The US economy is so Productive, it is hard to understand or visualize it. Despite all the news reports and political positions to the contrary, the US competes well worldwide and is well positioned for future growth.
The US produced 24.3% of world’s GDP in 2017, with ~ 4.3% of the world’s population.
China is the 2nd largest economy producing 14.9% of the world’s GDP, but with ~18.2% of the world’s population.
Mark Perry, University of Michigan economics and finance professor, has created a chart showing “how ridiculously large and powerful the U.S. economy is”. He compares each state to an equivalent country.
California - United Kingdom
Texas - Canada
New York - South Korea
Florida - Indonesia
Illinois - Netherlands
Pennsylvania - Saudi Arabia
…
#11 Washington State - Iran
California, Texas and New York would be among the 11 biggest world economies if they were countries.
Many reasons for the US dominance - Education. Financial Markets. Banking system. Military and Space investments. Airplane system. Trading ports on two coastlines, the Gulf of Mexico and the Mississippi River system.
The main reason for success has been our wiliness to let entrepreneurs and investors create new businesses and products. We encourage people to create new intellectual property like software, products, movies, music, books and art.
Better yet we understand failure is part of the process. It is an event, not a description of ourselves. We applaud people who comeback to succeed. Anyone from any background and anywhere can succeed in America. This is essential in people believing in what they are doing to work hard and struggle through the challenges building some new takes.
What can we do? Support ideas and processes to start new businesses. Buy from someone new. One of the failures in the last decade is more businesses closed than new businesses opened.
Work on simplifying government regulations. The idea is have laws be simple to follow, not take everything to court. Do you think other countries are wasting their businesses?
Create new ideas and work hard to build them, for we need everyone.
“Economy has frequently nothing whatever to do with the amount of money being spent, but with the wisdom used in spending it.” - Henry Ford
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