread seem to be butt hurt over. PRC with deflation, export pressures, debt, deflation, youth unemployment IS STILL doing significantly better than US because they aren't the existential problems PRC collapcists make them out to be. PRC isn't an export dependant country at 20% export:GDP (dependant would be 40%+, PRC peak was 32%), while export dropping from historic highs (+1T in export value in last 4 years / +30%, more than 10 years prior to that) aka PRC underwent the largest pulse of globalization in recent history and export is dropping from absurd historic highs - and PRC retaining more % of exports relative to most, while not even relying on it. PRC national debt is ~75% of GDP vs US ~120%, total aggregate debt PRC ~270% vs US ~760%. It's significantly more managable problem than US, who let's not forget just printed 5 trillion to deficit spend way out of recession. There's good deflation and bad deflation. Arguable PRC is good deflation, because it's mostly cost of goods coming down due to excess supply from largest global manufacturer having excess inventory. Youth unemployment = 80%, AKA ~9M graduates getting employed. Many STEM/skilled/technical. That's a absurd amount of new jobs and talent to drive economy. Multiple times more than US. Broad unemployment also ~5%, so it's an issue that literally fixes it self, kids wait, either get jobs they want or end up working ones they don't. And PRC doing this while _DELIBERATELY_ slapping local govs, and three redlines on real-estate and broadly deleverage. Useful idiots misread PRC responsibly rebalancing economy as PRC economic collapse, and then pikachu face when PRC still grows at 2x US, because all of these are largely managable problems that PRC has economic headroom to manage and still grow at respectable pace.