Evidence of US Demise?

It is instructive to note that China spent almost a $100 billiion in one year on high speed rail service vs. the pathetic US multi-year budget of $8 billion.  Yet our politicians will denounce the $8 billion as extravagant while the Chinese and French companies are entertaining the Governor of California.  The US multi-war economy, mismanaged financial system, and low public infrastructure spending are causing us to put off making the US economy more competitive.

The nation’s $90 billion in spending on the network last year far exceeds the $8 billion that President Barack Obama allocated in stimulus for U.S. fast trains earlier this year.

The difference “is a confirmation of China’s rise and an indication of U.S. demise,” said Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics in Washington. “We in the U.S. are doing little to nothing and will pay a price in slower growth now and in the future.”

About Stephen E. McGaughey
International consultant in economic development programs and projects

One Response to Evidence of US Demise?

  1. TanneryWealth says:

    I keep seeing all these gloomy blog predictions about the decline and fall of the U.S. economy and the ascendency of China. Yet I don’t see anyone proposing realistic options to staunch the bleeding of our American economy. At my blog, Hijack Your Future, I’m running a five-week series on how we could all work to keep America strong and I invite your feedback as we shift our focus from problem to solutions. The game ain’t over yet! http://www.hijackyourfuture.com

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